Hello, this is Yusuke from Alpha Advisors!
Today, I’d like to introduce the Master of Science in Computational Finance (MSCF) at Carnegie Mellon University, a globally top-ranked program in the field of quantitative finance (MFE/MQF).

Recently, we’ve seen a surge in inquiries from those aiming to land offers at global investment banks and hedge funds, and earn annual salaries of $300K or more. The appeal of these careers lies in their exceptional compensation. In fact, many MSCF graduates have secured offers of $200K to $300K+, and some even go on to earn over $1 million annually.

On Tuesday, June 17 at 10 PM (JST), we’ll host a special webinar in collaboration with Carnegie Mellon MSCF! A member of the MSCF admissions team will join Alpha to share insights on admissions, career outcomes, and the program itself.
This is a closed session with no recording, so make sure to register in advance and attend live!

▶︎Register for the Carnegie Mellon Computational Finance Webinar

In this article, we’ll provide everything you need to know about the MSCF program—from curriculum and class profile to job placement results and how to apply.
If you’re looking to build a career at the intersection of finance, AI, and data science, read on. And if you're serious about joining top firms like global investment banks or hedge funds and earning a $300K+ salary, apply for a free consultation with Alpha Advisors today!

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What is Carnegie Mellon MSCF? A Global Leader in Quantitative Finance

The Master of Science in Computational Finance (MSCF) at Carnegie Mellon University is one of the world’s most prestigious programs in quantitative finance, combining finance, statistics, computer science, and business.
Established in 1994, MSCF is recognized as a pioneer in the field of financial engineering and attracts outstanding students from across the globe each year.

This is a 16-month, full-time program with campus options in both New York City and Pittsburgh. While the NYC campus delivers instruction online, students benefit from proximity to Wall Street and major financial institutions for internship and job opportunities. In contrast, the Pittsburgh campus offers in-person classes and a more immersive academic environment. Regardless of location, students receive the same world-class education.

Class Profile

The MSCF cohort consists of elite students from all over the world. As of the Class of 2024, the program maintains an intimate class size of 101 students, with 53 based in NYC and 48 in Pittsburgh. Students follow a common curriculum across both campuses and graduate with advanced technical and professional skills.

◼︎Diversity
76% of the cohort are international students, representing regions such as Asia, Europe, and South America. One of MSCF’s biggest strengths is the opportunity to develop global business acumen through peer-to-peer learning in this multicultural environment.

◼︎Academic Backgrounds
Undergraduate majors include 61% Mathematics/Statistics, 22% Business/Finance, 10% Economics, 5% Computer Science, and 0% Engineering. The program primarily attracts technically inclined students with strong quantitative skills and an interest in financial modeling.

◼︎Work Experience
81% of students join without full-time work experience, making MSCF a highly attractive option for recent graduates aiming to launch high-income careers early.

◼︎GPA, GMAT/GRE
Admitted students hold an average GPA of 3.85. Test scores are also competitive, with average GRE scores of 169 Quant / 160 Verbal, and average GMAT scores of 740 (Quant 50 / Verbal 39). A near-perfect Quantitative score is essential for admission.

◼︎Gender Balance
The class is composed of 56% men and 44% women, a notably balanced ratio for a quantitative graduate program. This gender diversity contributes to dynamic discussions and effective teamwork, further strengthening students’ practical skills.

Carnegie Mellon MSCF Curriculum

Carnegie Mellon MSCF is a practice-based 16-month program that provides comprehensive training in quantitative finance, programming, financial theory, and data science. In addition to traditional lectures, the curriculum includes individual and group projects, case studies, and industry collaboration. The program is structured to help students acquire the skills needed to succeed immediately in the finance industry.

◼︎Pre-Program Prep Courses (MSCF Prep)

One month prior to the program’s start, students take preparatory courses in math, probability, financial markets, Python programming, and business communication. They also begin early career preparation, including resume building and networking practice, to ensure readiness for the program’s high-level coursework from day one.

◼︎Year 1: Foundational Theory and Programming Training

In the first year, all students follow the same core curriculum focused on financial theory, stochastic calculus, risk management, simulation, C++ and Python programming, data science, and machine learning. Courses cover essential topics such as Monte Carlo simulation, regression analysis, time series analysis, and option pricing theory.

Examples:
・Stochastic Calculus for Finance I & II
・Machine Learning I & II
・Financial Computing I–III (C++ and Python)
・Financial Data Science I & II
・Simulation Methods for Option Pricing
・Presentations for Computational Finance

◼︎Summer Internship (Required)

During the summer after Year 1, all students complete internships in the financial industry. In the past three years, 100% of students secured internships, 87% of which were in the U.S., and 63% received full-time offers. Internship destinations include investment banks, asset management firms, hedge funds, and fintech companies.

◼︎Year 2: Industry-Focused and Career-Oriented Courses + Electives

In the final semester (Year 2), students take advanced required courses such as risk management, macroeconomics, and optimization, along with electives tailored to their career goals.

Examples:
・Natural Language Processing
・Advanced Derivative Models
・Market Microstructure & Algorithmic Trading
・Asset Management
・Blockchain & SQL Fundamentals

Other

◯Capstone Project & Studies in Financial Engineering
As a final component, students participate in team-based, company-sponsored capstone projects applying machine learning and data science, as well as a practical course in financial engineering involving derivative and risk strategy development. These projects are presented to industry professionals and alumni.

◯Emphasis on Practical Skills and Industry Connections
The Practitioner Lecture Series, held each semester, features guest speakers such as quantitative analysts and industry leaders. Students also engage in hands-on activities such as the Trading Club, Alumni Pitch events, and Bloomberg Terminal Certification.
The MSCF curriculum is designed from start to finish to build the skills needed to succeed on Wall Street. It combines theory and practice, analysis and presentation, coding and communication to provide a solid foundation for a high-level finance career.

Career Outcomes Career Report

◼︎Outstanding Salary Levels

According to the most recent employment data, MSCF graduates earn an average base salary of $136,052 and an average bonus of $31,287. Combined, it is not uncommon for first-year graduates to reach total compensation of around $167,000. In fact, 82% of MSCF graduates earn over $200,000, a figure that is exceptional even by global standards.

◼︎Top Global Financial Employers

MSCF graduates are employed by some of the most prestigious financial institutions in the world, including:

・Goldman Sachs
・Morgan Stanley
・J.P. Morgan
・Citadel
・Two Sigma
・Millennium Management
・BlackRock
・AGAM Capital

These firms represent the global elite in areas such as quantitative research, algorithmic trading, risk management, and asset management, and their continued recruitment of MSCF graduates is a testament to the program’s market value.
Graduates also pursue a wide range of roles, including Quantitative Researcher, Quant Trader, Portfolio Analyst, Risk Manager, Data Scientist, and Strats & Modeling Specialist. In addition to traditional investment banking, there is growing representation in hedge funds and fintech, with alumni careers expanding across the financial landscape.

◼︎High Conversion from Internship to Full-Time Offers During OPT

Many students receive full-time offers after performing well in their summer internships at the end of Year 1. MSCF provides individualized career support through dedicated counselors who offer tailored guidance on interview preparation and offer negotiation.
For those aiming to build a career in hedge funds, global investment banks, or earn $300K+ annually, MSCF is a strategic and powerful pathway to reach those goals.

Application Information

◼︎Application Deadlines (For This Year, Deadlines Have Passed)
・Round 1: December 1, 2024
・Round 2: March 2, 2025

◼︎Required Documents
・Online application (including personal, academic, and professional details)
・Resume (1–2 pages covering academic and professional history)
・Three letters of recommendation (from individuals who can attest to your ability in mathematics, statistics, computer science, finance, English communication, and collaboration)
・Academic transcripts (from all institutions; official English translations required if applicable)
・Test Scores
　- GRE or GMAT (either, valid within 5 years)
　- English test (Duolingo / TOEFL / IELTS, valid within 2 years)
・Application fee: $125 (payable online)

◼︎Essay Questions (2 questions, max 350 words each)

(1) Provide examples from your past professional or academic experience that highlight skills you have developed that will be directly applied in your above-selected functional area.
(2) Tell us about a time you had to overcome a challenge in order to succeed.

◼︎Interview (By Invitation Only)
Applicants who pass the document screening phase will be invited to an interview via Zoom or in person. The interview will evaluate the following:
・Your mathematical and programming proficiency and readiness
・Fit with MSCF and clarity of your career goals in quantitative finance
・Communication ability, professionalism, and motivation

Earn Over $200K at Top Quant Finance Programs

We’ve now taken a detailed look at the MSCF program at Carnegie Mellon University. Its graduates are consistently landing positions at elite financial institutions such as Goldman Sachs, J.P. Morgan, BlackRock, Citadel, Two Sigma, and Millennium. With many starting salaries exceeding $200K–$300K in the first year, MSCF offers one of the highest ROIs of any graduate program.

While the path may seem demanding, the actual application process is more accessible than many think. For example, MSCF accepts Duolingo English Test scores, and many candidates are able to achieve competitive scores without spending excessive time. Rather than spending over a year preparing, it’s more important to move quickly and strategically. To apply efficiently and secure both admission to MSCF and a $300K+ global finance career, professional guidance is key—and that’s exactly what Alpha Advisors provides.

At Alpha, we support you through every step of the process—from admissions strategy and essay coaching to recommendation letters, interviews, and test preparation.
And now, in partnership with Carnegie Mellon MSCF, we’re excited to announce a special webinar exclusively for Alpha participants. This is a rare opportunity to hear directly from the admissions team and ask your questions live.

Exclusive Info Session with Carnegie Mellon University MSCF – Hosted by Alpha Advisors (June 17, Tue, 10 PM JST)

▶︎ Register here ＞ Sign-up Form

At Alpha Advisors, we have all the tools and insider knowledge to help you get admitted to the world’s top graduate programs. Start with a free consultation—we’ll help you unlock your full potential and guide you toward a $300K+ global finance career.

For MSCF Admissions and Offers from Top Global Firms, Alpha Is Your Best Partner!

For over 17 years, Alpha Advisors has supported applicants in gaining admission to the world’s top MBA and graduate programs, including Harvard, Stanford, Columbia, Chicago Booth, MIT Sloan, London Business School, INSEAD, and IESE. Post-admission, our support continues through career placement—with unmatched results placing candidates at leading global firms such as Goldman Sachs, McKinsey, BCG, BlackRock, P&G, and Google.

Support Services:

・Strategic Planning for MBA / Graduate School / College Applications
・Scholarship Preparation (Essays, Recommendations, Interviews)
・Self-Analysis and Long-Term Career Development
・School Selection and Networking Strategy
・Application Materials: Resume & Essays
・GRE / GMAT Preparation
・TOEFL / IELTS / Duolingo Preparation
・Internship and Job Strategy Support (MBA Career Recruiting)

We will be your ultimate support team to help you realize your vision. From securing scholarships to gaining admission to your dream MBA, graduate, or undergraduate program—and landing offers from top global companies—we make it all happen, in the shortest time possible. Choose Alpha Advisors for your success.

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