Carnegie Mellon University - MS in Computational Finance

The Application Process​

• The application process includes an online application form, standardized test scores (GRE or GMAT), transcripts, a resume, two written essays, a pre-recorded video essay, and three letters of recommendation
• Transcripts should include the grading scale to help the admissions team understand the institution's grading system
• The admissions team will ask for transcripts for all collegiate-level work, including study abroad, transfer, and summer programs
• Some candidates may be invited for an interview, which is a positive sign that the admissions team wants to get to know them better
• The admissions team will reach out to recommenders on behalf of the applicant to obtain letters of recommendation.

Admissions Review Process​

• The admissions review process at Carnegie Mellon University (CMU) MSCF involves evaluating candidates in three main areas: academic Readiness, career Readiness, and interpersonal skills.
• Academic Readiness is just one piece of the evaluation process, and meeting the prerequisite list and having a good GPA and test scores are not the only factors considered in the admissions decision.
• Career Readiness is assessed by looking at the transferable skills a candidate has, which are the skills that can be paired with a graduate degree to make them competitive in their future career.
• Transferable skills can come from different experiences, such as internships, class projects, and extracurricular activities, and are unique to each candidate.
• When preparing for graduate school, candidates should think about their future goals and how their previous experiences can be used to demonstrate their skills and value to a recruiter.
• The admissions team at CMU MSCF evaluates candidates based on what they can bring to the table, what will make them successful in the program, and what will make them a valuable addition to the class.
• Interpersonal skills are also evaluated, and the video interview is used to assess a candidate's communication skills and ability to talk about themselves, even if it's in a language they don't natively speak.
• The admissions team is looking for a baseline of communication skills and interpersonal skills, and wants to see if a candidate is the type of person who can work well with others and contribute to the class.
• The ideal candidate for the MSCF program is someone who sets goals and achieves them, has strong technical skills, and can communicate complex ideas in a non-technical way.
• The program places a lot of emphasis on communication, as quants need to be able to explain their work to non-technical clients and bosses.

Student Success and Program Fit​

• The video essay and written essay are used to assess a candidate's ability to communicate their ideas and goals.
• The goal of the MSCF program is Student Success, which can mean different things to different students, such as getting a job, learning new skills, or building a network.
• Student Success is the primary focus of the program, and it can be a combination of different factors, including job placement, academic satisfaction, and networking opportunities.
• When evaluating applications, the admissions team looks for students whose goals align with the program's outcomes, but there is no automatic screening process for students whose goals do not align.
• The admissions team wants to learn more about a student's goals and why they are a good fit for the program, and they use the essays and interview to assess this.
• Grad school is a significant investment, and the admissions team wants to ensure that students are a good fit for the program to avoid wasting time and resources.
• There is no single factor that would instantly disqualify a candidate from consideration, but the admissions team uses the application process to get to know students and their goals better.

Evaluating Academic Credentials​

• When reviewing academic portions of applications, the MSCF program considers the varying grading scales used by different institutions, both within the US and internationally.
• To evaluate international institutions, the program may consult with experts or individuals familiar with the institution's reputation and quality.
• The MSCF program is aware of the different grading scales used by various countries, including 4.0, 4.3, 5.0, 100, 10-point, and 20-point scales, and takes these differences into account when reviewing applications.
• The admissions process for the Master of Science in Computational Finance (MSCF) program considers the differences in institution quality, rankings, and grade inflation, making it challenging to put all applicants on the same academic scale.
• To address this challenge, the MSCF application asks for detailed information on technical courses taken, including the specific topics covered in each class, to understand how classes may differ from one institution to another.
• The admissions team looks at an applicant's overall GPA, as well as their GPA in relevant classes, and considers the grading scale used by their institution to provide context.
• The team also examines contextual information, such as course load, whether classes were taken at the graduate or undergraduate level, and trends in grades over time, to better understand an applicant's academic preparedness.
• This detailed evaluation process is used to assess an applicant's academic abilities within the context of their institution and to determine how their academic background translates to the MSCF curriculum.
• The process acknowledges that not all institutions or programs are created equal, and that even within the same institution, different departments or programs may have varying levels of quality and rigor.
• The goal of this evaluation process is to gain a fair and balanced perspective on each applicant's academic abilities and potential for success in the MSCF program.
• The admissions process is holistic, considering various factors beyond just GPA, and it can be frustrating for prospective students who expect a straightforward process based on rankings.
• Students should focus on taking challenging courses, such as real analysis, rather than just aiming for a high GPA, as this demonstrates their ability to learn and grow.

Interview Preparation and Process​

• To stand out, students should prepare for interviews by being themselves, showcasing their personality, and demonstrating their knowledge and skills.
• For the actual interviews, students should prepare by researching the program, practicing their responses to common questions, and being comfortable with the format, whether it's a video or live interview.
• The admissions team, including the Director of Admissions and Recruiting, conducts the interviews, which allows them to get to know the students well throughout the process.
• The small size of the MSF admissions team means that students may have already interacted with the team members before the interview, which can make the process less intimidating.
• The interview is a required part of the MSCF admissions process, and anyone who is admitted to the program must conduct an interview, which is a great sign that the admissions team is interested in learning more about the candidate.
• The interviews are behavioral, focusing on the candidate's goals, experience, and resume, as well as what they hope to get out of graduate school from an experience perspective.
• The topics of the interview are centered around the candidate's application materials, and the goal is to learn more about the candidate and what it might be like to have them in the class.
• Practicing for interviews is essential, and the only way to get better is to practice, which can help reduce nervousness and self-awareness.
• Current undergrad students can start by visiting their school's career services office, which can provide tools and resources to help with interviewing, including mock interviews.
• Doing a mock interview and then discussing the experience with friends can also be helpful in preparing for interviews.
• Practicing conversations and mock interviews can help individuals become more comfortable with discussing their skills and experiences, making the actual interview process less stressful.
• Alumni can be a valuable resource for mock interviews, coffee chats, and networking, as they are often happy to assist current students.
• Informal conversations with new people can make networking feel less scary and foreign, which can also help reduce stress during interviews.
• Being comfortable with one's own resume and experiences is crucial, as interviewers may ask detailed questions about specific projects or skills listed on the resume.
• It's essential to be prepared to talk about one's experiences and skills in great detail, and to be confident in one's expertise.
• Interviewers often want to know about a candidate's thought process, problem-solving skills, and passion for the field, rather than just technical knowledge.
• Showing excitement and interest in the field or industry can be just as important as technical skills, as interviewers want to know what drives a candidate's career choices.
• Being able to articulate why one is interested in a particular field or career path is a crucial aspect of the interview process.

Essay Guidance and Common Mistakes​

• The application process involves essay questions that are intentionally designed to gather specific information needed to make a decision, with essays typically being around 500 words in length.
• The essay questions are designed to assess transferable skills, fit, motivation, personality, and problem-solving abilities, with examples of questions including asking students to describe how a past experience will contribute to their future career success.
• Another essay question asks students to describe a time they faced a challenge and overcame obstacles, providing insight into their approach to problem-solving and motivation.
• A video essay question asks students to walk through the steps they took to secure a past opportunity, providing insight into their skills and experience.
• The personal statement is a crucial part of the application process, and it should provide additional context about the candidate that is not obvious from the rest of the application.
• A good personal statement should explain why the candidate wants to pursue a career in quantitative finance, rather than just stating that it will be a stable career.
• The statement should be tailored to the specific program the candidate is applying to, and should explain why the candidate is a good fit for that program.
• The personal statement can take many forms, such as telling an anecdote about a formative experience, explaining why the candidate is excited about Carnegie Mellon, or describing the moment they knew they were interested in quantitative finance.
• It's essential to proofread the personal statement carefully to avoid typos and grammatical errors, and to have someone else read it before submitting it.
• A common mistake to avoid is writing a statement that simply tells the program why it's good, rather than explaining why the candidate is a good fit for the program.
• Carnegie Mellon's application process includes an optional essay, which can be used to submit a personal statement, and the prompt is "Is there anything else we should know?".
• Many students applying to programs like Carnegie Mellon's MSCF make the mistake of writing about the program's strengths instead of their own, essentially telling the program about itself rather than stating their purpose, which is not an effective way to stand out.
• This approach shows that the student has done research, but they neglect to explain how the program will benefit them or why it resonates with them, leaving their statement incomplete.
• To improve, students should "close the loop" by explaining how the program's strengths will help them achieve their goals, making their statement more effective.

Application Timeline and Review Process​

• The recruiting season and application process for Carnegie Mellon's MSCF program involve a thorough review of applications, including comparing schools and GPAs, watching videos, conducting interviews, and reading application materials.
• The timeline for the application process and recruiting season is not specified, but it is mentioned that it is a time-consuming and labor-intensive process for the admissions team.
• The MSCF program aims to be as transparent as possible around application dates, with dates changing on the website in late September or early October for the current application cycle.
• For Fall 2025 entry, the Round One application deadline is December 1st, with decisions released on February 28th, and the program does not use rolling admissions.
• The MSCF program has two rounds of admission, with no difference between them, and the Round Two deadline is early March, with decisions released on May 1.
• The application process does not have minimum requirements or screening, and every application is read by multiple human beings, including the admissions team and faculty steering committee.
• The admissions team looks at applications holistically, considering different majors, backgrounds, and experiences to build a diverse class.
• Interviews can happen at any point in the process, including the day of the deadline and the day decisions are released.
• The admissions team reviews applications in batches, in a random order, and notifies students when their application is complete or if something is missing.
• The team is responsive to emails and provides status updates to students throughout the application process.
• The application process at Carnegie Mellon University's Master's in Computational Finance (MSCF) program involves personalized attention to every single applicant, allowing for good decision-making within the context of the pool.
• During review season, every person on the team is involved in the process, thoroughly examining every single transcript and essay, making it a manual and hands-on process.
• The process is not quick or superficial, and the team takes the time to carefully evaluate each applicant, which can be a lot of extra work but is necessary for finding the right candidates.
• The team is small, which allows for good communication and involvement from professors, who are experts in their fields and can assess whether an applicant is prepared for the course.
• The application process is holistic, and the expectation is not that an applicant excels in all areas, such as math, probability, statistics, finance, and work experience, but rather that they have strengths in certain areas.
• The human element of the process allows the team to weigh an applicant's strengths and weaknesses and make a more informed decision about their candidacy.
• The team's hard work pays off each year, as they bring in a stellar class of engaging and talented students, making the process worth the effort.