Certificate in Quantitative Finance

Global Standard in Financial Engineering

Awarded by Part of

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Real-world financial
engineering
“Finance is an increasingly sophisticated
and competitive sector to work in and
the demand for education in quantitative
finance has never been greater. With a
focus on the practical implementation of
quantitative techniques, the Certificate in
Quantitative Finance (CQF) is taught by
leading practitioners and is designed to
help you advance in the financial landscape.
Once you qualify, our ever-expanding
Lifelong Learning library will support you
throughout your career.
To date, more than 4500 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.“
Contents
About the CQF........................................................................ 3
Your CQF journey.................................................................. 4
Diverse delegate profile........................................................ 6
CQF alumni community........................................................ 7
Flexible program delivery..................................................... 8
Preparation............................................................................... 9
CQF program content ........................................................10
Advanced electives..............................................................12
Lifelong Learning..................................................................14
Online learning resources...................................................15
CQF faculty............................................................................16
Joining the program.............................................................19
FAQs........................................................................................20
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 17th 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 to 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 to ensure that the skills
you learn can be immediately put into practice. The program is constantly evolving to reflect current employers’
needs and comprises a fully comprehensive syllabus covering quant finance as well as advanced machine learning
techniques. 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 and Dubai.
WHY JOIN THE CQF PROGRAM?

CQF Institute.........................................................................22
Study part-time over six months Learn from industry experts
• The CQF instructs on the most practical • Our faculty is packed with leading practitioners
elements and techniques of quant finance and from around the world, offering one-to-one
Dr. Paul Wilmott
is taught over six months. support.
CQF Program founder

Immediate impact on your career A practical program adapts to global market

• Benefit from the CQF qualification as it helps needs
to upskill with the latest techniques used in the • The CQF curriculum is updated on a quarterly
industry. Specialize towards your career goals basis to include current and essential market
with advanced electives. practices.

Career-long learning is essential for career-
long success
• We support you throughout your career by
giving you access to our ever-expanding
Lifelong Learning library and networking
opportunities with like-minded professionals.
Today’s professionals need flexible, online
learning
• The CQF offers you unparalleled flexibility by
earning the qualification part time, online and
you may take up to three years to complete
your studies.

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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.
Python 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.
Co
u
St
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 the industry.
modules two, three and four, delegates take a written exam.
Masterclasses – Over 100 hours of additional material to
At the end of module six delegates complete a practical
help 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 I
Module Five – Data Science and Machine Learning II
Module Six – Fixed Income and Credit
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 CQF alumni community
Background and occupation An influential network of quant professionals

CQF delegates come from a rich diversity of different backgrounds and responsibilities, bringing a The CQF alumni network is an exclusive global community, which consists of over 4500 quantitative finance
wealth of experience to the program. professionals in more than 90 countries.

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Countries with alumni

David Brocas
Head Cobalt Trader, Glencore
“What attracted me first to the CQF was the content of the program; it covers everything I needed to learn.

Sectors our delegates work in I really liked the mix between the theory and practical exercises which can be applied to my day-today
role straightaway.“

Anuj Gupta
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.“

Banking Insurance Investment Trading Professional Energy Technology Elias-John Kies

Management Services & IT 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.“

6 7 www.cqf.com/cqf-alumni
Flexible program delivery Preparation
Two study options Get ready with program primers

The CQF program comprises six modules and advanced electives, which will need to be completed to obtain the The CQF program begins with three optional primers in Mathematics, Python Programming and Finance. These
CQF qualification. You can start the program in either January or June. Dedicated to delivering flexible learning, primers each include up to 12 hours of intensive training, should you need it. They have been designed to give
the CQF offers two study options so you can decide how to take the program. Additionally, you have up to three you all the preliminaries you need to know and to bring you up to speed ahead of the program.
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. PRIMERS INCLUDE THE FOLLOWING:
Option 2 – Level I & Level II
The program can also be completed in two three-month levels, which can be taken in separate cohorts. Level I consists of the
primers and modules one to three. Level II consists of modules four to six, advanced electives and Lifelong Learning. Mathematics Primer
Covers mathematical preliminaries needed before
commencing the CQF program.
• Calculus
CQF LIFELONG
PREPARATION • Differential Equations
QUALIFICATION LEARNING
• Linear Algebra
• Probability
• Statistics

LEVEL I Python Programming Primer

OPTIONAL
PRIMERS: Presents the Python language in a scientific
CONTINUING framework to enable users to begin writing
• MATHEMATICS FULL
• PYTHON
+ OR PROGRAM PROFESSIONAL numerical code.
DEVELOPMENT • Python Syntax
PROGRAMMING
• FINANCE • Standard Mathematical Functions
LEVEL II • SciPy and NumPy Libraries
• Good Programming Practices
• Documenting Code, Debugging

Finance Primer
Level I
Level I will give you an understanding of the essential tools needed in the industry. Access to the program preparation and the Introduces key concepts and different asset
CQF App are just some of the benefits you will receive. Upon completing this level, you will have an excellent knowledge of the classes needed for the CQF program.
mathematical tools and concepts used in quant finance, covering areas of quantitative asset management and risk management, • Macro Economics
progressing onto pricing of equities and currency derivatives.
• Capital Markets Fundamentals
Level II
• Introduction to Money Markets
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 • Time Value of Money
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 • Introduction to Financial Assets
have the opportunity to specialize by choosing advanced electives relevant to your current or future workplace.
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 four 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
In module one, we will introduce you to the rules of
applied Itô calculus as a modeling framework. You will
build tools using both stochastic calculus and martingale
theory and learn how to use simple stochastic
differential equations and their associated Fokker-
Planck and Kolmogorov equations.
• Random Behavior of Assets
• Important Mathematical Tools and Results
LEVEL I
• 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
• Martingales
• The Binomial Model for Asset Prices
FULL PROGRAM
MODULE FOUR
Data Science and Machine Learning I
In module four, you will be introduced to the latest data
science and machine learning techniques used in finance.
Starting with a comprehensive overview of the topic, you will
learn essential mathematical tools followed by a deep dive into
the topic of supervised learning, including regression methods,
k-nearest neighbors, support vector machines, ensemble
methods and many more.
• What is Mathematical Modeling?
LEVEL II
• Math Toolbox for Machine Learning
• Supervised Learning Techniques
• Linear Regression
• Penalised Regressions: Lasso, Ridge and Elastic Net
• Logistic, Softmax Regression
• K-Nearest Neighbors
• Naïve Bayes Classifier
• Support Vector Machines
• Decision Trees
• Ensemble Models – Bagging and Boosting
• Python – Scikit Learn
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MODULE TWO MODULE THREE
Quantitative Risk and Return Equities and Currencies
In module two, you will learn about the classical portfolio In module three, we will explore the importance of the Black-
theory of Markowitz, the capital asset pricing model and Scholes theory as a theoretical and practical pricing model
recent developments of these theories. We will investigate which is built on the principles of delta heading and no arbitrage.
quantitative risk and return, looking at econometric models You will learn about the theory and results in the context of
such as the ARCH framework and risk management metrics equities and currencies using different kinds of mathematics to
such as VaR and how they are used in the industry. make you familiar with techniques in current use.
• Modern Portfolio Theory • The Black-Scholes Model
• Capital Asset Pricing Model • Hedging and the Greeks
• Sharpe Ratio and Market Price of Risk • Option Strategies
• Arbitrage Pricing Theory • Early Exercise and American Options
• Portfolio Optimization for Portfolio Selection • Finite-Difference Methods
• The Black-Litterman Model • Monte Carlo Simulations
• Risk Regulation and Basel III • Exotic Options
• Value at Risk and Expected Shortfall • Volatility Arbitrage Strategies
• Collateral and Margins • Martingale Theory for Pricing
• Liquidity Asset Liability Management • Girsanov’s Theorem
• Volatility Filtering (GARCH Family) • Advanced Greeks
• High Frequency Data • Derivatives Market Practice
• Asset Returns: Key, Empirical Stylised Facts • Advanced Volatility Modeling in Complete Markets
• Volatility Models: The ARCH Framework • Non-Probabilistic Volatility Models
MODULE FIVE MODULE SIX
Data Science and Machine Learning II Fixed Income and Credit
In module five, you will learn several more methods used In the first part of module six, we will review the multitude
for machine learning in finance. Starting with unsupervised of interest rate models used within the industry, focusing
learning, deep learning and neural networks, we will move into on the implementation and limitations of each model. In
natural language processing and reinforcement learning. You the second part, you will learn about credit and how credit
will study the theoretical framework, but more importantly, risk models are used in quant finance, including structural,
analyze practical case studies exploring how these techniques reduced form as well as copula models.
are used within finance.
• Fixed-Income Products and Market Practices
• Unsupervised Learning Techniques • Yield, Duration and Convexity
• Further Mathematical Tools for Machine Learning • Stochastic Interest Rate Models
• Principal Component Analysis • Probabilistic Methods for Interest Rates
• K-Means Clustering • Calibration and Data Analysis
• Self-Organizing Maps • Heath, Jarrow and Morton
• Artificial Neural Networks • Libor Market Model
• Neural Network Architectures • SABR Model
• Natural Language Processing • Structural Models
• Deep Learning & NLP Tools • Reduced-Form Model and the Hazard Rate
• Reinforcement Learning • Credit Risk and Credit Derivatives
• Risk-Sensitivity in Reinforcement Learning • X-Valuation Adjustment (CVA, DVA, FVA, MVA)
• Practical Machine Learning Case Studies for Finance • CDS Pricing, Market Approach
• AI-Based Algo Trading Strategies • Risk of Default, Structural and Reduced Form
• Python – Tensorflow • Implementation of Copula Models
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Advanced electives Behavioral Finance for Quants R for Quant Finance

Specialize in your field 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
The CQF program offers you the opportunity to specialize further by choosing from our range of • Behavioral Biases; Heuristic Processes; Framing Effects
advanced electives, allowing you to develop your skills with your career objectives in mind. & Group Processes
• Loss Aversion vs Risk Aversion; Loss Aversion; SP/A
Theory
For more information about advanced electives and to view the full outline, please visit
• Linearity and Nonlinearity
www.cqf.com/program.
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”

Algorithmic Trading
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
Advanced Risk Management
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 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
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

Advanced Volatility Modeling Counterparty Credit Risk Modeling Python Applications Fintech
Volatility and being able to model volatility is a This elective goes through risks associated with the This elective extends the material discussed in the Python This elective gives you an insight into the financial
fundamental element to any quantitative model. This counterparty and how they are included in modeling. Programming Primer, which introduced the Python technology revolution and the disruption, innovation and
elective looks at the common techniques used to model environment using Enthought Canopy and the basic opportunity therein.
• Credit Risk to Credit Derivatives
volatility, providing mathematics and numerical methods syntax and structures.
• CVA, DVA, FVA • Introduction to and History of Fintech
for solving problems.
• Interest Rates for Counterparty Risk – Dynamic Models • Fundamental and Important Techniques Applied to • Fintech – Breaking the Financial Services Value Chain
• Fourier Transforms and Modeling Finance • FinTech Hubs
• Functions of a Complex Variable • Interest Rate Swap CVA and Implementation of Dynamic • File Manipulation & Working with Data • Technology – Blockchain; Cryptocurrencies; Big Data
• Stochastic Volatility Model • Further Development of User-Defined Functions as 102; AI 102
• Jump Diffusion well as the Powerful Libraries for Probability and • Fintech Solutions
Statistics • The Future of Fintech

Advanced Computational Methods
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
Data Analytics with Python
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
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
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

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Lifelong Learning Online learning resources
Continuing professional development throughout your career Study in your own time

Our free Lifelong Learning program for alumni contains a library of over 900 hours of lectures on every conceivable The CQF is at the forefront of interactive online learning and is continually developing new methods and tools as
finance subject. Delivered by some of the most eminent practitioners and academics, the content is ever expanding, our global audience expands. Our comprehensive online learning portal gives you permanent access to all of the
with additional lectures continually taking place. You will gain permanent access to CQF lectures and the entire recorded lectures and program materials. We also offer a CQF App, which enables you to access learning
Lifelong Learning library, allowing you to further your professional development at no additional cost. materials on iOS and Android devices.

CQF Learning Portal

All lectures are live streamed and recorded, and then uploaded

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
onto the CQF Learning Portal within 24 hours. Every delegate is
provided with their own online account, allowing them to access
the following:
• Live broadcast of lectures
• Recorded 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 Comprehensive learning portal

CERTIFICATE IN MATHEMATICAL C++ CQF App

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
• 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
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 you access to the primers and lectures as the program
progresses.
Download lectures for offline viewing:
• Mathematics, Python Programming and Finance primers
• Lectures

Interactive CQF App

Faculty Support
Lilan Li We are committed to your success and provide a range of
Chief Model Risk Quant, Nordea support throughout your studies.
• Weekly online problem-solving classes
“Lifelong Learning is very important to me and the CQF is outstanding • Workshops
compared to alternatives. I will continue learning from the masterclasses and • Tutor helpdesk
extra lectures because for me learning is key and I enjoy doing it all the time.” • Live one-to-one interactive lecturer support
• Dedicated CQF forum

Support from dedicated staff

14 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.
Tony Guida
Tony Guida is a Quantitative Portfolio Manager
and researcher. Tony’s work is focused on
extracting market inefficiencies from different
sources from traditional fundamentals, market
signals, alternative data, and machine learning.
Tony holds Masters in Econometry and Finance,
is the editor-in-chief for the Journal of Machine
Learning in Finance and he is chair of the EMEA
machineByte Think Tank. He co-wrote the book
Big Data and Machine Learning in Quantitative
Investment.
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Dr. Sébastien Lleo
Sébastien is Associate Professor of Finance at
NEOMA Business School in France. Previously,
he worked for seven years in investment
management and risk management in Canada
and held consulting positions in the UK and
Canada. Sébastien is the author of a monograph
on risk management and the co-author of books
on risk-sensitive stochastic control and stock
market crashes. Sébastien holds an MBA, a PhD
in Mathematics and HDR in Social Sciences. He
is also a CFA Charterholder, Certified Financial
Risk Manager, Professional Risk Manager, and
CQF alumnus.
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
Dr. Peter Jaeckel is the founder and Managing
Director of OTC Analytics. He received his DPhil
in Physics from Oxford University in 1995. He
has worked in many aspects of quantitative
analysis, financial modelling and worked for the
likes of Natwest, Royal Bank of Scotland and
ABN AMBRO. Peter is the author of the book
Monte Carlo Methods in Finance (2002) and a
series of articles on financial mathematics and
derivatives models.
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.
Claus Huber
Claus is a Portfolio Manager at Deka Investment,
Frankfurt, where he helps to develop new
investment products. As the founder of
Rodex Risk Advisers LLC, based in Altendorf
(Switzerland), he advised clients on risk
management and quantitative investment
solutions. He has extensive experience as
entrepreneur, risk manager, credit strategist,
hedge fund analyst and government bond
trader and worked for hedge funds, banks and
insurance companies.
Dr. Yves Hilpisch
Dr. Yves J. Hilpisch is the founder and CEO
of The Python Quants and The AI Machine
– focused on financial data science, machine
learning and AI-powered algorithmic trading.
Yves has a Ph.D. in Mathematical Finance and
is Adjunct Professor for Computational Finance
at Miami Herbert Business School. Yves is the
originator of the financial analytics library DX
Analytics and organizes events, conferences, and
bootcamps about python, artificial intelligence
and algorithmic trading in various cities. He has
given keynote speeches at global technology
conferences and is the author of five books
(http://books.tpq.io).
Professor Stephen Taylor
Stephen has held a Chair in Finance at Lancaster
University Management School since 1993.
His degrees are in Mathematics and Operational
Research. He teaches financial econometrics
at Lancaster and in recent years has been a
Visiting Lecturer at universities in Norway,
China, Australia and New Zealand. His seminal
work on stochastic volatility and GARCH models
is incorporated in the highly cited book Modelling
Financial Time Series (Wiley 1986 & World
Scientific 2008).
Dr. Si-Yi Zhou
Si-Yi is an Associate Lecturer for the CQF. He
teaches applied quantitative finance in volatility
arbitrage, stochastic interest rate models and
credit derivative pricing and risk management.
Before joining Fitch Learning, Si-Yi worked as a
Senior Risk Analyst in a City of London-based
consulting firm, providing constructive solutions
to leading banks and insurance companies. He
has worked on many projects in counterparty
credit risk and market risk management.
17
Dr. Jon Gregory
Jon is an independent expert specializing in
counterparty risk and xVA-related projects.
He has worked on many aspects of credit risk
in his career, being previously with Barclays
Capital, BNP Paribas and Citigroup. He is the
author of the books Counterparty Credit Risk: The
New Challenge for Global Financial Markets and
Central Counterparties: The Impact of Mandatory
Clearing and Bilateral Margin Requirements on
OTC Derivatives. He is a senior advisor for Solum
Financial Derivatives Advisory and Academic
Advisory Board of IHS Markit.
Dr. Steve Phelps
Steve has experience of the electronic-
commerce and financial sectors, having worked
for a number of SMEs and blue-chip companies.
He co-founded a startup company, Ripple
Software Ltd., which developed econometric
analysis tools for power-sellers in the eBay
market place, and later Victria Ltd which
delivered a prototype dark-pool trading platform.
He is interested in developing methods for using
big data sets to systematically calibrate agent-
based simulation models.
Dr. Miquel Noguer Alonso
Dr. Alonso is a financial markets practitioner
with more than 20 years of experience in asset
management. He is the Chief Development
Officer at Global AI and previously worked at
UBS, AndBank and KPMG. He is an Advisory
Board Member at FDP Institute and has
previously taught at Columbia University,
Imperial College, and NYU Courant about topics
in Fintech, big data and asset allocation. In 2010
Miquel earned a PhD in Quantitative Finance
with a Summa Cum Laude distinction.
www.cqf.com/lecturers
 Joining the program
What’s included and how to apply

What’s covered in the fees?

All textbooks are written by our faculty members
The CQF fees include:
• Mathematics, Python Programming, and Finance primers
• Lectures, support, problem classes and workshops
• All hard copy textbooks and other learning materials
• Permanent access to the CQF Learning Portal
• CQF App (download lectures for offline viewing)
• Lifelong Learning library including the latest syllabus
• Access to the global Alumni network
• A year’s subscription to Wilmott magazine (hard copy)

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 at
www.cqf.com/apply.
We will notify you within 48 hours
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.

CQF ALUMNI PROFILE

Stewart Button
CQF Alumnus

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.

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18 19 www.cqf.com/apply
FAQs
Questions and answers
How do I begin my CQF studies?
You start by applying online at www.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 will help you develop practical,
market-ready skills you can apply today and in the future.
How long is the program?
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
Complete the CQF in two levels of three months per level
within six cohorts. 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 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 Python
Programming primers. These optional primers are included in
your enrollment fees and are designed to refresh your skills
ahead of the program.
How much does the CQF cost?
For details and a breakdown of costs, please visit our website
at www.cqf.com/fees.
For those who are unemployed or full-time students, the
Wilmott Scholarship covers a portion of the tuition fees.
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How long are the lectures, and what is How do I participate in the lectures? How long will I have access to the lectures?
expected of me each week? All CQF lectures are broadcast live from our London or New Delegates have permanent access to the recorded lectures on
There are typically two live lectures that each run for 2.5 York training center, and are recorded and made available to the CQF Learning Portal, including Lifelong Learning and the
hours per week. You can participate in the live broadcast all delegates on the CQF Learning Portal and the CQF App latest CQF syllabus.
or watch them at your own convenience using the CQF within 24 hours.
Learning Portal or CQF App. We also recommend you allow Do you have questions you want to ask us?
approximately 10 hours of additional study a week. What equipment do I need to view the If you have more questions, sign up to one of our information
lectures live or recorded? sessions online at www.cqf.com. Sessions consist of a one-
How do I become CQF qualified? hour presentation by the CQF Program Director followed by
You can view the live or recorded lectures using a computer
You earn the CQF qualification by completing module exams a Q&A.
or mobile device with internet access. We recommend you
and submitting a practical project. There is also the option of have a minimum internet bandwidth of 1Mbps to ensure you
sitting a comprehensive examination for distinction. You may can view the content uninterrupted.
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, you can either retake the examination
or defer to the next cohort. There is no extra cost for retakes
or deferrals.
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 notify you within 48 hours
indicating your preliminary acceptance onto the program.
Can I get one-to-one help from faculty?
Our faculty members are on hand to answer your questions
and guide you. If you’re struggling with a module, you can
contact us and a member of our faculty will be in touch to
provide one-to-one support.
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 CQF Institute
Educating the quantitative finance community
The program was helpful because I was able to apply the theoretical
Promoting the highest standard in practical financial engineering, the Institute provides a platform for educating knowledge I had before to the practical problems you encounter in
and building the quantitative finance community around the globe. Part of Fitch Learning, the CQF Institute is the real life. It gives you a broad spectrum of knowledge and you can apply
awarding body for the Certificate in Quantitative Finance. whatever is necessary to your current role.
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 Salvatore Stefanelli, CQF alumnus
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 23
Certificate in Quantitative Finance
www.cqf.com

Contact our team

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

Asia Pacific:
Ravinder Panmati
ravinder.panmati@fitchlearning.com
+ 65 6572 9791

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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