Waiving, Substituting and Establishing Proficiency in Core Courses

Full-Time Students 

Establishing Core Proficiency

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 deciding 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 fully aware of the consequences any missing core may have on their ability to register for subsequent electives requiring them as prerequisites. If a student chooses not to take the applicable core for a certain elective and has a background of knowledge or experience in the area, the student must establish proficiency before being able to register for that elective by passing a proficiency exam or meeting the waiver criteria.

Again, a student may opt out of a maximum of two of the seven menu core courses and must demonstrate proficiency that core before registering for an elective which has the missing course as a prerequisite.

Waiver and proficiency exam information is listed below.

Part-Time Students 

Waiving Core Courses

Langone Program students must take all Stern Core and Langone Core.  Stern Core may be waived and replaced with elective credits.  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.

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. Having obtained a U.S. CPA license a passing exam grade or chartered accountant certification.

1)  Undergraduate Major or Masters Degree Proficiency/Waiver Policy

If students have majored in a Core course discipline in an undergraduate or masters program, you may choose to substitute out of that Core course.  Students are not automatically waived from the Core course(s), but must submit the Course Waiver Form.  Below is a chart that identifies the undergraduate major and masters degree discipline that are applicable toward each Core Course substitution.

* Substantial coursework in Organizational Behavior or Theory required.  Waiver approved upon review of transcripts.
*** Students need to review a sample Finance exam and declare that they feel proficient in the material. (Sample Test)

PART-TIME students: click  here to submit a Course Proficiency/Waiver Form.

FULL-TIME students: click here to submit a Course Proficiency/Waiver Form

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 take the proficiency exam sample tests listed below.  If the sample test is passed, students are encouraged to take the proficiency exam for that course.  Students may take each exam only once.  Exams are graded "Pass/Fail".  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 may replace those credits with an equivalent number of credits of more advanced coursework.  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, September/August, and October.

Students are expected to complete the Core before moving on to electives and fulfilling specializations.  Therefore, students must complete any proficiency exams within the first year of the program.  (Ex: A student admitted in Spring 2008 may take exams January 2008 through January 2009.  A student admitted in Fall 2008 may take exams August/September 2008 through August/September 2009.)

Substitution by exam only:

B01.1302 Leadership in Organizations (3 credits)
Sample Test
Sample Case 

B01.1303 Firms & Markets (3 credits)
Sample Test

B01.1305 Statistics & Data Analysis (3 credits)
Sample Test

B01.1306 Financial Accounting & Reporting (3 credits)
Sample Test 

B01.2301/B01.2103/B01.2104 Strategy (3 credits)
Sample Test

B01.2310 Marketing (3 credits)
Sample Test

B01.2311 Foundations of Finance (3 credits)
Sample Test

B01.2314 Operations Management (3 credits)
Sample Test

B01.2303 The Global Economy (3 credits)
Sample Test

B40.2302 Corporate Finance (3 credits)

Sample Test
Sample Test Solutions 

Substitution by exam or proof of passing the U.S. CPA exam or chartered accountant certification:

B01.1306 Financial Accounting & Reporting (3 credits)

Sample Test

PART-TIME students: click here to register for a proficiency exam*.

FULL-TIME students: click here to register for a proficiency exam*.

*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:

• B02.3101 Professional Responsibility (1.5 credits)

3)  CPA and Chartered Accountant Waiver Policy

Students may waive out of B01.1306 Financial Accounting & Reporting if they show proof of either a U.S. CPA license; verification of a passing grade on the U.S. CPA exam; or chartered accountant 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 proficieny exam in order to waive B01.1306.

Click  here to print the Accounting Substitution Form.  Please submit the form to the appropriate advising office (Full-Time: MBA Advising Office, Part-Time: The Langone Program Office.)