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4.  Dual MBA/MSCF

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

As MSCF students, dual students are taught the 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, and statistical methodologies including regression and time series. As MBA students, through a variety of MBA electives, the Dual draws upon the strength of Tepper’s Nobel prize-winning finance and economics departments and is further broadened by a host of MBA marketing, strategy, communications and operations courses. For a career in finance, the dual truly is the best of both worlds.

Offered by the Masters of Science in Computational Finance program in conjunction with the Masters of Business Administration from the Tepper School of Business, the Dual degree is unique. No other school can offer you both the broad, analytical skills gained in a top-ranked MBA program along with the comprehensive, quantitative finance course of study found in CMU’s MSCF program. All this in only five semesters of coursework!

Program Structure
The Dual is a full-time program, jointly administered between the MSCF program and the Tepper School of Business. Offered on our Pittsburgh campus, the dual is twenty-four months in duration. Matriculating in August, the dual student completes a fall and spring semester, a summer internship (strongly encouraged but not required), and returns in the fall, graduating in August of the second year.

Completion of the MBA/MSCF dual degree requires a combined 46 courses from the MBA and MSCF programs (see “Course of Study”).

Students must be in residence for five consecutive semesters (excluding the summer internship).

Admissions
Students must meet the admissions requirements for both the MBA and MSCF programs.

Applicants are required to submit both the online MBA and online MSCF applications separately, including completing each application's required essays.  All applicants to the dual MBA/MSCF program are required to take the GMAT which will be used for both the MBA and the MSCF applications. Three letters of recommenation are required which, along with transcripts, can be shared between the applications. Applicants are only required to pay one application fee.

Due to the sequential nature of the dual program structure, students must apply to both programs simultaneously prior to matriculating. Current MBA or MSCF students cannot apply to become a dual student.

Tuition: Students pay three semesters of MBA tuition at the rate for full-time MBA students and two semesters of MSCF tuition at the rate for full-time MSCF students.

Financial Aid: Merit scholarships and loans are available to eligible students.

Placement
The Career Opportunities Center at the Tepper School of Business works directly with students to assist them in developing career plans, seeking summer internships and conducting searches for permanent employment opportunities.

5.  Certificate Program

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

Courses are offered one 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 for the Math Certificate can be done on-line and requires a completed MSCF application, a GRE/GMAT test score (GRE preferred), official transcripts of all academic work, visa, and cover letter giving a "statement of purpose" (essay C in the online application). No additional essays or reference letters are required. Tuition for the Math Certificate for the 2008-2009 academic year is $3,600 per course.

The Math Certificate includes six of the following nine courses. Required courses are identified with an asterisk. Courses must be taken in the mini and in the order in which they are shown below.

Introduction to Probability*
Multi-Period Asset Pricing*
Stochastic Calculus for Finance I*
Stochastic Calculus for Finance II
Simulation Methods for Option Pricing
Numerical Methods*
Advanced Derivative Modeling (requires Stochastic Calculus II)
Financial Computing IV (requires a proficiency in C++)
Credit Derivatives
Fall 2008 - Mini 1
Intro to Probability*

Fall 2008 - Mini 2
Multi-Period Asset Pricing*

Spring 2009 - Mini 3
Stochastic Calculus for Finance I*

Spring 2009 - Mini 4
Stochastic Calculus for Finance II or
Simulation Methods for Option Pricing

Fall 2009 - Mini 1
Numerical Methods*
Advanced Derivative Modeling

Fall 2009 - Mini 2
Financial Computing IV or
Credit Derivatives