Frequently Asked Questions

If you cannot find an answer to your question here, please send your question to RDSadmission@claremontmckenna.edu.

For whom is this Master's Program in Finance designed?
The Master’s Program in Finance is designed to offer focused and timely financial expertise to young professionals starting their careers.  As a result, this Program is best suited for individuals who have recently earned their Bachelor's degree or who are less than five years into their careers.

What courses will I complete in this Master's Program in Finance?
Graduate students will pursue coursework designed to apply modern finance theories and tools to real-world situations.  In addition to the two week Intensive Workshop in August and co-curricular activities throughout the year, graduate students will complete the following courses:

• Financial Economics
• Advanced Accounting
• Financial Econometrics
• Corporate Financial Management
• Investments
• Portfolio Management
• Asset Pricing and Derivatives
• Economics, Strategy and Organization

For further course descriptions, please see our Graduate Curriculum.

What is the difference between a Master's in Finance and an MBA?
Most MBA programs require two years of schooling while this Program is designed to be completed in a single year. Additionally, many MBA programs offer a part-time course schedule, whereas this Program requires a full-time commitment.  Furthermore, this Program is designed for young professionals starting their careers and is not for those with extensive work experience. 

Overall, an MBA is more general business degree, which requires students to complete courses in Marketing, Human Resources/Management, Accounting and Finance.  By contrast, the Master's Program in Finance is narrowly focused on finance and eliminates many of the general business courses in an MBA program, allowing students to delve much further into modern finance theory and application.  Due to this focus on Finance, this Program's prerequisites and course work are more quantitative than that of an MBA program.

Does this Master's Program in Finance preclude the pursuit of an MBA?
No.  Although this Program is designed to be a terminal degree for individuals who pursue careers in finance, the management and marketing skills taught in traditional MBA programs nicely complement the skills taught in this Program.

What is the difference between a Master's in Finance and a Master's in Financial Engineering?
The Master's Program in Finance is not as quantitative as a Financial Engineering program.  Financial Engineering programs generally are offered by mathematics or engineering departments and require a higher level of mathematics and computer programming skills.  Additionally, many applicants to Financial Engineering programs have years of work experience and advanced degrees.

The focus of this Master's Program in Finance is the application of the tools and theories of finance, not the creation of those tools.  Furthermore, the Master's Program in Finance is not designed for individuals with years of work or academic experience, but rather for young professionals starting their careers.

What makes this Program different from other Master's in Finance programs?
This Program emphasizes leadership and real-world application of modern theories and tools of finance.  It is a well-funded program that is not tuition-driven.  Consistent with liberal arts, the Program focuses on both professional and personal development.

• Leadership - Claremont McKenna College's undergraduate focus on leadership has earned distinction among the nation's best liberal arts colleges and it continues in the selection and education of graduate program participants.
• Real-World Application - Claremont McKenna College is not only unique because it boasts the largest economics faculty of any liberal arts college in the nation, but also because it has a faculty committed to teaching real-world applications of economics and finance. As a result, graduate students will experience case-based teaching methods, practical seminars through the co-curricular activities and applied courses, such as Portfolio Management, where students experience what it is like to be an asset manager.
• Resources - The generous gift that accompanied alumnus Robert Day's ('67) vision for this Program ensures a world-class faculty with the resources to focus on a real-world financial education. Robert Day's generous support also allows for substantial merit-based scholarship support so that students may similarly focus on this intensive educational experience. Additionally, the Program's resources allow for an extensive array of co-curricular activities, including networking trips.

What degree is awarded?
Master of Arts in Finance.

When do classes begin for Fall 2011?
The program starts in mid-August with a two-week intensive seminar in mathematics and computing.

Is it possible to start the program in the spring?
We have structured this one-year program to maximize the interconnection of classes, as well as drawing on the strengths of a cohort experience. Because much of the learning depends on this sequence and the interaction of classmates, classes only start in the fall.

How does the application process work?
The application process must be completed online and can be accessed at https://webapps.cmc.edu/rdsadmission/application_home.php.

Is there an interview involved in the admission decision process?
Interviews are required. While you are always welcome to visit campus for the interview, most interviews will be conducted by alumni in centralized locations across the country. We will facilitate these interviews which will also provide you the opportunity to meet successful leaders in the financial service industry.

When do I find out whether I am accepted for admission?
Priority decisions will be announced prior to November 25th. Selection decisions will be announced no later than January 12th, March 11th and April 9th for the corresponding admission deadlines.  Applications received after the round three deadline (March 11) will be reviewed and decided upon individually as space in the class permits.

Is the application process any different if I attend CMC or one of The Claremont Colleges?
The application process is designed to support admission of the very best class possible. The requirements are the same regardless of undergraduate experience.

Are there advantages to applying early?
Yes. Substantial, but not unlimited, merit-based aid will be awarded as admission decisions are made.

How many apply? How many are admitted?
In the program's inaugural year we enrolled exactly our goal of 20 exceptional students. We accepted 82 applications and offered admission to 29 of those applicants.  In the second year of the program we offered admission to 20 of 125 applicants.  There are 17 students enrolled in the current class. 

The Robert Day School at Claremont McKenna College will enroll approximately 25 students in the Class of 2012. We anticipate this class to be as highly competitive and well prepared as the first two classes.

How do I apply?
The online application can be found at: https://webapps.cmc.edu/rdsadmission/application_home.php.

Is there a minimum GMAT or GRE score?
There are no minimum scores, though applicants are expected to have demonstrated excellence in the test scores provided. Scores must have been earned within the last 5 years.

Is either the GRE or GMAT preferred?
There is no preference between the two tests.

Where can I get more information about the GRE or GMAT?
GRE: http://www.takethegre.com
GMAT: http://www.mba.com/mba/TaketheGMAT

There are also numerous unofficial web sites designed to assist in the test preparation effort.  Two such sites for the GMAT are http://www.gmattestquestions.com and http://www.gmatexampracticetests.com

Do I qualify for an application fee waiver?
There is no expectation of waiving application fees, though extraordinary financial circumstances should be addressed with the Director of Graduate Admissions at RDSAdmission@claremontmckenna.edu.

Who must take the Test of English as a Foreign Language (TOEFL)?
Most international students (not a U.S. citizen, Permanent U.S. Resident or native of an English speaking country) are expected to demonstrate English language mastery on the TOEFL exam. Applicants with questions should contact the Director of Graduate Admission at RDSAdmission@claremontmckenna.edu or (909) 607-3347.

Can I submit my IELTS or TSE score instead of the TOEFL?
While the TOEFL is preferred, we will accept competitive scores on the International English Language Testing System (IELTS) or Test of Spoken English (TSE) exams.

Where do I need to send my transcripts?
The online application welcomes uploading of unofficial transcripts. Official transcripts should be mailed to:

Robert Day School Admission Office
Claremont McKenna College
500 E. Ninth Street
Claremont, CA 91711

How many letters of recommendation do I need and how should they be sent?
We require two letters of recommendation, at least one of which must be from a faculty member. The online application includes an electronic invitation to your recommenders to submit the letters online.

May I submit more than two letters of recommendation?
We require only two letters of recommendation. If you believe that an additional letter better informs the selection committee then it can be easily added using the online process invitation process.

What does the admission committee look for in an applicant?
We will strongly consider demonstrated academic excellence to include prerequisite coursework. More so than many degree programs, we heavily value leadership experience, potential, and ambition.

How is work experience considered?
The program admission does not require prior work experience although it can be a plus. The Robert Day School provides career assistance to students, including help with internships and job placement.

Where do I send my application and supporting materials?
The application is completed online. Supporting materials such as official transcripts can be mailed to:

Robert Day School Admission Office
Claremont McKenna College
500 E. Ninth St.
Claremont, CA 91711

How do I find out the status of my application?
Upon submission of your application you will receive regular updates on the status of your complete admission file. You may check the status of your application at any time by e-mailing RDSAdmission@claremontmckenna.edu or calling (909) 607-3347.

Can I defer my admission?
Admission is considered and granted for the year of the application.

What is the tuition and cost of the program?
The tuition for the 2010-2011 Academic Year is $46,725. We anticipate a small increase for the upcoming year.  Admitted students can expect this figure to be largely offset with significant merit-based scholarship support. Through the first two years of the program, all admitted students have received at least a half-tuition scholarship.  The tuition figure includes all co-curricular activities and networking trips. Projecting the total cost of attendance will depend on choice of housing and transportation expenses. Claremont McKenna College fees are minimal. For planning purposes you should consider non-tuition expenses, including housing, to be approximately $15,000.

Are there scholarships or financial aid available?
There is substantial merit-based scholarship support available. Graduate students who are admitted to the Program are eligible for a substantial scholarship.  Furthermore, graduate students are eligible for subsidized and unsubsidized Stafford Loans based on individual cost of attendance.

Is there graduate housing?
Graduate students can choose from a variety of off-campus housing options in the immediate vicinity of The Claremont Colleges.

Do you recommend that I visit the campus?
All applicants are welcome to arrange a visit to the campus by e-mailing RDSAdmission@claremontmckenna.edu or calling (909) 607-3347. Admitted students will be invited for a campus visit and orientation in the spring.

How can I speak with an admission counselor?
E-mail RDSAdmission@claremontmckenna.edu or call (909) 607-3347.

Can I work while completing the program?
This year is an intensive academic program with a highly structured curriculum. Students are also required to participate in the co-curricular activities which make this program much more of an experience than a collection of classes. The ability to work and/or participate in other campus activities will depend entirely upon your academic and time management skills. Your first priority, without question, must be continued academic excellence.

What if I have more questions?
Please e-mail RDSAdmission@claremontmckenna.edu or call (909) 607-3347.