Tepper School of Business

Carnegie Mellon University, Tepper School of Business History

Carnegie Mellon University, founded in 1900, is a private, coeducational institution. The 136-acre campus is located in a suburban area 4 miles east of downtown Pittsburgh. Total undergraduate and graduate enrollment is 10,017.

The Tepper School of Business was founded in 1949 and is located on the main campus, in its own building, Posner Hall. Courses also are offered at the Carnegie Mellon Institute for Technology and Management, New York City (MSCF). The basic educational approach is to produce individuals who have immediate and significant impact on organizations based on analytical problem-solving capabilities applied to complex and dynamic business issues. Lectures, cases, and industry projects are integrated.

Carnegie Mellon University, Tepper School of Business Academics

The Tepper School of Business offers the Master of Business Administration (MBA) and Master of Science in Computational Finance (MSCF) as well as a doctoral program in 8 areas: Accounting, Economics, Financial Economics, Information Systems, Manufacturing and Operating Systems, Marketing, Operations Research, Organizational Behavior and Theory, and a joint degree in Algorithms, Combinatorics, and Optimization (joint with Mathematics and Computer Science), Economics and Public Policy (joint with Mathematics and Computer Science), Management of Manufacturing and Automation (joint with the Robotics Institute), Mathematical Finance (joint with Mathematics). Other programs include a 3-2 MBA program and computer science business administration CITinterdisciplinary programs, cross-registration with the University of Pittsburgh, a cooperative program with WHU (Koblenz, Germany), internships, extensive joint research opportunities, and 2 courses (Management Game and Financial Analysis and Securities Trading) are simultancously offered in 3 countries. The strongest areas of study are finance, e-commerce, entrepreneurship, production/operations research, economics, accounting, and information systems. The most popular courses are Venture Capital and Private Equity, Pricing Strategy, Corporate Finance, and Strategic Corporation Management. Regular programs bring distinguished speakers and visiting professors to campus including the W.L. Mellon Executive Speaker Series, the James R. Swartz Entrepreneurial Leadership Series, and the Net Impact Speaker Series.

Ninety-six total credits are required to complete the MBA, including 48 elective credits. Required courses include:

• Financial Accounting
• Probability and Decision Making
• Optimization for Decision Making
• Managing Organizations
• Writing and Decision Making
• Accounting for Decision Making and Control
• Finance
• Statistics and Decision Making
• Managerial Economics
• Presenting and Decision Making
• Marketing Management
• Production and Operations Management
• Business Government and Strategy or Macroeconomics
• Business Law and Ethics
• Management Game

Required courses for the MSCF include:

• Introduction to Probability
• Object Oriented Programming l
• Financial Accounting
• Finance
• Writing and Decision Making
• Introduction to Statistical Inference
• Object Oriented Programming II
• Multi-Period Asset Pricing
• Investment Analysis
• Managerial Economics
• Linear Financial Models
• Economics Foundations
• Stochastic Calculus for Finance l
• Options
• Marketing Management
• Financial Time Series Analysis
• Object Oriented Programming lll
• Stochastic Calculus for Finance ll
• Numerical Methods
• MBA Elective
• Management Game (non-credit)
• Financial Risk Management
• Management Game (12 credits)
• Statistical Arbitrage
• Term Structure
• Accounting for Decision Making and Control
• Studies in Financial Engineering
• Presenting and Decision Making
• Financial Computing
• Macroeconomics
• Managing Organizations
• Credit Derivatives
• Optimization for Finance
• Business Law & Ethics
• Production and Operations Management
• Simulation Methods for Option Pricing

Students may eliminate or substitute requirements at the discretion of required-course faculty, although no credit is earned.

Business students may take relevant nonbusiness courses in other departments. The minimum time permitted to complete the master’s degree program attending full time is 16 months; maximum, 20 months. For students attending part time, the minimum is 32 months; maximum, 36 months.

There are 97 total full-time graduate business faculty, of whom 96% hold a doctorate; there are 12 part-time faculty, of whom 17% hold a doctorate. Faculty salaries are rated for Category I institutions, based on the AAUP rating system. Average number of courses faculty teach is 3; average business class size is 30.

Carnegie Mellon University, Tepper School of Business Unique Programs

Library

The university’s main library houses a collection of more than 1.1 million volumes, 1 million microform items, and 36,000 audio/video tapes/CDs, and subscribes to 17,665 periodicals. Students have access to such databases and networks as ABI/INFORM, Management Contents, Trade and Industry, CRSP, Compustat, Citibase, ISSM, and corporate and industry research reports. Other opportunities for research consist of the Engineering and Science and the Mellon Institute libraries and other area and college libraries.

Computers

Graduate business students must have their own PCs. The business school has its own computer facilities, consisting of general purpose computing, multimedia, behavioral, and financial analysis and security trading labs equipped with networked computers. All MBA students are required to have notebook computers. A wireless network is available throughout the school. Power/network connections are available in classroom seats. Computing support is provided at all times.

Career and Job Placement

Majors most in demand by companies recruiting in 2006 were finance, marketing, strategy, production/operations, and MIS/e-commerce. Average starting salary of the graduating class was $93,479; range was $32,400 to $175,000. Placement services are extensive, and those available to alumni include direct job referrals, resume referrals, Internet job listings (Jobtrak), individual appointments for counseling, a career search database, a contact management system, and an alumni directory for networking. Placement is available through the Career Opportunities Center. Ninety-five percent of the most recent graduating class found jobs within three months of receiving their degree.

International Students

International students must take the TOEFL. International students must score 600 on the Paper-Based TOEFL (PBT). International student must score 25 on the Internet-Based (iBT) version. They also must submit a translation of their transcripts, proof of health consisting of a medical form from a physician, and proof of adequate funds to cover 2 years of study. Financial aid is available for these students and consists of scholarships and loans. The application deadline for fall entry is March 19.

Calendar

The school operates on a mini-semester (four per academic year) basis. Semesters are 8 weeks long; summer sessions, 7 weeks. Graduate programs are offered during the day and evening.

Carnegie Mellon University, Tepper School of Business Admissions

A bachelor’s degree is required. A strong mathematics background is required.

The number of applicants for the 2006-2007 class was 1144; 327 were accepted; 137 enrolled. The average GPA was 3.4; average GMAT score was 696. Transfers are not accepted. Minority students are actively recruited by through the Consortium for Graduate Study in Management and the Forte Foundation.

Students may begin the MBA program in the fall only. To apply, students must submit an application form, a transcript, GMAT scores, a nonrefundable application fee of $100, 2 letters of recommendation, 3 essays, a work history/resume, and two references. The application deadline is March 19 for fall entry. Students are notified of the admissions decision approximately 6 to 8 weeks after the application deadline. The latest acceptable test date for fall entry is March 31.

Carnegie Mellon University, Tepper School of Business Financial Aid

About 81% of graduate business school students receive financial aid from scholarships, loans, and graduate assistantships, for a total average of $29,450 annually; maximum $58,900. Stipends and programs available for minority students include CGSM (Consortium for Graduate Study in Management). The FAFSA and the school’s own financial statement are required. Applications are processed on a rolling basis.

Tuition for all students is $41,900 per year. Books and supplies cost approximately $1325; personal expenses, $1325; and other fees, $390, for an estimated annual total of $44,940. Graduate student housing is available; off-campus housing availability is very good. There is a referral service to help procure off-campus housing.

Carnegie Mellon University, Tepper School of Business Students

Fifty-one percent of the current graduate business school class are enrolled full time. The greatest percentage of students are from the Northeast (29%). Twenty-one percent are women and 10% are minorities. The average age at entrance is 28; ages range from 24 to 33. Ten percent enter directly from undergraduate school. Students’ undergraduate majors were as follows: 70%, engineering; 17%, business; 9%, economics; and 4%, social sciences. In 2006, 243 graduate business degrees were awarded.