Frequently Asked Questions

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

Master's Program in Finance

For whom is this Master’s Program in Finance designed?

What courses will I complete in this Master’s Program in Finance?

What is the difference between a Master's in Finance and an MBA?

Does this Master’s Program in Finance preclude the pursuit of an MBA?

What is the difference between a Master's in Finance and a Master's in Financial Engineering?

What makes this Program different from other Master's in Finance programs?

What degree is awarded?

When do classes begin for Fall 2012?

Is it possible to start the program in the spring? 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 Reporting
• Advanced Accounting
• Corporate Financial Management
• Investments
• Portfolio Management
• Asset Pricing and Derivatives
• Entrepreneurial Finance
• Financial Econometrics

For further course descriptions, please see our Graduate Curriculum.

What is the difference between a Master's in Finance and an MBA?

Overall, an MBA is a 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 the liberal arts culture of top-ten ranked Claremont McKenna College (CMC), the Program focuses on both professional and personal development.

• Leadership - CMC'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 the vision of alumnus Robert Day's ('67) 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, that are all fully-funded.

What degree is awarded?
Master of Arts in Finance, consistent with Claremont McKenna College's role as a Liberal Arts College.

When do classes begin for Fall 2012?
The program starts in mid-August with a two-week orientation and intensive seminar in applied finance.

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.

Admission

How does the application process work?

Is there an interview involved in the admission decision process?

When do I find out whether I am accepted for admission?

Is the application process any different if I attend CMC or one of The Claremont Colleges?

Are there advantages to applying early?

How many apply? How many are admitted?

How do I apply?

Is there a minimum GMAT or GRE score?

Is either the GRE or GMAT preferred?

Where can I get more information about the GRE or GMAT?

Do I qualify for an application fee waiver?

Who must take the Test of English as a Foreign Language (TOEFL)?

Can I submit my IELTS or TSE score instead of the TOEFL?

Where do I need to send my transcripts?

How many letters of recommendation do I need and how should they be sent?

May I submit more than two letters of recommendation?

What does the admission committee look for in an applicant?

How is work experience considered?

Where do I send my application and supporting materials?

How do I find out the status of my application?

Can I defer my admission?

What is the tuition and cost of the program?

Are there scholarships or financial aid available?

Is there graduate housing?

Do you recommend that I visit the campus?

How can I speak with an admission counselor?

Can I work while completing the program?

What if I have more questions?

How does the application process work?
The application process must be completed online and can be accessed through the application entry on the navigation bar to the left or at https://webapps.cmc.edu/rdsadmission/application_home.php.

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

When do I find out whether I am accepted for admission?
Decisions on applications completed prior to the ealry decision deadline of November 2nd will be announced as quickly as possible. The large number of applications received has resulted in some delays from the Nov 25th target date.  Selection decisions will be announced no later than February 10th, March 9th and April 7th 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.  Decisions on all international applications will be made as quickly as possible following the spring Round 2/International application deadline of February 10th.

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. While the requirements are essentially the same, some adjustments have been made to the application process for CMC students.

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 our goal of 20 exceptional students. We accepted 82 applications and offered admission to 29 of those applicants.  In the program's second year we offered admission to 20 of 125 applicants.  15 of the 17 students enrolled graduated in May 2011.  There are currently 25 students enrolled in the Class of 2012.  We offered admission to only 11% of applicants.

The admission committee relies on demonstrated excellence rather than minimum standards.  Selectivity has continued to increase with each class.  The average undergraduate gpa for the Class of 2013 is 3.62, while the average GRE quant score is approximately 770 and the average GMAT score is approximately 729.  Please review the online class profiles to learn more about past and current students.

The Robert Day School at Claremont McKenna College will enroll approximately 40 students in the Class of 2013. We anticipate this class to be as highly competitive and well prepared as the first three classes in the program.

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.  Please also see the note above concerning "how many are admitted".

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 references 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 a third 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 quantitative strength and prerequisite coursework. More so than many degree programs, we heavily value leadership experience, potential, and ambition.

How is work experience considered?
The program admission respects but does not expect prior work experience.  At least one quality internship is preferred. Upon admission, The Robert Day School provides career assistance to students, including assistance 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.  Offers of admission have been deferred for exceptional circumstances such as acceptance of a Fulbright Fellowship or similar national award.

What is the tuition and cost of the program?
The tuition for the 2012-2013 Academic Year is $51,203.  Admitted students can expect tuition to be largely offset with significant merit-based scholarship support. Through the first three years of the program all admitted students received a merit-based scholarship worth at least half of the cost of tuition.  Tuition includes the cost of 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?
Merit-based scholarship decisions are made by the admission committee as part of the admission process.  No additional submission is required.  As noted above, thus far all enrolled students received merit-based scholarships of at least half the cost of tuition. U.S. graduate students are eligible for unsubsidized Stafford Loans based on individual cost of attendance.

Is there graduate housing?

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 April 2012.

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.  There are exceptionally few on-campus work opportunities for graduate students.

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

Career Management

Why do potential employers value this degree program?

What career placement support can I expect?

For what types of career paths does this Master's Program in Finance prepare graduate students?

What is the placement record of the Master's Program in Finance?

Which employers recruit from the Robert Day School?

Will the Director of External Relations assist me in exploring international opportunities for employment?

What types of career activities can I expect during the program?

Will I have access to alumni?

Why do potential employers value this Master's Program in Finance?
In planning this degree program, The Robert Day School of Economics and Finance interviewed leaders of financial institutions, consultancy firms, accounting firms and government agencies. Employers consistently expressed their need for well-rounded, independent thinking young people with the education, skills and competencies to make meaningful contributions to their organizations. Therefore, from student selection through the curriculum and co-curricular programs, this degree program was constructed with employer expectations in mind.

Additionally, employers value this Program because of its focus on real-world application of advanced finance theories and tools. The curriculum draws upon advanced knowledge of finance to teach improved decision making, through, for example, scientific approaches to evaluating and analyzing data. Furthermore, the Program's co-curricular activities allow graduate students to master other essential workplace skills, such as the clear communication of quantitative data.

What career placement support can I expect?
Whether you are interested in a career in the financial services industry, or a more niche position that combines your specific interests with finance, the Director and Assistant Director of External Relations will assist with the following:

• Career Exploration - Due to their specialized training in finance and exceptional leadership skills, graduate students have promising career paths in the financial services industry, although they are qualified to work in nearly every field. The Director of External Relations assists graduate students in exploring all available career paths through individual counseling sessions and informational interviews with alumni. Furthermore, graduate students have access to a full array of career resources available through the College's Career Services Center, including a variety of assessment tools, which identify strengths that should be leveraged, as well as areas in need of skill development.
• Individualized Career and Outreach Plans - The Director of External Relations begins her work with graduate students the moment they are admitted to the Master's Program in Finance. The Director and students work together to establish immediate and long-term goals, along with a detailed map of tasks created to meet those goals. Additionally, the Director and the graduate students develop a detailed outreach plan aimed at allowing graduate students to begin to build and extend their own network of professional contacts.
• Employment Searches - The Director of External Relations assists graduate students in targeting specific organizations, industries, and geographic areas for job placement. Due to the intimacy of the program, the Director is able to reach out to specific organizations on behalf of individual graduate students and facilitates introductions to ensure a meaningful connection is made between the organization and the student. Additionally, graduate students have access to many employment search tools, such as a web-based job posting database, interview system and alumni database, and a full service Career Services Center, equipped with a variety of web-based resources, library, private interview rooms, video conferencing and faxing capabilities.
• Specialized Program Advising - Whether graduate students are interested in pursuing the Fulbright Scholar Program or the Presidential Management Fellows Program, the Director of External Relations is there to assist graduate students with the application process, interview preparation and letters of recommendation.
• Internships - From the moment you are admitted to the Master's Program in Finance, the Director of Employer Relations will work with you to secure a summer internship. The process begins with a career goal intake session, to ensure the clear communication of the graduate student's long term career goals. After the intake, the Director of External Relations will begin to reach out to specific employers to assist in securing a great internship that furthers the graduate student's overall career plans.
• Industry Panels and Presentations - The Director of External Relations and the Claremont McKenna College Career Services Center provide graduate students with opportunities to learn about numerous companies through on campus, industry specific panels and presentations. Through these events, prominent business leaders and academic figures (many of whom are Claremont McKenna alumni) describe their firms, discuss career paths and answer student questions. Graduate students also have an opportunity to attend special events, such as Speaker Series programs, where past presenters have included public figures such as Bill Clinton and Bono, top educators such as Richard Thaler (University of Chicago) and Josh Lerner (Harvard) and business leaders, such as Henry Kravis (Kohlberg Kravis Roberts & Co.). In addition to learning from these distinguished leaders, graduate students are given an opportunity to network with the Speaker Series presenters through exclusive receptions.
• Alumni Access - Claremont McKenna College alumni are very involved in mentoring and networking with graduate students and provide a very active role in supporting graduate placement. In addition to the numerous events which allow graduate students to interact with alumni, graduate students are able to search the College's extensive alumni database and utilize the Director of External Relations to make appropriate introductions.
• Workshops - Graduate students participate in a variety of career oriented, industry specific workshops from the inception of the Program. These workshops cover topics such as networking strategies, business etiquette, resume drafting, cover letter drafting, interviewing and communication skills. The workshops are designed exclusively for graduate students in the Program and present advanced, sophisticated career tools and advice.
• Networking Trips - The Robert Day School currently sponsors various networking trips, at no cost to the student,  to places such as Boston, Chicago, Hong Kong, New York, San Francisco, and Singapore. Additionally, The Robert Day School hosts networking receptions throughout the country and often invites graduate students to attend as event speakers. Furthermore, graduate students have the opportunity to join student organization and alumni events in various cities throughout the world.
• Resume and Cover Letter Assistance - During the summer before the Master's Program in Finance begins, the Director of External Relations is hard at work assisting graduate students in compiling, editing and updating resumes and cover letters. The resume and cover letter assistance is tailored to the specific interests of each graduate student and utilizes industry professionals to ensure that feedback is relevant and significant. Additionally, all graduate students participate in a career management workshop the first week of the Program.
• Interview Preparation - During the summer before the Master's Program in Finance begins, graduate students are asked to completion-line, recorded mock interviews and are provided with timely feedback. Once classes begin, graduate students are also asked to complete a recorded, in-person mock interview with the Director of External Relations and other industry and career service professionals at the College's Career Services Center, which is equipped with private interview rooms and video recording capabilities. Through this mock interview experience, graduate students are able to practice a broad range of interview styles, from behavioral to technical, and receive feedback regarding their performance.
• On Campus Application Submission and Interviews - Graduate students are able to submit applications to employers representing a broad range of industries through the Claremont McKenna College Career Services Center. Additionally, graduate students are encouraged to participate in the on campus interview process, which allows graduate students the convenience to interview with a variety of employers on campus.
• Employment Offer and Salary Negotiations - Our graduate students often have many choices during the recruiting season. The Director of External Relations works alongside graduate students to ensure that they have the necessary time and information to make a thoughtful decision about an offer of employment. Additionally, the Director will assist students in evaluating the terms of a job offer, by offering salary statistics and contacts familiar with the relevant organization.

Additionally, the College's nationally recognized Career Center has an excellent reputation for placing students in major organizations within the financial industry, along with a variety of other arenas.

What types of career paths does this Master's Program in Finance prepare graduate students for?
Graduates of this Program are well qualified for any position that requires advanced analytical skills, thoughtful decision-making and effective communication. We anticipate that many of our graduate students will pursue careers in various sectors of the financial services industry, corporate finance and consulting. In particular, graduates of this Program are well prepared to excel in:

• Asset Management
• Capital Markets
• Commercial Banking
• Consulting
• Corporate Banking
• Financial Planning
• Fund Management
• Investment Banking
• Mergers and Acquisitions
• Private Banking
• Private Equity
• Private Wealth Management
• Ratings
• Real Estate
• Risk Management
• Sales and Trading
• Valuation
• Venture Capital

What is the placement record of the Master's Program in Finance?
Through the first two years of the program, 97% of all students were placed within 30 days of graduation.

Which employers recruit from the Robert Day School?
A variety of prestigious employers from the financial, consultancy and accounting industries regularly hire from Claremont McKenna College. Additionally, through both the Claremont McKenna Career Center and the Director of External Relations, graduate students have access to a range of employers from other industries.

Will the Director of External Relations assist me in exploring international opportunities for employment?
The Robert Day School recognizes that finance is an international field.  For this reason, RDS sponsored a recruiting trip to Hong Kong and Singapore in March of 2010 and will return to Hong Kong in October, 2011.  Therefore, whether a student is interested in working in Asia, Europe or the Middle East, the Director of External Relations will work individually with each graduate student to reach out to employers, alumni, and faculty connections throughout the world.

What types of career activities can I expect during the Program?
As a graduate student, career activities will begin before your courses even start, with networking events and career-focused workshops (resume writing, networking and interviewing) during the two-week intensive seminar in August. Throughout the year, students are invited to attend a wide selection of industry panel discussions, recruitment fairs and on campus interviews hosted by both the College and the Robert Day School. Additionally, students have an opportunity to network with prominent leaders in business, finance and government through the RDS Speaker Series, which brings speakers to the College to share their perspectives and knowledge. Furthermore, the Robert Day School currently sponsors a variety of domestic and international networking trips.

Will I have access to alumni?
Claremont McKenna alumni bring a strong tradition of entrepreneurial success to their very active role in supporting graduate placement. Graduate students are able to search the College's extensive alumni database and utilize the Director of External Relations to make appropriate introductions.  Students also receive support from the RDS Board of Advisors.