Carnegie Mellon University - Master of Science in Computational Finance

Masters Degree
Published

February 11, 2024

https://www.cmu.edu/mscf/

Key takeaways

  • 2 year program
  • total tuition fee $199,132 for 2 year in NYC
  • strong reputation, rigorous course works, highly focused on computation

Program

ROUND 1

  • Application Deadline: December 3, 2023
  • Decision Notification: No later than March 1, 2024
  • Deposit Deadline: March 28, 2024

ROUND 2

  • Application Deadline: March 3, 2024
  • Decision Notification: No later than May 3, 2024
  • Deposit Deadline: May 23, 2024

Fees

PITTSBURGH

ACADEMIC YEAR FALL SPRING
Tuition $64,000 $32,000 $32,000
Student Activities Fee $238 $119 $119
Living Expenses - Housing $12,570 $6,285 $6,285
Living Expenses - Food $7,542 $3,771 $3,771
Books and Supplies $2,212 $1,106 $1,106
Health Insurance $2,816 $2,816
Personal and Misc. $3,528 $1,764 $1,764
Travel Allowance $2,990 $1,495 $1,495
Transportation Fee $256 $128 $128
Technology Fee $460 $230 $230
TOTAL $96,612 $49,714 $46,898

As of April 20, 2023.

NEW YORK

ACADEMIC YEAR FALL SPRING
Tuition $64,000 $32,000 $32,000
Student Activities Fee $238 $119 $119
Living Expenses - Housing $13,828 $6,914 $6,914
Living Expenses - Food $8,296 $4,148 $4,148
Books and Supplies $2,212 $1,106 $1,106
Health Insurance $2,816 $2,816
Personal and Misc. $3,872 $1,936 $1,936
Travel Allowance $3,588 $1,794 $1,794
Transportation Fee $256 $128 $128
Technology Fee $460 $230 $230
TOTAL $99,566 $51,191 $48,375

As of April 20, 2023.

Prerequisites/requirements

Admission prerequisites

  • Calculus I and II
  • Linear algebra
  • Calculus-based probability
  • A minimum of one-semester of an object-oriented programming language course (C++, Java, Python, C#). More than one semester is preferred.

Candidates with deficiency in one of these areas will be considered provided proper remediation is completed before enrollment, should an offer of admission be extended.

Requirements

  • Online Application Form
  • Current Resume
  • Transcripts
  • Official Test Scores - GRE or GMAT required
  • English Language Proficiency Exam (Duolingo, TOEFL or IELTS)
  • Application Fee - $125

Essays

There are two required short answer essays in addition to a 90-second video essay response.

You are first required to select your desired post-MSCF career path from a pre-defined choice group.

You will then respond to the following two short answer essay topics:

  1. Provide examples from your past professional or academic experience that highlight skills you have developed that will be directly applied in your above-selected functional area. (350 word max)
  2. Tell us about a time you had to overcome a challenge in order to succeed. (350 words max)

For your 90-second video essay, we want to learn more about your background and your professional motivation. You are required to respond to the following prompt:

  • Provide the specific steps you took and resources you utilized to secure a previous academic or professional opportunity. Explain how this experience will benefit you in your desired career path.

Applicants can also upload an optional essay (2-pages max) to convey any additional information that the admissions committee should know in considering your candidacy.

Letters of Recommendation

Three Letters of Recommendation are required.

This is important because your application will not be forwarded to the Admissions Committee until the recommendation is received.

Curriculum

MSCF prep

MSCF ProbabilityPrep

MSCF ProgrammingPrep

MSCF MathPrep

CommunicationPrep

FinancialMarkets

Year 1

Mini 1:

FinancialComputing I

Financial DataScience I

FixedIncome

MSCFInvestments

MSCF BusinessCommunication I

Mini 2:

Financial DataScience II

MSCFOptions

Stochastic Calculusfor Finance I

MachineLearning I

MSCF BusinessCommunication I

Mini 3:

FinancialComputing II

Simulation Methodsfor Option Pricing

MachineLearning II

MSCF BusinessCommunication II

Stochastic Calculusfor Finance II

Mini 4:

FinancialComputing III

Financial TimeSeries Analysis

Financial Products& Markets

Presentations forComputational Finance

MSCF BusinessCommunication II

Summer internship

Year 2

Mini 1:

Macroeconomics forComputational Finance

RiskManagement

Electives: Choose two of four

FinancialComputing IV

Machine LearningCapstone Project

MSCF Studies inFinancial Engineering

Natural LanguageProcessing

Mini 2:

FinancialOptimization

Electives: Choose three of five

AdvancedDerivative Models

AssetManagement

Blockchain &SQL Fundamentals

Machine LearningCapstone Project

Market Microstructure& Algorithmic Trading

Photo by Nanda Firdaus on Unsplash