CERTIFICATE IN

FINANCE

CQF

GLOBAL STANDARD IN FINANCIAL ENGINEERING

cqf.com

CERTIFICATE IN

FINANCE

CQF
Provided by Fitch 7city Learning

A message from the Course Founders

Welcome to our program for practitioner education in quantitative finance. In this brochure you will find details of the Certificate in Quantitative Finance, together with all the supplementary courses in C++, Lifelong Learning and our Trading Simulator which are included in the program. All training is delivered live via international webcast. This global delivery puts us at the forefront for online learning. Our team of lecturers consists of full-time staff chosen for their training skills and dedication to client satisfaction, along with respected and experienced practitioners working in investment banks and hedge funds. Finance is an extremely fast-paced and increasingly sophisticated profession. We can help you and your company stay ahead of the competition. We are proud of the quality and relevance of our quantitative finance program, and we are continually striving to keep it the best in the world. We look forward to working with you.

Paul Wilmott, Course Founder

Paul Wilmott Course Founder

Paul Shaw Course Director

Paul Shaw, Course Director Contents 3 4-5 6-7 8 9 11 12-13 14-19 20-21 23 24-25 26 Introduction Your CQF Journey Applicant Profile CQF Alumni Program Delivery Mathematics for Quantitative Finance Primer CQF Program Content Lifelong Learning CQF Faculty How to Apply FAQs Affiliates

E: info@cqf.com W: cqf.com

Introduction
The Certificate in Quantitative Finance (CQF) is a six-month part-time online course designed for in-depth training for individuals working in, or intending to move into, derivatives, IT, quantitative trading, insurance or risk management. The CQF is unique in its structured approach and commitment to the field of real world quantitative finance. At all times the programs focus is on practical implementation of techniques and on the questioning and analysis of models and methods. The global standard in quantitative finance, the CQF provides analysis of practical quantitative techniques important in todays, and tomorrows, financial landscape.

BENEFITS:

World Class Quants Qualification  The CQF is a challenging qualification, career enhancing, well respected and internationally renowned Part-Time Online Flexible Learning  Six-month flexible part-time program delivered twice a year  All lectures are available streamed over the internet live and recorded. Recorded lectures are available in perpetuity  Provides an in-depth coverage of practical quantitative methods for todays financial market Expert Teaching and Support  The CQF faculty, led by Dr Paul Wilmott, is a highly acclaimed team of instructors combining leading academics and practitioners specializing in the field of quantitative finance Lifelong Learning  CQF alumni benefit from a rapidly expanding continuing professional development program  Lifelong Learning consists of hundreds of lectures including C++ for financial programming and the Certificate in Mathematical Methods  CQF alumni membership, all materials and books and access to recordings in perpetuity

CQF ALUMNI PROFILE

Name: Anuj Gupta
Previous Qualifications: M.Phil. In Advanced Chemical Engineering, University of Cambridge, UK Current Position: Director, Equity & Commodity Valuations, UBS  The CQF not only teaches you the mathematics under-pinning the different financial models, it highlights their main assumptions and potential dangers. It has certainly helped me enhance my career aspirations while keeping abreast with cutting edge modeling developments.

Your CQF Journey

APPLY

Online application

Ask a question

Apply online now and the Admissions Team will confirm your acceptance to the program within five working days.

PREPARE

ATTEND

Detailed study materials

The best way to find out more about the CQF is to attend one of our information sessions or live webinars. Meet the team Discuss details about the course Talk to alumni and faculty  Global information sessions and live webcasts available  Recorded session available at cqf.com

The CQF program begins with the Mathematics Primer, 15 hours of intensive training covering all the mathematical preliminaries you need to know before commencing the quantitative finance lectures. See Page 11 for more details.

E: info@cqf.com W: cqf.com

Fully flexible learning

The examined part of the CQF program comprises six modules. Each module covers a different aspect of quantitative finance and consists of lectures and discussions. Delegates are encouraged to complete weekly exercises prior to the commencement of the next class. At the end of each module, delegates take a written exam and have to score 60% or above to gain certification in that module. Module 6 is a practical financial engineering project. Module One Basic Building Blocks of Quant Finance Module Two Risk and Return Module Three Equity, Currency and Commodity Derivatives Module Four Interest Rates and Products Module Five Credit Products and Risk Module Six Advanced Topics Final Exam for Distinction (Optional) The final three-hour examination takes place in exam centers worldwide. Delegates who score 80% or above receive a distinction grade.

LIFELONG LEARNING

LEARN

Education for the whole of your career

Alumni Lectures - These frequent lectures are arranged for CQF Alumni, recorded and added to your portal. Masterclasses - Delve deeper into specific subjects with the CQFs Masterclasses including lectures from Paul Wilmott, Henriette Prast, Wim Schoutens and Claudio Albanese. CM2 The Certificate in Mathematical Methods (CM2) covers a variety of mathematical methods, with special focus on those applicable to real world problems. C++ This course features more than 70 hours of tuition and is for both delegates without any C++ experience and those wanting to take their skills to the next level. JAVA Introductory Java course specifically designed for quants. Trading Simulator The Trading Sim allows delegates to try out new ideas in a realistic setting, incorporating real-time events based on live data. Visual Basic for Applications This course starts with basic VBA and works up to the more complex features of VBA using Windows Excel.

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

i Trad

ng

Phy

sics

ma Fu na nd ge me nt

DELEGATE OCCUPATION

DELEGATE ACADEMIC DISCIPLINE

A SAMPLE OF COMPANIES CQF DELEGATES COME FROM

Accenture ABN AMRO Alexia Asset Management Abu Dhabi Investment Authority Bank of America Merrill Lynch Bank for International Settlements Banamex Barclays BNP Paribas BP Gas Trading British Energy Calyon Chicago Trading Company Citadel Citco Citi Commerzbank Crdit Agricole Credit Suisse Deloitte Derivative Trading Systems Ltd Deutsche Bank Duff & Phelps EDF Trading Ernst and Young Fidelity International Fitch Ratings GE Capital Solutions Goldman Sachs Gordian Knot HSBC IB HBOS IBM Intesa San Paolo ING JP Morgan KPMG Lloyds Man Financial Marshall Wace Mellon Capital Management Mitsubishi UFJ Securities International Moodys Morgan Stanley Nationwide Financial Nationwide Building Society Nomura Och-Ziff Capital PAAMCO RBS RWE Schroders Thomson Reuters Trafigura Towers Watson UBS Unicredit Watson Wyatt Wells Fargo

E: info@cqf.com W: cqf.com

Geographical locations of delegates

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

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

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

ASIA PACIFIC Singapore Hong Kong Tokyo India Australia Malaysia Vietnam

KEY STATS

86% of applicants work in the financial sector 90% of delegates work full time for the duration of the program 82% of delegates take the program online
7

CQF Alumni
The CQF alumni community is continually expanding all over the world. The current network consists of over 2000 alumni, an exclusive global community of quantitative practitioners. We invest in the future of the network through a range of events, publications, a directory and a dedicated portal. As a CQF delegate, you will become part of an active community, attending social and educational events.

Amit Marwaha
Previous Qualifications: MBA Finance, University of Texas at Austin Current Position: Associate, Gas Utilities, Citi Group

 The CQF was a good way of improving my math while working at the same time. The CQF has definitely had an impact on my job. The CQF has given me the information, the tools and the knowledge necessary to speak to clients and price assets in an effective manner.

Joseph Halpern
Previous Qualifications: BS Finance, Accounting, NYU Stern School of Business Current Position: SVP, Commodity Exotic Valuation, LAMCO

 The part time flexible structure was very important; I did not have the ability to take a full time program at the time, so the CQF fit my schedule perfectly. The online delivery was very good; it allowed me to rewind and go forward as needed and to review sessions again if necessary.

Joseph Ivens Theodate

Previous Qualifications: BSBA Finance - University of Central Florida, MS Finance Financial Management Current Position: AVP/Manager, Independent Price Verification, Interest Rates Derivatives, Bank of America Merrill Lynch

 If it wasnt for the CQF, I would not be in the position I am currently. The lifelong learning was very important to me its been two years since I completed the CQF and every time there is a new product in the market you will get an email from the CQF telling you that there is a new lecture on that topic. The CQF keeps you updated with market development.

Henrique Fragelli
Previous Qualifications: MBA Finance, HEC Paris, France. BA Economics, CFA Current Position: Quantitative Business Analyst, LCH.Clearnet Ltd

 The overall hands on approach of the course is very important, rather than being totally theoretical without any link to reality, the course is really close to what  we do on a daily basis. I thought it was really good value for my time and a  good investment.

E: info@cqf.com W: cqf.com

Program Delivery
The CQF is at the forefront of interactive online learning and is continually developing new methods and tools as our global audience expands. Currently 82% of our delegates take the program online. Our comprehensive online learning portal gives 24 hour access to all of the recorded lectures and materials of the program. We also offer a CQF App which enables you to access your learning materials on iOS and Android devices.

Portal
All classes are recorded and then placed on 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 Upload tool for modular exams Dedicated CQF forum Live 1-2-1 interactive lecturer support Whiteboard facility
Comprehensive learning portal

The CQF App

The CQF App demonstrates our dedication to deliver innovative solutions for online learning. The App can be downloaded on to any iOS or Android device and gives access to the Maths 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 Access to CQF Forum Core lectures and lecture notes

CQF interactive 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. Randeep Gug, CQF Lecturer
9

E: info@cqf.com W: cqf.com

Mathematics for Quantitative Finance Primer

The CQF program begins with the Mathematics Primer; 15 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 people back up to speed with their mathematics, since the vast majority of delegates describe themselves as mathematically rusty before they begin. If you are similarly rusty, do not worry, the Primer is the perfect solution.

THIS PROGRAM COVERS THE FOLLOWING:

Calculus and Differential Equations Refresher Calculus: Functions and limits Differentiation and integration Complex numbers Functions of several variables Differential Equations: First order equations Second and higher order equations Linear Algebra and Probability Refresher Linear Algebra: Matrices and Vectors Systems of linear equations Eigenvalues and eigenvectors Probability: Probability Distribution Function Cumulative Distribution Expectation Algebra  Key Discrete and Continuous Distributions including the Normal Distribution Central Limit Theorem Statistics: General Summary Statistics Maximum Likelihood Estimator Regression and Correlation

CQF ALUMNI PROFILE

Name: Daniel Rosado
Previous Qualifications: Engineering, Institut National de Sciences Appliques de Toulouse Current Position: Vice President, Morgan Stanley  In the CQF there are delegates from all sorts of backgrounds, some already in quant finance, and some like me who had studied mathematics some time ago and had not reviewed much since. For that purpose the maths primer is definitely a must to catch up on all your maths skills.

For more information about the Mathematics Primer visit cqf.com/program

Terms and Conditions apply, see the website for details 11

CQF Program Content

MODULE ONE Basic Building Blocks of Finance Theory and Practice
We introduce the rules of applied It calculus as a modeling framework. Simple stochastic differential equations and their associated Fokker-Planck and Kolmogorov equations.  Important mathematical tools and results Taylor series Ordinary differential equations Probabilistic concepts  Gaussian, Poisson, Cauchy, Binomial, etc. Central Limit Theorem  The random behaviour of asset prices Stochastic calculus and Its Lemma Transition density functions Partial differential equations Applications of multiple integration Fokker-Planck and Kolmogorov

MODULE FOUR Interest Rates and Products

This module reviews the plethora of interest rate models used within the industry. We discuss the implementation and limitations of these models and the need for a more sophisticated framework in order to understand these processes. Many of the ideas seen in the equity-derivatives world are encountered again here but in a more complex form.

CQF ALUMNI PROFILE

Name: David Brocas
Previous Qualifications: MSc Geology and Drilling Engineering , Ecole de Mines. Current Position: Structuring Analyst, BP Gas Trading I really liked the mix between the theory and practical exercises. Everything I learned during the CQF I could apply it straight away in my day-to-day job. I feel much more confident communicating results to traders and explaining how the models I am using work.
12

Fixed-income products Yield, duration and convexity Stochastic spot-rate models Affine stochastic models Change of numraire Heath, Jarrow and Morton Calibration Data analysis Libor Market Model  Cointegration: Modeling long term relationships

E: info@cqf.com W: cqf.com

MODULE TWO Risk and Return

We deal with the classical portfolio theory of Markowitz, the Capital Asset Pricing Model and more recent developments of these theories. We investigate risk and reward, looking at risk management metrics such as VaR. We also see the rudiments of option pricing principles and theory in the binomial model. Modern Portfolio Theory Capital Asset Pricing Model Value at Risk Modeling and measuring volatility Financial markets and products The binomial model for asset prices Numerical Methods Further It integration Martingale theory Change of numraire The Radon-Nikodym derivative Portfolio Optimization Fundamentals of Optimization and Application to Portfolio Selection

MODULE THREE Equity, Currency and Commodity Derivatives

The Black-Scholes theory, built on the principles of deltahedging and no arbitrage, has been very successful and fruitful as a theoretical model and in practice. The theory and results are explained using different kinds of mathematics to make the delegate familiar with techniques in current use. The Black-Scholes model Hedging and the Greeks Option strategies Early exercise and American options Elementary Monte Carlo simulations Elementary finite-difference methods Martingale theory for pricing Girsanovs Theorem Parallels between probabilistic and deterministic methodologies

MODULE FIVE Credit Products and Risk

Credit risk plays an important role in current financial markets. We see the major products and examine the most important models. The modeling approaches include the structural and the reduced form, as well as copulas. Reduced-form model and the hazard rate Structural default models Credit risk and credit derivatives CDS pricing, market approach Synthetic CDO pricing Risk of default, structural and reduced form Copulas Implementation of copula models Statistic Methods in Estimating Default Probability

MODULE SIX Advanced Topics

The benefits of new models will be discussed from theoretical, practical and commercial viewpoints. The models derived in earlier parts of the course are only as good as the solution. Increasingly often the problems must be solved numerically. We explain the main numerical methods, and their practical implementation. Exotic options Static hedging Deterministic volatility and calibration Stochastic volatility and jump diffusion Non-probabilistic volatility models Correlation, problems and solutions Hidden risks in CDOs, and solutions Monte Carlo methods, Brownian bridge, advanced schemes Quasi-Monte Carlo methods, Sobol, and more Finite-difference methods, multi factor, implicit, Crank-Nicolson Speculation and risk management using energy derivatives Dynamic asset allocation NAG and Excel for Quant Finance

Modules One to Five are examined at the end of each respective module. All delegates have to complete a project for Module 6. This is a practical programming project which is set during the second half of the course, designed to ensure delegates apply their theoretical knowledge to real-life problems that they can then take back to the workplace.

13

Lifelong Learning
Alumni Lectures
The Alumni Lectures are the biggest component of Lifelong Learning and contains a library of over 600 hours of lectures on every conceivable finance subject. Delivered by some of the most eminent practitioners and academics, the content is ever expanding as additional lectures continually take place. When you start the CQF they are offered to you at no extra cost, in perpetuity. Please see below for a small selection of the Alumni Lectures:
CREDIT The Pricing of CDOs Using Levy Copulas (Wim Schoutens) Jumps in Credit Risk Modeling and Intensity Models: Theory, Calibration, Pricing (Wim Schoutens) Copula and Implementing CDO Pricing (Siyi Zhou) CDOs, Correlation Products and Dangers Therein (Paul Wilmott) Copulas and CDO Implementation (Siyi Zhou) Correlation Sensitivity and State Dependence (Paul Wilmott and Siyi Zhou) Structural Models (Alonso Pena) Introduction to Credit Derivatives (Moorad Choudhry) Credit Default Swaps (Alonso Pena) Advanced Credit Derivatives (Seb Lleo) EQUITY The Feedback Effect of Hedging in Illiquid Markets (Paul Wilmott) Dividend Modeling and Option Pricing (Some Practitioners Models and a New Model) (Ralf Korn) Pricing a Class of Options via Moments and SDP Relaxations (Milhail Zervos) Black-Scholes Model (Paul Wilmott) Binomial Model (Paul Wilmott) Random Behaviour of Assets (Paul Wilmott) The Non-Greek Non-Foundation of Derivative Pricing (Elie Ayache) Exotic Options (Paul Wilmott) Advanced Equity Models: Pricing, Calibration and Monte Carlo Simulation (Wim Schoutens) The Life of a Fundamental Analyst (Anneke Minnema) A Market Impact Model that Works (Dan di Bartolomeo) Optimal Execution of Portfolio Transactions: A Review (Ekaterina Kochieva) FIXED INCOME Black 76 (Espen Haug) The Market Price of Risk (Paul Wilmott) Managing Smile Risk (Pat Hagan) Advanced BGM (Peter Jaeckel) The Heath, Jarrow and Morton Model (Paul Wilmott) Probabilistic Methods for Interest Rates (Seb Lleo) Fixed Income Modeling (Lecture I - IV) (Claudio Albenese)
14

RISK MANAGEMENT Understanding the Financial Markets in the Subprime Era (Bill Ziemba) Classic Quant Mistakes (Paul Wilmott) Long Short Portfolio Optimization Under Mean-Variance-CVaR Framework (Gautam Mitra) Validation of Derivatives Pricing Models (Dario Cziraky) Trading Derivatives: Real Markets, Real Model, Real Smiles (Nasir Afaf) Scenarios and Risk Control for Hedge Funds (Bill Ziemba) The Scandal of Prediction (audio only) (Nassim Nicholas Taleb) Thats No Way to Run an Economy (Aaron Brown) Infinite Variance (Seb Lleo) CrashMetrics (Paul Wilmott) MATHEMATICS Derivatives and Stochastic Control (Paul Wilmott) Can You Feel the Heat? Inverse Problems in Finance (Andreas Binder) Differential Equations (Riaz Ahmad) Martingales (Riaz Ahmad) Stochastic Calculus (Riaz Ahmad) Linear Algebra (Riaz Ahmad) Black Scholes, Mathematical Methods and Intro to Numerical Methods (Riaz Ahmad) Methods for Quant Finance: I & II(Riaz Ahmad) Martingales and PDEs: Which, When and Why (Seb Lleo) NUMERICAL METHODS Software Issues in Wavelet Analysis of Financial Data (Robert Tong) VBA Workshop (Mike Staunton) An Introduction to Spreadsheet Risk (Grenville Croll) Monte Carlo Simulation and Early Exercise (Paul Wilmott) Finite Difference Model (Paul Wilmott) Monte Carlo Simulations (Paul Wilmott) Numerical Integration (Paul Wilmott) Convertible Bond Coding Workshop (Paul Wilmott) VG Modeling (Paul Wilmott)

E: info@cqf.com W: cqf.com

PORTFOLIO MANAGEMENT Equity Portfolio Risk Management (Jason MacQueen) Frankensteins Model or the Perfect Union? (Richard Young and Jason MacQueen) The Polphemus Perspective Use of Single Factor Risk Models (Jason MacQueen) Risk Decomposition and Risk Budgeting (Jason MacQueen) Reverse Optimization for Portfolio Rebalancing (Jason MacQueen) ICA and Hedge Fund Returns (Andrew Robinson) Beyond Black-Litterman (Attilio Meucci) Symmetric Downside Sharpe Ratio (Bill Ziemba) Investment Lessons From Blackjack And Gambling (Paul Wilmott) Fundamentals of Optimization and Application to Portfolio Selection (Seb Lleo)

Alumni Masterclasses
Please see below for a selection of the Masterclasses:
Volatility, Advanced Modeling with PC Workshops, 2 days Paul Wilmott VG Modeling: Pricing Financial Derivatives in Equity and Credit Risk, 2 days Wim Schoutens Exotic Equity Derivatives, Pricing and Hedging, 2 days Paul Wilmott Behavioral Science in Finance: Phenomena, Diagnosis, Therapy, 1 day Henriette Prast Operator Methods in Fixed Income and Credit, 2 days Claudio Albanese Intraday High-Frequency Trading: From Empirical Evidence to Quantitative Optimization, 1 day Charles-Albert Lehalle

CQF ALUMNI PROFILE

Name: 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 everyday as extra lectures are continually added. I highly recommend the CQF to any serious investment professional.
15

E: info@cqf.com W: cqf.com

Lifelong Learning
Certificate in Mathematical Methods (CM2)
The Certificate in Mathematical Methods (CM2) is an intensive program covering a variety of mathematical methods, with special focus on those which are applicable to real-world problems. Through the recorded lectures delegates will learn topics that are normally covered in the first two years of a university mathematics degree. The CM2 course syllabus includes the following topics:
Advanced Calculus Complex Numbers Vector algebra Matrix algebra Ordinary differential equations Infinite Series Functions Calculus for several variables Vector calculus Linear Algebra Linear equations Vector spaces Linear mappings Eigenvalues and eigenvectors Gram-Schmidt process Introduction to Probability Introduction Random Variables Continuous Random Variables Multivariate Random Variables Numerical Analysis I Errors Roots of equations Interpolation Numerical Linear Algebra Integration Differential Equations Complex Variables Basic Properties Elementary Functions Complex Differentiation Complex Integration Infinite Series The Theory of Residues Zeros of polynomials Conformal Mapping Differential Equations Fourier Series Variation of parameters Linear ordinary differential equations  Non-linear ordinary differential equations Mathematical Methods  Elliptic Equations and related methods  Mathematics of Hyperbolic Equations Advanced Mathematical Methods  Asymptotic expansions of integrals  Non-linear ordinary differential equations  Integral Equations & Boundary Value Problems Transform Methods L  aplace and Fourier transforms A  pplications Numerical Analysis II Finite Difference Methods P  arabolic equations H  yperbolic equations E  lliptic equations Analysis N  umber systems C  ontinuity S  equences D  ifferentiation and Integration U  niform Convergence P  ower series Group Theory S  ubgroups F  inite groups and Group tables T  he groups L  agranges theorem P  ermutation groups I  somorphism I  sometry and Matrix Groups T  he Dihedral group C  yclic groups D  irect Products and Finitely Generated Abelian Groups C  oset groups

The motivating factor for designing the CM2 has been the overwhelming interest from past delegates for acquiring a greater knowledge for the classical branches of mathematical methods which have a wide range of real world applications. Paul Shaw, Course Director
17

E: info@cqf.com W: cqf.com

Lifelong Learning
Trading Simulator
The CQF Trading Simulator fully backs up the lecture and workshop lessons so that delegates can try out new ideas in a realistic setting, incorporating real-time events based on live data from the ever fluctuating marketplace. The solution is easy to access as it is internet-based and will run in your browser.

Core Features: Equity, FX, Money Markets, Fixed Income Instructor generated scenarios Structured teaching approach Interactive parameter setting A range of option greeks Fundamentalist and technicalist strategies Multiple interaction types Single or multi-player mode

Practical Computational Finance C++

The vast majority of professional software development in quant finance is in C++. To be an effective member of a quant team you need to write high-quality code, and you must also be able to understand the C++ written by others. By the end of this syllabus you will be able to take important pricing models, and translate them into working C++ code. Starting with elementary C++, these sessions will cover both the principles and practicalities of producing robust code in a quant finance environment. Uniquely, this course covers the pitfalls and problems that you will face in debugging and faulty design, equipping you for the realities of programming in banks.

Java
The CQF program also provides an introductory Java course specifically designed for quants. In seven interactive lessons, each lasting about one hour, you will be taken from a basic Hello Quant World program all the way through to a Black-Scholes charting GUI calculator, which prices call and put options and which creates optional windows with zoomable payoff diagrams. After completing the lessons, you will be able to expand your Java skills into virtually any direction that you need, particularly within the financial arena.

Visual Basics for Applications

This course starts with basic VBA and works up to the more complex features of VBA using Windows Excel. This simple programming language is a powerful component of Excel and is used across all major investment banks. While prior experience in VBA is not a requirement of the CQF, delegates will use Excel and VBA in class. These lectures support the Mathematics Primer in preparing for the CQF.
19

CQF Faculty
World-renowned practioners and respected academics
Dr Paul Wilmott
Paul is internationally renowned as a leading expert on quantitative finance. His research work is extensive, with more than 100 articles in leading mathematical and finance journals, as well as several internationally acclaimed books on mathematical modeling and derivatives, including the best-selling Paul Wilmott on Quantitative Finance. Paul has extensive consulting experience in quantitative finance with leading US and European financial institutions. He has founded a volatility arbitrage hedge fund and a university degree course. Paul has lectured at all levels, to students and to practitioners. trading own account positions in interest rate, bond and equity derivatives. At 7city, Neil is Head of Financial Product Training, designing and delivering a range of product courses for investment houses, data agencies and software houses in the US, UK and Europe.

Dr Sbastien Lleo
Sbastien is a professor of finance at Reims Management School in France, a lecturer on the Certificate in Quantitative Finance (CQF) at 7city in the UK and a visiting lecturer at the Frankfurt School of Finance and Management in Germany. Previously, he held a research position at Imperial College London in the UK. Before that, he worked seven years in the investment industry in Canada and held consulting positions. He holds a PhD in mathematics from Imperial College London (UK), an MBA from University of Ottawa (Canada), and an MSc in Management from Reims Management School (France).

Dr Riaz Ahmad
Riaz is Head of CQF Faculty and teaches Mathematical Finance, C++ programming and Mathematical Methods based courses. Riaz is an Applied Mathematician with teaching and research interests in the mathematical and computational aspects of financial derivatives. In particular, stochastic volatility and jump diffusion models, exotic options and interest rate modeling. At the MSc, MBA and executive education levels, Riaz has lectured in Mathematical Finance at University College London (UCL), Oxford University (Mathematical Institute), Lahore University of Management Sciences (LUMS) and Institute of Business Administration (IBA), Karachi.

Dr Randeep Gug
Randeep is the Head of CQF Business, Co-head of 7citys Business School as well as a lecturer on the Certificate in Quantitative Finance (CQF). Prior to joining 7city, Randeep worked in a variety of roles. 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). More recently he has spent time teaching mathematics at all levels. He is a qualified teacher, holds a 1st class honours degree and a PhD for research in semiconductor physics. He is a CQF Alumnus, achieving a distinction on the program and his current interests are based around improving and promoting the teaching and learning of Quant Finance.

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. Before that, he worked for Tempus Financial Engineering, and as an option market maker in Chase Manhattan Bank (now J.P. Morgan Chase) and Dennorske Bank. He has been involved in almost every option market, including equity, currency, fixed income, energy and commodities. Espen has a PhD degree from the Norwegian University of Science and Technology, and is currently a professor of Finance at the Business School of the Norwegian University of Life Science.

Dr Richard Vladimir Diamond

Richard advises family offices on private equity, asset allocation, investment performance and effectiveness of hedges. Richard designs and executes trades his specialties are volatility regimes modeling and VIX futures arbitrage. He earned his doctorate from the University of Southampton, 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, City University and Regents College. In 2011, he completed a postgraduate certificate in learning and teaching at University College London, conducting a two-year advanced study of threshold concepts in quantitative finance. Richard achieved Fellowship recognition from The Higher Education Academy in the UK. Richard is a CQF alumnus.

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)

20

E: info@cqf.com W: cqf.com

Dr Iris Mack
Iris, PhD, EMBA earned a Harvard doctorate in Applied Mathematics and a London Business School MBA. Iris is also a former Derivatives Quant/Trader who has worked in financial institutions in the U.S., London, Asia and the Caribbean. In addition to conducting lectures on Energy Derivatives for the Certificate in Quantitative Finance Program, she is an Energy Derivatives and Quantitative Investment consultant for 7city in Singapore. Iris serves on a National Academy of Sciences Research Advisory Board. In addition, she serves on the Advisory Boards of the Women Mentor Women Foundation and the I Can Still Do That Foundation. Iris has been an astronaut semi-finalist, one of Glamour Magazines Top 10 college students, one of Glamours Top 10 working women, an investment banker, an Enron Energy Trader and an MIT professor.

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 degree from the University of Cambridge on finite element analysis and is also a CQF alumnus. He has lectured and supervised graduate & post-graduate students from the universities of Oxford, Cambridge, Bergamo, Pavia, Castellanza and the Politecnico di Milano. His area of expertise is the pricing of financial derivatives, in particular structured products. Dr Pea has been awarded the Robert J Melosh Medal: First Prize for the Best Student Paper on Finite Element Analysis, Duke University, USA; and the Rouse Ball Travelling Studentship in Mathematics, Trinity College, and Cambridge.

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, and headed up the team jointly with a co-head from 2003. From September 2004 to May 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 Siyi Zhou
Siyi is an Associate Lecturer for the CQF. He teaches applied quantitative finance in volatility arbitrage, stochastic interest rate models and credit derivative pricing and risk management. Before joining 7city CQF faculty, Siyi worked as a senior risk analyst in a city based consulting firm to provide constructive solutions to leading banks and insurance companies. He has worked on many projects in counterparty credit risk and market risk management. Currently he is working at Moodys Analytics based in London.

Dominic Connor
Dominic has been programming in C and C++ since the 1980s when he graduated from Queen Mary College London. He has built trading systems for bond and equity markets, secure networks for the British government, reviewed C++ compilers for PC Magazine, and debugged operating systems for IBM and Microsoft. At some point he has written code for every major environment including Windows, OS/2, Reuters, Bloomberg, VMS, AS/400, DOS, VM and Unix.

Professor Moorad Choudhry

Moorad is Treasurer, Corporate Banking Division at The Royal Bank of Scotland. He was previously Head of Treasury at Europe Arab Bank, Head of Treasury at KBC Financial Products, and vice-president in structured finance services at JPMorgan Chase Bank. Moorad is Visiting Professor at the Department of Mathematical Sciences, Brunel University and Visiting Teaching Fellow at the Department of Management, Birkbeck, and University of London. He is a Fellow of the Chartered Institute for Securities & Investment, and a member of the Board of Governors of the ifs-School of Finance.

21

E: info@cqf.com W: cqf.com

How to Apply
We aim to make applying for the CQF as easy as possible. Should you have any questions about the application process, send us an e-mail or give us a call.

Fees and Financing

The CQF fees cover: Tuition Examination CQF App Course reading material Mathematics Primer course Alumni Lectures and Masterclasses C++ Programming course Access to CQF Alumni Network 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.

1.  2. 

Apply online at cqf.com or e-mail info@cqf.com and we will e-mail or post an application form to you. The CQF Admissions Department will come back to you within five business days indicating whether you have been granted preliminary acceptance onto the course, and the time-scale within which you must make your decision on the offer. We might also invite you to be interviewed over the phone by a Course Director. You will then be required to fill out a short enrollment form, accepting your place on the CQF. As part of completing this enrollment form, you will be required to pay a non-refundable deposit which will entitle you to reserve a place on the program and get access to preliminary course materials and lectures, including the CQF Tablet and Mathematics Primer. You will also be required to complete a Maths Aptitude Indicator before the course 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. Once you pay the balance of the course you will be able to secure your place on the program.

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

3.  4.  5. 

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

Wilmott Scholarship For those who are unemployed, full-time students or living in a developing country on a low income, the Wilmott Scholarship covers a portion of the tuition fees.
For more information on fees and financing visit cqf.com/admissions/fee-table

For Pre-Application Steps visit: cqf.com/admissions/pre-application-steps

23

FAQs

Should I attend the program?

The Certificate will be of special interest to those working in: Derivatives Risk Management Structuring Trading Fund Management IT Investment Banking Hedge Funds Financial Software Consulting Universities Regulation Insurance

How long is the course?

The examined core part of the course is six months long, but this is only part of the CQF package. Before the CQF starts there is the Mathematics Primer, and after a delegate has passed their exams and completed the project there is a huge library of Alumni Lectures as part of Lifelong Learning for CQF Alumni.

What happens if I fail an exam?

If a delegate is struggling with a module they are encouraged to contact us as soon as possible so that a member of the CQF faculty can give them extra help and support. If a delegate fails one of the modules the CQF faculty will meet and review their position. On the basis of this meeting they will then recommend the delegate either retakes the examination or defers to the next program using this extra time to revise the relevant topics. There is no cost to defer the CQF program.

CQF ALUMNI PROFILE

Name: Iain Adams
Current Position: Risk Manager, Barclays Capital  The CQF is a well-designed course: topics are carefully chosen for their practical relevance, and then explained fully and rigorously. Paul Wilmott is a talented and enthusiastic teacher, exactly what you need to motivate you for an evenings work after a long day in the office. The CQFs industry recognition has since been of great professional benefit.

When does the course start?

The course is delivered twice a year, commencing in January and in June.

Is it possible to complete selected modules?

The CQF is designed to be taken as one complete and interdependent program. It is not possible to take individual modules independent of the program.

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.
24

E: info@cqf.com W: cqf.com

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 attend our precourse Mathematics Primer (see page 11) prior to commencing the CQF. This program is offered to CQF delegates at no extra cost.

How do I apply?
Simply go to cqf.com/admissions, where an online application form is available. 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.

CQF ALUMNI PROFILE

How long will it take to receive a decision on my application?
We endeavor to make a decision within five business days of a complete application being received.

Name: John Foxworthy

Previous Qualifications: BA Economics / International Area Studies, UCLA Current Position: Confidential  Regardless of your experience in quantitative finance, the CQF is the best choice to advance your quantitative finance career. The CQF combines the correct mix of theoretical and practical approaches to quantitative finance, beginning with fundamentals and first principles that can be applied to all the asset classes, then moving into more specialized topics.

When do I need to submit the Mathematics Aptitude Indicator?

We advise all delegates to complete the application form first and submit this for Course Director approval. They should then start working through the Mathematics Aptitude Indicator, complete and return it by email before the start of the course. Delegates are welcome to delay handing in the test until after the Mathematics Primer.

What equipment do I need to view the webcast?

To view the webcast live or recorded, delegates will need a computer with a sound card and a speaker. Delegates will also need broadband internet access.

Can I sample a webcast?

Absolutely, please submit an enquiry on the Contact Us page of the website and a member of the team will provide you with a recording.

How long will I have access to the recorded lectures?

Delegates have access to the recorded lectures in perpetuity.

What happens if I am unable to complete the course in six months?

The majority of delegates complete the CQF in six months. However it is possible for delegates to defer their completion of the CQF to the next program (there is no charge for doing this).
25

Our Affiliates
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 and course director of the CQF.

The CFA Institute

The CFA has a commitment to continuing education (CE) and as such, CQF coursework is eligible for 40 CE credits (equivalent to two years recommended minimum) and will be automatically recorded in CFA Institute members CE Diaries.

PRMIA
The Professional Risk Managers International Association (PRMIA) seeks to provide the highest standard of support and resources to its members in risk management and financial engineering. PRMIA has granted all CQF holders exemptions to the PRM qualification for Exam I Finance Theory, Financial Instruments and Markets, and Exam II Mathematical Foundations and Risk Measurement.

GARP

Global Association of Risk Professionals (GARP) is a not-for-profit global membership organization dedicated to preparing professionals and organizations to make betterinformed risk decisions. CQF is registered with GARP as an Approved Provider of continuing professional education (CPE) credits for FRMs and ERPs, each completed CQF module qualifies for 7 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 consistently 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.

26

CERTIFICATE IN

FINANCE

CQF
GLOBAL STANDARD IN FINANCIAL ENGINEERING

Fitch 7city Learning

LONDON 4 Chiswell Street, London, EC1Y 4UP t +44 (0) 845 072 7620 NEW YORK 55 Broad Street, 3rd Floor, New York, NY 10004 t +1 800 974 0394 SINGAPORE 112 Robinson Road, #03-03 Singapore 068902 t +65 6327 1581 E: info@cqf.com W: cqf.com DUBAI Dubai International Financial Centre, Al Fattan Currency House, Tower 2, Level 7, Office No. 704, PO Box 482058 t +971 800 72489