Starting with the Class of 2008, the Bendheim Center for Finance will institute more rigorous enrollment requirements for acceptance into its finance certificate program.
The number of students in the program has grown from 61 with the Class of 2000 to 155 juniors currently enrolled.
But the new selection process, which will require a minimum grade point average in prerequisite courses, will limit the program to approximately 100 certificate candidates in each class.
The decision to implement a more selective process came as a result of logistical concerns related to increased student interest in the program.
"The rising popularity of the certificate in finance has made it difficult for our relatively small faculty specializing in finance to properly teach and advise our students," Director of the Bendheim Center Yacine Ait-Sahalia said in an email. "We enrolled 155 juniors from the Class of 2006, an increase from the numbers of the previous years."
Ait-Sahalia said using an application is nothing new.
"We have always had an application in place," he explained. "Students apply at the end of the spring term of their sophomore year in the past, and this will remain in effect for this year's sophomores."
The old application process ensured applicants had completed the necessary prerequisites and demonstrated an interest in finance.
"The purpose of the application was to check that students had completed the mathematics, statistics and microeconomics requirements to enter into the program, and had a coherent plan to complete the required courses for the program (the two core courses ECO 362-363 and three electives) and independent work," Ait-Sahalia said.
But the acceptance process will become more competitive for the Class of 2008.
A minimum B+ average and at least a B final grade among the three prerequisite courses — MAT 200: Linear Algebra and Multivariable Calculus for Economists, ECO 310: Microeconomic Theory: A Mathematical Approach and one of a number of pre-approved statistics courses — will be required for economics and operations research and financial engineering (ORFE) majors, Ait-Sahalia said.
Though there is no minimum GPA expected of those who are not ORFE or economics majors, Ait-Sahalia said a line would be drawn.
"If we have a comparative literature applicant with a C in math, a Cin statistics, and a D in microeconomics, we may have to consider whether the student can handle our program," he said.
With the change, finance certificate candidates will need to maintain at least a B average for the remainder of the program as well.
"Because the program is so academically demanding, especially for students in departments other than economics and ORFE, finance certificate students are an extremely talented subgroup of the already high-achieving Princeton classes," Ait-Sahalia said.
He said about 70 of the 100 certificate candidates in each class would be from the ORFE and economics departments.
Some faculty agreed with the changes to the certificate program.
"It's a matter of assigning a finite capacity for demand . . . Unless we select in some way, we will have too many students," economics professor Jose Scheinkman said.
Some students, however, disgreed with the new policy.
"I have a general dislike for selectivity on campus," ORFE major Evan Coopersmith '06 said. "It seems such programs as Woody Woo draw attention solely because they are selective."
Alanna Gregory '08, who plans to concentrate in the ORFE department, also said she disapproves of the changes.
"There shouldn't be selectivity for a certificate program if students are interested in pursuing a certain route of study," she said.
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