Master in Central Banking

How long is the MCB program?

The MCB program is an intensive, year-long, full-time residential program. It is based in Kuala Lumpur (Malaysia), and it includes a six-week Immersion at MIT Sloan (Cambridge, MA, USA). Each intake starts in September and graduates in August of the following year.

How many students are there in each cohort?

The class size is capped at 40 students to encourage active in-class discussion and engagement with faculty.

What is the class profile?

The MCB is intended for high-potential central bank staff and seeks a diverse class representing advanced, emerging, and developing economies. This diversity of perspectives encourages the sharing of experiences and an appreciation of the importance of institutional contexts for central banking.

Is the MCB degree awarded by ASB or MIT?

The MCB degree is granted by ASB. Graduates receive a Certificate of Completion from MIT Sloan and are also granted MIT Affiliate status. Among other benefits, this includes MIT Email Forwarding for Life as well as access to MIT Affiliate events, networks and communications around the world.

How much is the program fee?

The program fee is RM 335,000 (approx. USD 76,000*)

Full regular fees for the 12-month MCB program starting in the 2023-2024 academic year include:

• Tuition Fees
• MIT Immersion
• Standard accommodation in Kuala Lumpur and during the MIT Immersion Program in the USA
• Program-related travel expenses
• Visas
• Insurance
• School supplies

The program fees do not include transportation costs for arrival at Kuala Lumpur to begin the program and return to home country at the end of the program as well as food, and personal expenses.

* The USD equivalent may fluctuate subject to prevailing exchange rate

Is financial aid available?

Admission to the Master in Central Banking program requires sponsorship and endorsement from the candidate’s home central banking institution. We strongly encourage applicants who do not expect full financial support from their employer to actively seek scholarship opportunities independently.

What subjects are covered in the curriculum?

The curriculum comprehensively covers the core functions of central banking including monetary policy, financial stability and payment systems, as well as management topics relevant for senior central bank leaders. The curriculum is forward-looking, offering courses in financial markets, data analytics and digital technology. The program also offers courses in international reserve management, developing financial markets and financial inclusion.

Who teaches MCB classes at ASB?

MCB classes in Kuala Lumpur are taught by world-class faculty, consisting of visiting MIT professors and ASB resident faculty, with guest lectures by numerous former and current global central banking leaders. During the six weeks on the MIT campus in Cambridge, MA, classes are with MIT faculty.

What is the teaching approach?

Courses are taught in a variety of different formats. Generally speaking, classes are taught through a combination of lectures, case studies, student presentations and group projects. The approach to teaching is integrative, drawing on systems thinking to integrate various streams of thought and data, and emphasizing innovative approaches to problem solving.

What type of accommodation is provided?

Participants stay at the ASB residential campus, adjacent to the academic campus. Available residential units include, one-, two- or three-bedroom apartments, all fully air-conditioned and furnished with linen, cookware and furniture.

The MCB program fees covers standard accommodation unit at ASB Residence – a one-bedroom apartments with shared kitchen, with larger units available for a nominal upgrade fee borne by the students.

The ASB Residential Center includes a dining area, fitness center, parking, and laundromat among other amenities.

During the 6-week MIT Sloan Immersion, participants are housed at the Marriott Residence Inn in Kendall Square, adjacent to the MIT Sloan campus.

What is it like to live in Kuala Lumpur?

Kuala Lumpur is a modern, multi-cultural city with a significant number of expats from all over the world, mixing in with people of Malay, Chinese, Indian, and other Asian heritages. It has all the amenities of the major cities of Asia, but with cleaner air and less dense congestion than many.

The ASB campus sits on the edge of the “Green Lung” of Kuala Lumpur. Directly to the west of the campus are vast green areas ideal for walks and bicycling. A rail stop for the KTM commuter line sits on the eastern edge of campus. This links ASB to all other areas of the city, including to the Kuala Lumpur International Airport.

Can I bring my spouse and/or children to ASB with me?

Families are welcome at ASB. The ASB Residential Center can accommodate families with larger apartments for a nominal upgrade fee borne by the students. Full-time university students typically get residential visas for spouses and children without any issues, although working visas for spouses typically require a job offer from a Malaysian institution. Kuala Lumpur has good schools, including international schools, that offer English language instruction, as well as schools where the primary language of instruction is Chinese or Bahasa Malaysia.

Where will I live during the six-week academic term at MIT in Cambridge, MA, USA?

MCB students will stay at the Marriott Residence Inn in Kendall Square, adjacent to the MIT campus.

For students who plan to bring a spouse and/or children, the added room cost must be covered by the student or his/her host institution.

To date, we have had a 100% success rate in getting student visas to the USA for all of our MCB students.

We have an almost 100% record in securing spousal visas for the USA program, but we cannot guarantee 100% assurance for spouses desiring to accompany students to MIT. However, spouses remaining in KL during the MIT program will be able to reside in ASB Residence.

What does the MCB look for in candidates?

Will the MCB program consider applications from married couples?

Married couples may apply. However, each person must be endorsed by a central bank and must submit an individual online application.

What are the criteria by which the Admissions Committee evaluates applicants?

ASB is seeking candidates with intellectual capability and a high degree of emotional maturity. When reviewing applications and interviewing applicants, we look for candidates who can articulate their professional and academic success, their ability to lead and influence others, and their collaborative spirit. Ultimately, the Admissions Committee seeks to assemble a class of highly qualified and diverse individuals who will bring the most to the MCB program and who will benefit the most from the program.

How does the admissions process work?

The admissions process involves four steps. In the first step, either a sponsoring central banks sends MCB the names of candidates it is willing to endorse, or an individual candidate expresses interest in the program while providing contact information for a central bank official who would provide the endorsement.

The candidate applies for admission through the Applications Portal.

Based on an assessment of the application, the committee decides whether to invite the candidate to an interview, either in person or over a video call (e.g.,Zoom, Skype).

The committee follows a rolling admissions process. At least once a month during the admissions cycle, the committee meets to select candidates to be offered places in the program and other candidates to be placed on a waitlist. This process is repeated until all the places have been filled.

What is the application fee?

There is no application fee required.

How does ASB evaluate the English proficiency of an applicant?

In accordance with Ministry of Education (MoE) requirements in Malaysia, all applicants whose native language is not English, OR applicants who have not received a university undergraduate degree taught in English, must provide proof of their English language proficiency by submitting one of the following valid test scores (the minimum required score is in brackets):

• IELTS  Academic (Overall band 6.0)*; OR
• TOEFL (Internet-based 60, Essentials (Online) 8.5) *; OR
• Cambridge English Advanced/Proficiency (169)* ; OR
• Pearson Test of English (PTE) Academic (59)*  ; OR
• Malaysian University English Test (MUET) (Band 4)

*We can only accept English language proficiency test scores taken within two years of the date of the intake you are applying for.

If your undergraduate degree was taught in English and your institution was not from the following countries; USA, United Kingdom, Australia or New Zealand, you will be required to provide supporting letter to confirm English language as the medium of instruction for the undergraduate degree.

Who reads the MCB applications and conducts the interviews?

Applications are reviewed by the Admissions team as well as select faculty and members of the MCB leadership team. Interviews are conducted by members of the MCB Admissions Committee.

How important is the interview within the final admissions decision?

An invitation to an interview means that the candidate has been shortlisted for further consideration. We look for emotional maturity and the applicant’s ability to communicate in a clear and professional manner. Furthermore, the interview is used as a platform to get to know you better, beyond what is found in your written application. The interviewer will provide his/her recommendations to the Admissions Committee.

How long does an interview last?

An interview typically lasts approximately 45 minutes.

Does an applicant have to travel to Kuala Lumpur for an interview?

Depending on the availability and location of the interviewer and applicant, we will conduct an in-person interview or Zoom interview.

What does it mean to be on the waitlist?

The waitlist process differs from year to year, and will depend upon the number of applications we receive. Generally, waitlisted applicants will be automatically considered in the following round and will receive an updated decision in that round.

Does the MCB program offer deferrals?

The MCB will consider deferral requests on a case-by-case basis.

Do I need to submit copies of my transcripts?

You will be required to scan and submit your official transcripts from all institutions from which you earned a degree, especially your undergraduate degree. During the application process, we will accept unofficial transcripts, but formal transcripts are required by Malaysia’s Ministry of Education for matriculation and approval of your student visa.

If your transcript is not in English, you will be required to provide an official English translation of your transcript when applying. You may use a professional translator in your locality or an English translation done by your university.

If your educational institution does not use a 4.0 Grade Point Average (GPA) grading scale, you must ensure that your transcripts include a description of the grading scale. If your transcripts do not provide this information, you must submit supplemental official documentation describing the grading scale used. It will also be useful if you can provide supplemental official documentation that indicates the GPA (on a 4.0 scale) based on the grades or points awarded by your academic institution.

Applicants admitted to the program will be required to provide an official transcript signed and sealed from each school attended. All admitted students will receive further instructions after they receive their admission decision. Any discrepancy between the scanned transcripts and official transcripts may result in withdrawal of our offer of admission.

How relevant are previous academic grades?

All of your previous academic work is important to us, and we will consider it as one component of your past performance alongside everything else in the evaluation process.

If I have a Master’s and/or Ph.D. degree, would I need to submit transcripts and degree certificates of these?

Yes. We require scanned copies of your transcripts and degree certificates for all degrees as part of your application. If these documents are not in English, we require official English translations of these as well.