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UPDATED: The online program as well as CMU MSCF part-time program have been eliminated as of January 2016.
Carnegie Mellon University (CMU) announces today that it will offer an online version of its Master in Computational Finance (MSCF) program, to be called MSCF ONLINE starting in Fall 2012.
Among the first universities to offer a master degree in financial engineering (MFE) degree in the US during the 90s, CMU MSCF program attracts a large pool of applicants vying for 90-plus slots available at both main campus in Pittsburgh and its downtown NYC campus. For the 2011 admission year, CMU MSCF received an all-time high 1,123 applications, most among all MFE programs.
While not the first university to do so, the decision by CMU to offer a quantitative finance online degree marks a new phase in the increasingly competitive MFE education landscape. University of Southern California recently introduced an online MFE degree, delivered through Viterbi School’s Distance Education Network (DEN). Stevens University is another offering an online certificate and degree equivalence of its Financial Engineering program. University of Washington offers two online certificates, one in Computational Finance and another in Financial Risk Management.
These are not the only educational options available online to anyone unable to take the usual night-time courses for part-time students. Certificate in Quantitative Finance (CQF), a $20,000 six-month online program run by 7City and started by Paul Wilmott, claims to "educates many hundreds of people every year, all around the world, in the highest level quantitative finance". Despite the fact that CQF does not lead to a Master degree as those offered by many aforementioned universities, the low cost, short-time, access to online material, contribute to attract many to enroll.
Rick Bryant, Executive Director of the CMU MSCF program sounded plenty optimistic in his conversation with Quantnet. "We believe high quality, on-line instruction will continue to gain traction and are persuaded that this option will meet the needs of many individuals keen to develop their knowledge and skills in the field of quantitative finance but cannot relocate to Pittsburgh or New York", he said.
Long known for its use of live telecast lectures between Pittsburgh and NYC campus, CMU MSCF plans to leverage the technology to give MSCF ONLINE students the most bang for their buck. Besides giving online students access to live and recorded video lectures, the program is actively exploring other modern technological venues such as forum for homework discussion, social media for networking.
With an estimated $3,228 per course, the 25-course MSCF ONLINE would cost close to $82,000, the most expensive among similar online offerings. Adding to the overall cost is a list of required hardware that all ONLINE students must obtain. Among them are a projector, a scanner, a HD webcam, and an approved computer. And no applicant who lives within 50 miles of either Pittsburgh or NYC campus need apply.
Realizing the obstacles to attract students to the MSCF ONLINE, CMU plans to pilot test the program on few applicants. Qualified applicants with a complete application by August 22 may be able to attend this Fall. This would allow CMU MSCF to work out technological kinks and logistical problems before Fall 2012.
CMU certainly would not be the last university to venture into online quant education. In September, Quantnet will introduce its own online C++ certification for MFE applicants in partnership with the Baruch MFE program and author/trainer Daniel Duffy.
With much of the world's communication, entertainment, and learning gradually moves online, it's not hard to imagine a future world where one would get an entire post-baccalaureate education online, even in such a highly specialized as financial engineering. Whenever it will be, it will certainly be just as competitive as their traditional counterparts.
Carnegie Mellon University (CMU) announces today that it will offer an online version of its Master in Computational Finance (MSCF) program, to be called MSCF ONLINE starting in Fall 2012.
Among the first universities to offer a master degree in financial engineering (MFE) degree in the US during the 90s, CMU MSCF program attracts a large pool of applicants vying for 90-plus slots available at both main campus in Pittsburgh and its downtown NYC campus. For the 2011 admission year, CMU MSCF received an all-time high 1,123 applications, most among all MFE programs.
These are not the only educational options available online to anyone unable to take the usual night-time courses for part-time students. Certificate in Quantitative Finance (CQF), a $20,000 six-month online program run by 7City and started by Paul Wilmott, claims to "educates many hundreds of people every year, all around the world, in the highest level quantitative finance". Despite the fact that CQF does not lead to a Master degree as those offered by many aforementioned universities, the low cost, short-time, access to online material, contribute to attract many to enroll.
Rick Bryant, Executive Director of the CMU MSCF program sounded plenty optimistic in his conversation with Quantnet. "We believe high quality, on-line instruction will continue to gain traction and are persuaded that this option will meet the needs of many individuals keen to develop their knowledge and skills in the field of quantitative finance but cannot relocate to Pittsburgh or New York", he said.
Long known for its use of live telecast lectures between Pittsburgh and NYC campus, CMU MSCF plans to leverage the technology to give MSCF ONLINE students the most bang for their buck. Besides giving online students access to live and recorded video lectures, the program is actively exploring other modern technological venues such as forum for homework discussion, social media for networking.
With an estimated $3,228 per course, the 25-course MSCF ONLINE would cost close to $82,000, the most expensive among similar online offerings. Adding to the overall cost is a list of required hardware that all ONLINE students must obtain. Among them are a projector, a scanner, a HD webcam, and an approved computer. And no applicant who lives within 50 miles of either Pittsburgh or NYC campus need apply.
Realizing the obstacles to attract students to the MSCF ONLINE, CMU plans to pilot test the program on few applicants. Qualified applicants with a complete application by August 22 may be able to attend this Fall. This would allow CMU MSCF to work out technological kinks and logistical problems before Fall 2012.
CMU certainly would not be the last university to venture into online quant education. In September, Quantnet will introduce its own online C++ certification for MFE applicants in partnership with the Baruch MFE program and author/trainer Daniel Duffy.
With much of the world's communication, entertainment, and learning gradually moves online, it's not hard to imagine a future world where one would get an entire post-baccalaureate education online, even in such a highly specialized as financial engineering. Whenever it will be, it will certainly be just as competitive as their traditional counterparts.
