Waiving, Substituting and Establishing Proficiency in Core Courses 

Full-Time Students

All Core courses are fundamentally important and students should master the content of every course. Only if a student feels they have mastered enough knowledge or experience in an area (a) to pursue their clearly defined career goals and (b) to know that they do not want or need to take the Core course in that subject, they may opt out.

Before making the decision to opt out of a Core course, a careful review of all pre-requisites for any intended electives should be performed by students. Prerequisites are listed on the Office of Records and Registration site beneath each course.

Students must take or waive the required Core: Financial Accounting and Statistics and Data Analysis. Full-time students who enter 2006 or later may choose to opt out of one or two of the remaining seven menu Core courses. However, if students do not take all seven menu Core, they must make themselves understand the consequences of their inability to register for electives for which they this course is a prerequisite. If a student chooses not to take the prerequisite Core for a certain elective and has a background of knowledge or experience in the area, the student must establish proficiency in that Core discipline by passing a proficiency exam or meeting the waiver criteria before being able to register for that elective.

Again, a student may opt out of a maximum of two of the seven menu Core courses.  However, they must establish proficiency in that Core course before registering for an elective for which it is a prerequisite.

If you feel you have the qualifications and would like to establish proficiency in more than two menu Core courses, please make an appointment to speak with an advisor to discuss how to proceed. First, you would establish proficiency in up to two menu Core courses using your undergraduate major. Next, you would take and pass the proficiency for the third menu Core course.

Note for Establishing proficiency in Menu Core Courses:  If you establish proficiency in a Menu Core course, you will still be required to take at least 5 out of 7 Menu Core courses.  For example, if you establish proficiency in Marketing by (i) having a Marketing undergraduate major or (ii) passing the proficiency exam, you will still need to take 5 Menu Core courses, but you will only have 6 Menu Core options to choose from now (Marketing was the 7th Menu Core option).

Waiver and proficiency exam information is listed below.

Part-Time Students

Langone Program students must take all courses in the Stern Core and Langone Core. Stern Core courses may be waived and replaced with elective credits.  Langone Core courses cannot be waived. A student must take a total of 60 credits for the MBA requirements and any Core courses waived will be replaced by elective credits. Please see below for methods to waive Stern Core courses.
 

Corporate Finance

Full-Time and Part-Time students are not required to take the Corporate Finance elective course.  However, a number of upper-level elective courses require Corporate Finance as a co-requisite or pre-requisite.  Students who wish to waive or establish proficiency in Corporate Finance as a co-requisite or pre-requisite may take the Corporate Finance proficiency exam or with previous coursework as outlined below. 

Core Proficiency and/or Waiver Methods

Students may pursue three methods to establish proficiency or waive a Core Course:

1. Having earned an Undergraduate Major or Masters degree in that subject or
2. Passing a Stern Proficiency Exam or
3. Demonstrating proof or verification of either a) a U.S. CPA License; b) a passing grade on the U.S.; or c) a chartered accounting certification.

1) Undergraduate Major or Masters Degree Proficiency/Waiver Policy

Students who possess an undergraduate major or advanced degree in the Core discipline area may choose to waive or establish proficiency in the respective Core course. Students are not automatically waived from the Core course(s) and must submit the Course Waiver Form if they wish to waive or establish proficiency in that course. Below is a chart that identifies the previous coursework that qualifies for each Core Course.

 
Request to establish core course proficiency with your previous course work or degree through the Core Course Profiency site.

* Substantial coursework in Organizational Behavior or Theory required. Waiver approved upon review of transcripts.
** Students need to review the Foundations of Finance and Corporate Finance Core Topic List (below) and declare that they feel proficient in the material.  

2) Proficiency Exam Policy

The Stern faculty wants students to grow and tackle new subjects rather than repeat material in areas in which they already have extensive knowledge. Proficiency exams provide the opportunity to demonstrate your knowledge of the material covered in some Core courses and qualify to substitute more advanced courses for them. The first step is to review the Core course topic list provided below. If students are proficient in these topics, it is encouraged that these students take the proficiency exam for that course.

All exams are closed-book, and students are given two hours for each exam.  Students are permitted to use standard or financial calculators, but they are not permitted to use iPhones, Blackberries, laptops or similar devices.

Students may take each proficiency exam only once. Exams are graded "Pass/Fail," and exam grades may not be appealed. If students do not pass an exam, they must register for and complete the Core course. If they pass, students can register for subsequent electives that require this course as a prerequisite and may replace those credits with an equivalent number of credits. All proficiency exams will be offered during each exam session; however, you may take no more than one exam per session. The exams are offered four times a year for all MBA students in January, March, August/September, and October.

Students are expected to complete all Core course requirements before advancing to electives. Students must complete Core proficiency exams within the first year of the program. (Ex: A student admitted in Spring 2010 may take exams January 2010 through January 2011. A student admitted in Fall 2010 may take exams August/September 2010 through August/September 2011.) Due to extenuating circumstances, students may need to take a proficiency exam after their first year of the program. If you need an exception to this policy, please make an appointment to speak to an advisor to find how to proceed.

Core Course Topic Lists:

COR1-GB.1302 (B01.1302) Leadership in Organizations (3 credits)

COR1-GB.1303 (B01.1303) Firms & Markets (3 credits)

COR1-GB.1305 (B01.1305) Statistics & Data Analysis (3 credits)

COR1-GB.1306 (B01.1306) Financial Accounting & Reporting (3 credits)

COR1-GB.2301/COR1-GB.2103/COR1-GB.2104 (B01.2301/B01.2103/B01.2104) Strategy (3 credits)

COR1-GB.2303 (B01.2303) The Global Economy (3 credits)

COR1-GB.2310 (B01.2310) Marketing (3 credits)

COR1-GB.2311 (B01.2311) Foundations of Finance (3 credits)

COR1-GB.2314 (B01.2314) Operations Management (formerly Competitive Advantage from Operations) (3 credits)

FINC-GB.2320 (B40.2320) Corporate Finance (3 credits) - Elective

You may register for a proficiency exam through the Core Course Proficiency Site.    Please note for your records the date, time, and location of each exam for which you register - all exams will be given in the Kaufman Management Center.

Substitution is not permitted for the following Core course:

• COR2-GB.3101 (B02.3101) Professional Responsibility (1.5 credits)
  
  

3) CPA and Chartered Accountant Waiver Policy

Students may waive out of COR1-GB.1306 (B01.1306) Financial Accounting & Reporting if they can demonstrate proof or verification of either a) a U.S. CPA License; b) a passing grade on the U.S.; or c) a chartered accounting certification.  Please complete and submit the below form with the appropriate verification. Students who hold licenses from countries other than the U.S. must take the proficiency exam in order to waive COR1-GB.1306 (B01.1306).

Request an Accounting Waiver through the Core Course Proficiency site. (Indicate that you have a U.S. CPA license or chartered accountant certification). Please submit your documentation to MBA Academic Affairs at advising@stern.nyu.edu.