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Carnegie Mellon University
Master of Science in Computational Finance
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Contact Information:
Carnegie Mellon University
5000 Forbes Avenue
Pittsburgh, Pennsylvania, 15213, USA

Phone: 1-412-268-2272/1-800-850-4742
Fax: 1-412-268-4209

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 Program Overview   study in america

The Tepper School of Business (Tepper) at Carnegie Mellon University is a partner in offering the Master of Science in Computational Finance (MSCF) with three departments in the University. The program, which is considered to be one of the best in the country, was introduced in 1994, and was the first 'Financial Engineering' program with an emphasis on quantitative finance. In addition to providing a solid foundation in the fundamentals of quantitative finance, graduates possess the high-level skills and conceptual framework required to find innovative and effective solutions for the challenges faced by the ever-changing and increasingly complex financial services industry. The MSCF is a degree offered by four Carnegie Mellon departments, including the Department of Mathematical Sciences, the Heinz School of Public Policy and Management, the Tepper School of Business, and the Department of Statistics. Over the past fourteen years, these departments have created a fully integrated three-semester curriculum.
    The MSCF program is a sixteen-month, full-time degree program, or a thirty-three month part-time degree program. Four non-degree certificate programs are also offered. The full-time MSCF program, is a sixteen-month, three-semester course of study. The part-time program is a thirty-three month, twelve mini-semester program.
   The MSCF program is offered on the Carnegie Mellon campus in Pittsburgh, Pennsylvania and at 55 Broad Street, New York City. Classes in New York are primarily simulcast via live interactive video. Live instruction is generally provided in New York twice each seven-week mini-semester. Professors teach from both locations using an electronic 'softboard', giving students an exact electronic copy on their laptop computer of all notes written on the board. These softboard files are captured electronically and are made available for download within an hour of class completion.
   Students are given the opportunity to take a variety of different courses in the program, including areas such as Financial Risk Management, Object Oriented Programming, Statistical Arbitrage, and Stochastic Calculus.

Students also have the option of completing a dual degree: Tepper's MBA/MSCF program. The dual degree is a full-time program, jointly administered between the MSCF program and the Tepper School of Business. Offered on the Pittsburgh campus, the dual degree is twenty-four months in duration. Matriculating in August, the dual student completes a fall and spring semester, a summer internship (strongly encouraged but not required), and returns in the fall, graduating in August of the second year.


 Highlights   study in america

  • In 2007, Tepper was ranked the #5 Business School in the USA by the Wall Street Journal
  • Tepper has been rated highly in graduate school rankings conducted by Businessweek, Forbes and the Financial Times
  • Tepper boasts a faculty/student ratio of one teacher for every five students
  • Six Nobel laureates are among the faculty at the Tepper School of Business

 MSCF Student Profile   study in america

# of Full-time Students: 76
# of Applications per year: 635 in 2007
# Accepted per year: 135 in 2007
# Enrolled per year:
Average GMAT Score: 724
Average Age: 28
% Men/Women: 80%/20%
Work Experience (avg yrs): 7
Class Sizes:

 Distribution by Undergraduate Degrees   study in america

Engineering 23
Science 14
Math 17
Economics/Business 17
Computer Science 29

 Location at a Glance   study in america

City Population: 2,358,695 (metro)
Cost of Living: medium
Climate Range: 19°F–82°F
Campus Setting: urban

 University at a Glance   study in america

Year Founded: 1900
Total Enrollment: 10,493
Graduate Enrollment: 4,644
Students in Residence: -

 University & Location   study in america

Carnegie Mellon University was founded in 1900 by industrialist Andrew Carnegie. A private institution, Carnegie Mellon is among the leading research facilities in the US, with 111 research centers and institutes and eight colleges and schools. Typically ranked among the top 20 within all leading measurements, its MBA offers an unparalleled academic experience, and an environment referred to as "tech nirvana".
    Carnegie Mellon's 144 acre campus features more than 82 academic and administrative buildings, and sits at the junction of three exciting neighborhoods that offer a range of galleries, restaurants, entertainment venues, parks, and shops. Pittsburgh is also one of the country's top corporate headquarter cities.
    Carnegie Mellon's rich research environment includes the following centers affiliated with the business school: Carnegie Bosch Institute for Applied Studies in International Management, Carnegie Mellon Electricity Industry Center, Center for Analytical Research in Technology, Center for Behaviorial Decision Research, Center for Business Communication, Center for Business Solutions, Center for E-Business Innovation, Center for Financial Markets, Center for the Interdisciplinary Research of Teams, Center for Internationals Corporate Responsibility, Center for the Management of Technology, Center for Organizational Learning, Innovation and Performance, Donald H. Jones Center for Entrepreneurship, The Gailliot Center for Public Policy, Green Design Institute and the Teaching Innovation Center.


 International Student Support   study in america

Students at Carnegie Mellon are supported by staff at The Office of International Education (OIE) who are committed to supporting, promoting, and maintaining an intercultural environment at the university. OIE help international students to settle in to their new environment, by issuing students with a variety of information on visa issues, American life, travel within the US, and employment. OIE also organizes orientation and social activities for international students.
   Non-native English speaking students are also helped by the Intercultural Communication center. Here, students are supplied with a variety of ESL resources such as fluency classes, tutoring and writing skills workshops, and assistance with the cultural skills needed to succeed in an American university.


 Admissions Criteria & Procedures   study in america

The Master of Science in Computational Finance is such a specific and specialist program that outstanding academic credentials are necessary for admission to the program. Applicants should hold an undergraduate degree in a technical discipline such as mathematics, computer science, engineering or economics. Successful applicants will have taken at least two full semesters of study in differential and integral calculus and should have strong performance in mathematics coursework. Proficiency in calculus-based probability is essential. It is also suggested that applicants should take engineering level math courses beyond calculus, such as differential equations and linear algebra.
   Applicants must be fluent in a general purpose programming language. Familiarity with C++ will be of considerable benefit. Applicants lacking these skills may still be considered, provided they acquire, or take steps to acquire the necessary skills before entering the program and satisfy the admissions committee requirements. International applicants must understand rapid, idiomatic English, read English with ease and be able to express themselves orally and in writing as demonstrated by success on the TOEFL examination.
   Relevant professional experience is preferred but not essential. For students who have applied for the MSCF before completing their undergraduate degree, it is required that they submit their final degree results when they receive them.
   All MSCF degree students must have a laptop computer available for use for the duration of the MSCF program. A fully supported, laptop computer, loaded with software needed for the MSCF program and configured for either wireless or Ethernet access to the internet and CMU networks, is available for purchase through the MSCF program.

To apply to the program, Students must submit the following by April 28 (March 10 for international students):
• Completed MSCF application form
• Resume
• Work history
• Two required essays (not required for certificate applicants)
• Three letters of recommendation (not required for certificate applicants)
In addition to this, International students must submit TOEFL scores (if needed); financial statements; and an affidavit of financial support.


 Expenses & Financial Assistance   study in america

The tuition fees for the 2007-2008 year are $23,900 for domestic students and international students per semester. Students are also required to purchase a laptop computer and books, which come to a total of $3,275 for the first semester, and $1,375 per semester afterwards. International students are required to pay for medical insurance, which is $960 per year.
    All full-time students admitted to the program are considered for a 'MSCF Merit Scholarship'. No additional application is needed to qualify for this award. Criteria is based on the strength of the student’s application in comparison to the overall applicant pool for the year. Scholarship decisions are made at the time of the admissions decision. Qualified U.S. citizens and permanent residents may be eligible for subsidized and/or unsubsidized Stafford loans. Perkins loans may also be available. Private educational loans are available to credit-worthy U.S. citizens or non-U.S. citizens able to obtain a credit-worthy U.S. co-signor.
   In addition to this assistance, all Carnegie Mellon students are eligible for a tuition payment plan which allows monthly payments with no accrued interest charge.


 Career Placement & Opportunities   study in america

The Career Opportunities Center (COC) serves students in all of the Masters Degree Programs at the Tepper School of Business at Carnegie Mellon. The COC acts as a liaison between employers and students, by organizing recruiting events and activities and offering guidance to students through all phases of their job search. The COC works directly with students, assisting them in developing career plans, resume writing, interviewing skills and in helping students conduct searches for summer internship and permanent employment opportunities. In addition to facilitating on-campus corporate presentations and recruiting activities, the COC assists MSCF students through exclusive Tepper Recruiting Events held in October (full-time positions) and January (summer internships) of each year at the MSCF facility in New York City.
    Students who graduate from the MSCF degree are often employed extremely quickly after graduation. Within the 2005 graduating class, 78% were employed by graduation and 92.73% were employed within three months of graduation.


 Admissions at a Glance   study in america

Minimum GMAT: No set minimum
Minimum GPA: No set minimum
Minimum TOEFL: 600 (pbt) - exempt if previous degree earned in the U.S.
Application Fee:
$100 for online applications; an additional $75 for paper submissions

Application Deadline:
(Fall 2008 entry)
April 28 for US Citizens and Permanent residents
March 10 for International Students


 Employment Profile   study in america

# of Recruiters on Campus:
Graduates Employed:
Within 90 days: 92.73%
Within 6 months: 98.18
Within 1 year:
Average Starting Salary: $95,833.20

 % of Students in Management Levels   study in america

Senior:
Upper Middle:
Middle:
Entry:

 Employment by Field   study in america

(in %)
Consulting 4
Finance 96

 Annual Expenses (in US$)   study in america

In-State Tuition: $23,900 per semester
Out-of-State Tuition: $23,900 per semester
International Tuition: $23,900 per semester
Books & Materials: $3,275 (for laptop computer and books), $1,375 per semester 2 and 3
Health Insurance: $960 (int'l students) per year
Accommodation:
Private:
Homestay:
Residence:

 International Student Profile   study in america

# students in program 69
% enrolled 63

 Faculty Profile   study in america

# of Faculty: 20
% of Faculty with Doctoral Degree: 90%

 Program Facts   study in america

Year Program Founded: 1994
Length of Program: 3 semesters (FT)
Degrees: MS
Program Entry: August
Study Options: Full–Time, Part–Time, Required Summer Internship

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