University Bulletin 2002-03
Graduate School of International Economics and Finance

History and Organization

Unlike traditional business schools, we put the global economy at the center of our degree programs. The result is a learning experience unlike any other professional education: international in scope, intimate in scale, intellectually rigorous, and designed for success in the world of the future.

The Graduate School of International Economics and Finance is a dynamic new school designed to prepare you to excel in the new global economy.

We offer five degree programs focusing on international business, economics and finance:

Lemberg M.A.ief in International Economics and Finance (full-time)

Lemberg BA/M.A.ief (full-time)

M.B.A./International (full-time)

M.S. in Finance (part-time)

M.S./Ph.D. in International Economics and Finance (full-time)

We offer the advantages of a small school together with an internationally renowned faculty and a superb and internationally diverse student body. We offer an experience that is personal as well as professional, preparing you to operate with ease across borders and cultures. When you enter our degree programs, you'll study with talented students from more than 40 nations.  You may spend at least one semester living, studying and working in Europe, East Asia, or Latin America, through a unique network of academic exchanges with 18 of the world's best universities of business and economics. You will also become proficient in a language other than English.


The Graduate School of International Economics and Finance is designed to help students recognize and respond to the challenges of the emerging global marketplace. Each of the programs in the School addresses the complex responsibilities decision-makers in business and government face in their professional environments.

M.A.ief Degree Program

The Lemberg M.A. Program in International Economics and Finance offers a two-year professional Master of Arts degree for students planning careers in finance, consulting, multinational corporations, and international organizations. The program integrates capital market skills with management and global economic perspectives; it emphasizes practical applications, a rigorous analytical framework, and the role of globalization. Students have the option of specializing in international finance, international economics, or international business.

M.B.A.i. Degree Program

Students in the M.B.A. International (M.B.A.i.) receive in-depth training in technical analysis and strategic issues, and gain an understanding of managerial issues. As in the Lemberg M.A. Program, they must show mastery of a major language other than English and may spend a semester studying outside of the United States. During their studies, they work in multicultural teams; emphasis is placed on acquiring an appreciation for international differences in values and behavior, which are critically important in today's workplace.

The internationally focused curriculum, language requirement, international experience component, and multicultural aspects of the Brandeis M.B.A. distinguish it sharply from "generic" M.B.A. degrees. M.B.A.i. students receive training in all the major subjects included in a traditional M.B.A., such as economics, accounting, control, finance, marketing, operations, organizational behavior, and business policy. But they learn these subjects in an international context; case examples are derived from international firms, and analytical models involve international applications. Students have the option of specializing in international business or international finance.

M.S.F. Degree Program

The M.S. in finance (M.S.F.) is a 10-course, part-time program that provides rigorous training in the quantitative and analytical tools of modern finance with an emphasis on international applications. There are six core courses in the M.S.F. program with the other four being selected from the broad array of Graduate School electives in international finance and international business. This program accommodates the schedules of working professionals by offering year-round evening courses. It may be completed within five semesters. Students have the option of specializing in finance or international finance.

Ph.D. Program

The Ph.D. Program in International Economics and Finance provides advanced training in economic theory, research techniques, and creative problem-solving in an integrated, global economic framework. Concentrations are limited to four special fields: international trade, international finance, international business, and development/transition economics. Analytical and problem-solving skills are fostered through involvement in applied research, internships, and focused workshops in a flexible, small-group environment. The training prepares students for careers in research, and policy-making in business, government, international agencies, and academia. The program requires two years of course work, qualifying examinations, and an original thesis.

Combined B.A./M.A. Program

Brandeis undergraduate students may apply for admission to the Lemberg M.A. Program in the spring of their junior year and begin taking program courses in their senior year. Students entering as undergraduates can satisfy the master's degree requirements in one additional year of study after receiving the B.A. degree; five years of study at Brandeis University is normally required. One year of residence as a graduate student is required.

Further information regarding requirements and applications is available from the International Economics and Finance School admissions office.


How to Be Admitted to the Graduate School of International Economics and Finance

The Graduate School of International Economics and Finance has established the following criteria as the most critical in the evaluation of applicants to all GSIEF degree programs: scholastic achievement as evidenced by previous academic coursework; aptitude for graduate study as indicated by scores on the GMAT/GRE tests; motivation, leadership, and maturity as evidenced by work experience; and recommendations and responses to essay questions on the application.

Additional information regarding admission requirements, policies, and procedures, is available on the GSIEF website, at or by telephoning the Office of Admissions at 781-736-2252 or by email, at The Office of Admissions is located in the Sachar International Building, room 101.

Test Scores and Deadlines

Applicants for the Lemberg M.A.ief Program must submit the results of either the GMAT or the GRE. Applicants for the M.B.A.i. and M.S.F. programs must submit GMAT scores. Ph.D. applicants are required to submit the results of the GRE. A TOEFL score of 600 or higher is normally required for students whose native language is not English. Although interviews are not required, they are recommended.

Lemberg M.A.ief Program: February 15 Priority Deadline for Scholarship/April 15 Final Deadline

M.B.A.i. Program: February 15 Priority Deadline for Scholarship/April 15 Final Deadline

M.S.F. Program: April 15 Deadline for summer

M.S.F. Program: August 1 Deadline for fall

M.S. Program: February 15 Priority Deadline for Scholarship/April 15 Final Deadline

Ph.D. Program: February 15 Final Deadline

Lemberg B.A./M.A.ief Program - February 15 Final Deadline

Academic Regulations

Requirements for the Degree
Detailed information about the requirements for the degree programs offered by the Graduate School of International Economics and Finance can be found in a later section of this Bulletin. Please refer to pages 186-189 for the requirements for specific degrees.

International Abroad

The international experience is an integral part of the Lemberg and M.B.A.i. curricula. GSIEF enjoys exchange agreements with some of the best schools in the world. A semester abroad provides students with an unique opportunity to take courses in economics, finance, and business in foreign institutions where courses reflect a different perspective, context, and cultural background. In most cases, students are not only exposed to a new culture, but also to a new language.

Due to limits on the exchange agreements, each student cannot be guaranteed his or her first choice in foreign schools, but in practice, student preferences are typically accommodated. Many students go abroad during the fall of their second year, but they may apply to go abroad during the spring of their first year.

Affiliated Foreign Universities
Students in the M.A.ief and the M.B.A.i. programs may spend a semester abroad at one of the universities listed below.

Copenhagen Business School

École Supérieure de Commerce de Rouen (SupdeCo)

École Supérieure des Sciences Economiques et Commerciales (ESSEC)

Erasmus University

Escuela Superior de Administracion y Direccion de Empresas (ESADE)

Fundação Getúlio Vargas (FGV)

Instituto Tecnológico Autónomo de México (ITAM)

International University of Japan

Keio University

WHU Koblenz - Otto Beisheim Graduate School of Management

Luigi Bocconi University

National University of Singapore

Tel Aviv University

Universiteit Maastricht

Universidad de San Andres

University of International Business and Economics

University of Paris-Dauphine

Yonsei University


Every resident, post-resident, and continuation student must register at the beginning of each term, whether attending regular courses of study, carrying on research or independent reading, writing a thesis or dissertation, or utilizing any academic service or facility of the University. All students on semester abroad must register and enroll in IEF 290 for that semester.

Auditing Courses

The privilege of auditing courses without fee is extended to all regularly enrolled full-time graduate students except Special Students. Special Students may audit courses by paying for them at the same rate as those taken for credit. No courses may be audited without the permission of the instructor. Auditors may not take examinations or expect evaluation from the instructor. No credit is given for an audited course.

Course Changes and Exemptions

Students are allowed to drop courses after the end of registration. To do so, an add/drop form is obtained from the Office of Administration and Student Services and returned to the Office of the University Registrar. Courses must be dropped no later than one week prior to the beginning of an examination period.

Exemptions from required courses must be requested in writing on a Petition for Exemption form, which may be obtained from the Office of Administration and Student Services. All requests for exemption should be requested during a student's first semester in GSIEF.


A student who has not completed the research or written work for any course may receive an EI ("incomplete") or a failing grade at the discretion of the course instructor. A student who receives an EI must satisfactorily complete the work of the course in which the incomplete was given in order to receive credit for the course and a letter grade. An incomplete, unless given by reason of the student's failure to attend a final examination, must be made up no later than the end of the term following the term in which it was received. When failure to take a final examination has resulted in an EI, resolution of that EI to a letter grade must occur within six weeks of the beginning of the next term. An EI that is not resolved within the stated time limits will automatically become an I ("permanent incomplete"). A student may petition the dean for a change in a permanent incomplete, provided the petition is signed by the instructor of the course.

Residence Requirements

Two years (four semesters) of full-time study will normally be required. International experience is a required part of the degree. One term of study may be spent at a foreign university associated with the program. For B.A./M.A. degree candidates, one year of residence as a graduate student is required.

Post-Resident Students

A graduate student who has completed residence requirements and who needs to utilize the full range of academic services and University facilities while completing degree requirements is a post-resident student and should register for CONT 500a/b, or the appropriate courses required to complete their programs.

Continuation Students

A graduate student who has completed all degree requirements except the dissertation is eligible for continuation status. A student in this category may enroll on either a half-time basis or a full-time basis, and is eligible for University health insurance, borrowing privileges in the Library, a computer account, use of gym facilities, and purchase of a parking sticker. They are not normally eligible for fellowships or for leaves of absence, except for health reasons.

Continuation students must enroll before the end of registration period each semester in either CONT 510a/b (half-time status) or CONT 520a/b (full-time status). For questions regarding these enrollments please contact the Office of the University Registrar. International students must enroll in CONT 520a/b (full-time status). Please contact ISSO (International Students and Scholars Office) if there are special circumstances.

Special Students

Properly qualified applicants who wish to audit or to take courses without working for a degree may be admitted. Special Students are normally not eligible for University loans, scholarships, fellowships, or teaching or research assistantships. Special Students who later wish to change their status to that of part-time or full-time students working for a degree must apply for admission as resident students. They must also file a special petition if they wish credit to be accepted for any courses taken at Brandeis as Special Students. Credit for such course work may be granted in exceptional cases. Normally, no more than two courses taken for credit may be transferable if the student is admitted to either the master's or doctoral program.

Leave of Absence

Students may petition for a leave of absence. The petition must have the approval of the dean. Leaves of absence up to one year will normally be granted to students in good academic standing who present compelling personal reasons. Returns from leave may be subject to conditions established at the inception of the leave. Time spent on authorized leaves of absence will not be counted toward the maximum time permitted to complete degree requirements.

If for any reason a student must extend a leave of absence, he or she must request such an extension in writing before the leave of absence expires. Failure to do so will result in involuntary withdrawal from GSIEF. Students who extend their leaves of absence beyond one year may lose funding. Should a student wish to return, the student will be considered for funding as part of the school's entering class of students.


A student who wishes to withdraw voluntarily from the Graduate School of International Economics and Finance during a semester must do so in writing to the assistant dean and must file their request before the last day of instruction of the semester. Failure to notify in writing of a withdrawal may subject the student to loss of eligibility for refunds in accordance with the refund schedule outlined in the fees and expenses section. Permission to withdraw voluntarily will not be granted if the student has not discharged all financial obligations to the University or has not made financial arrangements satisfactory to the Bursar. When a student withdraws during or at the end of a semester course enrollments are not expunged form his/her record. Rather, a grade of W ("dropped") is entered for each course.

Students who are obliged to register and fail to do so by the appropriate deadline or who fail to pay their bill will be administratively withdrawn. They may be readmitted (see below) for study in a subsequent term, but not for the term in which they were withdrawn for failure to register. Belatedly fulfilling financial obligations will not negate the effects of administrative withdrawal.


A student who has not been enrolled in the Graduate School of International Economics and Finance for more than one year and who did not obtain a leave of absence should file an application for readmission and will be charged the readmission fee. The Graduate School of International Economics and Finance will determine in each case whether a student should be readmitted. If requirements have changed during the student's absence or the student is not deemed current in his or her field of study, the student may be required to repeat or supplement previous academic requirements. When a student is reinstated, he or she will be informed of current status regarding credits and time to degree.

Graduate Cross-Registration

A full-time graduate student at Brandeis University may enroll in one graduate course each term at Babson College, Bentley College, Boston College, Boston University, Tufts University, Wellesley College, or the Graduate Consortium in Women's Studies at Radcliffe College. Information on courses for cross-registration at each of the host institutions is available at the Graduate School office of each institution.

A student who wishes to enroll in a course at one of these institutions should consult with the instructor in the particular course and should expect to satisfy the prerequisites and requirements normally required for admission to the course, including adherence to the academic calendar of that course.

A student at Brandeis University who wishes to enroll in a graduate course at one of the host institutions should obtain a registration permit from the Office of the University Registrar and should present this permit to the Office of the University Registrar of the host institution.

Fees and Expenses

Tuition and Fees


Tuition for full-time resident students for the 2002-03 academic year is $13,672.50 per semester (or $27,345 per two-semester academic year) for Lemberg, M.B.A.i., and Ph.D. students. The same tuition rate applies to the required semester abroad. The tuition rates for the part-time M.S.F. is $2,476 per course. Due to inflation, students who will be at Brandeis more than one year may expect tuition and other charges to increase slightly during their academic careers.

Technology Fee: $160 per year.

Final Doctoral Fee: $325.

This fee covers all costs for the year in which the Ph.D. degree will be conferred, including: the costs for the full publishing services for the dissertation; publication of the abstract of the dissertation in Dissertation Abstracts; issuance of a Library of Congress number, appropriate library cards, and deposit of the dissertation in digital format at the Library of Congress; binding four copies of the dissertation--one hardbound for the author, and three xerographic softbound copies (for the author, GSIEF, and Library); and a microfiche for the Brandeis Library. The Final Doctoral Fee covers the rental expenses for academic robes for graduation and the cost of the diploma.

Note: All candidates for the Ph.D. degree must pay the $325 Final Doctoral Fee at the bursar's office before they file their application for degree with the Office of the University Registrar.

Returned Check Fee: $25.

A bank service fee will be charged to a student’s account if a payment or a check negotiated through Brandeis is returned by the bank for any reason.

Transcript Fee: $5.

Students, former students, and graduates should request official transcripts of their records from the Office of the University Registrar, Kutz Hall. Students are entitled to 20 formal transcripts of their academic work without charge. A charge of $5 will be made for each subsequent transcript. Requests by mail for transcripts must be accompanied by a check in the correct amount payable to Brandeis University. Official transcripts will be issued only to those students whose University financial records are in order.

Diploma Fee: $45.

Payable by candidates for the master's degree at the bursar's office before they file their application for degree with the Office of the University Registrar.

Student Health Services Fee: $387.

Entitles the full-time graduate student to use of the Health Services.

Student Health Insurance Plan (single coverage): $800.

All three-quarter or full-time students are required by state law to show certification of health insurance. Students without insurance of their own must purchase the Student Health Insurance Plan through the University. The fee is payable prior to registration and no portion is refundable. Student insurance is optional for special students. Additional insurance options, including family coverage, are described in A Guide to University Health Services, which is available from the Health Center.

Parking Fee: $35-$150.

Payable annually at fall registration for privilege of parking an automobile on campus. Fee varies with assigned parking area.


The only fee that may be refundable, in part, is the tuition fee. No refund of the tuition fee will be made because of illness, absence, or dismissal during the academic year. A student who is withdrawing must notify the Graduate School of International Economics and Finance in writing; refunds will be based on the date of notification and calculated in accordance with the following:

1. Tuition


Before the opening day of instruction: 100% of the term's tuition.

On or before the second Friday following the opening day of instruction: 75% of the term's tuition.

On or before the fifth Friday following the opening day of instruction: 50% of the term's tuition.

After the fifth Friday following the opening day of instruction: no refund.

Requests for refunds should be addressed to the Bursar's office.

2. Scholarship

In the case of a scholarship student who withdraws, the student's account will be credited with the same proportion of the term scholarship as charged for tuition: 75% if the student leaves on or before the second Friday; 50% on or before the fifth Friday and no refund thereafter.

3. Stafford Loans

In compliance with federal law, special refund arrangements apply to first-time students receiving aid under Title IV. Contact the Graduate School of International Economics and Finance financial aid officer for additional information.


Ten-month living expenses in the Waltham area for a single individual on an economical budget are estimated to range from $8,000-$10,000. Limited housing is available in the University's graduate residence halls. Costs for on-campus housing range from approximately $2,990-$4,750 per semester for a single person (these are academic year 2001-02 prices, for academic year 2002-03 expect an increase). Graduate housing includes kitchen facilities, but students may also purchase University meal plans.

Financial Aid

Both U.S. residents and international students are encouraged to explore outside funding sources. To be considered for need-based financial aid through federal loan programs, U.S. residents must submit a Free Application for Federal Student Aid (FAFSA). This form is available at In past years, international students have received support from the Fulbright, Muskie, Ron Brown, Ford, Mandella, Soros, and other scholarship programs, and from their governments and employers.


The Graduate School is committed to admitting the best-qualified students to its programs. To do so, it awards scholarships and loans based on academic and professional promise as well as need and availability of funds. All students--U.S. residents and international students--are automatically considered for scholarship assistance upon admission. Students who go abroad during the fall of their second year receive a grant toward the cost of airfare to the partner school. Support toward living expenses and full tuition assistance is available only to exceptional Ph.D. applicants. The Graduate School administers several scholarship funds including:

The American Leadership Awards program, the largest scholarship program, was established to foster international awareness among future business and policy decision-makers in the United States. Open to all master's students who are U.S. citizens or permanent residents, these scholarships are awarded to 10 individuals who show special promise for careers in international business, finance, or policy-making. Recipients of the American Leadership Awards are selected on the basis of merit and receive a scholarship of up to $10,000 per year, renewable for up to two years of study.

Jeffrey J. Steiner Fellowship
In recognition of Mr. Jeffrey J. Steiner, this fellowship is awarded to an outstanding first-year student who has demonstrated superior academic and practical achievement in the area of international finance.

Milton W. Feld Fellowship
Established in 1985 by the Milton W. Feld Charitable Trust, this fellowship is awarded to an outstanding incoming Lemberg M.A.ief or M.B.A.i. student, who has demonstrated academic excellence at the undergraduate level, and who shows professional promise.

Isaiah Leo Scharfman Fellowship
Established in 1956 by Mr. and Mrs. Samuel Rosenthal in tribute to Professor Scharfman, it is awarded to an outstanding, incoming Lemberg M.A.ief or M.B.A.i. student who has demonstrated academic excellence in economics as an undergraduate, and who shows professional promise.

GSIEF Leadership Award
Established by GSIEF alumni, this award is given to a second-year student who has been selected by his / her peers in recognition of leadership, involvement, and service to The Graduate School of International Economics and Finance.

GSIEF Faculty Award
This award is given to a first-year student for academic excellence as recognized by the GSIEF faculty.

The Graduate School of International Economics and Finance provides some financial support, which may include tuition scholarships, research or teaching assistantships, and institutional loans. Aid is based on merit and need and is also available to students from abroad. American and Canadian applicants for aid must file a FAFSA form. Students from other countries must complete the financial aid form for international students that is part of the School's application. The M.A. degree program requires parents' information for all dependent students, regardless of age, and all independent students under 24. Students who fail to provide parental information may jeopardize their consideration for institutional aid.


A limited number of research and teaching assistantships are available for qualified students. Applications for these positions are accepted after admission, and compensation is at a rate of $8-14/hour dependent on experience.