NEW YORK • PITTSBURGH
MSCF: QUANTIFIABLY DIFFERENT
Known worldwide for computer
science, math and applying the
tools of quantitative analysis to
business, Carnegie Mellon created
the first quantitative finance degree
in 1994. Competing now against many
programs, Carnegie Mellon’s Master
of Science in Computational Finance
(MSCF) degree is regarded by many as
the leading program of its kind.
Our integrated curriculum, made
possible by the interdisciplinary joint
venture of four Carnegie Mellon
colleges, is designed specifically for
the MSCF program. Our students’
impressive job placement record, both
in summer internships and in full-time
jobs, attests to the high regard global
financial services firms have for the
education we provide.
Whether you are straight out of school,
currently working in the industry or a
career-changer, the MSCF program
can give you the knowledge and
connections you need to pursue an
exciting career in quantitative finance.
You will join a select and influential
global alumni network working in
investment banks, trading firms, hedge
funds, and fintech companies.
We welcome your interest
in the MSCF program and
encourage you to apply.
“In addition to receiving
a solid foundation in the
fundamentals of quantitative
finance, our graduates
possess the high-level skills
and conceptual framework
Richard L . Bryant required to meet the needs
Executive Director
Computational Finance Program of an ever-changing and
MSCF Steering Committee
increasingly complex
financial services industry.”
THE CURRICULUM
While the terms quantitative finance, computational finance, MSCF’s reputation for excellence lies squarely on the strength
mathematical finance and financial engineering are often used of our faculty and the custom-tailored courses developed
interchangeably, there are subtle but significant differences and updated over the past twenty-five years. MSCF’s unique
in their meanings. Financial engineering programs often blend of carefully coordinated quant, applied finance and
emphasize finance and financial markets at the expense of computational coursework is the best of its kind.
more rigorous computing and quantitative skills. Mathematical
We break our three-semester program into six “mini”
finance programs may focus more on theoretical math than
semesters that are seven weeks in duration. Each mini builds
real-world applications. We prefer “computational finance” as
upon the prior mini to provide our students with the breadth
we have created an applied course of study with programming
and depth of knowledge needed to make an immediate impact
embedded throughout our curriculum. This computational
in their careers.
emphasis gives our students an advantage in today’s
increasingly technical financial markets.

The month-long MSCF Prep session provides classes in math, probability, programming, financial markets and communication skills.
AUGUST 201 8 Training also begins for the internship search and the MSCF Deutsche Bank Trading Competition.

Mini 1 provides coursework in fixed income, investments, data science and programming, laying the groundwork for Mini 2 courses in asset
FA LL 2 01 8 pricing, options and further instruction in machine learning and programming. Business Communications I covers public speaking and written
communications.

Stochastic calculus, computational and statistical methods are the focus of the spring mini semesters. Courses include Simulation for Option
S PRING 2 01 9 Pricing, Statistical Machine Learning and the MSCF Deutsche Bank Trading Competition. Additional communications coursework helps enhance
presentation and communication skills.

SUMME R An optional, but highly recommended, summer internship allows students the opportunity to apply skills learned in the first year of the
INTERNS HIP program.

The program concludes with courses in time series, risk management, optimization, macroeconomics, statistical arbitrage implementing C++
FA LL 2 01 9 pricing libraries, advanced derivative models, numerical methods, microstructure and algorithmic trading and Studies in Financial Engineering,
a case-based project course.

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ONE PROGRAM – TWO LOCATIONS
The program is delivered live between our two locations – our New York City location, a
block down from the New York Stock Exchange, and our Pittsburgh location, Carnegie
Mellon’s main academic hub. Regardless of the location, students receive the same
instruction from world-class faculty and professional support from career services staff.

Unlike online programs, MSCF has live instruction that originates from either location.
Course sessions are broadcast to the alternate classroom in high-definition video with
full two-way audio to enable seamless interaction between professors and students.
Faculty teach in New York twice every seven weeks and remain in New York following
the lectures for discussion and social events. All lectures are streamed live and captured
electronically for review throughout the duration of the semester.

Students in both locations also receive support from our full-service MSCF Career Office.
Dedicated, full-time counselors assist students with a range of job search activities “The faculty are committed
including career planning, resume development, interview preparation and networking. to teaching, and the program
leaders put a tremendous
amount of energy and
thought into the program.”

MICHELE RUVOLO
N EW YO R K ALL M SC F S TU D ENTS P I T TS B U RG H
• Central location to • Same degree requirements • Traditional campus environment
MSCF ‘09
Wall Street recruiters • Faculty attention • Access to student clubs
• Greater access to alumni J.P. Morgan Alternative Asset Management
• Career services support • Non-MSCF coursework options
• Social activities with faculty • Live two-way audio/video instruction • Faculty office hours Executive Director
New York, NY

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CAREERS SAMPLE OF RECRUITERS

Investment Banks
MSCF graduates pursue careers in quantitative portfolio management, trading, data • Bank of America Merrill Lynch
science, financial modeling/research and risk management. While most take jobs • Citi
in the United States, some choose to work in other global financial centers such as • Goldman Sachs
London, Hong Kong and Singapore. • J.P. Morgan
• Morgan Stanley

Asset Management / Hedge Funds

2 0 1 7 F U L L-T I M E E M P L OY M E N T S TAT I S T I C S • AQR
1% 1%
BY I N D U S T RY & F U N C T I O N A L A R E A
• BNY Mellon
• Blackrock
6% • Citadel
6%
• PNC
INDUSTRY 7%
• State Street
Investment Bank Other Financial Services 52% 8% • Vanguard
Asset Management Proprietary Trading
Hedge Fund Consulting Proprietary Trading Firms
FinTech Other 19%
• Akuna
• Chicago Trading Company
• DRW Trading
1%
2% • Jump Trading
2%
• Transmarket
6%
JOB FUNCTION FinTech / Analytics / Consulting
10%
31% • Axioma
Quant Research Data Science
• Bloomberg
Strats & Modeling Consulting
Sales & Trading Quant Developer 11% • Ernst & Young
Risk Management Other • ITG
Portfolio • Moody’s
Management 21% 16%
• Quantitative Brokers

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NETWORKING AND CAREER SERVICES
We invest heavily in the career services we provide our students and our employment
rates have consistently been strong. More than 50 of the world’s largest financial
services firms as well as many smaller hedge funds, fintech companies, analytics
firms and trading companies actively recruit from the MSCF program. Many of our
1,500 alums are eager to hire their fellow alums into their firms. Our career office
does much selling on your behalf but, more importantly, we give you the tools you
need to sell yourself. Our two career counselors (one at each location) and a full-
time Communications Development Trainer work closely with you to help you craft a
compelling resume, build your interview, networking and negotiating skills, and learn
appropriate dress, deportment and etiquette.

M E AN M E DI A N M I NI M U M MAXIMUM
“The MSCF program
BA S E CO MP EN SATION $106,222 $104,000 $75,000 $155,000
provided me with the tools
S I GN IN G BO N U S $21,653 $25,000 $5,000 $60,000
and network essential to my
‘ 1 8 IN T ER N SH IP $7,864 $7,500 $3,070 $11,700
development as a trader.”

MSCF SPEAKER SERIES

Throughout the academic year, industry practitioners presenting in the MSCF
Speaker Series share their experiences with students, providing excellent networking P R A K A S H N A R AYA N A N
opportunities and first-hand knowledge about the products, markets and challenges MSCF ‘02
in the industry.
Saba Capital Management
Partner and Portfolio Manager
London, UK

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ARE YOU READY? FALL 2018 ENTERING
CL ASS PROFILE
CL ASS SIZE
The MSCF application review process is holistic in nature. All components of the
application are scrutinized to identify those candidates that have the potential for N EW YORK 53
success academically and professionally. PIT T SBURGH 44

Given the highly quantitative nature of the program, successful candidates will have GRE
taken math coursework beyond calculus including Differential Equations, Linear Algebra
QUAN T ITAT IVE 169
and Calculus-Based Probability. Additionally, applicants will be required to be fluent in
C++ programming. VERBAL 159

Academics are just one area of importance in our review process. Prior professional GM AT

experience, academic research, extracurricular interest in finance, ethics and TOTAL 750
communication skills are all important factors in the admission decision. The committee QUAN T ITAT IVE 51
looks for applicants to express their career goals clearly and to articulate how their
VERBAL 39
prior academic and professional experiences combined with the MSCF degree will help
them achieve their goals. DEM OGRAPHICS

IN T ERN AT ION AL 87%

APPLICATION DE ADLINE D EC I S I O N NOTI F I CATI O N
WOM EN 45%
ROUND 1 December 10, 2018 March 5, 2019 WITH FULL-TIME EXPERIENCE 32%

ROUND 2 March 10, 2019 May 1, 2019

Note: we highly recommend that non-US citizens apply in Round 1 in order to allow sufficient time for processing of your visa documents

MSCF MERIT SCHOL ARSHIP QUE S TI ONS ? CONTACT US !

MSCF ADMISSIONS
The MSCF Merit Scholarship is awarded to select students based on their qualifications PHONE: 412 . 268. 3679
relative to the overall applicant pool. All admitted students will automatically be EMAIL : MSCF@CMU.EDU
considered for a partial MSCF Merit Scholarship. You will be notified in your admission
letter should you receive this award.

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 “Carnegie Mellon University
is a small research university
that cannot afford barriers
between departments. We
choose not to do everything.
Yet, in those areas where we
choose to compete, we are
among the world’s best.”

MASTER OF SCIENCE IN COMPUTATIONAL FINANCE STEVEN SHREVE

Orion Hoch Professor of
Mathematical Sciences
Mellon College of Science
MSCF Co-Founder
D E PA R T M E N T O F M AT H E M AT I C A L S C I E N C E S MSCF Steering Committee

D E PA R T M E N T O F S TAT I S T I C S A N D D ATA S C I E N C E
H E I N Z C O L L E G E O F I N F O R M AT I O N S YS T E M S A N D P U B L I C P O L I C Y
TEPPER SCHOOL OF BUSINESS
STATEMENT OF ASSURANCE
Carnegie Mellon University does not discriminate
in admission, employment, or administration of its
programs or activities on the basis of race, color, national
origin, sex, handicap or disability, age, sexual orientation,
gender identity, religion, creed, ancestry, belief, veteran
status, or genetic information. Furthermore, Carnegie

CARNEGIE MELLON UNIVERSIT Y MSCF ADMISSIONS OFFICE Mellon University does not discriminate and is required
not to discriminate in violation of federal, state, or local
MSCF PROGRAM – GSIA 130 T E L : 4 1 2 . 2 6 8 . 3 67 9 laws or executive orders.

5 0 0 0 F O R B E S AV E N U E MSCF@CMU.EDU Inquiries concerning the application of and compliance

with this statement should be directed to the university
P I T T S B U R G H , PA 1 5 2 1 3 - 3 8 9 0 ombudsman, Carnegie Mellon University, 5000 Forbes
Avenue, Pittsburgh, PA 15213, telephone 412-268-1018.

Obtain general information about Carnegie Mellon

www.cmu.edu/mscf University by calling 412-268-2000.