APPLYING & FAQ
Applications for Fall 2025 are now open. We accept new nominations till December 20, 2024.
Eligibility & Admissions
Applications for Fall 2025 are now open. We accept nominations till December 20, 2024.
Is it mandatory for my employer to nominate me in order for me to be considered for an IFC-Milken Institute Scholarship?
Yes. This program is by nomination only so we have to receive a nomination from your employer. Only officially nominated candidates will be provided with step-by-step instructions on application process.
What institutions are eligible to participate in the program?
Candidates from the Central Bank, Ministry of Economy, Ministry of Finance, SEC, Stock Exchange, Capital Markets Authority are eligible to participate in the program.
How and when can I apply?
Applications for Fall 2025 are now open and we accept nominations till December 20, 2024. Your employer can send nominations to ktimina@ifc.org. New cohort will start in Fall 2025 and will complete the program in May 2026.
What should I include in my application package?
Materials required as part of your application package include:
- Required English Language test – English language proficiency, as demonstrated by the following test scores obtained within the last two years: TOEFL (internet-based) score of at least 100, and IELTS (academic module results) score of 7.5.
- Statement of Purpose (maximum 500 words) – the admissions committee will want to hear about your background, your personal and career objectives, and your motivations for participating in the program.
- Analytical essay (maximum 800 words) – the essay is required and topics to choose from will be communicated to the nominated candidates.
- Academic transcripts and certificate/diploma – from all past universities, in English or with translation (note: this should include details on classes taken and grades obtained; university diplomas are not sufficient). The minimum academic requirement is an undergraduate degree from a nationally accredited university. You may also include your other professional certificates (CFA, ACCA, etc.), if you have any.
- Resume/CV – (including education and employment history, in English)
- 2-3 letters of reference – from current/previous employers and/or professors on, on the official letterhead and signed.
How and when will my application be evaluated?
Once all required documents are received, the IFC-Milken Institute-GU University Joint Admissions Panel reviews the files considering a wide range of criteria, including the depth and breadth of professional work experience, academic performance, references and English language proficiency test scores.
We then schedule virtual interviews with a shortlist of candidates.
If my transcripts and/or letters of recommendation are not originally in English, should I have them translated?
Yes, all transcripts and/or letters of recommendation that are not in English must be translated by an official translation agency. You must submit both the original and translated copies of the application materials.
Is the GMAT or GRE required?
GRE and GMAT scores are not required. However, you will be required to perform a mandatory math test, for which details and deadlines will be communicated separately to shortlisted candidates.
What should I write in my Statement of Purpose?
The admissions panel wants to understand why you think this program is right for you. The statement must clearly indicate your motivation for undertaking the program, how it will contribute to your future goals, and how you plan to apply the knowledge you will earn through the program.
Additional Information
Program Structure & Costs
What is the IFC-Milken Institute Capital Markets Program at Georgetown University?
The IFC-Milken Institute Capital Markets Scholars Program at Georgetown University is a for-credit, graduate-level certificate program focusing specifically on capital markets. Its mission is to train the next generation of leaders in financial markets across developing and emerging economies. In addition to coursework and work placements while students are in the US, participants obtain membership of a global alumni network which currently covers more than 50 countries.
What size is a typical cohort?
Each cohort consists of around 30 participants.
How long is the program?
The total duration of this full-time program is eight months, to be undertaken in-person in the United States. The program consists of two contiguous parts:
- Semester 1: Core courses taught by Georgetown University faculty, complemented by a weekly Speaker Series with practitioners, workshops at the Milken Institute and IFC, and regulatory modules at the US Securities and Exchange Commission (September – December).
- Semester 2: Practical training through placements and internships across the financial industry and development finance institutions in the United States, capstone project (January – May).
What is the IFC-Milken Institute Alumni Network?
As important as the coursework itself, is the development of a powerful and supportive network both during the Scholars’ studies and as alumni. As such, the alumni network is a central pillar of success for this program. We follow alumni closely to ensure that they have the resources and platforms necessary for informed and empowered policymaking. We also foster continued exchange and interaction through a robust system that includes: alumni retreats every 24 months; mentor-mentee relationships; alumni-led committees; thematic webinars; press and publication opportunities; and group work on concrete policy ideas – all of which is centralized within a comprehensive online alumni portal for continued learning and exchange.
All participants in the program, upon graduation, become part of the IFC-Milken Institute Alumni Network.
Requirements During the Program
What is required for successful completion of the program?
This is a very rigorous and fast-paced program. Participants are continuously assessed during the first semester of the program through written tests, presentations, class participation and periodic assignments. You have to obtain an average Grade Point Average (GPA) of at least 3.0 (corresponding to a B grade) in order to obtain the Capital Markets Certificate from GU. Only participants who meet this requirement are eligible for work placements in the second part of the program (otherwise, the work placement is withdrawn, the participant’s visa and work authorization in the US is terminated, and he/she has to return the home country within 30 days).
During the second part of the program (the work placement), the program team checks in regularly with participants as well as their workplace supervisors to monitor how each placement is going and to verify that the needs of both parties are met. Participants are required to share their experiences with the rest of the cohort as well as employers in their home countries.
Scholars will be required to complete capstone project by the end of the internship in order to obtain program Certificate.
Successful completion of the program and subsequent membership of the alumni network are conditional upon the participant’s performance in all areas throughout the two semesters.
Can I attend courses part-time or online from my home country?
No. The entire program requires full-time engagement and is delivered in-person in the United States. We do not offer the program part-time or online, although online resources for continued learning are curated and made available to our alumni once they have graduated.
Is the work placement mandatory?
Yes. The work placement component in the second part of the program carries no credit hours but is mandatory.
Am I allowed to continue working for my internship company after the completion of the program?
No. All program participants must return to their current employment for at least two years after the completion of the program. Scholarship is subject to claw-back conditions if this does not take place. The J-1 visa also does not allow returning to the US to work for at least two years.
Participants are strongly encouraged to maintain regular communication with their home country employers throughout the program.
Visa & Onboarding
What type of visa do I need?
All participants require a J-1 visa to undertake the program. The visas for the academic portion of the program are processed between April and June each year, with facilitation from Georgetown University (GU). These visas generally only cover the period of study, not the internship period. GU is responsible for J1 process and will send necessary information and required documents to the admitted candidates after they receive employer support letters, and the enrollment fee is paid by the participant.
Midway through the semester of classes, once all participants have been matched with their internship providers for the second part of the program, the visas are then renewed by GU to cover the internship period. Participants interning in the private sector will renew their J-1 visas, whereas participants interning with the World Bank or IFC will need to obtain G-4 visas (which requires returning to their home countries for a visa interview before the internship starts).
What is required to begin processing my visa?
GU is responsible for J1 process and will send necessary information and required documents to the admitted candidates.
Necessary verification documents requested for each funding category must accompany the form. If applicants are bringing dependents, the bank statements must indicate additional funds for them. This information is necessary to obtain a visa.
Will the program sponsor visas for my family members to accompany me during my stay in the United States?
No. The program will sponsor visas only for the individual participant. Visas for family members will be the participant’s sole responsibility, and the program will assume no role in the process.
When do my classes begin?
For the incoming class (for which applications are now open and we accept nominations till December 20, 2024), boot camp and classes are scheduled to begin in September 2025.
Where will I find housing?
Throughout the program, participants are encouraged to find their own housing arrangements (online resources such as airbnb.com or 4stay.com may be of help). University will be also providing some additional options to the selected candidates.
Note that since the internship location in the second part of the program may be different from Washington DC, we strongly recommend two separate leases rather than entering an eight-month lease from the start of the program.
Please note that all housing costs will accrue directly to the participants.
What material should I bring with me?
All participants are personally responsible for bringing their own laptops (Windows preferred), mobile phone, financial calculators and other equipment.
