Global Standard in Financial Engineering

Certificate in Quantitative Finance

CERTIFICATE IN

FINANCE

CQF

www.cqf.com

Delivered by

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Fitch Learning

LONDON

4 Chiswell Street, London, EC1Y 4UP

t +44 (0)845 072 7620

NEW YORK55 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

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

FAQs .............................................................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 quant 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 quant 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 CQFA world-class professional quant qualification

WHY TAKE THE CQF PROGRAM?

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Your CQF journeySupporting 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 five 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 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. 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

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 qualification.

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 finance and consists of lectures and discussions. At the end of modules one to five, 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 final 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 finance 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.

Certificate in Mathematical Methods (CM2) – An intensive course of 51 recorded lectures (equivalent to more than the first 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 fromEmployers and geographical locations

DELEGATE OCCUPATION

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DELEGATE ACADEMIC DISCIPLINE

Physics

ABN AMRO Abu Dhabi Investment Authority

AccentureAlexia Asset Management

BanamexBank for International Settlements

Bank of America Merrill LynchBarclays

BNP ParibasBP Gas TradingBritish Energy

CalyonChicago Trading Company

CitadelCitco

Citi GroupCommerzbankCrédit AgricoleCredit Suisse

DeloitteDerivative Trading Systems Ltd

Deutsche BankDuff & Phelps

EDF TradingErnst & Young

Fidelity InternationalFitch Ratings

GE Capital SolutionsGoldman SachsGordian Knot

HBOS HSBC IB

IBM ING

Intesa San Paolo

J.P. Morgan

KPMG

Lloyds

Man FinancialMarshall Wace

Mellon Capital Management

Mitsubishi UFJ Securities InternationalMoody’s

Morgan Stanley

Nationwide Building SocietyNationwide Financial

Nomura

Och-Ziff Capital

PAAMCO

RBSRWE

Schroders

Thomson ReutersTowers Watson

Trafigura

UBSUnicredit

Watson WyattWells 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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www.cqf.com

NORTH AMERICAUSA New York Chicago San Francisco Boston Washington D.C. Los Angeles Florida Houston New Jersey Missouri Texas California Pennsylvania Connecticut Minnesota OregonCanada Toronto Quebec Ontario

SOUTH AMERICABrazil Sao Paulo Rio de Janeiro ChileColombiaPeruParaguay

EUROPEUnited Kingdom GermanySwitzerlandSwedenThe NetherlandsFranceRussiaItalyIrelandSpainLuxembourgDenmarkNorwayBelgiumAustriaPoland

MIDDLE EASTIsraelUAESaudi ArabiaQatarLebanonAzerbaijanSyriaBahrainKuwait

AFRICASouth AfricaEgyptMoroccoNigeriaZimbabwe

ASIA PACIFICSingaporeChinaJapanIndiaAustraliaMalaysiaVietnam

• 86% of applicants work in the financial sector • 90% of delegates work full-time for the duration of the program.

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CQF alumniAn influential network of quant 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 qualifications: 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 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.“

Stewart Button

Previous qualifications: 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 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 confidence.“

Elias John Kies

Previous qualifications: HBBA, Business, Wilfrid Laurier UniversityCurrent 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.“

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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 resourcesAllowing 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. TheApp 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 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, 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 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

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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 SixLevel I = Modules One to ThreeLevel II = Modules Four to Six

Modules One to Five – ExaminedModule Six – Applied Project

LEVEL I

LEVEL II

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www.cqf.com

Mathematics for Quantitative Finance PrimerGetting 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 contentOutlining the modules

Basic Building Blocks of Finance (Theory and Practice)

We introduce the rules of applied Itô 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 Itô’s 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• Affine Stochastic Models• Probabilistic Methods for Interest Rates• Change of Numéraire• Heath, Jarrow and Morton• Calibration• Data Analysis• Libor Market Model• SABR Model• Mathematica for Quant Finance

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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 financial 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• Girsanov’s Theorem• Advanced Greeks• Derivatives Market Practice

Advanced Topics

The benefits of new models will be discussed from theoretical, practical and commercial viewpoints. Themodels derived in earlier parts of the program 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 LiPrevious qualifications: Master of Engineering, Information Systems & Management, Institut National des Sciences Appliquées de Lyon

Current position: Quants Developer, Barclays Capital

CQF ALUMNI PROFILE

www.cqf.com

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Lifelong LearningProfessional 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 finance 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 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

MASTERCLASSES• Delve deeper into specific subjects• Over 70 hours of additional material• Delivered by experts such as Dr. Paul Wilmott,

Dr. Peter Jäckel, Dr. Espen Gaarder Haug, Dr. Alonso Pena and Dr. Sébastien 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 AhmadRiaz 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 HaugEspen 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 GrahamNeil 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. Sébastien LleoSébastien 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 GugRandeep 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 DiamondRichard 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 Regent’s College in London.

Dr. Iris MackIris 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 JäckelPeter 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 ChoudhryMoorad 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 facultyWorld-renowned practitioners and academics

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Dr. Alonso PeñaAlonso 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 ZhouSiyi 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 Moody’s Analytics, based in London.

Dominic ConnorDominic 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 HaganPatrick 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 TaylorStephen 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 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.

Name: Anuj Gupta Previous qualifications: MPhil in Advanced Chemical Engineering, University of Cambridge Current position: Director, Equity & Commodity Valuation Methodologies

CQF ALUMNI PROFILE

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Name: Anuj Gupta Previous qualifications: MPhil in Advanced Chemical Engineering, University of Cambridge Current position: Director, Equity & Commodity Valuation Methodologies

How to applyEnrolling 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

ScholarshipsA 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 ScholarshipFor those who are unemployed, full-time students orliving in a developing country on a low income, theWilmott Scholarship covers a portion of the tuition fees.

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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 program 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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FAQsQuestions 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 designation.

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 delegate’s 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 affiliatesWorking in partnership

WilmottWilmott 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 InstituteThe 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.

PRMIAThe 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.

GARPGlobal 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.

WolframWolfram is one of the world’s 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.

WileyWiley 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.

NAGThe 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.

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

FAQs .............................................................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.“

Global Standard in Financial Engineering

Certificate in Quantitative Finance

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