www.risklatte.

com
Quantitative Finance Education
In the coming years when the global economy
would be in retreat and the professional job
market within the finance and banking domain
would be much tougher than what it is today and
when everybody would have the same set of
professional certifications and qualifications,
what would differentiate you from the rest?

In a fiercely competitive environment, if you

want to make a career in front office or middle
office banking, investment banking, asset
management and investments, hedge funds,
private banking, securities broking or insurance
CFE
what kind of knowledge would you need and
what technical skills would you need to possess
to stand out?
Yo ur b us ines s ta g l i ne he re .
It is now obvious that Quantitative Finance, the
discipline blamed for much of the financial crises
of 2007-2008 and 2010 – 2011, is much more
than the sum total of financial economics, theory
of finance, physics, mathematics, statistics,
evolutionary biology and computer programming
and a lot less that any of these disciplines
individually. How will you best handle such a
non-linear learning process in the coming years?

Contrary to what many believe, Quantitative

Finance is now more relevant than ever before.
This is a discipline that is at the cusp of a
revolution that will radically alter our
understanding and perception of the financial
markets and products forever. Who will be at the CFE School Risk Latte Company
forefront of this revolution and who will come
out of this stronger? S t r e et A d dr e ss T el : 5 5 5 5 5 5 0 1 2 5
A d dr e s s 2
City, ST ZIP Code
Web site address

CFE
CFE Examination
CFE School, the learning and education
division of Risk Latte Company, launches the
Certificate in Financial Engineering (CFE)
Examination, a Quantitative Finance
certificate examination for global banking and
finance professionals and students of
engineering, science and Management Studies
who want to make a career in the field of
finance and banking in a changing world.
CFE School has been successfully carrying
out the CFE, as an onsite, classroom based
course for finance and banking professionals
in five global locations, London, New York,
Hong Kong, Singapore and Mumbai for the
past three years. A large number of traders,
quants, structurers, derivatives sales
professionals, risk managers and asset
managers from top tier global banks and
financial institutions have attended and
graduated from the CFE course.
CFE School is now launching CFE as a
public examination in two parts, Level 1 and
2, to reach out to a larger segment of finance
and banking professionals as well as students
of engineering, physical sciences, finance and
management who plan to make a career in
field of finance and banking.
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Overview of CFE Examination  Insurance Liabilities Valuation
 Econometrics and Financial
CFE is an applications oriented examination Research
which focuses on both the knowledge of quant
finance and the development of hands-on CFE Exam (Level 1 & 2)
quantitative modeling skills within the Problem Solving & Quantitative
discipline of quantitative finance. The CFE Modeling using Excel™ Spreadsheets.
Examination, at both levels, is all about
applying the theories of finance and financial As Microsoft Excel™ has been the lingua
economics, applied mathematics, statistics, franca for the CFE course over the past
physics and computer science to solving years, some problems in CFE Level 1 and
problems in the areas such as the valuation and most problems in CFE Level 2 Exam will
risk analysis of financial derivatives, require extensive usage of Excel
derivatives trading, portfolio management and spreadsheets. CFE, especially, Level 2
asset allocation models for investments, Exam, aims to test a student’s ability to
valuation of insurance liabilities, algorithmic develop advanced quantitative models of
trading of financial securities and market and finance and solve quant finance problems
credit risk management. using Excel spreadsheet.
CFE Exam covers the following areas:
 Financial & Applied Mathematics
 Numerical Methods in Finance
 Stochastic Processes for Asset Price
Modelling
 Financial Derivatives Trading
 Understanding Volatility and
Correlation
 Asset Allocation and Investments
 Algorithmic and Quantitative Trading
 Market & Credit Risk Management

CFE
How is the CFE Exam Organized?
There are two levels, Level 1 and Level 2, for
the CFE Exam and the qualification process.
CFE Level 1 is the basic and the introductory
level and tests basic to intermediate level
knowledge and skills in the area of
quantitative finance. CFE Level 2 is the
advanced level and the qualifying round for
the CFE certificate and tests advanced level
knowledge and skills in the area of
quantitative finance.
 All students will have to register for
the CFE Level 1 first and take the
Level 1 exam. Only if a student passes
the Level 1 exam, can he or she move
to Level 2 and enroll for CFE Level 2
exam.
 CFE Level 1 exam will be held in
May and November of every year. It
can be taken online, via the internet or
a student can come to a testing centre
on pre-determined dates in any of
CFE School’s global testing centres.
 CFE Level 2 exam will be held in
November of every year and the eam
will have to be taken at CFE School’s
global testing centres on pre-
determined dates.
CFE Exam Fees and Payment
Methods
The fee for CFE Level 1 Exam is US$400 and
that for CFE Level 2 Exam is US$1,400. The
fee has to be paid into the bank account of Risk
Latte Company Limited in Hong Kong via wire
transfer or direct payment. No cheques or credit
card payments are accepted at the moment.
How to register for the CFE Level 1
Exam?
Anyone can register for the CFE Level 1 exam
by filling up the Enrollment form and
submitting it to CFE School. Enrollment forms
for bothcan be downloaded from the CFE
School’s current website www.risklatte.com/cfe
or writing to the Director, CFE School at
cfeschool@risklatte.com. Only those who pass
the Level 1 exam will be invited to enroll for
the CFE Level 2 exam.
A student who successfully registers for CFE
Level 1 or 2 exam will have to choose a testing
centre at the time of enrollment. The choice of
testing centre can be changed only once at least
4 months prior to the exam date.
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What Course Materials will CFE
School provide to a Student?
Students who successfully enroll for the
CFE Level 1 Exam will get the following
materials from CFE School:
 Selected course notes which can be
used as reference for Level 1 exam
preparation
 The Book of Greeks: a condensed
and abridged version of quantitative
finance course notes that can help a
student prepare better for the Level
1 exam
 Selected Reading List
Students enrolling for the CFE Level 2
Examination will get the following from
CFE School:
 Advanced level courrse notes which
would aim to push the student up
the learning curve;
 Advanced level workings of
quantitative models on Excel/VBA
spreadsheets plus Excel
spreadsheets with tutorials and
solved problems.
 Detailed Reading List

CFE
How to Prepare for CFE Exam?
There is no set method for preparation of the
CFE exam. Generally, for CFE Level 1
Exam a student will refer to the course notes
and The Book of Greeks given by the CFE
School plus a list of textbooks and research
papers suggested by the CFE School as part
of the reading list. However, a student
preparing for the Level 1 and 2 Exams should
broaden their coverage of reading materials
outside what is provided by the CFE School.
It is expected that the student should be very
well read and his or her understanding of the
subject matter should be both deep and wide.
For CFE Level 2 Exam, a student should
rely on practical knowledge and applications
based knowledge as much as possible. At the
Level 2 stage of the examination a student’s
knowledge and skills should be reflective of
those of the professionals who work in top
tier global banks, asset management
companies, hedge funds and other leading
financial institutions. Most importantly, a
student taking the CFE Level 2 Exam needs
to have advanced level knowledge of
Excel™ and should be proficient in Excel
spreadsheet modeling and using Excel™
for solving problems in Quantitative Finance.
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CFE Exam Preparation Classes  HSBC
 Citigroup
Students who want to prepare for the CFE Level
 Barclays Capital
1 and Level 2 exam may join CFE Exam
 Goldman Sachs
preparation classes organized by the CFE
 Royal Bank of Scotland
School. These classes may help a student
acquire superior skills in the areas of advanced  UBS
quantitative modeling using Excel/VBA, and  Credit Suisse
understanding of advance concepts, theories  Deutsche Bank
and models of quantitative finance. Such classes  HDFC Bank
will be conducted in all the five global locations  DBS Bank
(London, New York, Hong Kong, Singapore  Standard Chartered Bank
and Mumbai).  Bloomberg
 Bank of America Merrill Lynch
All students who want to attend these exam
preparation classes must first enroll for CFE
Level 1 or Level 2 exam as the case may be. For
more details on on-demand, onsite CFE Exam
preparation classes please write to
cfeschool@risklatte.com. Also, please note that
attending CFE Exam preparation classes are NO
GUARANTEE for passing either CFE Level 1
or Level 2 Exam.
CFE School Alumni
Some of the recent graduates of and currently
enrolled students in the CFE course (old format)
have come from the following banks and
institutions: