CERTIFICATE IN

Certificate in Quantitative Finance

FINANCE

EMEA

AMERICAS

APAC

Geoff Brown
E: geoff.brown@fitchlearning.com
T: +44 (0)20 7496 8636

Matthew Potter
E: matthew.potter@fitchlearning.com
T: +1 646 943 6208

Fiona Pham
E: fiona.pham@fitchlearning.com
T: +65 6572 9417

CQF

Certificate in Quantitative Finance

www.cqf.com

Global Standard in Financial Engineering

4 Chiswell Street, London, EC1Y 4UP

55 Broad Street, 3rd Floor, New York, NY 10004
36 Robinson Road, #12-06, Singapore 068877
2801, Tower 2, Lippo Centre, 89 Queensway, Hong Kong
Dubai International Financial Centre, Al Fattan Currency House, Tower 2, Level 8, Office No. 804, PO Box 482058

Delivered by

www.cqf.com

@CQFInstitute
Join the Institute at www.cqfinstitute.org
Become a member and gain access to industry white papers and networking opportunities
through local societies.
The CQF Institute promotes the highest standards in practical financial engineering and provides
a platform for educating and building the quantitative finance community around the globe.
Connecting quantitative finance professionals

CERTIFICATE IN

FINANCE

CQF
Real-world financial
engineering

Contents

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 everexpanding Lifelong Learning library will
support you throughout your career.

About the CQF ................................................. 3

To date, more than 3000 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.

Dr. Paul Wilmott

CQF Program founder

Your CQF journey ............................................. 4

Diverse delegate profile ..................................... 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

www.cqf.com

About the CQF

A world-class professional qualification in quantitative finance
Founded by Dr. Paul Wilmott, the Certificate in Quantitative Finance program is designed for individuals working
in, or intending to move into, derivatives, IT, quantitative trading, insurance, model validation or risk management.
Delivered via online learning, the program comprises six modules and offers two study options for completing the
program, either in six months or two three-month levels.
With a unique focus on real-world financial engineering, the CQF program provides analysis of practical
quantitative techniques used in the industry and is taught by leading experts. Once certified, you will gain
access to our free continuing professional development program to keep you up to date with the latest industry
developments.
Offered 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 TAKE THE CQF PROGRAM?

Receive an internationally renowned
professional qualification
The CQF is a prestigious qualification that provides
in-depth analysis of practical quantitative methods
for financial markets.

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
Delegates receive a free one-year subscription to
Wilmott Magazine.

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.

Take advanced electives in specialist areas

In module six you choose two electives to specialize
in your field.

Study part-time online

The program is offered via flexible online learning,
starting twice a year in January and June
Delegates will have permanent access to a cuttingedge online learning environment
All lectures are streamed live over the internet and
are recorded and made available on the CQF Portal
within 24 hours.

Access our free Lifelong Learning library

CQF alumni gain access to our ever-expanding
Lifelong Learning library with over 660 hours of extra
lectures on the latest quantitative finance topics.
Become part of an influential global alumni
network
CQF alumni benefit from a strong business
community of more than 3000 quantitative
professionals
We invest in the future of our alumni network
through a range of social and educational events.

Choose between two study options

Full Program: complete the six modules in
six months
Level I & Level II: complete the six modules in
two three-month levels. Levels can be taken in
separate programs.

Your CQF journey

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
Discuss details about the program
Find out more about your
career options.

REFRESH YOUR
MATHEMATICS SKILLS

APPLY
ONLINE

ATTEND AN
INFORMATION SESSION

Supporting you beyond the program

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.

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.

Register for an information session at

www.cqf.com

CONTINUE
LEARNING

STUDY FOR
THE CQF

www.cqf.com

The CQF program 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 six modules in two threemonth levels

We invest in the future of our CQF alumni by offering a free

continuing professional development (CPD) program, called
Lifelong Learning. It is designed to support you for the whole of
your career. Lifelong Learning consists of:

Each module covers a different aspect of quantitative finance and

consists of lectures and discussions. At the end of modules two
to five, delegates take a written exam. In module six delegates
choose two electives and complete a practical project, developing
implementation skills.

Lectures A library of over 660 hours of lectures on every

conceivable finance subject with regular new additions on the
latest topics and techniques being used in industry.
Masterclasses Over 100 hours of additional material to help
you delve deeper into subjects.

Module One Building Blocks of Quantitative Finance

Module Two Quantitative Risk and Regulations
Module Three Equities and Currencies
Module Four Fixed Income and Commodities
Module Five Credit Products and Risk
Module Six Advanced 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.

Certificate in Mathematical Methods (CM2) An intensive

course of 54 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.

Diverse delegate profile

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

ent

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DELEGATE
ACADEMIC
DISCIPLINE

DELEGATE
OCCUPATION

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Fun
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CROSS SECTION OF DELEGATE EMPLOYERS

ABN AMRO
Abu Dhabi Investment Authority
Accenture
Alexia Asset Management
Banamex
Bank for International Settlements
Bank of America Merrill Lynch
Barclays
BNP Paribas
BP Gas Trading
British Energy
Calyon
Chicago Trading Company
Citadel
Citco
Citi Group
Commerzbank
Crdit Agricole
Credit Suisse
Deloitte
Derivative Trading Systems Ltd
Deutsche Bank
Duff & Phelps

EDF Trading
Ernst & Young
Fidelity International
Fitch Ratings
GE Capital Solutions
Goldman Sachs
Gordian Knot
HBOS
HSBC IB
IBM
ING
Intesa San Paolo
J.P. Morgan
KPMG
Lloyds Bank
Man Financial
Marshall Wace
Mellon Capital Management

Mitsubishi UFJ Securities International

Moodys
Morgan Stanley
Nationwide Building Society
Nationwide Financial
Nomura
Och-Ziff Capital
PAAMCO
RBS
RWE
Schroders
Thomson Reuters
Towers Watson
Trafigura
UBS
Unicredit
Watson Wyatt
Wells Fargo

www.cqf.com

KEY STATS

NORTH AMERICA
USA
New York
Chicago
San Francisco
Boston
Washington D.C. SOUTH
Los Angeles
AMERICA
Florida
Brazil
Houston
Sao Paulo
New Jersey
Rio de Janeiro
Missouri
Chile
Texas
Colombia
California
Peru
Pennsylvania
Paraguay
Connecticut
Minnesota
Oregon
Canada
Toronto
Quebec
Ontario

EUROPE
United Kingdom
Germany
Switzerland
Sweden
The Netherlands
France
Russia
Italy
Ireland
Spain
Luxembourg
Denmark
Norway
Belgium
Austria
Poland

MIDDLE EAST
Israel
UAE
Saudi Arabia
Qatar
Lebanon
Azerbaijan
Syria
Bahrain
Kuwait
AFRICA
South Africa
Egypt
Morocco
Nigeria
Zimbabwe

86% of applicants work in the financial sector

80% of delegates work full-time for the duration of the program

ASIA PACIFIC
Singapore
China
Japan
India
Australia
Malaysia
Vietnam

CQF alumni
An influential network of quant professionals
The current alumni network is an exclusive global community, which consists of over 3000 quantitative finance
professionals. We invest in the future of the network through a range of events, publications, a directory and a
dedicated portal.
In addition, the CQF Institute provides networking opportunities to connect you with the wider quantitative finance
community through local societies.

Amit Marwaha
Previous qualifications: MBA Finance, University of Texas at Austin
Current position: Research Analyst, Engery, 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: Global Head, Equity & Commodity Valuation
Methodologies, UBS Investment Bank
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.

Elias-John Kies
Previous qualifications: HBBA, Business, Wilfrid Laurier University
Current 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.

www.cqf.com

Online learning resources

Allowing you to study in your own time
The CQF is at the forefront of interactive online learning and is continually developing new methods and tools as
our global audience expands. Our comprehensive online learning portal gives 24-hour, permanent access to all of
the recorded lectures and program materials. We also offer a CQF App which enables you to access your learning
materials on iOS and Android devices.

CQF Portal
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
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 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
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, CQF Program Director
9

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.

LIFELONG
LEARNING

CQF
DESIGNATION

PROGRAM
PREPARATION

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.

MATHEMATICS FOR QUANT

FINANCE PRIMER
(optional)

LEVEL I

OR

FULL
PROGRAM

12-hour intensive training to cover

mathematical preliminaries

Full Program = Modules One to Six

Level I = Modules One to Three
Level II = Modules Four to Six
Modules Two to Five Examined
Module Six Applied Project

LEVEL II

CONTINUING PROFESSIONAL EDUCATION

(included)

Free Lifelong Learning includes over 660

hours of recorded topical lectures, new
topical lectures every month, C++, CM2,
Java and Trading Simulator

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 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, commodities, the latest the latest techniques used in credit modeling and advanced research level topics being developed
in industry and academia.
10

www.cqf.com

Mathematics for Quantitative Finance Primer

Getting prepared
The CQF program begins with the Mathematics Primer (optional), 12 hours of intensive
training covering all the mathematical preliminaries you need to know before commencing
the CQF lectures. The Primer has been designed to get you back up to speed with
your mathematics.

THIS PROGRAM COVERS THE FOLLOWING:

Calculus and Differential Equations Refresher
Calculus:
Functions and Limits
Differentiation and Integration
Complex Numbers
Functions of Several Variables

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.

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

11

CQF program content

Outlining the modules

MODULE ONE
Building Blocks of Quantitative Finance
This module introduces the rules of applied It 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.

FULL PROGRAM

LEVEL I

Random Behavior of Assets

Important Mathematical Tools and Results
Taylor Series
Central Limit Theorem
Partial Differential Equations
Transition Density Functions
Fokker-Planck and Kolmogorov
Stochastic Calculus and Its Lemma
Manipulating Stochastic Differential Equations
Products and Strategies
Martingale Fundamentals
Martingale Advanced
The Binomial Model for Asset Prices

MODULE FOUR
Fixed Income and Commodities
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.

LEVEL II

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 Numraire
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
Mathematica for Quantitative Finance
Energy Derivatives: Speculation and Risk Management

12

www.cqf.com

MODULE TWO

MODULE THREE

Quantitative Risk and Regulations

Equities and Currencies

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
reward, looking at risk management metrics such as VaR. We
also examine current regulation and its impact on the industry
from both a trading and investment perspective.

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.

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
Impact of Risk Regulation on Investment and Trading
Volatility Clustering and Other Stylized Facts
Properties of Daily and High-Frequency Asset Returns
Volatility Models: the ARCH Framework
Co-integration: Modeling Long-term Relationships

The Black-Scholes Model

Hedging and the Greeks
Option Strategies
Early Exercise and American Options
Finite-Difference Methods
Monte Carlo Simulations
Exotic Options
Volatility Arbitrage Strategies
Martingale Theory for Pricing
Girsanovs Theorem
Advanced Greeks
Derivatives Market Practice
Advanced Volatility Modeling in Complete Markets
Non-probabilistic Volatility Models
Markets-based Valuation of Equity Index Options Using Python

MODULE FIVE

MODULE SIX

Credit Products and Risk

Advanced Electives

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.

In this module you choose two from the following six online
electives to specialize in your area of interest. You will also
be required to complete a practical project relating to the
electives you have chosen.

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
Statistical Methods for Estimating Default Probability
Correlation Sensitivity and State Dependence
NAG and Excel for Quantitative Finance

Algorithmic Trading
Advanced Computational Methods
Advanced Risk Management and Regulation
Advanced Volatility Modeling
Advanced Portfolio Management
Counterparty Credit Risk Modeling
*Electives are subject to change. Visit our website www.cqf.com
for an up-to-date list.

Modules Two 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.
13

CQF ALUMNI PROFILE

Name: Lilan Li
Previous qualifications: Master of Engineering, Information Systems & Management, Institut National des Sciences
Appliques de Lyon
Current position: Credit Valuation Methodology, UBS Investment Bank

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.
14
14

www.cqf.com

Lifelong Learning
Continuing professional development throughout your career
Our free Lifelong Learning program for alumni contains a library of over 660 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 CQF lectures and the
entire Lifelong Learning library, allowing them to maintain and further their professional
development at no additional cost.

LECTURES

MASTERCLASSES

Largest component of Lifelong Learning

Library of over 660 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

Delve deeper into specific subjects

Over 100 hours of additional material
Delivered by experts such as Dr. Paul Wilmott,
Dr. Peter Jckel, Dr. Espen Gaarder Haug,
Dr. Alonso Pea and Dr. Sbastien Lleo

CERTIFICATE IN
MATHEMATICAL METHODS

C++

Intensive program with 54 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

JAVA

TRADING SIMULATOR

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

Expands on the core lecture

Incorporate real-time events based on live data
from the marketplace
Includes multiple interaction types and
in-depth reporting

15

CQF faculty
World-renowned practitioners and academics

Dr. Paul Wilmott

Dr. Randeep Gug

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, founded a volatility arbitrage
hedge fund and a university degree course.

Randeep is the Head of Professional Qualifications 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.

Dr. Riaz Ahmad

Richard advises family offices on private equity, asset allocation,

investment performance and effectiveness of hedges. He designs
and executes trades his specialties are volatility regimes modeling
and VIX futures arbitrage. Richard earned his doctorate from the
University of Southampton (UK), studying complexity and project
risk of IT operations in banking. Since 2005, he has been teaching
in operations management, statistics and financial mathematics,
recently at Cass Business School and Regents College in London.

Dr. Richard Vladimir Diamond

Riaz is Head of CQF Faculty and teaches Mathematical Finance,

C++ programming and Mathematical Methods-based courses. Riaz
is an applied mathematician with teaching and research interests in
the mathematical and computational aspects of financial derivatives
in particular, stochastic volatility and jump diffusion models,
exotic options and interest rate modeling. Amongst others, Riaz has
lectured in Mathematical Finance at University College London and
Oxford University.

Dr. Iris Mack

Iris earned a Harvard doctorate in Applied Mathematics and a
London Business School MBA. She is also a former derivatives
quant/trader who has worked in financial institutions in the US,
London, Asia and the Caribbean. Iris serves on a National Academy
of Sciences Research Advisory Board and on the Advisory Boards
of the Women Mentor Women Foundation.

Dr. 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. Peter Jckel

Peter is the founder and Managing Director of OTC Analytics.
He received his DPhil in Physics from Oxford University in 1995.
Peter migrated into quantitative analysis and financial modeling in
1997 when he joined Nikko Securities. When Nikko closed down
its European operations in 1998, he changed to NatWest, which
later became part of the Royal Bank of Scotland group. In 2000, he
moved to Commerzbank Securities product development group.
From 2004 to 2008, he was with ABN AMRO as Global Head of
Credit, Hybrid, Inflation, and Commodity Derivative Analytics. Peter
is the author of the book Monte Carlo Methods in Finance (2002).

Neil Graham
Neil joined Barclays International in 1985 initially in the foreign
exchange, money markets and derivatives operations areas before
moving to the trading room in 1991. Here, his roles included both
inter-bank and sales positions in spot and forward FX, money
markets and treasury derivatives. After leaving Barclays in 1995,
Neil became a local on the London International Financial Futures
and Options Exchange (LIFFE), trading own account positions in
interest rate, bond and equity derivatives.

Dr. Alonso Pea

Alonso is SDA Professor at the SDA Bocconi School of
Management in Milan. He has worked as a quantitative analyst
in the Structured Products group for Thomson Reuters Risk and
for Unicredit Group in London and Milan. He holds a PhD from
the University of Cambridge on finite element analysis. He has
lectured and supervised graduate and postgraduate 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. Sbastien Lleo

Sbastien 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.

16

www.cqf.com

Dr. Si-Yi Zhou

Dr. Yves Hilpisch

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.
Currently he is working at Moodys Analytics, based in London.

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 (OReilly, 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.

Dr. Jon Gregory

Jon is a consultant specializing in counterparty risk related projects
and a senior advisor at Solum Financial Partners Ltd. He has worked
on many aspects of credit risk in his career, being previously
with Barclays Capital, BNP Paribas and Citigroup. He is author
of the book Counterparty Credit Risk: The New Challenge for
Global Financial Markets (now in its second edition) and Central
Counterparties: The Impact of Mandatory Clearing and Bilateral
Margin Requirements on OTC Derivatives. He holds a PhD from
Cambridge University.

Dr. Patrick Hagan

Patrick received his BS and PhD in Applied Mathematics from
Caltech. Over the years he has worked at Bloomberg and several
banks designing trading systems for fixed income, credit, and
foreign exchange derivatives, as well as developing the component
models, calibration methods, and numerical algorithm. Before
entering finance he was Deputy Director of the CNLS and a
member of the Computer Research and Applications group at Los
Alamos. He has also worked at Exxon Science Laboratories, and
has taught at Caltech, Stanford, the Institute for Mathematics and
its Applications, and NYU.

Edward Talisse
Edward is a global capital markets professional with more than 25
years of experience gained at Morgan Stanley and UBS. He is the
founding partner and Chief Executive Officer of Chelsea Global
Advisors, an investment management and advisory firm based in
New York City, providing specialist advice in the area of global
capital markets. His primary areas of interest are in G3 fixed income
and equity trading, investment strategies as well as capital structure
optimization and operating leverage efficiency. He received an MBA
from the State University of New York and has done advanced course
work at Fordham University and the University College of 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 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.

17

CQF ALUMNI PROFILE

Name: Stewart Button
Previous qualifications: Bachelor of Engineering with First-class Honors, University of Tasmania
Current position: 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

www.cqf.com

How to apply
Enrolling on the program

Fees

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.

The CQF fees cover:

Tuition
Examination
CQF App
Reading material
Mathematics Primer course
Lifelong Learning lectures
C++ programming course
Access to the CQF Alumni Network

Scholarships
A number of scholarships are available to assist
with the support of tuition fees for select delegates.
Candidates wishing to apply for a scholarship will
need to be able to demonstrate why they will benefit
from taking the CQF and why they should be worthy
recipients of the discounted tuition.

Thomson Reuters Scholarship

The Thomson Reuters Scholarship will be awarded
to one applicant per program from the Americas,
whereby the recipient will have his/her program
tuition discounted. All applications and supporting
documents must be submitted at least two months
prior to the program start date.

1. 

Apply online at www.cqf.com/apply

2. 

The CQF Admissions team will come back to you within

48 hours 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.

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.

3. 

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.

Wilmott Scholarship
For those who are unemployed, full-time students or
living on a low income, the Wilmott Scholarship covers a
portion of the tuition fees.

4. 

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.

For more information on the above, visit www.cqf.com/apply

19

FAQs
Questions and answers

Should I attend the program?

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.

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

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.

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.

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.

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

How do I apply?

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.

Simply go to www.cqf.com/apply and fill in the application

form. Class sizes are restricted and places are awarded on a
first-come, first-served basis, provided a delegates application
has been approved and the Mathematics Aptitude Indicator
has been completed successfully.

What happens if I fail an exam?

How long will it take to receive a decision

on my application?

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

The CQF Admissions team will come back to you within 48

hours indicating whether you have been granted preliminary
acceptance onto the program.

20

www.cqf.com

When do I need to submit the Mathematics Can I sample a webcast?

Aptitude Indicator?
Absolutely, go to www.cqf.com/sample-lecture and
submit your details to get direct access to free sample
lecture videos.

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.

How long will I have access to the

recorded lectures for?
Delegates have permanent access to the recorded lectures.

What equipment do I need to view

the webcast?

What if it takes me longer to complete the

program?

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.

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).

21

Our affiliates
Working in partnership
Wilmott
Wilmott is the leading resource for the quantitative finance community with active users
comprised of both practitioners in financial services and academics involved in research and
teaching. It is led by Dr. Paul Wilmott, founder of the CQF.

CFA Institute
The CFA Institute 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.

GARP

The Global Association of Risk Professionals (GARP) is a not-for-profit global membership

organization dedicated to preparing professionals and organizations to make better informed
risk decisions. CQF is registered with GARP as an Approved Provider of continuing
professional education (CPE) credits for FRMs and ERPs. The CQF program qualifies for
40 credit hours.

Wolfram

Wolfram is one of the worlds most respected software companies as well as a powerhouse of
scientific and technical innovation. A wide range of companies rely on Mathematica to maintain
their competitive edge in a sector which is constantly changing and the CQF is proud to offer
this software to its delegates and alumni.

Wiley
Wiley is a leading global publisher of scientific and technical information. It publishes books
authored by various CQF faculty members, including the founder Dr. Paul Wilmott and Dr.
Espen Gaarder Haug, and works in conjunction with the program to ensure the delivery of
quality learning and teaching resources.

NAG
The Numerical Algorithms Group (NAG) delivers trusted, high-quality numerical computing
software and high performance computing (HPC) services and prides itself on decades of
research and developments which form the foundation of its powerful, flexible and accurate
software. The software is relied upon by tens of thousands of users, companies, and learning
institutions as well as numerous independent software vendors. NAG regularly works in
conjunction with the CQF program to deliver topical and informative events and masterclasses.

22

CERTIFICATE IN

FINANCE

CQF
Real-world financial
engineering

Contents

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 everexpanding Lifelong Learning library will
support you throughout your career.

About the CQF ................................................. 3

To date, more than 3000 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.

Dr. Paul Wilmott

CQF Program founder

Your CQF journey ............................................. 4

Diverse delegate profile ..................................... 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

Certificate in Quantitative Finance

FINANCE

EMEA

AMERICAS

APAC

Geoff Brown
E: geoff.brown@fitchlearning.com
T: +44 (0)20 7496 8636

Matthew Potter
E: matthew.potter@fitchlearning.com
T: +1 646 943 6208

Fiona Pham
E: fiona.pham@fitchlearning.com
T: +65 6572 9417

CQF

Certificate in Quantitative Finance

www.cqf.com

Global Standard in Financial Engineering

4 Chiswell Street, London, EC1Y 4UP

55 Broad Street, 3rd Floor, New York, NY 10004
36 Robinson Road, #12-06, Singapore 068877
2801, Tower 2, Lippo Centre, 89 Queensway, Hong Kong
Dubai International Financial Centre, Al Fattan Currency House, Tower 2, Level 8, Office No. 804, PO Box 482058

Delivered by

www.cqf.com

@CQFInstitute
Join the Institute at www.cqfinstitute.org
Become a member and gain access to industry white papers and networking opportunities
through local societies.
The CQF Institute promotes the highest standards in practical financial engineering and provides
a platform for educating and building the quantitative finance community around the globe.
Connecting quantitative finance professionals