The Tepper School of Business is the
business school
A business school is a university-level institution that confers degrees in business administration or management. A business school may also be referred to as school of management, management school, school of business administration, o ...
of
Carnegie Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...
. It is located in the university's campus in
Pittsburgh
Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...
,
Pennsylvania
Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...
, US.
The school offers degrees from the
undergraduate
Undergraduate education is education conducted after secondary education and before postgraduate education. It typically includes all postsecondary programs up to the level of a bachelor's degree. For example, in the United States, an entry-lev ...
through
doctoral
A doctorate (from Latin ''docere'', "to teach"), doctor's degree (from Latin ''doctor'', "teacher"), or doctoral degree is an academic degree awarded by universities and some other educational institutions, derived from the ancient formalism ''li ...
levels, in addition to
executive education
Executive education (ExEd or Exec. Ed) refers to academic programs at graduate-level business schools for executives, business leaders and functional managers globally. These programs are generally non-credit and non-degree-granting, but sometime ...
programs.
The Tepper School of Business, originally known as the Graduate School of Industrial Administration (GSIA), was founded in 1949 by
William Larimer Mellon. In March 2004, the school received a record $55 million gift from alumnus
David Tepper
David Alan Tepper (born September 11, 1957) is an American billionaire hedge fund manager. He is the owner of the Carolina Panthers of the National Football League (NFL) and Charlotte FC in Major League Soccer (MLS). Tepper is the founder and pre ...
and was renamed the "David A. Tepper School of Business at Carnegie Mellon".
A number of
Nobel Prize
The Nobel Prizes ( ; sv, Nobelpriset ; no, Nobelprisen ) are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to humankind." Alfr ...
–winning
economists
An economist is a professional and practitioner in the social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...
have been affiliated with the school, including
Herbert A. Simon
Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was an American political scientist, with a Ph.D. in political science, whose work also influenced the fields of computer science, economics, and cognitive psychology. His primary ...
,
Franco Modigliani
Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon Uni ...
,
Merton Miller
Merton Howard Miller (May 16, 1923 – June 3, 2000) was an American economist, and the co-author of the Modigliani–Miller theorem (1958), which proposed the irrelevance of debt-equity structure. He shared the Nobel Memorial Prize in Economic ...
,
Robert Lucas,
Edward Prescott
Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics ...
,
Finn Kydland
Finn Erling Kydland (born 1 December 1943) is a Norwegian economist known for his contributions to business cycle theory. He is the Henley Professor of Economics at the University of California, Santa Barbara. He also holds the Richard P. Simmons ...
,
Oliver Williamson
Oliver Eaton Williamson (September 27, 1932 – May 21, 2020) was an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostro ...
,
Dale Mortensen
Dale Thomas Mortensen (February 2, 1939 – January 9, 2014) was an American economist and winner of the Nobel Memorial Prize in Economic Sciences.
Early life and education
Mortensen was born in Enterprise, Oregon. He received his BA in econom ...
, and
Lars Peter Hansen
Lars Peter Hansen (born 26 October 1952 in Urbana, Illinois) is an American economist. He is the David Rockefeller Distinguished Service Professor in Economics, Statistics, and the Booth School of Business, at the University of Chicago and a ...
.
History
In 1946, economist
George Leland Bach
George Leland Bach, also known as Lee Bach (1915-1994) was an American economist. He was the Frank E. Buck Professor of Economics and Piblic Policy at Stanford University.[Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...]
during
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
. He added
William W. Cooper
William Wager Cooper (July 23, 1914 – June 20, 2012) was an American operations researcher, known as a father of management science and as "Mr. Linear Programming".. He was the founding president of The Institute of Management Sciences, founding ...
from the field of
Operations Research
Operations research ( en-GB, operational research) (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve deci ...
(which had increased its visibility during the war) and
Herbert A. Simon
Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was an American political scientist, with a Ph.D. in political science, whose work also influenced the fields of computer science, economics, and cognitive psychology. His primary ...
, a
political scientist
Political science is the science, scientific study of politics. It is a social science dealing with systems of governance and power, and the analysis of politics, political activities, political thought, political behavior, and associated c ...
who was to direct the undergraduate business program. The beginnings of the
Cold War
The Cold War is a term commonly used to refer to a period of geopolitical tension between the United States and the Soviet Union and their respective allies, the Western Bloc and the Eastern Bloc. The term '' cold war'' is used because the ...
were applying pressure on the academic community to increase US managerial ability, and when
William Larimer Mellon gave a $6 million grant to found a school of
industrial administration
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and markets. Industrial organization adds real-world complications to the perfe ...
, Bach became the first dean, bringing along the entire economics department.
[Mintzburg, Henry]
"Managers Not MBAs: A hard look at the soft practice of managing and management development"
Berrett-Koehler Publishers, Inc., San Francisco, California, 2004.
Under Bach's leadership, in 1958, the school's Management Game was the first to use computer simulations for experiential learning of business roles; such simulations have subsequently been adopted by other institutions. In 1989, the school's Financial Analysis and Security Trading Center (FAST) was the first educational institution to successfully replicate the live international data feeds and sophisticated software of
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...
trading firms.
Prior to the founding of the Tepper School, management education typically used the
case method The case method is a teaching approach that uses decision-forcing cases to put students in the role of people who were faced with difficult decisions at some point in the past. It developed during the course of the twentieth-century from its origin ...
approach popularized at the
Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
, based upon examples from successful companies and
microeconomic theory
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics fo ...
. Although the Tepper school did not entirely abandon those traditional models and theories, it has focused on
management science
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is ...
, or
decision making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rati ...
based on
quantitative
Quantitative may refer to:
* Quantitative research, scientific investigation of quantitative properties
* Quantitative analysis (disambiguation)
* Quantitative verse, a metrical system in poetry
* Statistics, also known as quantitative analysis ...
models and an
analytical approach.
In the 1950s and 1960s, the Tepper School of Business led the intellectual movement known as the
Carnegie School The Carnegie School is a school of economic thought originally formed at the Graduate School of Industrial Administration (GSIA), the current Tepper School of Business, of Carnegie Institute of Technology, the current Carnegie Mellon University, esp ...
, a
freshwater
Fresh water or freshwater is any naturally occurring liquid or frozen water containing low concentrations of dissolved salts and other total dissolved solids. Although the term specifically excludes seawater and brackish water, it does include ...
economics approach which emphasized
behavioral
Behavior (American English) or behaviour (British English) is the range of actions and mannerisms made by individuals, organisms, systems or artificial entities in some environment. These systems can include other systems or organisms as well ...
,
decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the Cognition, cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be ...
, and quantitative methods. As an example, the school has produced nine
Nobel Prize
The Nobel Prizes ( ; sv, Nobelpriset ; no, Nobelprisen ) are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to humankind." Alfr ...
winners in Economics:
Robert Lucas, Jr.
Robert Emerson Lucas Jr. (born September 15, 1937) is an American economist at the University of Chicago, where he is currently the John Dewey Distinguished Service Professor Emeritus in Economics and the College. Widely regarded as the central ...
,
Merton Miller
Merton Howard Miller (May 16, 1923 – June 3, 2000) was an American economist, and the co-author of the Modigliani–Miller theorem (1958), which proposed the irrelevance of debt-equity structure. He shared the Nobel Memorial Prize in Economic ...
,
Franco Modigliani
Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon Uni ...
,
Herbert A. Simon
Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was an American political scientist, with a Ph.D. in political science, whose work also influenced the fields of computer science, economics, and cognitive psychology. His primary ...
,
Oliver E. Williamson
Oliver Eaton Williamson (September 27, 1932 – May 21, 2020) was an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostro ...
,
Edward Prescott
Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics ...
,
Finn Kydland
Finn Erling Kydland (born 1 December 1943) is a Norwegian economist known for his contributions to business cycle theory. He is the Henley Professor of Economics at the University of California, Santa Barbara. He also holds the Richard P. Simmons ...
,
Dale Mortensen
Dale Thomas Mortensen (February 2, 1939 – January 9, 2014) was an American economist and winner of the Nobel Memorial Prize in Economic Sciences.
Early life and education
Mortensen was born in Enterprise, Oregon. He received his BA in econom ...
, and
Lars Peter Hansen
Lars Peter Hansen (born 26 October 1952 in Urbana, Illinois) is an American economist. He is the David Rockefeller Distinguished Service Professor in Economics, Statistics, and the Booth School of Business, at the University of Chicago and a ...
.
Lucas was awarded the prize for developing and applying the theory of
rational expectations
In economics, "rational expectations" are model-consistent expectations, in that agents inside the model
A model is an informative representation of an object, person or system. The term originally denoted the plans of a building in late 16 ...
, an
econometric
Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. M. Hashem Pesaran (1987). "Econometrics," '' The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 p. 8 ...
hypothesis that directly challenged
Keynesian
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and ...
orthodoxy. Modigliani's prize recognized his life-cycle hypothesis, which attempts to explain the level of saving in the economy. Modigliani proposed that consumers would aim for a stable level of income throughout their lifetime, for example by saving during their working years and spending during their retirement. Miller's prize was awarded in recognition of his contributions to corporate finance. The results of his research—in collaboration with Franco Modigliani—are now taught in every business school in the country.
Simon's prize was given for his development of the idea of
bounded rationality
Bounded rationality is the idea that rationality is limited when individuals make decisions, and under these limitations, rational individuals will select a decision that is satisfactory rather than optimal.
Limitations include the difficulty of ...
in economics, described as "pioneering research into the decision-making process within economic organizations". In 2004, Kydland and Prescott received the Nobel Prize for "their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles".
On March 19, 2003, David Tepper, founder of hedge fund
Appaloosa Management
Appaloosa Management is an American hedge fund founded in 1993 by David Tepper and Jack Walton specializing in distressed debt. Appaloosa Management invests in public equity and fixed income markets around the world.
History
In 1993, David Tepper ...
announced that he would make a single donation of $55,000,000 to Carnegie Mellon University's Graduate School of Industrial Administration.
This donation was made after he had been encouraged by Kenneth Dunn, his former professor (who became dean of the school). Tepper accepted the suggestion but made the contribution a “naming gift” and suggested that the school's name be changed to the David A. Tepper School of Business.
Further, in November 2013, Carnegie Mellon announced a $67 million gift from Tepper to develop the Tepper Quadrangle on the north campus. The Tepper Quad includes a new Tepper School facility across the street from the Heinz College as well as other university-wide buildings and a welcome center which serves as a public gateway to the university. The Tepper Quad was dedicated on September 13, 2018.
![David Tepper 01](https://upload.wikimedia.org/wikipedia/commons/3/3d/David_Tepper_01.jpg)
Two other colleges: the
School of Computer Science and the
Heinz College
The Heinz College of Information Systems and Public Policy, often called Heinz College, at Carnegie Mellon University in Pittsburgh, Pennsylvania is a private graduate college that consists of one of the nation's top-ranked public policy schools ...
were spin-offs by the business school's faculty.
Undergraduate programs
Undergraduate Business
The school offers a traditional four-year undergraduate degree in
business administration
Business administration, also known as business management, is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. From the point of view of management ...
. The program's coursework places an emphasis on
quantitative
Quantitative may refer to:
* Quantitative research, scientific investigation of quantitative properties
* Quantitative analysis (disambiguation)
* Quantitative verse, a metrical system in poetry
* Statistics, also known as quantitative analysis ...
decision making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rati ...
and analytical
problem solving
Problem solving is the process of achieving a goal by overcoming obstacles, a frequent part of most activities. Problems in need of solutions range from simple personal tasks (e.g. how to turn on an appliance) to complex issues in business an ...
. The structure of the undergraduate program is distinctly different from the
Master of Business Administration
A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
(MBA) program, emphasizing breadth of academic experience over focused professionally oriented courses. Students major in business administration and choose one or two of the following concentration areas to specialize in:
In addition to the major in business administration, Tepper requires students to either minor or second major in other programs of the university.
In August 2017, Tepper School of Business updated its overload policy. Students will not receive an automatic approval for overloading their course schedule. Rather, students will need to complete a petition to receive an overload approval; the petition is reviewed by the UBA program. Students must have a cumulative QPA of 3.5 through the prior semester or at the end of the fall semester to petition for overload. A course overload is any schedule with more than 50 units in a semester. Students can receive no more than 7 units for a total of 57 units. This change to the Overload Policy impacts Tepper students beginning in Spring 2018.
For the academic year ending in May 2007, there were 475 total students enrolled in the undergraduate program.
Undergraduate Economics
The Undergraduate Economics Program is jointly administered by the Tepper School and the
Dietrich College of Humanities and Social Sciences
The Marianna Brown Dietrich College of Humanities and Social Sciences (Dietrich College) is the liberal and professional studies college and the second-largest academic unit by enrollment (after the Carnegie Mellon College of Engineering) at Ca ...
. It has been designed to prepare students for careers as economic analysts in either the private or public sector, for advanced professional studies in business, law and
public policy
Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions to solve or address relevant and real-world problems, guided by a conception and often implemented by programs. Public p ...
, as well as for entry into
PhD programs in Economics, Finance, and related fields.
MBA programs
The school's primary MBA degree (previously named MSIA) is a two-year, full-time program, during which most students complete an internship in the summer between the first and second year of study. Students may take classes in lieu of a summer internship, which allows full-time students to complete their studies in 16 months. Working professionals in the Pittsburgh area may also complete the MBA degree in the evening as members of the flex-time program.
The mini-semester system is half the length of a traditional academic semester, with four mini-semesters per academic year. Each is 7.5 weeks long, and students typically take 5 different courses each mini-semester. This system, which was pioneered by the Tepper School, allows students to take more than 32 different courses while enrolled in the MBA program. The Tepper School prefers this structure as students can gain exposure to a greater breadth of topics, as well as several electives.
The MBA curriculum is designed to increase in complexity and application throughout students' time at the Tepper School. The first year builds a fundamental skill set in the core disciplines, including Finance,
Operations,
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...
, Strategy,
Organizational Behavior
Organizational behavior (OB) or organisational behaviour is the: "study of human behavior in organizational settings, the interface between human behavior and the organization, and the organization itself".Moorhead, G., & Griffin, R. W. (1995) ...
and Technology. Year two advances the theories and analytical framework developed in the first year to provide breadth and depth in areas that support corporate strategy and general management as students complete three to four concentrations in specific functional areas. In lieu of selecting three to four general management concentrations, second year students may complete courses in satisfaction of specialized MBA Tracks.
The Center for Innovation and Entrepreneurship at Tepper holds an annual Venture Competition every spring in three tracks: Technology, Life Sciences, and Sustainable Technology. Teams from many universities and countries compete for cash prizes and venture startup assistance. Entrepreneurship education was pioneered at the school in the 1970s, under the leadership of Mr. Jack Thorne.
The Management Game was first introduced by Carnegie Mellon in 1958 and has been adopted by many other business schools as an effective business simulation model. Tepper students work with an external
board of directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...
to manage a multinational corporation, guiding the organization through a wide range of issues including global expansion, labor negotiations, operations,
market share
Market share is the percentage of the total revenue or sales in a market that a company's business makes up. For example, if there are 50,000 units sold per year in a given industry, a company whose sales were 5,000 of those units would have a ...
, shifting economies and financial performance.
![Barco Law Building, University of Pittsburgh](https://upload.wikimedia.org/wikipedia/commons/5/5d/Barco_Law_Building%2C_University_of_Pittsburgh.jpg)
They also have a Capstone project, which is like a culmination of all the students work at Tepper. It is akin to a final year project where the students work with various firms on real world problems.
The General Management MBA Track, the core track serves as an umbrella academic option due to the flexibility associated with multiple concentrations. The General Management MBA Track complements the eight other Tepper MBA Tracks: Analytical Marketing Strategy,
Biotechnology
Biotechnology is the integration of natural sciences and engineering sciences in order to achieve the application of organisms, cells, parts thereof and molecular analogues for products and services. The term ''biotechnology'' was first used b ...
,
Entrepreneurship
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values th ...
in Organizations, Global Enterprise Management, Management of Innovation & Product Development, Technology Leadership,
Operations Research
Operations research ( en-GB, operational research) (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve deci ...
, and
Investment Strategy In finance, an investment strategy is a set of rules, behaviors or procedures, designed to guide an investor's selection of an investment portfolio. Individuals have different profit objectives, and their individual skills make different tactics an ...
.
Tepper also offers the following joint and dual MBA degrees:
For the academic year ending in May 2007, there were 302 total students enrolled in the full-time MBA program.
MS Computational Finance
![Carnegie-Mellon-University-5-SchoolofBusiness](https://upload.wikimedia.org/wikipedia/commons/e/e2/Carnegie-Mellon-University-5-SchoolofBusiness.JPG)
The MSCF degree is primary granted through a sixteen-month full-time program. The school also offers a thirty-three month part-time degree program and four non-degree certificate programs. Certificate students focus on one "stream" of the MSCF degree curriculum: Mathematics, Statistics or
Financial Computing.
The curriculum consists of courses in finance, traditional finance theories of
equity
Equity may refer to:
Finance, accounting and ownership
* Equity (finance), ownership of assets that have liabilities attached to them
** Stock, equity based on original contributions of cash or other value to a business
** Home equity, the dif ...
and
bond
Bond or bonds may refer to:
Common meanings
* Bond (finance), a type of debt security
* Bail bond, a commercial third-party guarantor of surety bonds in the United States
* Chemical bond, the attraction of atoms, ions or molecules to form chemical ...
portfolio management, the
stochastic calculus
Stochastic calculus is a branch of mathematics that operates on stochastic processes. It allows a consistent theory of integration to be defined for integrals of stochastic processes with respect to stochastic processes. This field was created an ...
models on which
derivative
In mathematics, the derivative of a function of a real variable measures the sensitivity to change of the function value (output value) with respect to a change in its argument (input value). Derivatives are a fundamental tool of calculus. F ...
trading is based, the application of these models in both
fixed income
Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the prin ...
markets and
equity markets
A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange, as ...
, computational methods including
Monte Carlo simulation
Monte Carlo methods, or Monte Carlo experiments, are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results. The underlying concept is to use randomness to solve problems that might be determini ...
and finite difference approximations of
partial differential equations
In mathematics, a partial differential equation (PDE) is an equation which imposes relations between the various partial derivatives of a multivariable function.
The function is often thought of as an "unknown" to be solved for, similarly to ...
, and statistical methodologies including regression and time series, culminating with courses on
statistical arbitrage In finance, statistical arbitrage (often abbreviated as ''Stat Arb'' or ''StatArb'') is a class of short-term financial trading strategies that employ mean reversion models involving broadly diversified portfolios of securities (hundreds to thousan ...
,
risk management and dynamic
asset management
Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...
. Early in the program, students are taught
C++
C++ (pronounced "C plus plus") is a high-level general-purpose programming language created by Danish computer scientist Bjarne Stroustrup as an extension of the C programming language, or "C with Classes". The language has expanded significan ...
, which enables them to build the computational financial models necessary for their finance courses. The program's capstone is a sophisticated
financial computing course.
Twenty full-time faculty instruct 40 full-time students in Pittsburgh and 51 full and part-time students in the financial district of
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
.
The primary method of instruction for the New York campus is live, interactive video. Lectures are recorded and made immediately available to students via the internet. Faculty teach twice every seven weeks in New York at which times the students are invited to join the professor for lunch after class.
MS Business Analytics
The Tepper School of Business’ online Master of Science in Business Analytics (MSBA) degree is granted through an eighteen-month, mostly online program. Similar to the Tepper School's
MBA program, the MSBA curriculum follows a mini-semester system; a mini is the same time requirement as a half-semester. The online format delivers a blend of
synchronous learning
Synchronous learning refers to a learning event in which a group of students are engaging in learning at the same time. Before learning technology allowed for synchronous learning environments, most online education took place through asynchrono ...
and
asynchronous learning
Asynchronous learning is a general term used to describe forms of education, instruction, and learning that do not occur in the same place or at the same time. It uses resources that facilitate information sharing outside the constraints of time an ...
, including weekly live video sessions, recorded video and presentations as well as reading assignments.
The first portion of the MSBA program consists of two foundation courses in
statistics
Statistics (from German language, German: ''wikt:Statistik#German, Statistik'', "description of a State (polity), state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of ...
and programming; these courses are offered in a self-study, pass/fail format. Once students pass these courses, they can move through the rest of the core coursework, which includes courses in
machine learning
Machine learning (ML) is a field of inquiry devoted to understanding and building methods that 'learn', that is, methods that leverage data to improve performance on some set of tasks. It is seen as a part of artificial intelligence.
Machine ...
and data mining, optimization,
data management
Data management comprises all disciplines related to handling data as a valuable resource.
Concept
The concept of data management arose in the 1980s as technology moved from sequential processing (first punched cards, then magnetic tape) to r ...
, business communication, as well as specific business domains such as analytical marketing, finance, supply chain analytics, and people analytics.
To earn their MSBA, students must complete a total of 108 units of coursework, culminating in a capstone project that extends across two minis. The capstone takes the form of a
business analytics
Business analytics (BA) refers to the skills, technologies, and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing ne ...
project, in which students work with a large business data set to develop descriptive, predictive, and prescriptive analytical models and report their findings to company leaders at project completion.
Many of the faculty who teach the online MSBA program also teach on campus at the Tepper School of Business or at
CMU's School of Computer Science.
Doctoral Program
The doctoral degree is organized around a preliminary set of courses in the core disciplines of Economics, Organizational Behavior and Theory, and
Operations Research
Operations research ( en-GB, operational research) (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve deci ...
. The
foundational knowledge
Foundationalism concerns philosophical theories of knowledge resting upon non-inferential justified belief, or some secure foundation of certainty such as a conclusion inferred from a basis of sound premises.Simon Blackburn, ''The Oxford Dictio ...
and methodologies that students in the doctoral program learn form the basis for further study and research either in one of the core disciplines, or in one or more of the remaining functional areas of business: Accounting,
Financial Economics
Financial economics, also known as finance, is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on ''both sides'' of a trade".William F. Sharpe"Financial ...
, Business Technologies, Marketing, or Operations Management.
The school also offers PhD degrees jointly with other colleges in the University:
*
Algorithms
In mathematics and computer science, an algorithm () is a finite sequence of rigorous instructions, typically used to solve a class of specific problems or to perform a computation. Algorithms are used as specifications for performing c ...
,
Combinatorics
Combinatorics is an area of mathematics primarily concerned with counting, both as a means and an end in obtaining results, and certain properties of finite structures. It is closely related to many other areas of mathematics and has many appl ...
, and
Optimization
Mathematical optimization (alternatively spelled ''optimisation'') or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfi ...
''(joint wit
Mathematicsan
Computer Science')
![Hunt Library CMU - IMG 7844](https://upload.wikimedia.org/wikipedia/commons/f/ff/Hunt_Library_CMU_-_IMG_7844.JPG)
*Behavioral Economics ''(joint with the
Department of Social and Decision Sciences)''
*Behavioral Marketing and Decision Research ''(joint with the
Department of Social and Decision Sciences)''
*
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
and
Public Policy
Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions to solve or address relevant and real-world problems, guided by a conception and often implemented by programs. Public p ...
''(joint with the
Heinz College
The Heinz College of Information Systems and Public Policy, often called Heinz College, at Carnegie Mellon University in Pittsburgh, Pennsylvania is a private graduate college that consists of one of the nation's top-ranked public policy schools ...
)''
All doctoral candidates receive full tuition, plus a stipend package for five years, through the
William Larimer Mellon Fund.
Executive Education
Tepper Executive Education offers both open enrollment and custom programs for executive leadership training.
International study
Global Study Abroad
The International Management MBA Track features an eight-week global experience in which students travel to Western and Eastern Europe to study emerging, transitional and competitive economies. During study abroad, students experience real-world aspects of classroom work through manufacturing tours, presentations at financial institutions, meetings with government and non-governmental organizations as well as the experience of living in an international setting. This program operates in partnership with the
WHU – Otto Beisheim School of Management
The WHU – Otto Beisheim School of Management is a top German business school with campuses in Vallendar and Düsseldorf, Germany. WHU was founded in 1984 by the Koblenz Chamber of Commerce as the Wissenschaftliche Hochschule für Unternehmens ...
.
Undergraduate business students are also encouraged to explore opportunities to learn about different cultures in which to live and work. Each year students travel abroad as part of a capstone educational experience.
Research centers and initiatives
From its outset, academic research has been one of the primary focuses of the Tepper School.
When speaking of the school's founders, one author stated "Research was their fundamental engine of progress".
[Robert E. Gleeson and Steven Schlossman, "George Leland Bach and the Rebirth of Graduate Management Education in the United States, 1945-1975." Selections: The Magazine of the Graduate Management Admission Council, 11, No. 3 (Spring 1995), 14.] The Tepper School has established 16 different research centers to continue the emphasis on research established at the school's founding.
Accelerate Leadership CenterThe Carnegie Mellon Electricity Industry CenterCenter for Behavioral and Decision Research*
ttps://www.cmu.edu/gdi/index.html Green Design Institutebr>
PNC Center for Financial Services Innovation
Alexander Henderson Award
The Alexander Henderson Award is presented to the student at the Tepper School of Business at
Carnegie Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...
who displays the best work in the field of economic theory. A large proportion of the winners of the award has later made contributions to economics that have changed the practice of the field. Since its inception, four recipients have already been awarded the
Nobel Memorial Prize in Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
. Among the deceased award winners are
John Muth
John Fraser Muth (; September 27, 1930 – October 23, 2005) was an American economist. He is "the father of the rational expectations revolution in economics", primarily due to his article "Rational Expectations and the Theory of Price Movemen ...
, known as "the father of the rational expectations revolution";
Albert Ando
was a Japanese-born economist.
Biography
He was born in Tokyo, as a member of family running Ando Corporation, a major construction company. He didn't join the family business, and came to the United States after World War II. He received hi ...
, among the very pioneers of
overlapping-generations models; and
Jan Mossin
Jan Mossin (1936–1987) was a Norwegian economist. Born in Oslo, he graduated with a siv.øk. degree from the Norwegian School of Economics (NHH) in 1959. After a couple of years in business, he started his PhD studies in the spring semester of 1 ...
who derived the
Capital Asset Pricing Model
In finance, the capital asset pricing model (CAPM) is a model used to determine a theoretically appropriate required rate of return of an asset, to make decisions about adding assets to a well-diversified portfolio.
The model takes into accou ...
.
Rankings
U.S. MBA Rankings
Poets and Quants (2022), US MBA Ranking Summary #16
Financial Times (2022), US MBA Ranking #15
QS (2022), US MBA Ranking #18
Fortune (2022), MBA Ranking #15
See also
*
List of United States business school rankings
List of United States business school rankings is a tabular listing of some of the business schools and their affiliated universities located in the United States that are included in one or more of the rankings of full-time Master of Business Adm ...
*
List of business schools in the United States
The following is a list of business schools in the United States. Business schools are listed in alphabetical order by state, then name. Schools named after people are alphabetized by last name. Accreditation bodies for business schools in the Unit ...
*
List of Carnegie Mellon University people
This is a list of notable people associated with Carnegie Mellon University in the United States of America.
Notable students and alumni
Nobel laureates
Turing Award recipients
Wolf Prize recipients
*Raoul Bott (Ph.D. 1949), Wolf Prize in Ma ...
*
Business School
A business school is a university-level institution that confers degrees in business administration or management. A business school may also be referred to as school of management, management school, school of business administration, o ...
References
External links
Tepper School of Business websiteCampus Map
{{DEFAULTSORT:Tepper School Of Business
Business schools in Pennsylvania
Schools and departments of Carnegie Mellon
Educational institutions established in 1949
1949 establishments in Pennsylvania