CERTIFICATE IN

FINANCE

CQF

Certificate in Quantitative Finance

Global Standard in Financial Engineering

Awarded by Delivered by
Real-world financial Contents
engineering
“Finance is an increasingly sophisticated About the CQF ................................................. 3
and competitive sector to work in and
the demand for education in quantitative
Your CQF journey ............................................. 4
finance has never been greater. With a Diverse delegate profile ..................................... 6
focus on the practical implementation of
quantitative techniques, the Certificate
CQF alumni community ..................................... 7
in Quantitative Finance (CQF) is taught Flexible program delivery ................................... 8
by leading practitioners and is designed
to help you advance in the financial
Preparation ...................................................... 9
landscape. Once you qualify, our ever- CQF program content ......................................10
expanding Lifelong Learning library will
support you throughout your career.
Advanced electives ..........................................12
Online learning resources .................................14
To date, more than 4000 professionals
worldwide have completed the program Lifelong Learning .............................................15
and the Certificate has gained global
CQF faculty .....................................................16
recognition as the benchmark qualification
for anyone in, or aspiring to enter, the Joining the program .........................................19
sphere of quantitative finance.“ FAQs ..............................................................20
CQF Institute ...................................................22

Dr. Paul Wilmott

CQF Program founder
About the CQF
A world-class professional qualification in quantitative finance

Founded by Dr. Paul Wilmott, the Certificate in Quantitative Finance program is now in its 15th year. Over the
years thousands of professionals from across the globe have joined the CQF program to help them master practical,
real-world financial engineering techniques and get ahead in their field.

Delivered online by globally recognized experts, the CQF program includes:

Three optional primers – to refresh your mathematical, finance and programming skills ahead of the program.
Six modules and advanced electives – to give you the tools and skills needed to succeed in quant finance.
Lifelong Learning library – to keep up to date on the latest quant finance techniques throughout your career.

The CQF focuses on analyzing practical quant finance techniques used in the industry and is taught by leading
practitioners, ensuring that the skills you learn can be immediately put into practice. The program is constantly
evolving to reflect current employers’ needs and now features a new module on data science and machine learning.
Awarded by the CQF Institute, the program is delivered by Fitch Learning, a leading global training company with
centers in London, New York, Singapore, Hong Kong, Chicago and Dubai.

WHY TAKE THE CQF PROGRAM?

Become qualified in quantitative finance Access our free Lifelong Learning library
• The CQF is a prestigious qualification that provides • CQF alumni gain access to our ever-expanding
in-depth analysis of practical quantitative methods Lifelong Learning library with over 850 hours of extra
for financial markets. lectures on the latest quantitative finance topics.
Develop career-enhancing skills Study part-time and online
• The program is a key career development tool for • The program is offered in January and June.
professionals from a rich diversity of backgrounds
• All lectures are streamed live online and are
and responsibilities who want to build their skills in
recorded, and made available on the CQF Learning
quantitative finance.
Portal within 24 hours.
Specialize with our advanced electives
• The CQF App allows delegates to download lectures
• We offer you the opportunity to choose from a range for offline viewing.
of electives in specialist areas.
• Once enrolled you will have access to our
Benefit from expert teaching Mathematics, Finance and Programming primers to
• The CQF faculty is a highly acclaimed team of help you get up to speed before the progam starts.
experts combining experienced practitioners
Choose between two study options
and leading academics specializing in the field of
quantitative finance. • Full Program: complete the six modules and chosen
electives in six months.
Join our global alumni network
• Level I & Level II: complete the six modules and
• CQF alumni benefit from a strong business community
chosen electives in two three-month levels. Levels can
of more than 4000 quantitative professionals.
be taken in separate programs.

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Your CQF journey
Supporting you beyond the program

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Find out more about the CQF program Submit your application online at We offer three optional primers that are
by attending one of our live information www.cqf.com/apply. You will receive a designed to help get you up to speed
sessions or global online webinars, where decision regarding your application within ahead of the program.
you can: 48 hours.
Mathematics – Covers mathematical
• Meet members of the faculty Should you have any questions preliminaries used within quant finance.
• Discuss details about the program about the application process,
contact us at [email protected] or call Programming – Introduces scientific
• Find out more about your career options computing in Python to enable new users
+44 (0)845 072 7620.
Register for an information session at to begin implementing models.
www.cqf.com Finance – Introduces key concepts and
asset classes needed for quant finance.

4
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Study options available to you: We invest in the future of our CQF alumni by offering a free
Full Program – complete the program in six months continuing professional development (CPD) program, called
Lifelong Learning. It is designed to support you throughout the
Level I & Level II – complete the program in two three-
whole of your career. Lifelong Learning consists of:
month levels
Lectures – A library of over 850 hours of lectures on every
Each module covers a different aspect of quantitative finance
conceivable finance subject with regular new additions on the
and consists of lectures and discussions. At the end of modules
latest topics and techniques being used in industry.
two, three and five, delegates take a written exam. At the end
of module six delegates complete a practical project, developing Masterclasses – Over 100 hours of additional material to help
implementation skills, supported by their choice of advanced you delve deeper into subjects.
electives.
Certificate in Mathematical Methods (CM2) – An intensive
Module One – Building Blocks of Quantitative Finance course of 51 recorded lectures (equivalent to more than the first
two years of a university mathematics degree).
Module Two – Quantitative Risk and Return
Module Three – Equities and Currencies C++ – Over 70 hours of tuition across 28 recorded sessions
covering the theory of design and translating pricing models
Module Four – Data Science and Machine Learning
into working C++ code.
Module Five – Fixed Income
Module Six – Credit Products and Risk
Advanced Electives – Choose two from a range of electives
Final Exam for Distinction (Optional) – The final three-
hour examination takes place in exam centers worldwide.
Delegates who score 80% or above receive a distinction grade.

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Diverse delegate profile
Background and occupation

CQF delegates come from a rich diversity of different backgrounds and responsibilities, bringing a wealth of
experience to the program.

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Trading

CROSS SECTION OF DELEGATE EMPLOYERS

EDF Trading Mitsubishi UFJ Securities International

ABN AMRO
EY Moody’s
Abu Dhabi Investment Authority
Morgan Stanley
Accenture
Fidelity International
Fitch Ratings Nationwide Building Society
Banamex Nedbank
Bank for International Settlements Genpact Nomura
Bank of America Merrill Lynch Goldman Sachs
Barclays Grant Thornton Och-Ziff Capital Management
BNP Paribas
BP HedgeServ PAAMCO
British Energy HSBC
Royal Bank of Scotland
Calyon IBM RWE
Chicago Trading Company ING
Citadel Intesa Sanpaolo Schroders
Citco
Citi J.P. Morgan
Thomson Reuters
Commerzbank Towers Watson
Crédit Agricole KPMG
Trafigura
Credit Suisse
Lloyds Bank
UBS
Deloitte UniCredit Bank
DBS Bank Man Financial
Deutsche Bank Marshall Wace Watson Wyatt
Duff & Phelps Mellon Capital Management Wells Fargo

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CQF alumni community
An influential network of quant professionals

The CQF alumni network is an exclusive global community, which consists of over 4000 quantitative finance
professionals in more than 90 countries.

Countries with alumni

Amit Marwaha
Previous qualifications: MBA Finance, The University of Texas at Austin
Current position: Equity Research Analyst, Fidelity Investments
“The CQF was a good way of improving my math while working at the same time. The CQF has definitely had an
impact on my job. It has given me the information, tools and the knowledge necessary to speak to clients and
price assets in an effective manner.“

Anuj Gupta
Previous qualifications: MPhil in Advanced Chemical Engineering, University of Cambridge
Current position: Executive Director, Model Risk Governance & Review, JPMorgan Chase & Co.
“The CQF not only teaches you the mathematics underpinning the different financial models, it also highlights
their main assumptions and potentials dangers. It has certainly helped me enhance my career aspirations while
keeping abreast with cutting-edge modeling developments.“

Elias-John Kies
Previous qualifications: HBBA, Business, Wilfrid Laurier University
Current position: Founder and Principal, KieTech LLC
“I had a firm grasp on market fundamentals yet yearned for a deeper technical perspective to analyze the
increasingly complex capital markets. The CQF filled this gap perfectly. The value of the CQF increases every day
as extra lectures are continually added. I highly recommend the CQF to any serious investment professional.“

7 www.cqf.com/cqf-alumni
Flexible program delivery
Two study options

The CQF program comprises six modules and advanced electives, which will need to be completed to obtain the
CQF qualification. You can start the program in either January or June. Dedicated to delivering flexible learning, the
CQF offers two study options so you can decide how take the program. Additionally, you have up to three years to
complete the CQF at no extra cost.
Option 1 – Full Program
The program can be taken in full by completing the six modules and chosen electives in six months. This option provides you with
immediate access to all of the materials you will need throughout the program, and to Lifelong Learning.

Option 2 – Level I & Level II

The program can also be completed in two three-month levels, which can be taken in separate programs. Level I consists of the primers
and modules one to three. Level II consists of modules four to six, advanced electives and Lifelong Learning.

CQF LIFELONG
PREPARATION
QUALIFICATION LEARNING

LEVEL I
OPTIONAL
PRIMERS: CONTINUING
FULL
• MATHEMATICS + OR
PROGRAM
PROFESSIONAL
• PROGRAMMING DEVELOPMENT
• FINANCE
LEVEL II

Level I
Level I will give you an understanding of the essential tools needed in the industry. Access to the program preparation and the CQF App
are just some of the benefits you will receive. Upon completing this level, you will have an excellent knowledge of the mathematical tools
and concepts used in quant finance, covering areas of quantitative asset management and risk management, progressing onto pricing of
equities and currency derivatives.

Level II
Building on the key skills and knowledge of Level I, Level II will deepen your understanding and further your practical skills, leading you
to completion of the CQF. Level II provides the opportunity to complete an applied project as well as access to expansive knowledge and
topical information with Lifelong Learning. Through completion of Level II, your knowledge will cover data science and machine learning,
fixed-income products, interest rate modeling, and latest techniques used in credit modeling. You will also have the opportunity to
specialize by choosing advanced electives relevant to your current or future workplace.

8
Preparation
Get ready with program primers

The CQF program begins with three optional primers in Mathematics, Programming and Finance. These primers
each include up to 12 hours of intensive training, should you need it. They have been designed to give you all the
preliminaries you need to know and to bring you up to speed ahead of the program.

PRIMERS INCLUDE THE FOLLOWING:

Mathematics Primer
Covers mathematical preliminaries needed before Visual Basic for Applications
commencing the CQF program.
The Mathematics Primer is multi-faceted and
• Calculus includes Visual Basic for Applications, starting
• Differential Equations with the basics and working up to the more
• Linear Algebra complex features of VBA using Windows Excel.
• Probability
• Statistics

Programming Primer
Presents the Python language in a scientific
framework to enable users to begin writing
numerical code.
• Python Syntax
• Standard Mathematical Functions
• SciPy and NumPy Libraries
• Good Programming Practices
• Documenting Code, Debugging

Finance Primer
Introduces key concepts and different asset classes
needed for the CQF program.
• Macro Economics
• Capital Markets Fundamentals
• Introduction to Money Markets
• Time Value of Money
• Introduction to Financial Assets

For more information, visit www.cqf.com/program

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CQF program content
Outlining the modules
The core program is made up of six modules and advanced electives. Modules two, three and five are examined at the end of each
respective module. At the end of module six all delegates have to complete a practical project and apply their theoretical knowledge to
real-world problems.

MODULE ONE

Building Blocks of Quantitative Finance

This module introduces the rules of applied Itô calculus
as a modeling framework. We build tools in both
stochastic calculus and martingale theory and look
at simple stochastic differential equations and their
associated Fokker-Planck and Kolmogorov equations.
• Random Behavior of Assets
• Important Mathematical Tools and Results
• Taylor Series
LEVEL I

• Central Limit Theorem

• Partial Differential Equations
• Transition Density Functions
• Fokker-Planck and Kolmogorov
• Stochastic Calculus and Itô’s Lemma
• Manipulating Stochastic Differential Equations
• Martingales
• The Binomial Model for Asset Prices
FULL PROGRAM

MODULE FOUR

Data Science and Machine Learning

Data science and machine learning are emerging as new
and important areas in the industry. We look at the latest
and most important ideas and techniques used within
quantitative finance.
• Data Science in Finance
• Statistical Methods for Data Analysis
• Classification and Clustering
• Dimension Reduction and PCA
LEVEL II

• Filtering and Trading Signals

• Machine Learning
• Predictive Analytics (Regression Family)
• AI-Based Algo Trading Strategies Using Python
• Digital Signal Processing for Finance
• Time-Varying Regression Estimation (Kalman
Filtering)
• Markov Chains - Hidden Markov Models
• Bayesian Models and Inference
• Markov Networks
• Cointegration and Long-Term Relationships
• Data Science Lab

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MODULE TWO MODULE THREE

Quantitative Risk and Return Equities and Currencies

This module deals with the classical portfolio theory of The Black-Scholes theory, built on the principles of delta
Markowitz, the capital asset pricing model and more recent hedging and no arbitrage, has been very successful and fruitful
developments of these theories. We investigate risk and as a theoretical model and in practice. This module explains the
return, looking at risk management metrics such as VaR. theory and results using different kinds of mathematics to make
• Modern Portfolio Theory
the delegate familiar with techniques in current use.
• Capital Asset Pricing Model • The Black-Scholes Model
• Sharpe Ratio and Market Price of Risk • Hedging and the Greeks
• Arbitrage Pricing Theory • Option Strategies
• Portfolio Optimization for Portfolio Selection • Early Exercise and American Options
• The Black-Litterman Model • Finite-Difference Methods
• Risk Regulation and Basel III • Monte Carlo Simulations
• Value at Risk and Expected Shortfall • Exotic Options
• Collateral and Margins • Volatility Arbitrage Strategies
• Liquidity Asset Liability Management • Martingale Theory for Pricing
• Volatility Filtering (GARCH Family) • Girsanov’s Theorem
• High Frequency Data • Advanced Greeks
• Asset Returns: Key, Empirical Stylised Facts • Derivatives Market Practice
• Volatility Models: The ARCH Framework • Advanced Volatility Modeling in Complete Markets
• Non-Probabilistic Volatility Models

MODULE FIVE MODULE SIX

Fixed Income Credit Products and Risk

This module reviews the plethora of interest rate Credit risk plays an important role in current financial
models used within the industry. We discuss the markets. This module looks at the major products and
implementation and limitations of these models and the examines the most important models. The modeling
need for a more sophisticated framework in order to approaches include the structural and the reduced form as
understand these processes. Many of the ideas seen in well as copulas.
the equity-derivatives world are encountered again here • Structural Models
but in a more complex form. • Reduced-Form Model and the Hazard Rate
• Fixed-Income Products and Market Practices • Credit Risk and Credit Derivatives
• Yield, Duration and Convexity • X-Valuation Adjustment (CVA, DVA, FVA, MVA)
• OIS Discounting • CDS Pricing, Market Approach
• Stochastic Spot-Rate Models • Synthetic CDO Pricing
• Affine Stochastic Models • Risk of Default, Structural and Reduced Form
• Probabilistic Methods for Interest Rates • Implementation of Copula Models
• Change of Numéraire • Correlation Sensitivity and State Dependence
• Heath, Jarrow and Morton
• Calibration
• Data Analysis
• Libor Market Model
• SABR Model
• Monte Carlo Methods, Brownian Bridge, Advances Schemes
• Quasi-Monte Carlo Methods, Sobol and more
• Multiple Curve Interest Rate Modeling

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Advanced electives
Specialize in your field

The CQF program offers you the opportunity to specialize further by choosing from our range of advanced
electives, allowing you to develop your skills with your career objectives in mind.

For more information about advanced electives and to view the full outline, please visit
www.cqf.com/program.

Algorithmic Trading Advanced Risk Management

Algorithms have become an important element of modern- This elective explores AAD techniques from computational
day financial markets used by the buy and sell side. This finance, and techniques used to manage risk.
elective explores the techniques used by professionals
• The Basel Accords: Basel I, II and III
within this area.
• Value at Risk to Expected Shortfall
• Preparing Data; Back testing, Analyzing Results and • Minimum Capital Requirements 2016
Optimization • Liquidity Horizons (LH)
• Build Your Own Algorithm • Aggregation of Risk and Correlation
• Alternative Approaches: Pairs Trading; Options; New • Extreme Value Theory
Analytics
• Counterparty Credit Risk Accord
• A Career in Algorithmic Trading
• The Dynamic Nature of Liquidity

Advanced Volatility Modeling Counterparty Credit Risk Modeling

Volatility and being able to model volatility is a fundamental This elective goes through risks associated with the
element to any quantitative model. This elective looks at counterparty and how they are included in modeling.
the common techniques used to model volatility, providing
• Credit Risk to Credit Derivatives
mathematics and numerical methods for solving problems.
• CVA, DVA, FVA
• Fourier Transforms • Interest Rates for Counterparty Risk – Dynamic Models
• Functions of a Complex Variable and Modeling
• Stochastic Volatility • Interest Rate Swap CVA and Implementation of Dynamic
• Jump Diffusion Model

Advanced Computational Methods Data Analytics with Python

One key skill for anybody within quantitative finance is Learn how to use Python and Python libraries to analyze
how to use technology to solve complex math problems. financial data and organize it in ways that allow you to use
This elective looks into advanced numerical techniques for the data in a meaningful and productive way.
solving and implementing math efficiently.
• Python Idioms and Data Structures
• Finite Difference Methods and Application to BVP • Using NumPy for Numerical Analysis
• Root Finding • Using Pandas for Financial Time Series Analysis
• Interpolation • Financial Data Visualization for Static and Streaming Data
• Numerical Integration

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Behavioral Finance for Quants R for Quant Finance
This elective will equip delegates with the tools to identify R is a powerful statistical programming language,
key psychological pitfalls, use their mathematical skills to with numerous tricks up its sleeves making it an ideal
address these and build better financial models. environment to code quant finance and data analytics
applications.
• System 1 vs System 2
• Behavioral Biases; Heuristic Processes; Framing Effects & • Install R and R Studio and Navigate to Unleash the Power
Group Processes of R and Stay Organized
• Loss Aversion vs Risk Aversion; Loss Aversion; SP/A • Understand Data Structures and Data Types
Theory • Use Some of R’s Most Useful Functions
• Linearity and Nonlinearity • Write Your Own Scripts and Code
• Know How to Deal with Some of R’s “Loveable Quirks”

Advanced Portfolio Management Risk Budgeting

This elective looks at the latest techniques used by many Rather than solving the risk-return optimization problem as
buy-side firms to improve return and better manage in the classic (Markowitz) approach, risk budgeting focuses
client capital. on risk and its limits (budgets). This elective will focus
on the quant aspects of risk budgeting and how it can be
• Perform a Dynamic Portfolio Optimization, Using
applied to portfolio management.
Stochastic Control
• Combine Views with Market Data Using Filtering • Portfolio Construction and Measurement
• Understand the Importance of Behavioural Biases and • Value at Risk in Portfolio Management
Address Them • Risk Budgeting in Theory
• Develop New Insights into Portfolio Risk Management • Risk Budgeting in Practice

Python Applications Fintech

This elective extends the material discussed in the This elective gives you an insight into the financial
Programming Primer, which introduced the Python technology revolution and the disruption, innovation and
environment using Enthought Canopy and the basic syntax opportunity therein.
and structures.
• Introduction to and History of Fintech
• Fundamental and Important Techniques Applied to • Fintech – Breaking the Financial Services Value Chain
Finance • FinTech Hubs
• File Manipulation & Working with Data • Technology – Blockchain; Cryptocurrencies; Big Data
• Further Development of User-Defined 102; AI 102
• Functions as well as the Powerful • Fintech Solutions
• Libraries for Probability and Statistics • The Future of Fintech

Machine Learning Using Python C++

This elective focuses on techniques used to retrieve Starting with the basics of simple input via keyboard and
financial data from open data sources, covering major output to screen, this elective will work through a number
Python packages. of topics, finishing with simple OOP.
• Using Linear OLS Regression to Predict Financial Prices • Getting Started with the C++ Environment
and Returns • Control Flow and Formatting – Decision Making; File
• Application to the Pricing of American Options by Monte Management; Formatting Output
Carlo Simulation • Functions – Writing User Defined Functions; Headers and
• Applying Logistic Regression to Classification Problems Source Files
• Predicting Stock Market Returns as a Classification • Introduction to OOP – Simple Classes and Objects
Problem • Arrays and String

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Online learning resources
Study in your own time

The CQF is at the forefront of interactive online learning and is continually developing new methods and tools as our
global audience expands. Our comprehensive online learning portal gives permanent access to all of the recorded
lectures and program materials. We also offer a CQF App, which enables you to access learning materials on iOS
and Android devices.

CQF Learning Portal

All classes are recorded and then uploaded onto the CQF Learning
Portal. Every delegate is provided with their own online account,
allowing them to access the following:
• Live core lectures
• Recorded core lectures
• Annotated class notes
• Stimulating exercises
• Sample code and spreadsheets
• Recorded additional/non-examined classes
• Lifelong Learning library (for Full Program and Level II delegates)
• Upload tool for modular exams
• Whiteboard facility
Comprehensive learning portal

CQF App
The CQF App demonstrates our dedication to deliver innovative
solutions for online learning.
The App can be downloaded onto any iOS or Android device
and gives access to the primer lectures and core lectures as the
program progresses.

Download lectures for offline viewing:

• Mathematics, Programming and Finance
primer lectures
• Core lectures
Interactive CQF App

Faculty Support
We are committed to your success and provide a range of support
throughout your studies.
• Weekly online problem classes
• Workshops
• Tutor helpdesk
• Live one-to-one interactive lecturer support
• Dedicated CQF forum

Support from dedicated tutors

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Lifelong Learning
Continuing professional development throughout your career

Our free Lifelong Learning program for alumni contains a library of over 850 hours of lectures on every conceivable
finance subject. Delivered by some of the most eminent practitioners and academics, the content is ever
expanding, with additional lectures continually taking place. You will gain permanent access to CQF lectures and
the entire Lifelong Learning library, allowing you to further your professional development at no additional cost.

LECTURES MASTERCLASSES
• Largest component of Lifelong Learning • Delve deeper into specific subjects with one or
• Library of over 850 hours of lectures delivered two-day courses delivered by experts such as
by eminent practitioners and academics Dr. Paul Wilmott, Dr. Claudio Albanese, Dr. Wim
• Ever-expanding and up-to-date content Schoutens
• Over 100 hours of recorded material

CERTIFICATE IN MATHEMATICAL C++

METHODS • Over 70 hours of tuition across 28 recorded
• Intensive program with 51 lectures sessions
• Covers a variety of mathematical methods • Critical to a role as a modern quant in a top-tier
applicable to real-world problems investment bank
• Equivalent to more than the first two years of a • Covers the theory of design and translating
university mathematics degree course pricing models into working C++ code

Lilan Li
Current position: Chief Model Risk Quant, Nordea
“Lifelong Learning is very important to me and the CQF is outstanding
compared to alternatives. I will continue learning from the masterclasses
and extra lectures because for me learning is key and I enjoy doing it all
the time.“

15 www.cqf.com/lifelong
CQF faculty
World-renowned practitioners and academics

Dr. Paul Wilmott Dr. Sébastien Lleo

Paul is internationally renowned as a leading Sébastien is a lecturer on the CQF program,
expert on quantitative finance and founder of the Associate Professor of Finance and Director of
CQF. His research work is extensive, with more Doctoral Program at NEOMA Business School in
than 100 articles in leading mathematical and France, and a Visiting Lecturer at the Frankfurt
finance journals, as well as several internationally School of Finance and Management in Germany.
acclaimed books on mathematical modeling Previously, he held a research position at Imperial
and derivatives, including Paul Wilmott on College London in the UK. Before that, he
Quantitative Finance. He has extensive consulting worked for seven years in the investment industry
experience with leading US and European financial in Canada and held consulting positions. He
institutions, and founded a volatility arbitrage holds a PhD in Mathematics from Imperial
hedge fund and a university degree course. College London.

Dr. Riaz Ahmad Dr. Patrick Hagan

Riaz is the Head of CQF Faculty and teaches Patrick received his BS and PhD in Applied
mathematical finance, C++ programming and Mathematics from Caltech. He has worked at
mathematical methods-based courses. Riaz is an Bloomberg and several banks designing trading
applied mathematician with teaching and research systems for fixed income, credit, and foreign
interests in the mathematical and computational exchange derivatives, as well as developing the
aspects of financial derivatives – in particular, component models, calibration methods, and
stochastic volatility and jump diffusion models, numerical algorithm. He has also worked at Exxon
exotic options and interest rate modeling. Riaz Science Laboratories, and has taught at Caltech,
has lectured in mathematical finance at University Stanford, the Institute for Mathematics and its
College London and Oxford University. Applications, and NYU.

Dr. Espen Gaarder Haug Dr. Richard Vladimir Diamond

Espen has worked in derivatives trading and Dr. Richard Diamond offers over thirteen years
research for more than 20 years. He worked as a of teaching and practitioner experience in quant
proprietary option trader at J.P. Morgan in New finance, data analysis and econometrics. He is
York, and as an option trader for two multibillion recognized for empirical studies of cointegration
dollar hedge funds, Amaranth and Paloma for trading published at WILMOTT and distributed
Partners. He also worked as an option market academically. Following posts at Regent’s
maker for Chase Manhattan Bank (now JPMorgan University London and City, University of London
Chase). He has been involved in almost every he took an Associate Principal role at a private
option market, including equity, currency, fixed investment office to help control accounts
income, energy and commodities. He has a with asset managing firms and set up a trading
PhD from the Norwegian University of Science operation with multi-million exposure to equity,
and Technology. vanilla options and FX. Richard designed, coded
and executed systematic arbitrage in VIX futures.
Dr. Randeep Gug
Randeep is the Managing Director, Public Courses
and CQF at Fitch Learning and the CQF Program
Director. He spent five years working in the
Equities division at Salomon Smith Barney and
later traded futures and options on the Indian
National Stock Exchange (NSE). A qualified
teacher, he has a first-class honors degree and a
PhD for research in semiconductor physics.

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Dr. Peter Jäckel Dr. Si-Yi Zhou
Peter is the founder and Managing Director of Si-Yi is an Associate Lecturer for the CQF. He
OTC Analytics. He received his DPhil in Physics teaches applied quantitative finance in volatility
from Oxford University in 1995. Peter migrated arbitrage, stochastic interest rate models and
into quantitative analysis and financial modeling credit derivative pricing and risk management.
in 1997 when he joined Nikko Securities. in 1998, Before joining Fitch Learning, Si-Yi worked as a
he changed to NatWest, which later became Senior Risk Analyst in a City of London-based
part of the Royal Bank of Scotland group. From consulting firm, providing constructive solutions
2004 to 2008, he was with ABN AMRO as Global to leading banks and insurance companies. He has
Head of Credit, Hybrid, Inflation, and Commodity worked on many projects in counterparty credit
Derivative Analytics. Peter is the author of the risk and market risk management.
book Monte Carlo Methods in Finance (2002).
Dr. Jon Gregory
Dr. Alonso Peña Jon is an independent expert in counterparty
Alonso is SDA Professor at the SDA Bocconi School credit risk and XVA related projects, and Senior
of Management. He has worked as a Quantitative Advisor at Solum Financial Ltd. He has worked
Analyst in the Structured Products group for on many aspects of credit risk in his career, being
Thomson Reuters Risk and for Unicredit Group previously with Barclays Capital, BNP Paribas
in London and Milan. He holds a PhD from the and Citigroup. Amongst others, he is author of
University of Cambridge on finite element analysis. the book Counterparty Credit Risk: The New
He has lectured and supervised students from the Challenge for Global Financial Markets.
universities of Oxford, Cambridge, Bergamo, Pavia,
Castellanza and the Politecnico di Milano. His area Dr. Miquel Noguer Alonso
of expertise is the pricing of financial derivatives.
Miquel is a financial markets practitioner with more
than 20 years of experience in asset management,
Dr. Yves Hilpisch currently working for UBS AG as Executive
Yves is the founder and Managing Partner of The Director, and previously worked as a CFO and
Python Quants, an analytics software provider CIO for a European bank. He is Adjunct Assistant
and financial engineering group. He is the author Professor at Columbia University and Fintech
of Python for Finance (O’Reilly, 2014) and Professor at ESADE teaching asset allocation, big
Derivatives Analytics with Python (Wiley, 2015). data in finance, fintech and hedge fund. In 2010
Yves also lectures on computational finance and Miquel earned a PhD in Quantitative Finance with
organizes meet-ups and conferences about Python a Summa Cum Laude distinction.
for quant finance in New York and London.

Professor Stephen Taylor

Stephen has held a Chair in Finance at Lancaster
University Management School since 1993.
His degrees are in Mathematics and Operational
Research. He teaches financial econometrics
at Lancaster and in recent years has been a
Visiting Lecturer at universities in Norway, China,
Australia and New Zealand. His seminal work
on stochastic volatility and GARCH models is
incorporated in the highly cited book Modelling
Financial Time Series (Wiley 1986 & World
Scientific 2008).

17 www.cqf.com/lecturers
CQF ALUMNI PROFILE
Name: Stewart Button
Previous qualifications: Bachelor of Engineering with First-class Honors, University of Tasmania
Current position: Senior Quantitative Analyst/Developer – Algorithmic Trading and Risk Management,
Onyx Financial
The CQF has helped me look inside the world of financial markets, derivatives and
risk management systems to gain an insight which would not be possible through
practice alone. The program has given me the tools to price financial instruments and
systematically manage market and credit risk with confidence.

18
18
Joining the program
What’s included and how to apply

What’s covered in the fees?

The CQF fees include:
• Mathematics, Programming, and Finance primers
• Core lectures, support, problem classes and workshops
• All hard copy textbooks and other learning materials
Wilmott Scholarship
• Permanent access to the CQF Learning Portal
• CQF App (download lectures for offline viewing) For those who are unemployed or full-time students, the Wilmott
• Lifelong Learning library including the latest syllabus Scholarship covers a portion of the tuition fees.
• Access to the global Alumni network
• A year’s subscription to Wilmott magazine

Application steps
The application process comprises three simple stages. Should you have any questions about the application process, email [email protected]
or call +44 (0)845 072 7620.

1 – APPLY ONLINE 2 – RECEIVE APPROVAL 3 – ENROLL AND PREPARE

Complete the online application form Within 48 hours we will come back to you We will ask you to submit a short
www.cqf.com/apply indicating your preliminary acceptance enrollment form, accepting your place
onto the program. onto the program. After an initial
payment you can access the primers
and get started.

19 www.cqf.com/apply
FAQs
Questions and answers

How do I begin my CQF studies? How long are the lectures, and what is
You start by applying online at cqf.com. Applying to the expected of me each week?
CQF is free. Once completed you will be contacted within Each week there are two live lectures that typically run 2.5
48 hours by a member of our admissions team indicating hours. You can either participate in the live webcast or watch
your preliminary acceptance. You begin your program them at your own convenience using the CQF Learning Portal
when you submit your enrollment form and make your or CQF App. We also recommend you allow approximately
initial payment. 10 hours of additional study a week.

How will I benefit from earning the CQF? How do I become CQF qualified?
The Certificate in Quantitative Finance (CQF) is the world’s You earn the CQF qualification by completing module
largest professional qualification in quantitative finance. The exams and submitting a final practical project. There is also
globally recognized program is designed to help you develop the option of sitting a comprehensive final examination for
practical, market-ready skills you can apply today and in distinction. You may defer any, or all, of your examinations to
the future. a later cohort. You have a three-year window to complete
the program.
How long is the program?
You have up to three years to complete the CQF, at no What happens if I fail an exam?
additional cost beyond your enrollment fees. If you are struggling with a module contact us to receive
one-to-one support from a member of the CQF faculty. If you
The CQF program can be completed in six months. We are fail one of your exams, the CQF faculty will meet to discuss
dedicated to flexibility and offer two study options: your options recommending that you either retake the
Full Program examination or defer to the next program. There is no extra
The program can be taken in full by completing the six cost to defer the CQF program.
modules and chosen electives in six months.
When does the program start?
or
The program is delivered twice a year, commencing in
Level I & Level II January and in June.
The alternative option involves taking the CQF in two levels
of three months per level. Level I consists of the primers and What are the admissions criteria for the
modules one to three. Level II consists of modules four to six,
CQF program?
advanced electives and Lifelong Learning.
Our admissions team looks at the academic and professional
Do I have a sufficient math or technical background provided in your application form to determine
your suitability for the program.
background to join the CQF?
Delegates come to the CQF with a range of backgrounds How long will it take to receive a decision
and experience. If you feel like your math is a bit “rusty” or on my application?
you don’t think you have the finance or programming skills
required for the CQF we offer Mathematics, Finance and The CQF Admissions team will come back to you within 48
Programming primers. These optional primers are included in hours indicating whether you have been granted preliminary
your enrollment fees and are designed to refresh your skills acceptance onto the program.
ahead of the program.

20
What equipment do I need to view the How long will I have access to the
lectures live or recorded? recorded lectures?
You can view the live or recorded lectures using a computer Delegates have permanent access to the recorded lectures
or mobile device with internet access. We recommend you on the CQF Learning Portal.
have a minimum internet bandwidth of 1Mbps to ensure you
can view the content uninterrupted. Do you have questions you want to
ask us?
How do I participate in the lectures?
If you have more questions sign up to one of our information
All CQF lectures are broadcast live from our London training sessions online at cqf.com. Sessions consist of a one-hour
center, and are recorded and made available to all delegates presentation by the CQF Program Director followed by
on the CQF Learning Portal and the CQF App. a Q&A.

21
 CQF Institute
Educating the quantitative finance community

Promoting the highest standard in practical financial engineering, the Institute provides a platform for educating
and building the quantitative finance community around the globe. Part of Fitch Learning, the CQF Institute is the
awarding body for the Certificate in Quantitative Finance.

Since 2003, the CQF community has become the fastest-growing global network of professionals working in the
quant finance industry. The Institute organizes key industry events, including workshops and conferences, and is
an online resource for keeping its members up to date on the latest quant finance industry practices.

Quant Insights Conference

Societies
The CQF Institute has a growing number of active societies across the world available to its members. Societies offer an
opportunity to be part of a local community of quantitative finance professionals. With regular meet-ups and exclusive events
being held, societies provide a great chance to network and share ideas with like-minded people.

Europe Americas APAC Middle East & Africa

Amsterdam Boston Hong Kong UAE

Frankfurt Chicago Mumbai Johannesburg

London Houston Shanghai

Moscow New York Singapore

Paris Sao Paulo Sydney

Zurich Toronto

www.cqfinstitute.org 22
The program was helpful because I was able to apply the theoretical
knowledge I had before to the practical problems you encounter in real
life. It gives you a broad spectrum of knowledge and you can apply
whatever is necessary to your current role.

Salvatore Stefanelli, CQF alumnus

Certificate in Quantitative Finance
www.cqf.com

Contact our team

Americas:
Tim Johnson
[email protected]
+1 646 943 6210

Asia Pacific:
Ben O’Malley
[email protected]
+ 65 6572 9792

Europe, UK, MEA:

Kevin Brind
[email protected]
+44 (0)20 7496 8422

www.cqf.com/linkedin www.cqf.com/twitter

www.cqf.com/facebook www.cqf.com/youtube

Knowledge | Skills | Conduct

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