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Press Release

Contact:
Michael B. Laffin
412-268-3486

For immediate release:
September 15, 2005

Carnegie Mellon's Master of Science in Computational Finance Celebrates 10th Anniversary

First-of-kind program welcomes largest class ever

PITTSBURGH—Carnegie Mellon University is celebrating the 10th anniversary of its Master of Science in Computational Finance (MSCF) program, the first degree of its kind in the United States.

Combining mathematical sciences, finance, computer science and statistics, the MSCF program uniquely prepares students for successful careers in the financial services industry teaching them how to leverage quantitative and technological methods in the world of finance.

"Computational finance is where Wall Street and the finance industry have been heading," said Rick Bryant, executive director of the MSCF program at the Tepper School of Business. "The foresight of the program's founders and the seamless teamwork of four colleges within Carnegie Mellon are central to the program's success. Recruiters understand the value of this authentic interdisciplinary approach as evidenced by our high job placement rates and competitive salary offers."

Enrollment in the program has grown to 96 students (42 full-time students in Pittsburgh and 54 full- and part-time students on a second campus in the financial district of New York City), the program's largest class ever. Steve Shreve, professor of mathematical sciences and co-founder of the program, notes that Carnegie Mellon's investment in MSCF and the achievement of its alumni also have been important to the program's growth.

"Investment has allowed us to increase faculty and course offerings," Shreve said, noting there has been a steady rise in the demand for finance professionals with quantitative, programming and business skills. "As we are already seeing with some of our alumni, we expect students with computational finance degrees to rise to management positions in the coming years," he said. "The program provides an alternate entry point to the financial and investment community, and it will branch out to the insurance and risk management fields in the future."

According to Bryant, "We continually seek to keep the curriculum current. We monitor changes in the financial marketplace through feedback from our graduates, lessons learned from our professors who maintain various consulting engagements and our many opportunities to exchange ideas with market practitioners. For example, one of our faculty, David Heath, serves on the board of directors of Lehman Brothers Derivative Products, where he see firsthand the evolving quantitative needs of the investment banking industry."

About the Master of Science in Computational Finance

The Master of Science in Computational Finance is an intensive, 17-month course of study with internship considered by many to be the top quantitative finance program in the country. In addition to providing a solid foundation in the fundamentals of quantitative finance, MSCF graduates possess highlevel skills and the conceptual framework required to find innovative and effective solutions for the challenges faced by the ever-changing and increasingly complex financial services industry.

MSCF is an interdisciplinary program with 20 full-time faculty from the College of Humanities and Social Sciences (statistics), H. John Heinz III School of Public Policy and Management (information systems), Mellon College of Science (mathematical sciences) and Tepper School of Business (finance, management). The MSCF program is administered by the Tepper School of Business, from which the students also receive career placement services.

MSCF alumni work exclusively in the financial services industry including the large New York and London investment banks, commercial banks, insurance companies, hedge funds, proprietary trading firms and mutual fund companies. Careers vary but revolve around trading and hedging, product structuring, derivatives pricing, asset management, financial consulting, risk management and financial analytics. More information can be found at www.cmu.edu/mscf.

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