Program Options

The Master of Science in Computational Finance program (MSCF) at Carnegie Mellon is offered as a Full-Time, Part-Time, Online or an MSCF/MBA Dual Degree program. We also offer a Math Certificate program. Carnegie Mellon offers two campus locations for the MSCF program: our main campus in Pittsburgh and our Financial District location in New York. Both the Full-Time and Part-Time MSCF programs are available at each location. Whether situated in Pittsburgh or New York, all lectures are recorded and made immediately available online to MSCF students.

  • MSCF Full-Time

    Availability
    Pittsburgh and New York

    Class Size
    Our average class size is 40 full-time students in the Pittsburgh program and 35 full-time students who study in New York.

    Course of Study
    The degree is a 16-month, three-semester course of study.

    Delivery
    Most faculty make their home in Pittsburgh, and the majority of teaching emanates from Pittsburgh. The primary mode of instruction for the New York campus is live, interactive video. Faculty teach a minimum of twice every seven weeks in New York and make arrangements for social events and dinners with students during these sessions.


  • MSCF Part-Time

    The MSCF Part-Time program is designed for students seeking to maintain their jobs and flexible schedules while pursuing their MSCF degree in the evenings.

    Availability
    Pittsburgh and New York

    Class Size
    Our average class size is approximately 10 part-time students.

    Course of Study
    MSCF Part-Time Students complete a total of 25 courses over 12 mini-semesters to earn their degree. With the exception of the first mini-semester when three courses are given, two courses are required each mini thereafter

    Delivery
    Most faculty make their home in Pittsburgh, and the majority of teaching emanates from Pittsburgh. The primary mode of instruction for the New York campus is live, interactive video. Faculty teach a minimum of twice every seven weeks in New York and make arrangements for social events and dinners with students during these sessions.


  • MSCF Online

    The MSCF Online program is designed for students seeking to maintain their jobs but cannot meet the residency requirements of the MSCF Part-Time program.

    Course of Study
    MSCF Online Students complete a total of 25 courses over 12 mini-semesters to earn their degree. With the exception of the first mini-semester when three courses are given, two courses are required each mini thereafter.

    Delivery
    The primary mode of instruction for MSCF Online students is live, interactive video. Students remotely access the live lecture to participate with the professor and students in the New York and Pittsburgh classrooms. The technology permits online students to ask questions and make presentations through live interactive video.  Please note that MSCF Online student have specific technology requirements.

  • MBA/MSCF Dual Degree

    A winning combination of analytic rigor and practical business skills, the Finance MBA/MSCF "Dual" degree is specifically designed for individuals with strong quantitative backgrounds seeking leadership positions within the financial services industry.

    Offered by the MSCF program in conjunction with the Tepper School MBA program, the MBA/MSCF Dual Degree is unique. No other school offers the broad, analytical skills gained in a top-ranked MBA program along with the comprehensive, quantitative finance course of study found in Carnegie Mellon’s MSCF program. For a career in finance, the MBA/MSCF Dual Degree is provides a career advantage with a solid base of management fundamentals combined with the quantitative financial engineering skills.

    Course of Study

    The MBA/MSCF Dual Degree is designed to be completed in five semesters of coursework.

    As part of the MSCF curriculum, Dual Degree students learn:

    • Traditional finance theories of equity and bond portfolio management
    • The stochastic calculus models on which derivative trading is based
    • The application of these models in both fixed income and equity markets
    • Computational methods including Monte Carlo simulation and finite difference approximations of partial differential equations
    • Statistical methodologies including regression and time series

    Through a variety of MBA electives, the MBA/MSCF Dual Degree draws upon the strength of the Tepper’s School's renowned finance and economics departments and is further broadened by a host of MBA courses including marketing, strategy, communications, and operations.


  • Math Certificate Program

    The Math Certificate Program offers non-degree students the ability to receive the same intensive instruction as degree students in a specific track consisting of six certificate-designated math courses. Certificate students attend the same classes as degree students and are required to perform the same coursework.

    Course of Study

    With certain exceptions, courses are offered one course per mini-semester.

    The program begins in August and takes six mini-semesters to complete; thus, students matriculating in August will graduate in December of the following year. Math Certificate students are not eligible for Career Placement Services.

    Application Process

    Application for the Math Certificate can be done online. Application requirements include:

    • Completed MSCF application
    • GRE/GMAT test score (GRE preferred)
    • Official transcripts of all academic work
    • Visa documentation
    • Cover letter including an Essay C (Statement of Purpose) in the online application

    Cost 

    The cost of the Math Certificate for the 2014-2015 academic year is $3,702 per course.

    Requirements

    To obtain the Math Certificate, students must take at least six of the following ten courses. Required courses are identified by asterisks. Courses must be taken in the mini-semester and in the order in which they are shown below. Students who take two courses in one of the mini-semesters in which two courses are offered may, but are not required, to take courses in the other mini-semester in which two courses are offered.

    Fall 2014

    • Probability (Mini 1)*
    • Multi-Period Asset Pricing (Mini 2)*

    Spring 2015

    • Stochastic Calculus for Finance I (Mini 3)*
    • Stochastic Calculus for Finance II (Mini 4)
    • Simulation Methods for Option Pricing (Mini 4)

    Fall 2015

    • Advanced Derivative Models (Prerequisite: Stochastic Calculus II) (Mini 1)
    • Fixed Income (Mini 1)
    • Numerical Methods (Mini 2)
    • Financial Computing IV (Mini 2, requires a proficiency in C++)
    • Risk Management I (Mini 2)