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 by:
October 29, 2007
January 31, 2008
January 7, 2008
March 31, 2008
March 10, 2008
May 22, 2008
April 28, 2008*
June 30, 2008
*April 28, 2008 deadline 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 10.
More information on this process can be found here.
Do I need to schedule an application interview?
Scheduling an interview is not required at the time of application submission. The MSCF Steering Committee will contact the applicants whom they wish to interview.
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?
|
Fall 2007 Entering Class |
|||
| Engineering | 23% | Bachelors | 55% |
| Science | 14% | Masters | 34% |
| Math | 17% | PhD | 11% |
| Economics/Business | 17% | ||
| Computer Science | 29% | ||
Approximately 60% of our students are non-U.S. citizens, and 20% of the class is women.
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.
Am I able to defer enrollment if accepted?
We do not defer enrollments but we will keep your admissions materials on file for one 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.
What is the cost of the MSCF program?
Tuition for the full-time program is $22,625 per semester for the fall 2007 and spring 2008 semesters. Full-time students pay tuition for three semesters. Fall 2008 tuition will be announced in spring 2008. The part-time tuition is $2,970 per course. Budgeted costs for the '07-'08 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?
While our students have an average four years of work experience, work experience is not required. 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 or GRE scores directly from ETS (use GRE institution and department codes 2074 and 4399). You must have taken the test within five years of submitting your application.
If you hold a PhD in a related discipline 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.
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. 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 2007 Test Scores |
|
| GRE | 566 Verbal |
| 792 Quantitative | |
| GMAT | 721 Total |
| 39 Verbal | |
| 50 Quantitative | |
| 5.0 AWA | |
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. Information on job placement as well as a sample of companies recruiting and positions accepted can be found here.
What is the average starting salary for a MSCF graduate?
The average base starting salary for the class of December, 2006 was $95,886. In addition, 91% of graduates received a signing bonus averaging $30,389. These figures do not include other guranteed compensation or year-end bonuses based on individual, group and firm performance. More information on salaries can be found here.
Yes, financial aid is available in the form of scholarships, loans and a tuition payment plan. For additional questions, please contact the Financial Aid Office at 412-268-4943.
Scholarships
All full-time students admitted to the program are considered for a “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.
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.
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.)
