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Usually, grad students have an easier time of the courses at Caltech than undergrads. There are two reasons for this: grad students take, on average, maybe two or three courses at a time (undergrads take 6-7), and grad students also have had many more years of preparatory coursework behind them than undergrads (physics majors see grad students in their sophomore-year ACM 95/100 class, and the grad students have had a full undergrad education to prepare them for that class--meanwhile the undergrads have only had a year).