Certificate in Quantitative Finance

Global Standard in Financial Engineering

Awarded by Delivered by
Real-world financial Contents
engineering
“Finance is an increasingly sophisticated About the CQF........................................................................ 3
and competitive sector to work in and
the demand for education in quantitative
Your CQF journey.................................................................. 4
finance has never been greater. With a Diverse delegate profile........................................................ 6
focus on the practical implementation of
quantitative techniques, the Certificate in
CQF alumni community........................................................ 7
Quantitative Finance (CQF) is taught by Flexible program delivery..................................................... 8
leading practitioners and is designed to
help you advance in the financial landscape.
Preparation............................................................................... 9
Once you qualify, our ever-expanding CQF program content ........................................................10
Lifelong Learning library will support you
throughout your career.
Advanced electives..............................................................12

Online learning resources...................................................14

To date, more than 4500 professionals
worldwide have completed the program and Lifelong Learning..................................................................15
the Certificate has gained global recognition
CQF faculty............................................................................16
as the benchmark qualification for anyone
in, or aspiring to enter, the sphere of Joining the program.............................................................19
quantitative finance.“
FAQs........................................................................................20

CQF Institute.........................................................................22

Dr. Paul Wilmott

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

Founded by Dr. Paul Wilmott, the Certificate in Quantitative Finance program is now in its 16th year. Over
the years thousands of professionals from across the globe have joined the CQF program to help them master
practical, real-world financial engineering techniques and get ahead in their field.

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

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

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

WHY TAKE THE CQF PROGRAM?

Become qualified in quantitative finance
• The CQF is a prestigious qualification that provides
in-depth analysis of practical quantitative methods for
financial markets.
Develop career-enhancing skills
• The program is a key career development tool for
professionals from a rich diversity of backgrounds
and responsibilities who want to build their skills in
quantitative finance.
Specialize with our advanced electives
• We offer you the opportunity to choose from a range
of electives in specialist areas.
Benefit from expert teaching
• The CQF faculty is a highly acclaimed team of
experts combining experienced practitioners
and leading academics specializing in the field of
quantitative finance.
Join our global alumni network
• CQF alumni benefit from a strong business community
of more than 4500 quantitative professionals.
Access our free Lifelong Learning library
• CQF alumni gain access to our ever-expanding Lifelong
Learning library with over 900 hours of extra lectures
on the latest quantitative finance topics.
Study part-time and online
• The program is offered in January and June.
• All lectures are streamed live online and are recorded,
and made available on the CQF Learning Portal within
24 hours.
• The CQF App allows delegates to download lectures
for offline viewing.
• Once enrolled you will have access to our
Mathematics, Finance and Programming primers to
help you get up to speed before the progam starts.
Choose between two study options
• Full Program: complete the six modules and chosen
electives in six months.
• Level I & Level II: complete the six modules and chosen
electives in two three-month levels. Levels can be
taken in separate programs.

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Your CQF journey
Supporting you beyond the program

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

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Study options available to you: We invest in the future of our CQF alumni by offering a free
continuing professional development (CPD) program, called
Full Program – complete the program in six months
Lifelong Learning. It is designed to support you throughout
Level I & Level II – complete the program in two three- the whole of your career. Lifelong Learning consists of:
month levels
Lectures – A library of over 900 hours of lectures on every
Each module covers a different aspect of quantitative finance conceivable finance subject with regular new additions on
and consists of lectures and discussions. At the end of the latest topics and techniques being used in industry.
modules two, three and five, delegates take a written exam.
Masterclasses – Over 100 hours of additional material to help
At the end of module six delegates complete a practical
you delve deeper into subjects.
project, developing implementation skills, supported by their
choice of advanced electives. Certificate in Mathematical Methods (CM2) – An intensive
course of 51 recorded lectures (equivalent to more than the
Module One – Building Blocks of Quantitative Finance
first two years of a university mathematics degree).
Module Two – Quantitative Risk and Return
C++ – Over 70 hours of tuition across 28 recorded sessions
Module Three – Equities and Currencies covering the theory of design and translating pricing models
into working C++ code.
Module Four – Data Science and Machine Learning
Module Five – Fixed Income
Module Six – Credit Products and Risk
Advanced Electives – Choose two from a range of electives
Final Exam for Distinction (Optional) – The final three-hour
examination takes place in exam centers worldwide. Delegates
who score 80% or above receive a distinction grade.

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Diverse delegate profile
Background and occupation

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

IT

Actuary

Occupation Background

Trading

CROSS SECTION OF DELEGATE EMPLOYERS

EDF Trading Mitsubishi UFJ Securities International

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

6
CQF alumni community
An influential network of quant professionals

The CQF alumni network is an exclusive global community, which consists of over 4500 quantitative finance
professionals in more than 90 countries.

Countries with alumni

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

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

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

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

The CQF program comprises six modules and advanced electives, which will need to be completed to obtain the
CQF qualification. You can start the program in either January or June. Dedicated to delivering flexible learning,
the CQF offers two study options so you can decide how take the program. Additionally, you have up to three
years to complete the CQF at no extra cost.

Option 1 – Full Program

The program can be taken in full by completing the six modules and chosen electives in six months. This option provides you with
immediate access to all of the materials you will need throughout the program, and to Lifelong Learning.
Option 2 – Level I & Level II
The program can also be completed in two three-month levels, which can be taken in separate programs. Level I consists of the
primers and modules one to three. Level II consists of modules four to six, advanced electives and Lifelong Learning.

CQF LIFELONG
PREPARATION
QUALIFICATION LEARNING

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

LEVEL II

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

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

8
Preparation
Get ready with program primers

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

PRIMERS INCLUDE THE FOLLOWING:

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

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

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

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

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

MODULE ONE

Building Blocks of Quantitative Finance

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

• Central Limit Theorem

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

MODULE FOUR

Data Science and Machine Learning

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

• Filtering and Trading Signals

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

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MODULE TWO
Quantitative Risk and Return
This module deals with the classical portfolio theory of
Markowitz, the capital asset pricing model and more recent
developments of these theories. We investigate risk and
return, looking at risk management metrics such as VaR.
• 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
• Risk Regulation and Basel III
• Value at Risk and Expected Shortfall
• Collateral and Margins
• Liquidity Asset Liability Management
• Volatility Filtering (GARCH Family)
• High Frequency Data
• Asset Returns: Key, Empirical Stylised Facts
• Volatility Models: The ARCH Framework
MODULE FIVE
Fixed Income
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
• Monte Carlo Methods, Brownian Bridge, Advances Schemes
• Quasi-Monte Carlo Methods, Sobol and more
• Multiple Curve Interest Rate Modeling
11
MODULE THREE
Equities and Currencies
The Black-Scholes theory, built on the principles of delta
hedging and no arbitrage, has been very successful and fruitful
as a theoretical model and in practice. This module explains the
theory and results 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 Volatility Modeling in Complete Markets
• Non-Probabilistic Volatility Models
MODULE SIX
Credit Products and Risk
Credit risk plays an important role in current financial
markets. This module looks at the major products and
examines 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
• X-Valuation Adjustment (CVA, DVA, FVA, MVA)
• CDS Pricing, Market Approach
• Synthetic CDO Pricing
• Risk of Default, Structural and Reduced Form
• Implementation of Copula Models
• Correlation Sensitivity and State Dependence
Advanced electives
Specialize in your field

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

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

Algorithmic Trading Advanced Risk Management

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

Advanced Volatility Modeling Counterparty Credit Risk Modeling

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

Advanced Computational Methods Data Analytics with Python

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

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Behavioral Finance for Quants
This elective will equip delegates with the tools to identify
key psychological pitfalls, use their mathematical skills to
address these and build better financial models.
• System 1 vs System 2
• Behavioral Biases; Heuristic Processes; Framing Effects
& Group Processes
• Loss Aversion vs Risk Aversion; Loss Aversion; SP/A
Theory
• Linearity and Nonlinearity
Advanced Portfolio Management
This elective looks at the latest techniques used by many
buy-side firms to improve return and better manage
client capital.
• Perform a Dynamic Portfolio Optimization, Using
Stochastic Control
• Combine Views with Market Data Using Filtering
• Understand the Importance of Behavioural Biases and
Address Them
• Develop New Insights into Portfolio Risk Management
Python Applications
This elective extends the material discussed in the
Programming Primer, which introduced the Python
environment using Enthought Canopy and the basic syntax
and structures.
• Fundamental and Important Techniques Applied to
Finance
• File Manipulation & Working with Data
• Further Development of User-Defined
Functions as well as the Powerful
Libraries for Probability and Statistics
Machine Learning Using Python
This elective focuses on techniques used to retrieve
financial data from open data sources, covering major
Python packages.
• Using Linear OLS Regression to Predict Financial Prices
and Returns
• Application to the Pricing of American Options by Monte
Carlo Simulation
• Applying Logistic Regression to Classification Problems
• Predicting Stock Market Returns as a Classification
Problem
13
R for Quant Finance
R is a powerful statistical programming language,
with numerous tricks up its sleeves making it an ideal
environment to code quant finance and data analytics
applications.
• Install R and R Studio and Navigate to Unleash the
Power of R and Stay Organized
• Understand Data Structures and Data Types
• Use Some of R’s Most Useful Functions
• Write Your Own Scripts and Code
• Know How to Deal with Some of R’s “Loveable Quirks”
Risk Budgeting
Rather than solving the risk-return optimization problem as
in the classic (Markowitz) approach, risk budgeting focuses
on risk and its limits (budgets). This elective will focus on
the quant aspects of risk budgeting and how it can be
applied to portfolio management.
• Portfolio Construction and Measurement
• Value at Risk in Portfolio Management
• Risk Budgeting in Theory
• Risk Budgeting in Practice
Fintech
This elective gives you an insight into the financial
technology revolution and the disruption, innovation and
opportunity therein.
• Introduction to and History of Fintech
• Fintech – Breaking the Financial Services Value Chain
• FinTech Hubs
• Technology – Blockchain; Cryptocurrencies; Big Data
102; AI 102
• Fintech Solutions
• The Future of Fintech
C++
Starting with the basics of simple input via keyboard and
output to screen, this elective will work through a number
of topics, finishing with simple OOP.
• Getting Started with the C++ Environment
• Control Flow and Formatting – Decision Making; File
Management; Formatting Output
• Functions – Writing User Defined Functions; Headers
and Source Files
• Introduction to OOP – Simple Classes and Objects
• Arrays and String
Online learning resources
Study in your own time

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

CQF Learning Portal

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

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

Download lectures for offline viewing:

• Mathematics, Programming and Finance
primer lectures
• Core lectures

Interactive CQF App

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

Support from dedicated staff

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Lifelong Learning
Continuing professional development throughout your career

Our free Lifelong Learning program for alumni contains a library of over 900 hours of lectures on every conceivable
finance subject. Delivered by some of the most eminent practitioners and academics, the content is ever expanding,
with additional lectures continually taking place. You will gain permanent access to CQF lectures and the entire
Lifelong Learning library, allowing you to further your professional development at no additional cost.

LECTURES
• Largest component of Lifelong Learning
• Library of over 900 hours of lectures delivered
by eminent practitioners and academics
• Ever-expanding and up-to-date content
MASTERCLASSES
• Delve deeper into specific subjects with one or
two-day courses delivered by experts such as
Dr. Paul Wilmott, Dr. Claudio Albanese, Dr. Wim
Schoutens
• Over 100 hours of recorded material

CERTIFICATE IN MATHEMATICAL C++

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

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

15 www.cqf.com/lifelong
CQF faculty
World-renowned practitioners and academics
Dr. Paul Wilmott
Paul is internationally renowned as a leading
expert on quantitative finance and founder of
the CQF. His research work is extensive, with
more than 100 articles in leading mathematical
and finance journals, as well as several
internationally acclaimed books on mathematical
modeling and derivatives, including Paul Wilmott
on Quantitative Finance. He has extensive
consulting experience with leading US and
European financial institutions, and founded a
volatility arbitrage hedge fund and a university
degree course.
Dr. Riaz Ahmad
Riaz is the Head of CQF Faculty and teaches
mathematical finance, C++ programming and
mathematical methods-based courses. Riaz is
an applied mathematician with teaching and
research interests in the mathematical and
computational aspects of financial derivatives
– in particular, stochastic volatility and jump
diffusion models, exotic options and interest
rate modeling. Riaz has lectured in mathematical
finance at University College London and
Oxford University.
Dr. Espen Gaarder Haug
Espen has worked in derivatives trading and
research for more than 20 years. He worked
as a proprietary option trader at J.P. Morgan
in New York, and as an option trader for two
multibillion dollar hedge funds, Amaranth and
Paloma Partners. He also worked as an option
market maker for Chase Manhattan Bank (now
JPMorgan Chase). He has been involved in
almost every option market, including equity,
currency, fixed income, energy and commodities.
He has a PhD from the Norwegian University of
Science and Technology.
Dr. Randeep Gug
Randeep is the Managing Director, Public
Courses and CQF at Fitch Learning and the CQF
Program Director. He spent five years working
in the Equities division at Salomon Smith
Barney and later traded futures and options
on the Indian National Stock Exchange (NSE).
A qualified teacher, he has a first-class honors
degree and a PhD for research in semiconductor
physics.
16
Dr. Sébastien Lleo
Sébastien is a lecturer on the CQF program,
Associate Professor of Finance and Director of
Doctoral Program at NEOMA Business School in
France, and a Visiting Lecturer at the Frankfurt
School of Finance and Management in Germany.
Previously, he held a research position at
Imperial College London in the UK. Before that,
he worked for seven years in the investment
industry in Canada and held consulting positions.
He holds a PhD in Mathematics from Imperial
College London.
Dr. Patrick Hagan
Patrick received his BS and PhD in Applied
Mathematics from Caltech. He has worked at
Bloomberg and several banks designing trading
systems for fixed income, credit, and foreign
exchange derivatives, as well as developing the
component models, calibration methods, and
numerical algorithm. He has also worked at
Exxon Science Laboratories, and has taught at
Caltech, Stanford, the Institute for Mathematics
and its Applications, and NYU.
Dr. Richard Vladimir Diamond
Dr. Richard Diamond offers over thirteen years
of teaching and practitioner experience in
quant finance, data analysis and econometrics.
He is recognized for empirical studies of
cointegration for trading published at WILMOTT
and distributed academically. Following posts at
Regent’s University London and City, University
of London he took an Associate Principal role
at a private investment office to help control
accounts with asset managing firms and set up a
trading operation with multi-million exposure to
equity, vanilla options and FX. Richard designed,
coded and executed systematic arbitrage in
VIX futures.
Dr. Peter Jäckel
Peter is the founder and Managing Director of
OTC Analytics. He received his DPhil in Physics
from Oxford University in 1995. Peter migrated
into quantitative analysis and financial modeling
in 1997 when he joined Nikko Securities. in
1998, he changed to NatWest, which later
became part of the Royal Bank of Scotland
group. From 2004 to 2008, he was with ABN
AMRO as Global Head of Credit, Hybrid,
Inflation, and Commodity Derivative Analytics.
Peter is the author of the book Monte Carlo
Methods in Finance (2002).
Dr. Alonso Peña
Alonso is SDA Professor at the SDA Bocconi
School of Management. He has worked as a
Quantitative Analyst in the Structured Products
group for Thomson Reuters Risk and for
Unicredit Group in London and Milan. He holds a
PhD from the University of Cambridge on finite
element analysis. He has lectured and supervised
students from the universities of Oxford,
Cambridge, Bergamo, Pavia, Castellanza and the
Politecnico di Milano. His area of expertise is the
pricing of financial derivatives.
Dr. Si-Yi Zhou
Si-Yi is an Associate Lecturer for the CQF. He
teaches applied quantitative finance in volatility
arbitrage, stochastic interest rate models and
credit derivative pricing and risk management.
Before joining Fitch Learning, Si-Yi worked as a
Senior Risk Analyst in a City of London-based
consulting firm, providing constructive solutions
to leading banks and insurance companies. He
has worked on many projects in counterparty
credit risk and market risk management.
Dr. Jon Gregory
Jon is an independent expert in counterparty
credit risk and XVA related projects, and Senior
Advisor at Solum Financial Ltd. He has worked
on many aspects of credit risk in his career, being
previously with Barclays Capital, BNP Paribas
and Citigroup. Amongst others, he is author
of the book Counterparty Credit Risk: The New
Challenge for Global Financial Markets.

Dr. Yves Hilpisch

Yves is the founder and Managing Partner of
The Python Quants, an analytics software
provider and financial engineering group. He is
the author of Python for Finance (O’Reilly, 2014)
and Derivatives Analytics with Python (Wiley,
2015). Yves also lectures on computational
finance and organizes meet-ups and conferences
about Python for quant finance in New York
and London.

Professor Stephen Taylor

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

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

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

What’s covered in the fees?

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

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

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

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

19 www.cqf.com/apply
FAQs
Questions and answers
How do I begin my CQF studies?
You start by applying online at cqf.com. Applying to the
CQF is free. Once completed you will be contacted within 48
hours by a member of our admissions team indicating your
preliminary acceptance. You begin your program when you
submit your enrollment form and make your initial payment.
How will I benefit from earning the CQF?
The Certificate in Quantitative Finance (CQF) is the world’s
largest professional qualification in quantitative finance. The
globally recognized program is designed to help you develop
practical, market-ready skills you can apply today and in
the future.
How long is the program?
You have up to three years to complete the CQF, at no
additional cost beyond your enrollment fees.
The CQF program can be completed in six months. We are
dedicated to flexibility and offer two study options:
Full Program
The program can be taken in full by completing the six
modules and chosen electives in six months.
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 primers and
modules one to three. Level II consists of modules four to six,
advanced electives and Lifelong Learning.
Do I have a sufficient math or technical
background to join the CQF?
Delegates come to the CQF with a range of backgrounds
and experience. If you feel like your math is a bit “rusty” or
you don’t think you have the finance or programming skills
required for the CQF we offer Mathematics, Finance and
Programming primers. These optional primers are included in
your enrollment fees and are designed to refresh your skills
ahead of the program.
20
How long are the lectures, and what is
expected of me each week?
Each week there are two live lectures that typically run 2.5
hours. You can either participate in the live webcast or watch
them at your own convenience using the CQF Learning Portal
or CQF App. We also recommend you allow approximately 10
hours of additional study a week.
How do I become CQF qualified?
You earn the CQF qualification by completing module
exams and submitting a final practical project. There is also
the option of sitting a comprehensive final examination for
distinction. You may defer any, or all, of your examinations
to a later cohort. You have a three-year window to complete
the program.
What happens if I fail an exam?
If you are struggling with a module contact us to receive
one-to-one support from a member of the CQF faculty. If you
fail one of your exams, the CQF faculty will meet to discuss
your options recommending that you either retake the
examination or defer to the next program. There is no extra
cost to defer the CQF program.
When does the program start?
The program is delivered twice a year, commencing in January
and in June.
What are the admissions criteria for the CQF
program?
Our admissions team looks at the academic and professional
background provided in your application form to determine
your suitability for the program.
How long will it take to receive a decision on
my application?
The CQF Admissions team will come back to you within 48
hours indicating whether you have been granted preliminary
acceptance onto the program.
What equipment do I need to view the
lectures live or recorded?
You can view the live or recorded lectures using a computer
or mobile device with internet access. We recommend you
have a minimum internet bandwidth of 1Mbps to ensure you
can view the content uninterrupted.
How do I participate in the lectures?
All CQF lectures are broadcast live from our London training
center, and are recorded and made available to all delegates
on the CQF Learning Portal and the CQF App.
21
How long will I have access to the recorded
lectures?
Delegates have permanent access to the recorded lectures on
the CQF Learning Portal.
Do you have questions you want to
ask us?
If you have more questions sign up to one of our information
sessions online at cqf.com. Sessions consist of a one-hour
presentation by the CQF Program Director followed by
a Q&A.
 CQF Institute
Educating the quantitative finance community

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

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

2018 Quant Insights Conference

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

Europe Americas APAC Middle East & Africa

Amsterdam Boston Hong Kong UAE

Frankfurt Chicago Mumbai Johannesburg

London Houston Shanghai

Moscow New York Singapore

Paris Sao Paulo Sydney

Zurich Toronto

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

Contact our team

Americas:
Tim Johnson
tim.johnson@fitchlearning.com
+1 646 943 6210

Asia Pacific:
Ben O’Malley
ben.omalley@fitchlearning.com
+ 65 6572 9792

Europe, MEA:
Kevin Brind
kevin.brind@fitchlearning.com
+44 (0)20 7496 8422

UK:
Sophie Shepherd
sophie.shepherd@fitchlearning.com
+ 44 (0)20 7496 8620

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

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

Knowledge | Skills | Conduct

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