Last Updated on August 30, 2024
A statement of purpose is a document, also referred to as the ‘letter of intent.’ It is often required by universities, to understand your objective and aim behind applying for any particular course. SOP generally follows a standard template for most universities and is supposed to be formal, owing to the nature and the need it caters to. To know more about how to prepare an SOP for pursuing a Masters’s in Finance, read on.
Why is the Statement of Purpose important?
A statement of purpose is very important for any applicant in a university, as it acts as one’s introduction to a university’s admissions committee. Along with it, an SOP is of great importance, as it helps you to create a lasting first impression towards your Admissions Officer and increases your chance exponentially towards a better college of your choice.
As it establishes the first impression and sets the tone for the rest of your application, keeping it formal, concise, and to the point is of paramount importance. This is because a crisp and well-written SOP leaves a great impact on one’s character and any university would like to have a deserving applicant as their student, amidst them. This is why preparing the perfect SOP is an important step in your admission process.
Criteria for the Perfect SOP
Like any formal document, an SOP adheres to certain standards and requirements. However, these may differ from university to university, hence these are some general criteria you should follow while preparing your SOP, or if you want it to be done by a professional, contact Admissify as your study abroad consultant for all your international admission needs and we’ll help you out.
Guidelines you should adhere to, and be mindful of:-
- The Statement of Purpose should not exceed 2 pages.
- It should be consistent with the same font, being 11 or 12 points in size.
- Double spacing should be followed.
- The document should be black and white, owing to its formal nature.
- It should consist of 6-7 paragraphs, with each paragraph ranging between 150-200 words.
Layout
As mentioned above, the SOP should be double-spaced, black and white, and should use consistent fonts throughout with the size being 11 or 12 points. Any Statement of Purpose should elaborate and highlight your interests towards a program, such as a Masters in Finance, it should focus on why you are the right candidate for the program by establishing your relevant credentials and instances to prove your genuine inclination towards the program.
A detailed layout in terms of paragraphs and the structure one should follow is mentioned below:-
Paragraph 1 – Introduction
The opening statement for any SOP is of great importance, as it is a make-or-break opportunity for the Admissions Committee. A decision can be made just by the opening paragraph, so it should be pitch-perfect. The introductory paragraph should start with an incident, or your motivation which sparked your interest in this particular field, such as seeing your parents work in Finance or understanding how money works. This is the most crucial part of an SOP, so it should be precise and impactful.
Paragraph 2 – Past experience, academic records and background
In the second paragraph, the applicant should list out their past academic records, such as their schooling, and the subjects they’ve majored in during their undergraduate degree such as Finance, Commerce or Taxation given they want to pursue a Masters in Finance. This should also dictate your past work experiences, such as internships, and your extracurricular activities in college such as college clubs, societies or apprenticeships. Any relevant past experience which can strengthen your case towards convincing the Admissions Office to invite you to be a part of their esteemed university should be mentioned here.
Paragraph 3 – Motivation towards a Masters in Finance
Here, you can establish a connection with the past work experience mentioned in the second paragraph (if any), that motivated you to pursue a Masters’s in Finance. These reasons should convey a genuine intent and motivation towards pursuing an MBA in Finance, with a potential list of things you plan to learn and practically use in your career, and how they add to your existing credentials.
Paragraph 4 – Long-term and short-term career goals for choice of pursuing a Masters in Finance
Under this paragraph, your long-term and short-term career goals should be mentioned here. These should be reasonable, and clear to justify your choice towards pursuing a Masters in Finance, with concrete and clear plans, clarity of thought and ideas being some requirements for this paragraph. This paragraph can have a list of Positions of Responsibility you aspire to work at, or your plan to start a new venture where this degree would be useful. The sweet spot to mention your career goals and trajectory could be between 5-10 years.
Paragraph 5 – Reasons behind the choice of the particular university
In the penultimate paragraph, you can mention the reason why you want to be a part of the university you’ve applied to. This paragraph requires a certain amount of research, as any data point enhances the impression you leave on the Admissions Office through your SOP. Herein, you can quote past alum of the university, the snob value or the impression that recruiters and companies have in terms of the particular university, or the perks offered to students by the university through scholarships, or other student welfare programs such as extracurricular activities, etc.
Paragraph 6 – Conclusion
Finally, you conclude your full SOP and mention your intent towards working and attaining a Masters’s in Finance from the particular university you have in mind. The end should be positive, with a compelling concluding statement to convey to the Admissions Committee why you are an ideal candidate for the position.
Read also:
How to write a statement of purpose (SOP) for study Abroad
6 questions to ask yourself before taking the MBA plunge
Statement of Purpose for UK with Sample
Want to study abroad? ‘Mission Abroad’ aims to give wings to your dreams
Common mistakes to be avoided in an SOP for MBA in Finance
Many applicants, who are new to the process of framing an SOP for their admissions and applications often make rookie mistakes, that can endanger their chances. Hence, it is often recommended to get these professionally done. If you’d like to discuss and know more about getting your SOPs done, contact Admissify and we’ll be there to help you out!
Some common mistakes that rookies make while making SOPs are:-
- Random structure
With any formal document, adhering to a structure is very important. A mistake most people do when it comes to writing their SOPs for the first time is not adhering to a coherent structure that is suggested by the universities.
- Informal writing style
More often than not, the phrasing or the choice of words in an SOP can be informal, if not written with care. This damages one’s chances to get into the course and college of their choice as this can lead to a bad impression when it comes to the Admissions Officer.
- Not adhering to the word limit
It is often observed that people writing their SOPs for the first time tend to go overboard when it comes to the content they want to mention in their SOP, which exceeds the specified word limit. A perfect SOP should not exceed 1200 words unless there is enough relevant data for it to be more than 1200 words. However, even after that, it should not exceed 1350-1400 words.
- Too flashy
In a bid to impress the readers, applicants often use multiple colours or fonts to showcase their creative potential. However, this leads to the opposite effect as it confuses the readers and hampers their reading experience when it comes to the applications. Hence, usage of bold, underline and italics should be avoided in favour of a consistent black-and-white document, with no flashy fonts.
- Incomplete research
Research is an important part of one’s SOP. Be it in terms of career options, long-term goals, or the choice of university, research plays an important role in enhancing one’s SOP. Any incomplete or wrong data point can reduce one’s chances to be a part of their dream college and course, hence it is recommended to stick to professionals who create SOPs, such as Admissify to make sure you are in the right hands when it comes to your admission process.
Conclusion: SOP for Mba in Finance
Simply put, the SOP acts as your face when it comes to your admission applications for the university. It is a make-or-break factor for your place in the course and college of your dreams and is a document which explains your intent, motivation and ability to represent the university and learn more. For a Masters in Finance, it is important to mention your credentials backing your choice of course, any instances to describe your inclination towards choosing finance as a career option, along with solid research about why you want to be part of the particular university.
The structure is a major factor when it comes to forming an SOP, from introduction to conclusion and not following it can have serious consequences. Some other common mistakes that are to be avoided are having an informal writing style, or exceeding the word limit amongst others. It is recommended to choose professionals and their services when it comes to preparing SOPs for a hassle-free experience, and increased chances of making it to the college. Admissify offers these services, along with other admission-related services to make your admission process streamlined, from end-to-end.
FAQs
What is a statement of purpose?
A statement of purpose refers to a document that acts as a short, concise letter of intent to describe who you are, why you want to be a part of the university you’ve applied to and how it will be beneficial for you while mentioning your credentials, and achievements that make you the ideal candidate for the program.
Are ‘letter of intent’ and ‘statement of purpose’ different?
No, they are the same. A statement of purpose is also referred to as the ‘letter of intent’.
How long should a statement of purpose be to pursue a Masters in Finance?
Any SOP should be ideally between 1200-1400 words, however for a Masters in Finance, the SOP should contain relevant information about your choice of course, the university and you as a candidate, while adhering to the word limit.
What are some common mistakes one should avoid when it comes to drafting an SOP?
Some common mistakes that can be avoided are not following a coherent structure, the SOP exceeding the word limit, and having an informal writing style. We recommend consulting an expert for writing your SOP that can increase your chances to get into your dream university.
Is there any pre-defined structure, for an SOP?
Not necessarily, and it may differ from university to university. However, there is a general structure which is commonly followed amongst the majority of universities that can be read here.
Avinash Singh is a study abroad consultant with over 10 years of experience helping students achieve their academic goals. He is an expert in the US, Australian, German, and Canadian education systems and has helped hundreds of students secure admission to top universities around the world. In his spare time, Avinash enjoys traveling, hiking, and spending time with his family. He is also an avid reader and loves to learn new things.
