|Application Complete by:||Decision to applicant on:|
|November 12, 2012||January 31, 2013|
|January 3, 2013||April 1, 2013|
|March 4, 2013||May 24, 2013|
|April 22, 2013*||June 10, 2013|
*The April 22nd, 2013 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 4th, 2013.
All decisions will be made in accordance with our posted admissions deadlines. We will NOT release decisions before these deadlines. Requests for early decision will not be considered.
Our class profile is an excellent resource to review the background of our most recently admitted classes.
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.
The MSCF Program includes a detailed treatment of the mathematical models of quantitative finance, and this involves stochastic calculus and its applications. Undergraduate courses that cover both probability and statistics rather than just probability often devote insufficient time to the probability content needed to sufficiently prepare students for the level of probability encountered in MSCF. If you have not previously taken a calculus-based probability course, you should look for a course covering advanced topics in probability including the law of large numbers, the central limit theorem, moment-generating functions, multivariate probability distributions, conditional distributions, and independence, covariance and correlation of random variable.
Students lacking one or more advanced mathematics courses may still be considered provided they are able to take steps to acquire the necessary skills before entering the program and satisfy the admissions committee requirements.
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.
Relevant professional experience is preferred but is not required. Our Fall 2013 entering students had an average of 1.8 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.
Yes, units from the certificate program can be transferred for units in the degree program. You will need to reapply for the degree program in order to be considered for admission. Certificate candidates who reapply for the degree program will need to provide 3 letters of recommendation and complete the essays as is required of degree candidates.
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 a number 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 University and the ability to directly network with faculty and other masters students at the Tepper School of Business.
Tuition for the full-time program is $24,600 per semester for the Fall 2012 and Spring 2013 semesters. Full-time students pay tuition for three semesters. Fall 2013 tuition will be announced in Spring 2013. The part-time tuition is $3,228 per course.
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.
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.
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.
All Carnegie Mellon students are eligible for a tuition payment plan which allows monthly payments with no accrued interest charge.
The MSCF program begins in late August. Since the courses are sequential, August is the only time a student can enter the program.
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.
While the MSCF program accepts either the GMAT or the GRE, if you have yet to take either, we recommend taking the GRE. Original copies of the test scores are required.
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.) 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 from a U.S. institution 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 not be required to submit a new, valid copy of the GMAT/GRE test results. Additionally, we will extend this for candidates who are expected to complete their PhD studies at a U.S. instituion by July 31st, 2013 for students applying to the program for the Fall 2013 entering class. Such requests will be considered on a case-by-case basis by the MSCF Admissions Committee. If you meet BOTH of these criteria, you can request an exemption of the new test score policy by submitting a completed application including a statement requesting a waiver in the optional essay D 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.
International students who have previously obtained a degree in the United States need not submit TOEFL or IELTS scores. Additionally, we will waive the TOEFL/IELTS requirement for international 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. For IELTS, select Carnegie Mellon University and the Tepper School of Business.
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.
The average base starting salary for the Class of 2012 (graduated in December 2011) was $96,451. In addition, 64% of graduates received a signing bonus averaging $29,174. These figures do not include other guaranteed compensation or year-end bonuses based on individual, group and firm performance.
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. We do offer a streamlined reapplication process for candidates reapplying within one year.
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 will hold all application materials for 1 year at which you can reapply using our streamlined reapplication process.
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, other schools often on the "radar screen" include Chicago, Columbia, Cornell, MIT, NYU, Princeton, Stanford, and UC Berkeley.
No, the MSCF program does not accept transfer credits.