On the 29th October 2007, KAIST Graduate School of Finance signed an MOU with the William E. Simon Graduate School of Business Administration, University of Rochester, to initiate a dual degree program. The MOU will allow KAIST Graduate School of Finance students to complete a degree from the University of Rochester by completing 10 courses (30 credits) at the university over a 6 month period. The MS Finance Program, at William E. Simon Graduate School of Business Administration, is ranked 5th by the Financial Times in Finance and Accounting schools. And it is looking forward to get benefits as reduction in education year and curtailment of expenditure because KAIST Graduate School of Finance students can obtain a dual degree after examination designed by KAIST only." KAIST Graduate School of Finance was founded by the Ministry of Finance and Economy in March 2996 to train financial specialists. The Ministry of Finance and Economy has provided 5.8 billion won to assist in the establishment and growth of the school.