Tepper School of Business
FAQ
- When is the application deadline and when will I hear if my application has been accepted?
- Do I need to schedule an application interview?
- How much math and statistics will I need?
- How much programming experience do I need to have?
- What is the background and degree status of those you have admitted into your program?
- If I am accepted into the certificate program and then, at a later date, decide to apply for the degree program, will my units transfer?
- What is the difference between the New York and Pittsburgh programs?
- Am I able to defer enrollment if accepted?
- What is the cost of the MSCF program?
- When does the MSCF program begin?
- Is work experience necessary to be accepted into the program?
- Do you accept the GMAT or the GRE?
- Do I have to submit test scores even if I have been working a number of years?
- I am an international student who has earned a degree in the U.S. Do I have to submit a TOEFL score?
- What were the average test scores of applicants accepted into the program?
- How successful are MSCF students in finding employment after graduation?
- What is the average starting salary for a MSCF graduate?
- Is financial aid available?
- Why was I not accepted into the MSCF program?
- I understand you were the creators of the "quantitative finance" master's degree in the early '90's. You now have a great deal of competition. Which other schools are often considered by those seeking admission to CMU?
When is the application deadline and when will I hear if my application has been accepted?
Application Complete by:
Decision to applicant on:
October 26, 2009
January 25, 2010
January 4, 2010
April 5, 2010
March 8, 2010
May 24, 2010
April 26, 2010*
June 30, 2010
*The April 26, 2010 deadline is reserved for U.S. Citizens and Permanent Residents, as well as part-time and certificate candidates. International applicants for the Full-time MSCF program must apply by March 8, 2010. After April 26th, we will continue to accept applications through the summer on a rolling basis for applicants who are U.S. Citizens and Permanent Residents or those who are applying to the part-time and certificate programs.
More information on the application process can be found here.
Do I need to schedule an application interview?
Applicants may be contacted by email to arrange an on-campus or virtual face-to-face interview via webcam using video calling software before a final decision is made on your candidacy. Interviews are granted at the discretion of the MSCF Admissions Committee after an initial review of your application. Requests for interviews will not be granted. Interviews can take place at any time in the application process.
How much math and statistics will I need?
The MSCF program is highly quantitative. While the background of our students varies, most have taken engineering-level math courses beyond Calculus such as Differential Equations and Linear Algebra. A calculus-based probability course is also required.
How much programming experience do I need to have?
Proficiency in a programming language is required. Applicants lacking this knowledge may be requested to take a C++ course prior to enrolling in the program.
What is the background and degree status of those you have admitted into your program?
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Fall 2008 Entering Class |
|||
| Engineering | 28% | Bachelors | 60% |
| Science | 9% | Masters | 32% |
| Math | 20% | PhD | 8% |
| Economics/Business | 19% | ||
| Computer Science | 24% | ||
Approximately 60% of our students are non-U.S. citizens, and 20% of the class is women. Check out our class profile for more information.
If I am accepted into the certificate program and then, at a later date, decide to apply for the degree program, will my units transfer?
Yes, units from the certificate program can be transferred for units in the degree program.
What is the difference between the New York and Pittsburgh programs?
Other than location, there are no differences between the New York and Pittsburgh programs. Courses are broadcast from Pittsburgh to New York via live interactive video, giving students and professor full ability to see and hear one another. Faculty teach live from New York twice during each seven week mini-semester. While two-thirds of the New York students have full-time jobs and study part-time and most Pittsburgh students study full-time, one can study part-time, full-time or for a certificate at either site. Tuition costs are the same in Pittsburgh and New York. The significant advantage of the New York program is its proximity to global financial institutions and the networking possibilities of having so many MSCF alums and fellow students employed at these institutions. The significant advantage of the Pittsburgh program is the vibrant campus community at Carnegie Mellon Univeristy and the ability to directly network with faculty and other masters students at the Tepper School of Business.
Am I able to defer enrollment if accepted?
We do not defer enrollments but we will keep your admissions materials on file for two year. Should you choose to seek admission the following year, your candidacy will be evaluated on the basis of the applicant pool at that time. We do offer a streamlined reapplication process for candidates reapplying within two years.
What is the cost of the MSCF program?
Tuition for the full-time program is $24,600 per semester for the fall 2009 and spring 2010 semesters. Full-time students pay tuition for three semesters. Fall 2010 tuition will be announced in spring 2010. The part-time tuition is $3,228 per course. Budgeted costs for the '09-'10 academic year can be found here.
When does the MSCF program begin?
The MSCF program begins in late August. Since the courses are sequential, August is the only time a student can enter the program.
Is work experience necessary to be accepted into the program?
Relevant professional experience is preferred but is not required. Our Fall 2008 entering students had an average of two years of experience and a range from those whose experience was limited to relevant internships to those with 10 years of experience. Interest in finance, quantitative aptitude, educational background, character, language skills and work experience are all important determinants in the admissions decision.
Do you accept the GMAT or the GRE?
While the MSCF program accepts either the GMAT or the GRE, preference is given to the GRE. Original copies of the test scores are required.
Do I have to submit test scores even if I have been working a number of years?
You are required to submit an official copy of either your GMAT directly from Pearson VUE or GRE scores directly from ETS. You must have taken the test within five years of submitting your application.
For GRE scores, use institution code 4883 (Carnegie Mellon Tepper Sch Bus.) and department code 4102 (Finance) to have your GRE sent to us. For GMAT, select Carnegie Mellon University and the Tepper School of Business to have your GMAT sent to us. If you do not use these codes, there may be delays in getting your tests scores to us.
If you hold a PhD in a related discipline at the time of application AND are able to submit a photocopy of the GMAT/GRE that was part of your original PhD application, you may request a waiver of the GMAT/GRE test requirement. Such requests will be considered on a case-by-case basis by the MSCF Admissions Committee. We will NOT accept requests for waivers if your PhD is in progress and has not been conferred AND/OR if you cannot provide a copy of your prior test score. If you meet BOTH of thse criteria, you can request a waiver by submitting a completed application including a statement requesting a waiver in the optional essay and mail a photocopy of your previous test score to the MSCF Admissions Office. We will notify you only if you have not been granted the waiver.
I am an international student who has earned a degree in the U.S. Do I have to submit a TOEFL score?
No, international students who have previously obtained a degree in the United States need not submit TOEFL scores. Additionally, we will waive the TOEFL requirement for interneational applicants who have earned a degree at a university where the language of instruction was English, but do require that you submit document directly from the institution of such. If you are required to submit a TOEFL score, use institution code 2074 and department code 02.
What were the average test scores of applicants accepted into the program?
|
Fall 2008 Test Scores |
|
| GRE | 587 Verbal |
| 792 Quantitative | |
| GMAT | 721 Total |
| 39 Verbal | |
| 49 Quantitative | |
| 5.0 AWA | |
Check out our class profile for more information.
How successful are MSCF students in finding employment after graduation?
The MSCF program is well-known and highly respected, drawing many corporate recruiters to campus. The MSCF program is administered by the Tepper School of Business which makes available to the Computational Finance students the enormous job recruitment resources of its Career Opportunities Center. Check out the Career Opportunities site for more information on employment statistics and companies recruiting MSCF students.
What is the average starting salary for a MSCF graduate?
The average base starting salary for the class of December, 2007 was $96,611. In addition, 85% of graduates received a signing bonus averaging $37,129. These figures do not include other guranteed compensation or year-end bonuses based on individual, group and firm performance. You can find more information on salaries in the 2008 MSCF Employment Report.
Yes, financial aid is available in the form of scholarships, loans and a tuition payment plan. For additional questions on financing your MSCF education, please contact the Financial Aid Office by email or by phone at 412.268.1242.
Scholarships
All full-time students admitted to the program are considered for an “MSCF Merit Scholarship.” No additional application to qualify for this award is required. Criteria is based on the strength of the student’s candidacy relative to the overall applicant pool for the year. Scholarship decisions are made at the time of the admissions decision. All merit scholarships are partial.Loans
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.Payment Plans
All Carnegie Mellon students are eligible for a tuition payment plan which allows monthly payments with no accrued interest charge.
Why was I not accepted into the MSCF program?
On occasion, we receive a request from an individual seeking an explanation for why he or she was turned down for admission into the MSCF program. Time constraints do not allow us to personally respond to these inquires. As you would expect, we receive many more applications for admission than we have ability to matriculate. If you are not granted admission into the program it simply means your candidacy was not as strong as others for a very limited number of openings. We generally make admission offers to one applicant for every 7-8 places we have in the class, so the pool is extremely competitive. We will hold all application materials for 2 years at which you can reapply using our streamlined reapplication process.
I understand you were the creators of the "quantitative finance" master's degree in the early '90's. You now have a great deal of competition. Which other schools are often considered by those seeking admission to CMU?
Increased competition has not only kept us striving to continually improve the program but has also significantly increased the awareness of the "quantitative finance" category within the financial services industry. While we believe our program to be the best of its kind (of course!), other schools often on the "radar screen" include Columbia, NYU, Princeton, Stanford, UC Berkeley, Chicago, the University of Michigan and the University of Toronto.
(Click here to review a comprehensive list of "Academic Programs" as compiled by the International Association of Financial Engineers.)
