Certificate in Quantitative Finance

CERTIFICATE IN

UK Jilly Chavda E: jilly.chavda@fitchlearning.com T: +44 (0)20 7496 8679 FINANCE

EMEA Geoff Brown E: geoff.brown@fitchlearning.com T: +44 (0)20 7496 8636
AMERICAS
APAC
Matthew Potter
Fiona Pham
E: matthew.potter@fitchlearning.com
E: fiona.pham@fitchlearning.com
T: +1 646 943 6208
T: +65 6572 9417 CQF
www.cqf.com

Certificate in Quantitative Finance

Global Standard in Financial Engineering

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

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

Knowledge | Skills | Conduct

17th Floor, 25 Canada Square, Canary Wharf, London, E14 5LQ

55 Broad Street, 3rd Floor, New York, NY 10004 Awarded by Delivered by
70 West Madison Street, Chicago, IL 60602
36 Robinson Road, #12-06, Singapore 068877
2801, Tower 2, Lippo Centre, 89 Queensway, Hong Kong
Dubai International Financial Centre, Al Fattan Currency House, Tower 2, Level 8, Office No. 804, PO Box 482058

The CQF program has been recognized by GARP and qualifies for 40 CPD credits.

The CQF program has been recognized by the CFA Institute and is eligible for 40 CE credits.

Affiliates
.

Real-world financial Contents

engineering
“Finance is an increasingly sophisticated
and competitive sector to work in and
the demand for education in quantitative
finance has never been greater. With a
focus on the practical implementation of
quantitative techniques, the Certificate
in Quantitative Finance (CQF) is taught
by leading practitioners and is designed
to help you advance in the financial
landscape. Once you qualify, our ever-
expanding Lifelong Learning library will
support you throughout your career.
To date, more than 3500 professionals
worldwide have completed the program
and the Certificate has gained global
recognition as the benchmark qualification
for anyone in, or aspiring to enter, the
sphere of quantitative finance.“
About the CQF ................................................. 3 The program was helpful because I was able to apply the theoretical
knowledge I had before to the practical problems you encounter in real
Your CQF journey ............................................. 4
life. It gives you a broad spectrum of knowledge and you can apply
Diverse delegate profile ..................................... 6 whatever is necessary to your current role.
CQF alumni community ..................................... 7
Salvatore Stefanelli, CQF alumnus
Flexible program delivery ................................... 8
Mathematics for Quantitative Finance Primer ........ 9
CQF program content .......................................10
Module six - Advanced electives ........................12
Online learning resources . ................................13
Lifelong Learning .............................................15
CQF faculty .....................................................16
How to apply ...................................................19
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 designed for individuals working
in, or intending to move into, derivatives, IT, quantitative trading, insurance, model validation or risk management.
Delivered online, the program comprises six modules and offers two study options for completing the program,
either in six months or two three-month levels.

With a unique focus on real-world financial engineering, the CQF program provides practical analysis of quantitative
techniques used in the industry and is taught by leading experts. Once certified, you will gain access to our free
continuing professional development program to keep you up to date with the latest industry developments.

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?

Receive an internationally renowned Benefit from expert teaching

professional qualification
• The CQF is a prestigious qualification that provides
in-depth analysis of practical quantitative methods
for financial markets.
Develop career-enhancing skills
• The program is a key career development tool for
professionals from a rich diversity of backgrounds
and responsibilities who want to build their skills in
quantitative finance.
• The CQF faculty is a highly acclaimed team of
experts combining experienced practitioners
and leading academics specializing in the field of
quantitative finance
• Delegates receive a free one-year subscription to
Wilmott Magazine.
Specialize with our advanced electives
• In module six we offer you the opportunity to choose
from a range of electives in specialist areas.

Study part-time and online Access our free Lifelong Learning library
• The program is offered via flexible online learning, • CQF alumni gain access to our ever-expanding
starting twice a year in January and June Lifelong Learning library with over 750 hours of extra
• All lectures are streamed live over the internet and lectures on the latest quantitative finance topics.
are recorded and made available on the CQF Portal
within 24 hours
Become part of our global alumni network
• The CQF App allows delegates to download
lectures for offline viewing. • CQF alumni benefit from a strong business
community of more than 3500 quantitative
professionals
Choose between two study options • We invest in the future of our alumni network
• Full Program: complete the six modules in through a range of social and educational events.
six months
• Level I & Level II: complete the six modules in
two three-month levels. Levels can be taken in
separate programs.

3
Your CQF journey
Supporting you beyond the program

AT UR
S
O
N
SS RM AN

IC
ILL EM Y
IO

SK ATH ESH
LIN
IO AT
SE FO ND

ON

M FR
IN TE

RE
AT

S
Y
PL
AP

Find out more about the CQF program
by attending one of our live information
sessions or global online webinars, where
you can:
• Meet members of the faculty
• Discuss details about the program
• Find out more about your
career options.
Register for an information session at
www.cqf.com
Submit your application online at
www.cqf.com/apply. You will receive a
decision regarding your application within
48 hours.
Should you have any questions
about the application process,
contact us at info@cqf.com or
call +44 (0)845 072 7620.
The CQF program begins with the
Mathematics for Quantitative Finance
Primer (optional) – 12 hours
of intensive training covering all the
mathematical preliminaries you need to
know before starting the quantitative
finance lectures.
The Primer is multi-faceted and includes
Visual Basic for Applications (VBA),
starting with the fundamentals and
working up to the more complex features
of VBA using Windows Excel.

4
 G
IN
F
CQ

N
AR
E
TH

LE
UE
R
FO

N
TI
Y
UD

N
CO
ST

The CQF program comprises six modules, which will need to be We invest in the future of our CQF alumni by offering a free
completed to gain the CQF qualification. continuing professional development (CPD) program, called
Lifelong Learning. It is designed to support you for the whole of
Study options available to you:
your career. Lifelong Learning consists of:
Full Program – complete the six modules in six months
Lectures – A library of over 750 hours of lectures on every
Level I & Level II – complete the six modules in two three-
conceivable finance subject with regular new additions on the
month levels
latest topics and techniques being used in industry.
Each module covers a different aspect of quantitative finance
Master classes – Over 100 hours of additional material to help
and consists of lectures and discussions. At the end of modules
you delve deeper into subjects.
two to five, delegates take a written exam. In module six
delegates can choose from a range of advanced electives and Certificate in Mathematical Methods (CM2) – An intensive
complete a practical project, developing implementation skills. course of 51 recorded lectures (equivalent to more than the first
two years of a university mathematics degree).
Module One – Building Blocks of Quantitative Finance
C++ – Over 70 hours of tuition across 28 recorded sessions
Module Two – Quantitative Risk and Return
covering the theory of design and translating pricing models
Module Three – Equities and Currencies into working C++ code.
Module Four – Fixed Income and Commodities
JAVA – Introductory Java course especially designed for quants.
Module Five – Credit Products and Risk
Module Six – Advanced 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.

5
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.

ent Phy
Stud sics
gn
a di
Tr
nt

DELEGATE
geme
mana d

DELEGATE
Fun

ACADEMIC
OCCUPATION DISCIPLINE
Hed ds
ge
fu n

CROSS SECTION OF DELEGATE EMPLOYERS

ABN AMRO EDF Trading Mitsubishi UFJ Securities International

Abu Dhabi Investment Authority Ernst & Young Moody’s
Accenture Morgan Stanley
Alexia Asset Management Fidelity International
Fitch Ratings Nationwide Building Society
Banamex Nationwide Financial
Bank for International Settlements GE Capital Solutions Nomura
Bank of America Merrill Lynch Goldman Sachs
Barclays Gordian Knot Och-Ziff Capital
BNP Paribas
BP Gas Trading HBOS PAAMCO
British Energy HSBC IB
RBS
Calyon IBM RWE
Chicago Trading Company ING
Citadel Intesa San Paolo Schroders
Citco
Citi Group J.P. Morgan
Thomson Reuters
Commerzbank Towers Watson
Crédit Agricole KPMG
Trafigura
Credit Suisse
Lloyds Bank
UBS
Deloitte Unicredit
Derivative Trading Systems Ltd Man Financial
Deutsche Bank Marshall Wace Watson Wyatt
Duff & Phelps Mellon Capital Management Wells Fargo

6
CQF alumni community
An influential network of quant professionals

The CQF alumni network is an exclusive global community, which consists of over 3500 quantitative finance
professionals in more than 90 countries. We invest in the future of the network through a range of events, a
directory and a dedicated portal. In addition, the CQF Institute provides networking opportunities to connect you
with the wider quantitative finance community.

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: Global Head, Equity & Commodity Valuation Methodologies, UBS Investment Bank
“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: Director of Analytics, EDGAR Online Inc.
“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 examined part of the CQF program comprises six modules, 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 to complete the program.

Option 1 – Full Program

The program can be taken in full by completing the six modules 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 levels with each level comprising three modules, completed over a duration of three months
per level. Levels can be completed in separate programs.

PROGRAM CQF LIFELONG

PREPARATION QUALIFICATION LEARNING

LEVEL I
MATHEMATICS
FOR CONTINUING
FULL PROFESSIONAL
QUANTITATIVE + OR
PROGRAM DEVELOPMENT
FINANCE PRIMER
(optional) (included)

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 fixed-income products and interest
rate modeling, commodities, the latest techniques used in credit modeling and you will have the opportunity to specialize by choosing
advanced electives relevant to your current or future workplace.

8
Mathematics for Quantitative Finance Primer
Getting prepared

The CQF program begins with the Mathematics Primer (optional), including 12 hours of
intensive training covering all the mathematical preliminaries you need to know before
commencing the CQF lectures. The Primer has been designed to get you back up to speed
with your mathematics.

THIS PROGRAM COVERS THE FOLLOWING:

Calculus and Differential Equations Refresher

Calculus: Visual Basic for Applications
• Functions and Limits
The Primer is multi-faceted and includes
• Differentiation and Integration
Visual Basic for Applications, starting with the
• Complex Numbers basics and working up to the more complex
• Functions of Several Variables features of VBA using Windows Excel.

Differential Equations:
• First-order Equations
• Second and Higher-order Equations

Linear Algebra and Probability Refresher

Linear Algebra:
• Matrices and Vectors
• Systems of Linear Equations
• Eigenvalues and Eigenvectors

Probability:
• Probability Distribution Function
• Cumulative Distribution
• Expectation Algebra
• Key Discrete and Continuous Distributions
Including the Normal Distribution
• Central Limit Theorem

Statistics:
• General Summary Statistics
• Maximum Likelihood Estimator
• Regression and Correlation

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

9
CQF program content
Outlining the modules

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
• Products and Strategies
• Martingale Fundamentals
• Martingale Advanced
• The Binomial Model for Asset Prices
FULL PROGRAM

MODULE FOUR

Fixed Income and Commodities

This module reviews the plethora of interest rate
models used within the industry. We discuss the
implementation and limitations of these models and the
need for a more sophisticated framework in order to
understand these processes. Many of the ideas seen in
the equity-derivatives world are encountered again here
but in a more complex form.
• Fixed-Income Products and Market Practices
LEVEL II

• Yield, Duration and Convexity

• OIS Discounting
• Stochastic Spot-Rate Models
• Affine Stochastic Models
• Probabilistic Methods for Interest Rates
• Change of Numéraire
• 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
• Mathematica for Quantitative Finance
• Energy Derivatives: Speculation and Risk Management

10
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. We theory and results using different kinds of mathematics to make
also examine current regulation and its impact on the industry the delegate familiar with techniques in current use.
from both a trading and investment perspective. • The Black-Scholes Model
• Modern Portfolio Theory • Hedging and the Greeks
• Capital Asset Pricing Model • Option Strategies
• Sharpe Ratio and Market Price of Risk • Early Exercise and American Options
• Arbitrage Pricing Theory • Finite-Difference Methods
• Portfolio Optimization for Portfolio Selection • Monte Carlo Simulations
• The Black-Litterman Model • Exotic Options
• Risk Regulation and Basel III • Volatility Arbitrage Strategies
• Value at Risk • Martingale Theory for Pricing
• Impact of Risk Regulation on Investment and Trading • Girsanov’s Theorem
• Volatility Clustering and Other Stylized Facts • Advanced Greeks
• Properties of Daily and High-Frequency Asset Returns • Derivatives Market Practice
• Volatility Models: The ARCH Framework • Advanced Volatility Modeling in Complete Markets
• Non-probabilistic Volatility Models
• Markets-based Valuation of Equity Index Options Using Python

MODULE FIVE MODULE SIX

Credit Products and Risk Advanced Electives

Credit risk plays an important role in current financial In this module you choose from the following six online
markets. This module looks at the major products and electives to specialize in your area of interest. You will also
examines the most important models. The modeling be required to complete a practical project.
approaches include the structural and the reduced form as
well as copulas.
• Algorithmic Trading
• Structural Models
• Advanced Computational Methods
• Reduced-Form Model and the Hazard Rate
• Advanced Risk Management and Regulation
• Credit Risk and Credit Derivatives
• Advanced Volatility Modeling
• X-Valuation Adjustment (CVA, DVA, FVA, MVA)
• Advanced Portfolio Management
• CDS Pricing, Market Approach
• Counterparty Credit Risk Modeling
• Synthetic CDO Pricing
• Risk of Default, Structural and Reduced Form
• Implementation of Copula Models
*Electives are subject to change. Visit www.cqf.com for an up-to-date list.
• Statistical Methods for Estimating Default Probability
• Correlation Sensitivity and State Dependence
• NAG and Excel for Quantitative Finance Please see page 12 for a detailed outline of the advanced electives.
• Co-integration: Modeling Long-term Relationships

Modules two to five are examined at the end of each respective module. For module six all delegates have to complete a practical
project and apply their theoretical knowledge to real-world problems.

11
 Module six - Advanced electives
Specialize in your field
The CQF program offers you the opportunity to specialize by choosing from our range of advanced electives in
module six, allowing you to develop your skills with your career objectives in mind.
Algorithmic Trading
 he use of algorithms has become an important element
T  olatility and being able to model volatility is a key element
of modern-day financial markets, used by both the buy side
and the sell side. This elective looks into the techniques
used by quantitative professionals who work within
the area.
• Sample Momentum Strategy
• Introduction to Fetcher – Rebalancing the SP 500
Every Month
• In-depth with Fundamentals – Piotroski Score
• Incorporating New Sources of Data – Accern and
StockTwits
• Simple Stat Arbs – Pairs Trading
• More In-depth Stat Arbs – Looking at Baskets of Stocks
Advanced Computational Methods
One key skill for anybody who works within quantitative
finance is how to use technology to solve complex
mathematical problems. This elective looks into advanced
numerical techniques for solving and implementing math
in an efficient and succinct manner, ensuring that the right
techniques are used for the right problems.
• F inite Difference Methods (algebraic approach) and
Application to BVP
• Root Finding
• Interpolation
• Numerical Integration
Advanced Risk Management and Regulation
Post-global financial crisis, risk has become a key issue in
every financial organization. They need good measures and
techniques to manage risk and to be able to show this to
the regulators. This elective looks at the techniques used
within the industry to manage risk and how they satisfy the
regulatory landscape.
• Risk Management: A Helicopter View
• Multivariate Risk Models – Risk Mapping, Copulas,
Correlation and Covariance and PCA
• Portfolio VAR
• Measuring Risk Using Extreme Value Theory
• The Basel Accords
www.cqf.com/program
Advanced Volatility Modeling
V
to any quant model. This elective looks into the common
techniques used to model volatility throughout the industry.
It will provide the mathematics and numerical methods for
solving problems in stochastic volatility.
• Fourier Transforms
• Functions of a Complex Variable
• Stochastic Volatility
• Jump Diffusion
Advanced Portfolio Management
As quantitative finance becomes more important in
today’s financial markets, many buy-side firms are using
quantitative techniques to improve their returns and better
manage their client capital. This elective looks into the
latest techniques used by the buy side in order to achieve
these goals.
• P erform a Dynamic Portfolio Optimisation, Using
Stochastic Control
• Combine Views with Market Data Using Filtering to
Determine the Necessary Parameters
• Understand the Importance of Behavioural Biases and Be
Able to Address Them
• Understand the Implementation Issues
• Develop New Insights into Portfolio Risk Management
Counterparty Credit Risk Modeling
Post-global financial crisis, counterparty credit risk and
other related risks have become much more pronounced
and need to be taken into account during the pricing and
modeling stages. This elective goes through all the risks
associated with the counterparty and how they are included
in any modeling frameworks.
• Credit Risk to Credit Derivatives
• Counterparty Credit Risk: CVA, DVA, FVA
• Interest Rates for Counterparty Risk – Dynamic Models
and Modeling
• Interest Rate Swap CVA and Implementation of
Dynamic Model
12
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 24-hour, 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 Portal
All classes are recorded and then uploaded onto
the CQF Portal. Every delegate is provided with
their own online account, allowing them to access
the following:
• Live 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
• Dedicated CQF forum
• Live one-to-one interactive lecturer support
• 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 Mathematics Primer
lectures, the VBA lectures and core lectures as the
program progresses.

Download lectures for offline viewing:

• Mathematics Primer lectures
• VBA lectures
• Core lectures

Interactive CQF App

The CQF Portal and App are revolutionary tools allowing delegates to access their CQF lecture materials
whenever is convenient for them. This flexibility allows the program to be completed on a part-time basis
around a busy work schedule and while on the go.
Dr. Randeep Gug, CQF Program Director

13
CQF ALUMNI PROFILE
Name: Lilan Li
Previous qualifications: Master of Engineering, Information Systems & Management, Institut National des Sciences
Appliquées de Lyon
Current position: Credit Valuation Methodology, UBS Investment Bank

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.

14

14
Lifelong Learning
Continuing professional development throughout your career

Our free Lifelong Learning program for alumni contains a library of over 750 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, unrestricted access to CQF lectures and the entire Lifelong
Learning library, allowing you to further your professional development at no additional cost.

LECTURES
• Largest component of Lifelong Learning
• Library of over 750 hours of lectures on every
conceivable finance subject
• Ever-expanding and up-to-date content
• Delivered by some of the most
eminent practitioners and academics,
including Dr. Paul Wilmott, Dr. Peter
Jäckel, Dr. Espen Gaarder Haug, Dr.
Alonso Peña and Dr. Sébastien Lleo

MASTER CLASSES CERTIFICATE IN

• Delve deeper into specific subjects
• Over 100 hours of recorded material
• Delivered by experts such as Dr. Paul Wilmott,
Dr. Claudio Albanese, Dr. Wim Schoutens
MATHEMATICAL METHODS
• Intensive program with 51 lectures
• Covers a variety of mathematical methods
applicable to real-world problems
• Equivalent to more than the first two years of a
university mathematics degree course

JAVA
• Introductory Java course with seven interactive
lectures especially designed for quants
•Covers everything you need to know about
the basic framework of how Java works
C++
• Over 70 hours of tuition across 28 recorded
sessions
•Critical to a role as a modern quant in a top-tier
investment bank
•Covers the theory of design and translating
pricing models into working C++ code

15 www.cqf.com/lifelong
CQF faculty
World-renowned practitioners and academics
Dr. Paul Wilmott
Paul is internationally renowned as a leading
expert on quantitative finance and founder of the
CQF. His research work is extensive, with more
than 100 articles in leading mathematical and
finance journals, as well as several internationally
acclaimed books on mathematical modeling
and derivatives, including Paul Wilmott on
Quantitative Finance. He has extensive consulting
experience with leading US and European financial
institutions, and founded a volatility arbitrage
hedge fund and a university degree course.
Dr. Riaz Ahmad
Riaz is the Head of CQF Faculty and teaches
Mathematical Finance, C++ programming and
Mathematical Methods-based courses. Riaz is an
applied mathematician with teaching and research
interests in the mathematical and computational
aspects of financial derivatives – in particular,
stochastic volatility and jump diffusion models,
exotic options and interest rate modeling.
Amongst others, Riaz has lectured in Mathematical
Finance at University College London and Oxford
University.
Dr. Espen Gaarder Haug
Espen has worked in derivatives trading and
research for more than 20 years. He worked as a
proprietary option trader at J.P. Morgan in New
York, and as an option trader for two multibillion
dollar hedge funds, Amaranth and Paloma
Partners. He also worked as an option market
maker for Chase Manhattan Bank (now JPMorgan
Chase). He has been involved in almost every
option market, including equity, currency, fixed
income, energy and commodities. He has a
PhD from the Norwegian University of Science
and Technology.
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.
16
Dr. Sébastien Lleo
Sébastien is a lecturer on the CQF program,
Associate Professor of Finance and Director of
Doctoral Program at NEOMA Business School in
France, and a Visiting Lecturer at the Frankfurt
School of Finance and Management in Germany.
Previously, he held a research position at Imperial
College London in the UK. Before that, he
worked for seven years in the investment industry
in Canada and held consulting positions. He
holds a PhD in Mathematics from Imperial
College London.
Neil Graham
Neil joined Barclays International in 1985 initially
in the foreign exchange, money markets and
derivatives operations areas before moving to the
trading room in 1991. Here, his roles included
both inter-bank and sales positions in spot
and forward FX, money markets and treasury
derivatives. After leaving Barclays in 1995, Neil
became a local on the London International
Financial Futures and Options Exchange (LIFFE),
trading own account positions in interest rate,
bond and equity derivatives.
Dr. Richard Vladimir Diamond
Richard advises family offices on private equity,
asset allocation, investment performance
and effectiveness of hedges. He designs and
executes trades – his specialities are volatility
regimes modeling and VIX futures arbitrage.
Richard earned his doctorate from the University
of Southampton (UK), studying complexity
and project risk of IT operations in banking.
Since 2005, he has been teaching in operations
management, statistics and financial mathematics,
recently at Cass Business School and Regent’s
University London.
Dr. Iris Mack
Iris earned a Harvard doctorate in Applied
Mathematics and a London Business School MBA.
She is also a former derivatives quant/trader who
has worked in financial institutions in the US,
London, Asia and the Caribbean. Iris serves on a
National Academy of Sciences Research Advisory
Board and on the Advisory Boards of the Women
Mentor Women Foundation.
Dr. Peter Jäckel
Peter is the founder and Managing Director of
OTC Analytics. He received his DPhil in Physics
from Oxford University in 1995. Peter migrated
into quantitative analysis and financial modeling
in 1997 when he joined Nikko Securities. in 1998,
he changed to NatWest, which later became
part of the Royal Bank of Scotland group. From
2004 to 2008, he was with ABN AMRO as Global
Head of Credit, Hybrid, Inflation, and Commodity
Derivative Analytics. Peter is the author of the
book Monte Carlo Methods in Finance (2002).
Dr. Alonso Peña
Alonso is SDA Professor at the SDA Bocconi School
of Management. He has worked as a quantitative
analyst in the Structured Products group for
Thomson Reuters Risk and for Unicredit Group
in London and Milan. He holds a PhD from the
University of Cambridge on finite element analysis.
He has lectured and supervised students from the
universities of Oxford, Cambridge, Bergamo, Pavia,
Castellanza and the Politecnico di Milano. His area
of expertise is the pricing of financial derivatives, in
particular structured products.
Dr. Yves Hilpisch
Yves is the founder and Managing Partner of The
Python Quants, an analytics software provider
and financial engineering group. He is the author
of Python for Finance (O’Reilly, 2014) and
Derivatives Analytics with Python (Wiley, 2015).
Yves also lectures on computational finance and
organizes meet-ups and conferences about Python
for quant finance in New York and London.
Dr. Patrick Hagan
Patrick received his BS and PhD in Applied
Mathematics from Caltech. He has worked at
Bloomberg and several banks designing trading
systems for fixed income, credit, and foreign
exchange derivatives, as well as developing the
component models, calibration methods, and
numerical algorithm. He has also worked at Exxon
Science Laboratories, and has taught at Caltech,
Stanford, the Institute for Mathematics and its
Applications, and NYU.
17
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).
Dr. Si-Yi Zhou
Si-Yi is an Associate Lecturer for the CQF. He
teaches applied quantitative finance in volatility
arbitrage, stochastic interest rate models and
credit derivative pricing and risk management.
Before joining Fitch Learning, Si-Yi worked as
a senior risk analyst in a City of London-based
consulting firm, providing constructive solutions
to leading banks and insurance companies. He has
worked on many projects in counterparty credit
risk and market risk management. Currently he
works at HSBC Commercial Banking in London.
Dr. Jon Gregory
Jon is an independent expert in counterparty
credit risk and XVA related projects, and Senior
Advisor at Solum Financial Ltd. He has worked
on many aspects of credit risk in his career, being
previously with Barclays Capital, BNP Paribas
and Citigroup. Amongst others, he is author of
the book Counterparty Credit Risk: The New
Challenge for Global Financial Markets.
Edward Talisse
Edward is a global capital markets professional with
more than 25 years of experience gained at Morgan
Stanley and UBS. He is the founding partner and
Chief Executive Officer of Chelsea Global Advisors,
an investment management and advisory firm. His
primary areas of interest are in G3 fixed income
and equity trading, investment strategies as well as
capital structure optimization and operating leverage
efficiency. He received an MBA from the State
University of New York.
www.cqf.com/lecturers
CQF ALUMNI PROFILE
Name: Stewart Button
Previous qualifications: Bachelor of Engineering with First-class Honors, University of Tasmania
Current position: 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
How to apply
Enrolling on the program
Fees
The application has been designed to keep the process
simple. Should you have any questions about the The CQF fees cover:
application process, please do not hesitate to contact
• Tuition
us at info@cqf.com or call +44 (0)845 072 7620. • Examination
• CQF App
• Reading material
• Mathematics Primer course
• Lifelong Learning lectures
• C++ programming course
• Access to the CQF alumni network

Scholarships
A number of scholarships are available to assist
with the support of tuition fees for select delegates.
Candidates wishing to apply for a scholarship will
need to be able to demonstrate why they will benefit
from taking the CQF and why they should be worthy
recipients of the discounted tuition.

Thomson Reuters Scholarship

The Thomson Reuters Scholarship will be awarded
to one applicant per program from the Americas,

1.  Apply online at www.cqf.com/apply

whereby the recipient will have his/her program
tuition discounted. All applications and supporting
documents must be submitted at least two months
prior to the program start date.

2. 
The CQF Admissions team will come back to you within
48 hours indicating whether you have been granted
preliminary acceptance onto the program, and the
timescale within which you must make your decision on
the offer. We might also invite you to be interviewed
over the phone.
Wiley Scholarship
The Wiley Scholarship will be awarded to one

3.  You will then be required to fill out a short enrollment applicant per program from Asia, whereby the
form, accepting your place on the CQF. As part of recipient will have his/her program tuition discounted.
completing this enrollment form, you will be required
to pay a non-refundable deposit which will entitle you
to reserve a place on the program and get access to
preliminary program materials and lectures, including
the Mathematics Primer.
Wilmott Scholarship
For those who are unemployed, full-time students or

4.  You will also be required to complete a Mathematics

Aptitude Indicator before the program begins. This
will indicate to us what areas of mathematics are your
living on a low income, the Wilmott Scholarship covers a
portion of the tuition fees.

strongest and weakest. You may complete this test up to

one week after taking the Mathematics Primer.

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

Should I attend the program? When does the program start?

The Certificate will be of special interest to those working in: The program is delivered twice a year, commencing in
• Derivatives January and in June.
• Risk Management
• Structuring
• Trading
Can I get help with funding?
• Fund Management We offer the Thomson Reuters, Wiley and Wilmott
• IT Investment Scholarships, which provide funds to enable certain
• Banking individuals in specific situations to attend the Certificate
in Quantitative Finance. These awards will be made at the
• Hedge Funds
discretion of the Scholarships Committee to outstanding
• Financial Software
candidates who meet the scholarship requirements and who,
• Consulting in the opinion of the committee, are deserving and will gain
• Universities the most from the program.
• Regulation
• Insurance
What level of mathematics is required?
How long is the program? Delegates should have a numerate academic qualification
and should have familiarity with spreadsheet and
The examined core part of the program is six months long. computational problem-solving. Delegates who feel their
Dedicated to delivering flexible learning, the CQF offers two mathematics is a little rusty are encouraged to complete
study options so delegates can decide how to complete the our pre-program Mathematics Primer (see page 9) prior
program and gain the CQF designation. to commencing the CQF. This course is offered to CQF
delegates at no extra cost.
Full Program
The program can be taken in full by completing the six
modules over six months, providing delegates with immediate How long will it take to receive a decision
access to all of the materials they will need throughout the on my application?
program and access to our Lifelong Learning lectures.
The CQF Admissions team will come back to you within 48
or hours indicating whether you have been granted preliminary
Level I & Level II acceptance onto the program.
The alternative option involves taking the CQF in two levels
of three months per level. Level I consists of the Mathematics
Primer and modules one to three. Level II consists of modules When do I need to submit the Mathematics
four to six and Lifelong Learning. Aptitude Indicator?
We advise all delegates to complete the application
What happens if I fail an exam? form first. They should then start working through the
Mathematics Aptitude Indicator, and complete and return
If a delegate is struggling with a module they are encouraged it by email before the start of the program. Delegates are
to contact us as soon as possible so that a member of the welcome to delay handing in the test until after they have
CQF faculty can give them extra help and support. If a completed the Mathematics Primer.
delegate fails one of the modules the CQF faculty will meet
and review their position. On the basis of this meeting
they will then recommend the delegate either retakes the
examination or defers to the next program using this extra
time to revise the relevant topics. There is no cost to defer
the CQF program.

20
What equipment do I need to view
the webcast?
To view the webcast live or recorded, delegates will need a
computer with a sound card and a speaker. Delegates will
also need broadband internet access.
Can I sample a lecture?
Absolutely, go to www.cqf.com/sample-lecture and
submit your details to get direct access to free sample
lecture videos.
21
How long will I have access to the
recorded lectures for?
Delegates have permanent access to the recorded lectures.
What if it takes me longer to complete
the program?
If you cannot complete the program within the allocated
study time, we offer the flexibility to defer completion of the
CQF to the next program (there is no charge for doing this
and you must complete the CQF within six programs).
 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 the For Python Quants and Quant
Insights conferences, and is an online resource for keeping its members up to date on the latest quant finance
industry practices.

Quant Insights Conference 2015

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
.

Real-world financial Contents

engineering
“Finance is an increasingly sophisticated
and competitive sector to work in and
the demand for education in quantitative
finance has never been greater. With a
focus on the practical implementation of
quantitative techniques, the Certificate
in Quantitative Finance (CQF) is taught
by leading practitioners and is designed
to help you advance in the financial
landscape. Once you qualify, our ever-
expanding Lifelong Learning library will
support you throughout your career.
To date, more than 3500 professionals
worldwide have completed the program
and the Certificate has gained global
recognition as the benchmark qualification
for anyone in, or aspiring to enter, the
sphere of quantitative finance.“
About the CQF ................................................. 3 The program was helpful because I was able to apply the theoretical
knowledge I had before to the practical problems you encounter in real
Your CQF journey ............................................. 4
life. It gives you a broad spectrum of knowledge and you can apply
Diverse delegate profile ..................................... 6 whatever is necessary to your current role.
CQF alumni community ..................................... 7
Salvatore Stefanelli, CQF alumnus
Flexible program delivery ................................... 8
Mathematics for Quantitative Finance Primer ........ 9
CQF program content .......................................10
Module six - Advanced electives ........................12
Online learning resources . ................................13
Lifelong Learning .............................................15
CQF faculty .....................................................16
How to apply ...................................................19
FAQs ..............................................................20
CQF Institute ...................................................22

Dr. Paul Wilmott

CQF Program founder
Certificate in Quantitative Finance
CERTIFICATE IN

UK Jilly Chavda E: jilly.chavda@fitchlearning.com T: +44 (0)20 7496 8679 FINANCE

EMEA Geoff Brown E: geoff.brown@fitchlearning.com T: +44 (0)20 7496 8636
AMERICAS
APAC
Matthew Potter
Fiona Pham
E: matthew.potter@fitchlearning.com
E: fiona.pham@fitchlearning.com
T: +1 646 943 6208
T: +65 6572 9417 CQF
www.cqf.com

Certificate in Quantitative Finance

Global Standard in Financial Engineering

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

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

Knowledge | Skills | Conduct

17th Floor, 25 Canada Square, Canary Wharf, London, E14 5LQ

55 Broad Street, 3rd Floor, New York, NY 10004 Awarded by Delivered by
70 West Madison Street, Chicago, IL 60602
36 Robinson Road, #12-06, Singapore 068877
2801, Tower 2, Lippo Centre, 89 Queensway, Hong Kong
Dubai International Financial Centre, Al Fattan Currency House, Tower 2, Level 8, Office No. 804, PO Box 482058

The CQF program has been recognized by GARP and qualifies for 40 CPD credits.

The CQF program has been recognized by the CFA Institute and is eligible for 40 CE credits.

Affiliates