Global Standard in Financial Engineering

Certificate in Quantitative Finance

CERTIFICATE IN
FINANCE
CQF
www.cqf.com
Delivered by
E: info@cqf.com W: www.cqf.com
Fitch Learning
LONDON
4 Chiswell Street,
London,
EC1Y 4UP
t +44 (0)845 072 7620
NEW YORK
55 Broad Street,
3rd Floor,
New York, NY 10004
t +1 800 974 0394
SINGAPORE
112 Robinson Road,
#03-03 Singapore,
068902
t +65 6327 1581
DUBAI
Dubai International Financial Centre,
Al Fattan Currency House, Tower 2, Level 7,
Office No. 704, PO Box 482058, Dubai, UAE
t +971 800 72489
CERTIFICATE IN
FINANCE
CQF
CQF brocure 2014 cover.indd 1 22/08/2013 10:19
Real-world financial
engineering
Contents
About the CQF ................................................. 3
Your CQF journey ............................................. 4
Where our delegates come from ......................... 6
CQF alumni ..................................................... 8
Online learning resources .................................. 9
Flexible program delivery ..................................10
Mathematics for Quantitative Finance Primer .......11
CQF program content .......................................12
Lifelong Learning .............................................15
CQF faculty .....................................................16
How to apply ...................................................19
FAQ ...............................................................20
Our affiliates ....................................................22
CERTIFICATE IN
FINANCE
CQF
Join our CQF group on
Dr. Paul Wilmott
CQF Program founder
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 and your company stay ahead
of the competition. Once you qualify, our
ever-expanding Lifelong Learning library
will support you throughout your career.
To date, more than 2000 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.
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www.cqf.com
The Certificate in Quantitative Finance is an internationally renowned quants qualification designed for individuals
working in, or intending to move into, derivatives, IT, quantitative trading, insurance or risk management.
Delivered via flexible online learning, the part-time CQF program comprises six modules and offers two study
options so you can decide how to complete the CQF.
It is unique in its structured approach and commitment to the field of real-world financial engineering by providing
analysis of practical quantitative techniques important in the increasingly sophisticated financial landscape. Part of
the Fitch Group, the CQF program is provided by Fitch Learning, a leading global training company with cutting-
edge online learning portals and centers in London, New York, Singapore and Dubai.
Receive an internationally renowned
quants qualification
The CQF is a prestigious professional 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.
Study part-time online
The program is offered via flexible online learning,
starting twice a year in January and June
Two study options are available
Full Program: complete the six modules in six
months
Level I & Level II: complete the modules in
two three-month levels. Levels can be taken in
separate programs
Delegates will have permanent access to a cutting-
edge online learning environment
All lectures are streamed live over the internet and
are recorded and made available on the CQF Portal
within 24 hours.
Benefit from expert teaching
Led by Dr. Paul Wilmott, the world-renowned expert
in mathematical 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.
Access our free Lifelong Learning library
Our ever-expanding Lifelong Learning library for
alumni encompasses regular new lectures and
hundreds of recorded lectures on the latest topics
and techniques being used in industry.
Be part of an influential global alumni network
CQF alumni benefit from a strong business
community of more than 2000 quantitative
professionals
We invest in the future of our alumni network
through support of our local societies and a range of
social and educational events.
About the CQF
A world-class professional quants qualification
WHY TAKE THE CQF PROGRAM?
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Your CQF journey
Supporting you beyond the program
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Submit your application online at
www.cqf.com/apply. You will receive
a decision regarding your application
within ve working days.
Should you have any questions
about the application process,
contact us at info@cqf.com or
call +44 (0)845 072 7620.
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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
nance 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. These
lectures support the Primer in preparing
for the CQF.
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Find out more about the CQF program by
attending one of our global information
sessions or live online webinars, where
you can:
Meet members of the faculty
Talk to our alumni
Discuss details about the program
Find out more about your
career options.
Register for an information session or
online webinar at www.cqf.com
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The CQF program starts in January and June each year and
comprises six modules, which will need to be completed to gain
the CQF qualication.
Study options available to you:
Full Program complete the six modules in six months
Level I & Level II complete the modules in two three-
month levels
Each module covers a different aspect of quantitative nance and
consists of lectures and discussions. At the end of modules one
to ve, delegates take a written exam. Module six consists of a
practical project, developing implementation skills.
Module One Building Blocks of Quant Finance
Module Two Risk and Return
Module Three Equity, Currency and Commodity Derivatives
Module Four Interest Rates and Products
Module Five Credit Products and Risk
Module Six Advanced Topics
Final Exam for Distinction (Optional) The nal three-hour
examination takes place in exam centers worldwide. Delegates
who score 80% or above receive a distinction grade.
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We invest in the future of our CQF alumni by offering a free
continuous professional development program, called Lifelong
Learning. It is designed to support you for the whole of your career.
Lifelong Learning consists of:
Lectures An ever-expanding library of over 600 hours of
lectures on every conceivable nance subject and regular new
lectures on the latest topics and techniques being used
in industry.
Masterclasses Over 70 hours of additional material to help you
delve deeper into subjects.
Certicate in Mathematical Methods (CM2) An intensive
course of 51 recorded lectures (equivalent to more than the rst
two years of a university mathematics degree).
C++ Over 70 hours of tuition across 28 recorded sessions
covering the theory of design and translating pricing models into
working C++ code.
JAVA Introductory Java course especially designed for quants.
Trading Simulator Try out new ideas in a realistic setting,
incorporating real-time events based on live data from
the marketplace.
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Where our delegates come from
Employers and geographical locations
DELEGATE
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ABN AMRO
Abu Dhabi Investment Authority
Accenture
Alexia Asset Management
Banamex
Bank for International Settlements
Bank of America Merrill Lynch
Barclays
BNP Paribas
BP Gas Trading
British Energy
Calyon
Chicago Trading Company
Citadel
Citco
Citi Group
Commerzbank
Crdit Agricole
Credit Suisse
Deloitte
Derivative Trading Systems Ltd
Deutsche Bank
Duff & Phelps
EDF Trading
Ernst & Young
Fidelity International
Fitch Ratings
GE Capital Solutions
Goldman Sachs
Gordian Knot
HBOS
HSBC IB
IBM
ING
Intesa San Paolo
J.P. Morgan
KPMG
Lloyds
Man Financial
Marshall Wace
Mellon Capital Management
Mitsubishi UFJ Securities International
Moodys
Morgan Stanley
Nationwide Building Society
Nationwide Financial
Nomura
Och-Ziff Capital
PAAMCO
RBS
RWE
Schroders
Thomson Reuters
Towers Watson
Trafigura
UBS
Unicredit
Watson Wyatt
Wells Fargo
CROSS SECTION OF DELEGATE EMPLOYERS
CQF delegates come from a rich diversity of backgrounds, responsibilities and nationalities, bringing a wealth of
experience to the program.
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NORTH AMERICA
USA
New York
Chicago
San Francisco
Boston
Washington D.C.
Los Angeles
Florida
Houston
New Jersey
Missouri
Texas
California
Pennsylvania
Connecticut
Minnesota
Oregon
Canada
Toronto
Quebec
Ontario
SOUTH
AMERICA
Brazil
Sao Paulo
Rio de Janeiro
Chile
Colombia
Peru
Paraguay
EUROPE
United Kingdom
Germany
Switzerland
Sweden
The Netherlands
France
Russia
Italy
Ireland
Spain
Luxembourg
Denmark
Norway
Belgium
Austria
Poland
MIDDLE EAST
Israel
UAE
Saudi Arabia
Qatar
Lebanon
Azerbaijan
Syria
Bahrain
Kuwait
AFRICA
South Africa
Egypt
Morocco
Nigeria
Zimbabwe
ASIA PACIFIC
Singapore
China
Japan
India
Australia
Malaysia
Vietnam
86% of applicants work in the nancial sector
90% of delegates work full-time for the duration of the program.
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CQF alumni
An influential network of quants professionals
The CQF alumni community is continually expanding all over the world. The current network consists of over 2000
alumni, an exclusive global community of quantitative practitioners. We invest in the future of the network through
a range of events, publications, a directory and a dedicated portal. As a CQF delegate, you will become part of an
active community, and have the opportunity to attend social and educational events.
By joining our expanding network of international CQF groups you can keep in touch with fellow alumni, share
ideas and participate in discussions.
Amit Marwaha
Previous qualications: MBA Finance, University of Texas at Austin
Current position: Associate, Gas Utilities, Citi Group
The CQF was a good way of improving my math while working at the
same time. The CQF has denitely 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.
Stewart Button
Previous qualications: Bachelor of Engineering with First-class
Honors, University of Tasmania
Current position: Quantitative Analyst/Developer Algorithmic
Trading, Onyx Financial
The CQF has helped me look inside the world of nancial 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 nancial instruments and systematically manage market and
credit risk condence.
Elias John Kies
Previous qualications: HBBA, Business, Wilfrid Laurier University
Current position: Director of Analytics, Edgar Online Inc
I had a rm grasp on market fundamentals yet yearned for a deeper
technical perspective to analyze the increasingly complex capital markets.
The CQF lled 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.
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www.cqf.com
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
CQF Portal
Comprehensive learning portal
Online learning resources
Allowing you to 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 materials of the program. We also offer a CQF App which enables you to access your learning
materials on iOS and Android devices.
The CQF App demonstrates our dedication to
deliver innovative solutions for online learning. The
App can be downloaded on to any iOS or Android
device and gives access to the Mathematics Primer
lectures, the VBA lectures and core lectures as the
program progresses.
Key features of the App:
Mathematics Primer lectures and lecture notes
VBA lectures
Core lectures and lecture notes
CQF App
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 exibility allows the program to be completed on a part-time basis
around a busy work schedule and while on the go.
Dr. Randeep Gug, Program Director
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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
designation. 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 Lifelong Learning.
Option 2 Level I & Level II
The program can also be completed in two levels with each level comprising of three modules, completed over a duration of three months
per level. Levels can be completed in separate programs.
Outline of Level I & 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 in Level I. 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, commodities 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, the latest techniques used in credit modeling and advanced research level topics being developed in industry and academia.
MATHEMATICS FOR QUANT
FINANCE PRIMER
(optional)
CONTINUOUS PROFESSIONAL EDUCATION
(optional)
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12-hour intensive training to cover
mathematical preliminaries
Free Lifelong Learning includes over 600
hours of recorded topical lectures, new
topical lectures every month, C++, CM2,
Java and Trading Simulator
Full Program = Modules One to Six
Level I = Modules One to Three
Level II = Modules Four to Six
Modules One to Five Examined
Module Six Applied Project
LEVEL I
LEVEL II
FULL
PROGRAM
OR
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Mathematics for Quantitative Finance Primer
Getting prepared
The CQF program begins with the Mathematics Primer (optional), 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.
Calculus and Differential Equations Refresher
Calculus:
Functions and Limits
Differentiation and Integration
Complex Numbers
Functions of Several Variables
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 about the Mathematics Primer,
visit www.cqf.com/program
THIS PROGRAM COVERS THE FOLLOWING:
Visual Basic for Applications
The Primer is multi-faceted and includes
Visual Basic for Applications, starting with the
basics and working up to the more complex
features of VBA using Windows Excel.
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CQF program content
Outlining the modules
Basic Building Blocks of Finance
(Theory and Practice)
We introduce the rules of applied It calculus as a modeling
framework. We look at simple stochastic differential equations
and their associated Fokker-Planck and Kolmogorov equations.
Random Behaviour of Assets
Important Mathematical Tools and Results
Taylor Series
Central Limit Theorem
Partial Differential Equations
Transition Density Functions
Fokker-Planck and Kolmogorov
Stochastic Calculus and Its Lemma
Manipulating Stochastic Differential Equations
Products and Strategies
Martingale Fundamentals
The Binomial Model for Asset Prices
Visual Basic for Applications
Interest Rates and Products
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
Yield, Duration and Convexity
OIS Discounting
Stochastic Spot-Rate Models
Afne Stochastic Models
Probabilistic Methods for Interest Rates
Change of Numraire
Heath, Jarrow and Morton
Calibration
Data Analysis
Libor Market Model
SABR Model
Mathematica for Quant Finance
MODULE ONE
MODULE FOUR
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Modules One 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.
Risk and Return
We deal with the classical portfolio theory of Markowitz, the
Capital Asset Pricing Model and more recent developments
of these theories. We investigate risk and reward, looking
at risk management metrics such as VaR. We also see the
rudiments of option pricing principles and theory in the
binomial model.
Modern Portfolio Theory
Capital Asset Pricing Model
Sharpe Ratio and Market Price of Risk
Arbitrage Pricing Theory
Portfolio Optimization for Portfolio Selection
The Black-Litterman Model
Value at Risk
Volatility Clustering and Other Stylized Facts
Properties of Daily and High Frequency Asset Returns
Volatility Models: the ARCH Framework
Credit Products and Risk
Credit risk plays an important role in current nancial
markets. We see the major products and examine the most
important models. The modeling approaches include the
structural and the reduced form, as well as copulas.
Structural Models
Reduced-Form Model and the Hazard Rate
Credit Risk and Credit Derivatives
Credit Valuation Adjustment (CVA)
CDS Pricing, Market Approach
Synthetic CDO Pricing
Risk of Default, Structural and Reduced Form
Implementation of Copula Models
Statistical Methods for Estimating Default Probability
Equity, Currency and Commodity Derivatives
The Black-Scholes theory, built on the principles of
deltahedging and no arbitrage, has been very successful
and fruitful as a theoretical model and in practice. The
theory and results are explained using different kinds of
mathematics to make the delegate familiar with techniques
in current use.
The Black-Scholes Model
Hedging and the Greeks
Option Strategies
Early Exercise and American Options
Finite-Difference Methods
Monte Carlo Simulations
Exotic Options
Volatility Arbitrage Strategies
Martingale Theory for Pricing
Girsanovs Theorem
Advanced Greeks
Derivatives Market Practice
Advanced Topics
The benets of new models will be discussed from
theoretical, practical and commercial viewpoints. The
models derived in earlier parts of the course are only as
good as the solution. Increasingly, often the problems
must be solved numerically. We explain the main numerical
methods, and their practical implementation.
Deterministic Volatility and Calibration
Stochastic Volatility and Jump Diffusion
Non-Probabilistic Volatility Models
Correlation Sensitivity and State Dependence
Monte Carlo Methods, Brownian Bridge, Advanced Schemes
Quasi-Monte Carlo Methods, Sobol and more
Dynamic Asset Allocation
NAG and Excel for Quant
Cointegration: Modeling Long-term Relationships
Risk Management in Energy Derivatives
Speculation in Energy Derivatives
MODULE TWO
MODULE FIVE
MODULE THREE
MODULE SIX
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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.
Name: Lilan Li
Previous qualications: Master of Engineering, Information Systems & Management, Institut National des Sciences
Appliques de Lyon
Current position: Quants Developer, Barclays Capital
CQF ALUMNI PROFILE
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Lifelong Learning
Professional development throughout your career
Our free Lifelong Learning program for alumni contains a library of over 600 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. CQF alumni have permanent, unrestricted access to
their CQF lectures and the entire Lifelong Learning library, allowing you to maintain and further your professional
development at no additional cost.
LECTURES
Largest component of Lifelong Learning
Library of over 600 hours of lectures on every
conceivable nance subject
Delivered by some of the most eminent
practitioners and academics
Ever-expanding and up-to-date content
CERTIFICATE IN
MATHEMATICAL METHODS
Intensive program with 51 lectures
Covers a variety of mathematical methods
applicable to real-world problems
Equivalent to more than the rst 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
MASTERCLASSES
Delve deeper into specic subjects
Over 70 hours of additional material
Delivered by experts such as Dr. Paul Wilmott,
Dr. Peter Jckel, Dr. Espen Gaarder Haug,
Dr. Alonso Pena and Dr. Sbastien Lleo
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
TRADING SIMULATOR
Expands on the core lecture and workshop
Incorporate real-time events based on live data
from the marketplace
Includes multiple interaction types and
in-depth reporting
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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 the best-selling Paul Wilmott on
Quantitative Finance. He has extensive consulting experience with
leading US and European financial institutions, founded a volatility
arbitrage hedge fund and a university degree course.
Dr. Riaz Ahmad
Riaz is 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 J.P. Morgan 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.
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. Sbastien Lleo
Sbastien is a Professor of Finance at Reims Management School
in France, a lecturer on CQF in the UK 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.
Dr. Randeep Gug
Randeep is the Head of Professional Qualifications at Fitch Learning
and a lecturer on the CQF. 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.
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 specialties 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 Regents College in 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 Jckel
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. When Nikko closed down
its European operations in 1998, he changed to NatWest, which
later became part of the Royal Bank of Scotland group. In 2000, he
moved to Commerzbank Securities product development 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).
Professor Moorad Choudhry
Moorad is Treasurer, Corporate Banking Division at the Royal
Bank of Scotland. He was previously Head of Treasury at Europe
Arab Bank, Head of Treasury at KBC Financial Products, and
Vice-President in structured finance services at J.P. Morgan
Chase Bank. Moorad is Visiting Professor at the Department of
Mathematical Sciences, Brunel University, and Visiting Teaching
Fellow at the Department of Management, Birkbeck, and University
of London. He is a Fellow of the Chartered Institute for Securities
& Investment, and a member of the Board of Governors of the ifs
School of Finance.
CQF faculty
World-renowned practitioners and academics
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www.cqf.com
Dr. Alonso Pea
Alonso is SDA Professor at the SDA Bocconi School of
Management in Milan. 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 graduate and post-graduate 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. Siyi Zhou
Siyi 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, Siyi 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 is working at Moodys Analytics, based in London.
Dominic Connor
Dominic has been programming in C and C++ since the 1980s
when he graduated from Queen Mary University of London. He
has built trading systems for bond and equity markets, secure
networks for the British government, reviewed C++ compilers
for PC Magazine, and debugged operating systems for IBM and
Microsoft. At some point he has written code for every major
environment including Windows, OS/2, Reuters, Bloomberg, VMS,
AS/400, DOS, VM and Unix.
Dr. Patrick Hagan
Patrick received his BS and PhD in Applied Mathematics from
Caltech. Over the years 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. Before
entering finance he was Deputy Director of the CNLS and a
member of the Computer Research and Applications group at Los
Alamos. He has also worked at Exxon Science Laboratories, and
has taught at Caltech, Stanford, the Institute for Mathematics and
its Applications, and NYU.
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 on Modelling Financial Time
Series (Wiley 1986 & World Scientific 2008). His most recent
research interests are density forecasts for asset prices obtained
from option prices and the jump intensity of asset prices inferred
from high-frequency prices.
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The CQF not only teaches you the mathematics underpinning the different nancial
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.
Name: Anuj Gupta
Previous qualications: MPhil in Advanced Chemical Engineering, University of Cambridge
Current position: Director, Equity & Commodity Valuation Methodologies
CQF ALUMNI PROFILE
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www.cqf.com
Name: Anuj Gupta
Previous qualications: MPhil in Advanced Chemical Engineering, University of Cambridge
Current position: Director, Equity & Commodity Valuation Methodologies
How to apply
Enrolling on the program
The application has been designed to keep the process
simple. Should you have any questions about the
application process, please do not hesitate to contact
us at info@cqf.com or call +44 (0)845 072 7620.
For more information on the above, visit www.cqf.com/apply
Fees
The CQF fees cover:
Tuition
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,
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.
Wiley Scholarship
The Wiley Scholarship will be awarded to one
applicant per program from Asia, whereby the
recipient will have his/her program tuition discounted.
Wilmott Scholarship
For those who are unemployed, full-time students or
living in a developing country on a low income, the
Wilmott Scholarship covers a portion of the tuition fees.
1.
2.
3.
4.
Apply online at www.cqf.com/apply
The CQF Admissions team will come back to you within
five business days 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 by a Program Director.
You will then be required to fill out a short enrollment
form, accepting your place on the CQF. As part of
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 course materials and lectures, including the
Mathematics Primer.
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
strongest and weakest. You may complete this test up to
one week after taking the Mathematics Primer.
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FAQ
Questions and answers
Should I attend the program?
The Certificate will be of special interest to those working in:
Derivatives
Risk Management
Structuring
Trading
Fund Management
IT Investment
Banking
Hedge Funds
Financial Software
Consulting
Universities
Regulation
Insurance
How long is the program?
The examined core part of the program is six months long.
Dedicated to delivering flexible learning, the CQF offers
two study options so you can decide how to complete the
program and gain the CQF qualification.
Full Program
The program can be taken in full by completing the six
modules over six months, providing you with immediate
access to all of the materials you will need throughout the
program and access to our Lifelong Learning lectures.
or
Level I & Level II
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 Four to Six and Lifelong Learning.
What happens if I fail an exam?
If a delegate is struggling with a module they are encouraged
to contact us as soon as possible so that a member of the
CQF faculty can give them extra help and support. If a
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.
When does the program start?
The program is delivered twice a year, commencing in
January and in June.
Can I get help with funding?
We offer the Thomson Reuters, Wiley and Wilmott
Scholarships, which provide funds to enable certain
individuals in specific situations to attend the Certificate
in Quantitative Finance. These awards will be made at the
discretion of the Scholarships Committee to outstanding
candidates who meet the scholarship requirements and who,
in the opinion of the committee, are deserving and will gain
the most from the program.
What level of mathematics is required?
Delegates should have a numerate academic qualification
and should have familiarity with spreadsheet and
computational problem-solving. Delegates who feel their
mathematics is a little rusty are encouraged to complete
our pre-program Mathematics Primer (see page 11) prior
to commencing the CQF. This course is offered to CQF
delegates at no extra cost.
How do I apply?
Simply go to www.cqf.com/apply and fill in the application
form. Class sizes are restricted and places are awarded on a
first-come, first-served basis, provided a delegates application
has been approved and the Mathematics Aptitude Indicator
has been completed successfully.
How long will it take to receive a
decision on my application?
We endeavor to make a decision within five business days of
a complete application being received.
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www.cqf.com
When do I need to submit the
Mathematics Aptitude Indicator?
We advise all delegates to complete the application
form first. They should then start working through the
Mathematics Aptitude Indicator, and complete and return
it by email before the start of the program. Delegates are
welcome to delay handing in the test until after they have
completed the Mathematics Primer.
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 webcast?
Absolutely, submit an enquiry on the Contact us page of
the website and a member of the team will provide you with
a recording.
How long will I have access to the
recorded lectures?
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).
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Our affiliates
Working in partnership
Wilmott
Wilmott is the leading resource for the Quantitative Finance community with active users
comprised of both practitioners in financial services and academics involved in research and
teaching. It is led by Dr. Paul Wilmott, founder of the CQF.
The CFA Institute
The CFA has a commitment to continuing education (CE) and as such, CQF coursework
is eligible for 40 CE credits (equivalent to two years recommended minimum) and will be
automatically recorded in CFA Institute members CE Diaries.
PRMIA
The Professional Risk Managers International Association (PRMIA) seeks to provide
the highest standard of support and resources to its members in risk management and
financial engineering.
GARP
Global Association of Risk Professionals (GARP) is a not-for-profit global membership
organization dedicated to preparing professionals and organizations to make better informed
risk decisions. CQF is registered with GARP as an Approved Provider of continuing
professional education (CPE) credits for FRMs and ERPs. The CQF program qualifies for
40 credit hours.
Wolfram
Wolfram is one of the worlds most respected software companies as well as a powerhouse of
scientific and technical innovation. A wide range of companies rely on Mathematica to maintain
their competitive edge in a sector which is constantly changing and the CQF is proud to offer
this software to its delegates and alumni.
Wiley
Wiley is a leading global publisher of scientific and technical information. It publishes books
authored by various CQF faculty members, including the founder Dr. Paul Wilmott and Dr.
Espen Gaarder Haug, and works in conjunction with the program to ensure the delivery of
quality learning and teaching resources.
NAG
The Numerical Algorithms Group (NAG) delivers trusted, high-quality numerical computing
software and high performance computing (HPC) services and prides itself on decades of
research and developments which form the foundation of its powerful, flexible and accurate
software. The software is relied upon by tens of thousands of users, companies, and learning
institutions as well as numerous independent software vendors. NAG regularly works in
conjunction with the CQF program to deliver topical and informative events and masterclasses.
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Real-world financial
engineering
Contents
About the CQF ................................................. 3
Your CQF journey ............................................. 4
Where our delegates come from ......................... 6
CQF alumni ..................................................... 8
Online learning resources .................................. 9
Flexible program delivery ..................................10
Mathematics for Quantitative Finance Primer .......11
CQF program content .......................................12
Lifelong Learning .............................................15
CQF faculty .....................................................16
How to apply ...................................................19
FAQ ...............................................................20
Our affiliates ....................................................22
CERTIFICATE IN
FINANCE
CQF
Join our CQF group on
Dr. Paul Wilmott
CQF Program founder
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 and your company stay ahead
of the competition. Once you qualify, our
ever-expanding Lifelong Learning library
will support you throughout your career.
To date, more than 2000 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.
CQF brocure 2014 cover.indd 2 22/08/2013 10:19
Global Standard in Financial Engineering
Certificate in Quantitative Finance
CERTIFICATE IN
FINANCE
CQF
www.cqf.com
Delivered by
E: info@cqf.com W: www.cqf.com
Fitch Learning
LONDON
4 Chiswell Street,
London,
EC1Y 4UP
t +44 (0)845 072 7620
NEW YORK
55 Broad Street,
3rd Floor,
New York, NY 10004
t +1 800 974 0394
SINGAPORE
112 Robinson Road,
#03-03 Singapore,
068902
t +65 6327 1581
DUBAI
Dubai International Financial Centre,
Al Fattan Currency House, Tower 2, Level 7,
Office No. 704, PO Box 482058, Dubai, UAE
t +971 800 72489
CERTIFICATE IN
FINANCE
CQF
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