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

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

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Introduction
The Certificate in Quantitative Finance (CQF) is a six-month part-time 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 program’s 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 today’s, and tomorrow’s, financial landscape.
BENEFITS:
World Class Quants Qualification
• he CQF is a challenging qualification, career enhancing,
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well respected and internationally renowned
CQF ALUMNI PROFILE
Name: Anuj Gupta
Part-Time Flexible Learning Previous Qualifications:
M.Phil. In Advanced Chemical Engineering,
• ix-month flexible part-time program delivered twice a year
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University of Cambridge, UK
• ll lectures are available streamed over the internet live and
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recorded. Recorded lectures are available in perpetuity Current Position:
Director, Equity Commodity Valuations,
• rovides an in-depth coverage of practical quantitative
P UBS
methods for today’s financial market
“ he CQF not only teaches you the
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mathematics under-pinning the different
Expert Teaching and Support financial models, it highlights their main
assumptions and potential dangers. It has
• he CQF faculty, led by Dr Paul Wilmott, is a highly
T certainly helped me enhance my career
acclaimed team of instructors combining leading academics aspirations while keeping abreast with
and practitioners specializing in the field of cutting edge modeling developments.”
quantitative finance
Lifelong Learning
• QF alumni benefit from a rapidly expanding continuing
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professional development program
• ifelong Learning consists of hundreds of lectures including
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C++ for financial programming and the Certificate in
Mathematical Methods
• QF alumni membership, all materials and books and access
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to recordings in perpetuity
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4. Your CQF Journey
APPLY
PREPARE
ATTEND
Online application
Apply online now and the Admissions
Team will confirm your acceptance to the
program within five working days.
Ask a question Detailed study materials
The best way to find out more about The CQF program begins with the
the CQF is to attend one of our Mathematics Primer, 15 hours of
information sessions or live webinars. intensive training covering all the
• Meet the team mathematical preliminaries you need
to know before commencing the
• Discuss details about the course
quantitative finance lectures. See Page 11
• Talk to alumni and faculty for more details.
• lobal information sessions and live
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webcasts available
• ecorded session available at cqf.com
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LIFELONG LEARNING
LEARN
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
Education for the whole of your career
to complete weekly exercises prior to the commencement of the
next class. At the end of each module, delegates take a written Alumni Lectures - These frequent lectures are arranged for
exam and have to score 60% or above to gain certification in that CQF Alumni, recorded and added to your portal.
module. Module 6 is a practical financial engineering project.
Masterclasses - Delve deeper into specific subjects with the
Module One – Basic Building Blocks of Quant Finance CQF’s Masterclasses including lectures from Paul Wilmott,
Module Two – Risk and Return Henriette Prast, Wim Schoutens and Claudio Albanese.
Module Three – Equity, Currency and Commodity Derivatives CM2 – The Certificate in Mathematical Methods (CM2) covers
Module Four – Interest Rates and Products a variety of mathematical methods, with special focus on those
Module Five – Credit Products and Risk applicable to real world problems.
Module Six – Advanced Topics C++ – This course features more than 70 hours of tuition and
Final Exam for Distinction (Optional) – The final three-hour is for both delegates without any C++ experience and those
examination takes place in exam centers worldwide. Delegates wanting to take their skills to the next level.
who score 80% or above receive a distinction grade. 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.
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6. Applicant Profile
CQF delegates come from a rich diversity of backgrounds, responsibilities and nationalities, bringing a wealth
of experience to the program.
ing Phy
Trad sics
nt
me
na nd
ma Fu
ge
DELEGATE
DELEGATE ACADEMIC
OCCUPATION DISCIPLINE
A SAMPLE OF COMPANIES CQF DELEGATES COME FROM
Accenture EDF Trading Mitsubishi UFJ Securities International
ABN AMRO Ernst and Young Moody’s
Alexia Asset Management Morgan Stanley
Abu Dhabi Investment Authority Fidelity International
Fitch Ratings Nationwide Financial
Bank of America Merrill Lynch Nationwide Building Society
Bank for International Settlements GE Capital Solutions Nomura
Banamex Goldman Sachs
Barclays Gordian Knot Och-Ziff Capital
BNP Paribas
BP Gas Trading HSBC IB PAAMCO
British Energy HBOS
RBS
Calyon IBM RWE
Chicago Trading Company Intesa San Paolo
Citadel ING Schroders
Citco
Citi JP Morgan
Thomson Reuters
Commerzbank Trafigura
Crédit Agricole KPMG Towers Watson
Credit Suisse
Lloyds
UBS
Deloitte Unicredit
Derivative Trading Systems Ltd Man Financial
Deutsche Bank Marshall Wace Watson Wyatt
Duff Phelps Mellon Capital Management Wells Fargo
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Geographical locations of delegates
NORTH AMERICA
USA
New York
Chicago
San Francisco MIDDLE EAST
Boston EUROPE
Israel
Washington D.C United Kingdom
UAE ASIA PACIFIC
Los Angeles Germany
Saudi Arabia Singapore
SOUTH Switzerland
Florida AMERICA Qatar
Sweden Hong Kong
Houston Brazil Lebanon
Netherlands Tokyo
New Jersey Sao Paulo Azerbaijan
France India
Missouri Rio de Janeiro Syria
Russia Australia
Texas Chile Bahrain
Italy Malaysia
California Columbia Kuwait
Ireland Vietnam
Pennsylvania Peru
Connecticut Spain
Paraguay AFRICA
Minnesota Luxembourg
South Africa
Oregon Denmark
Egypt
Canada Norway
Morocco
Toronto Belgium
Nigeria
Quebec Austria
Zimbabwe
Ontario Poland
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
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8. 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
“ he CQF was a good way of improving my math while working at the same time. The
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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
“ he part time flexible structure was very important; I did not have the ability to take a
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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
“ f it wasn’t for the CQF, I would not be in the position I am currently. The lifelong
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learning was very important to me – it’s 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
“ he overall hands on approach of the course is very important, rather than being totally
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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.”
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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. We offer a
fantastic interactive tablet and comprehensive learning portal giving 24 hour access to all the lectures and
materials in perpetuity.
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
• modular exam marks and feedback
• dedicated CQF Forum
Comprehensive learning portal
The CQF Companion Tablet
The CQF Companion tablet demonstrates our
dedication to deliver innovative solutions for online
learning. The portable lightweight tablet device has
offline access to our portal and is preloaded with
the Mathematics for Quantitative Finance Primer
lectures, the VBA lectures and core lecture notes
once the program has started.
Key features of the tablet:
• Live 1-2-1 interactive lecturer support
• Mathematics Primer lectures and lecture notes
• VBA lectures
• Whiteboard facility
• Access to CQF Forum
CQF interactive tablet
The CQF tablet and online meeting system has been a revolutionary tool in supporting delegates and
maximizing contact with faculty. This virtual environment allows delegates to discuss ideas, ask questions
and interactively work on mathematics using the whiteboard facility.
Randeep Gug, CQF Lecturer
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10. CQF ALUMNI PROFILE
Name: Bipin Patel
Previous Qualifications: M.Sc., Theoretical Physics, University of Pennsylvania
Current Position: VP Global Markets, Prime Services, Risk Analytics, Barclays Capital
Professionally, I can say that the CQF was the best thing I did to give my
career the boost that it needed. It enabled me to articulate myself with
confidence in the area of derivatives pricing and calculation of risk for
exotic instruments across multiple asset classes.

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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
CQF ALUMNI PROFILE
Probability:
• Probability Distribution Function Name: Daniel Rosado
• Cumulative Distribution
Previous Qualifications:
• Expectation Algebra Engineering, Institut National de Sciences
• ey Discrete and Continuous Distributions
K Appliquées de Toulouse
including the Normal Distribution
Current Position:
• Central Limit Theorem Vice President, Morgan Stanley
Statistics: “n the CQF there are delegates from all sorts
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• General Summary Statistics of backgrounds, some already in quant
finance, and some like me who had studied
• Maximum Likelihood Estimator
mathematics some time ago and had not
• Regression and Correlation 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
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12. CQF Program Content
MODULE ONE
Basic Building Blocks of Finance
Theory and Practice
We introduce the rules of applied Itô calculus as a modeling
framework. Simple stochastic differential equations and their
associated Fokker-Planck and Kolmogorov equations.
• mportant mathematical tools and results
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• Taylor series
• Ordinary differential equations
• Probabilistic concepts
• aussian, Poisson, Cauchy, Binomial, etc.
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• Central Limit Theorem
• he random behaviour of asset prices
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• Stochastic calculus and Itô’s 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.
• Fixed-income products
CQF ALUMNI PROFILE • Yield, duration and convexity
• Stochastic spot-rate models
• Affine stochastic models
Name: David Brocas • Change of numéraire
• Heath, Jarrow and Morton
Previous Qualifications: • Calibration
MSc Geology and Drilling Engineering , • Data analysis
Ecole de Mines. • Libor Market Model
• ointegration: Modeling long term relationships
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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.”
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MODULE TWO MODULE THREE
Risk and Return Equity, Currency and Commodity Derivatives
We deal with the classical portfolio theory of Markowitz, the The Black-Scholes theory, built on the principles of delta-
Capital Asset Pricing Model and more recent developments hedging and no arbitrage, has been very successful
of these theories. We investigate risk and reward, looking and fruitful as a theoretical model and in practice. The
at risk management metrics such as VaR. We also see the theory and results are explained using different kinds of
rudiments of option pricing principles and theory in the mathematics to make the delegate familiar with techniques
binomial model. in current use.
• Modern Portfolio Theory • The Black-Scholes model
• Capital Asset Pricing Model • Hedging and the Greeks
• Value at Risk • Option strategies
• Modeling and measuring volatility • Early exercise and American options
• Financial markets and products • Elementary Monte Carlo simulations
• The binomial model for asset prices • Elementary finite-difference methods
• Numerical Methods • Martingale theory for pricing
• Further Itô integration • Girsanov’s Theorem
• Martingale theory • Parallels between probabilistic and deterministic methodologies
• Change of numéraire
• The Radon-Nikodym derivative
• Portfolio Optimization
• Fundamentals of Optimization and Application to Portfolio Selection
MODULE FIVE MODULE SIX
Credit Products and Risk Advanced Topics
Credit risk plays an important role in current financial The benefits of new models will be discussed from
markets. We see the major products and examine the most theoretical, practical and commercial viewpoints. The
important models. The modeling approaches include the models derived in earlier parts of the course are only as
structural and the reduced form, as well as copulas. good as the solution. Increasingly often the problems must
be solved numerically. We explain the main numerical
• Reduced-form model and the hazard rate methods, and their practical implementation.
• Structural default models
• Credit risk and credit derivatives • Exotic options
• CDS pricing, market approach • Static hedging
• Synthetic CDO pricing • Deterministic volatility and calibration
• Risk of default, structural and reduced form • Stochastic volatility and jump diffusion
• Copulas • Non-probabilistic volatility models
• Implementation of copula models • Correlation, problems and solutions
• Statistic Methods in Estimating Default Probability • 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
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.
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14. 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 RISK MANAGEMENT
The Pricing of CDO’s Using Levy Copulas (Wim Schoutens) Understanding the Financial Markets in the Subprime Era
Jumps in Credit Risk Modeling and Intensity Models: Theory, (Bill Ziemba)
Calibration, Pricing (Wim Schoutens) Classic Quant Mistakes (Paul Wilmott)
Copula and Implementing CDO Pricing (Siyi Zhou) Long Short Portfolio Optimization Under Mean-Variance-CVaR
CDOs, Correlation Products and Dangers Therein (Paul Wilmott) Framework (Gautam Mitra)
Copulas and CDO Implementation (Siyi Zhou) Validation of Derivatives Pricing Models (Dario Cziraky)
Correlation Sensitivity and State Dependence Trading Derivatives: Real Markets, Real Model, Real Smiles
(Paul Wilmott and Siyi Zhou) (Nasir Afaf)
Structural Models (Alonso Pena) Scenarios and Risk Control for Hedge Funds (Bill Ziemba)
Introduction to Credit Derivatives (Moorad Choudhry) The Scandal of Prediction (audio only) (Nassim Nicholas Taleb)
Credit Default Swaps (Alonso Pena) That’s No Way to Run an Economy (Aaron Brown)
Advanced Credit Derivatives (Seb Lleo) Infinite Variance (Seb Lleo)
CrashMetrics (Paul Wilmott)
EQUITY
MATHEMATICS
The Feedback Effect of Hedging in Illiquid Markets (Paul Wilmott)
Dividend Modeling and Option Pricing (Some Practitioners’ Derivatives and Stochastic Control (Paul Wilmott)
Models and a New Model) (Ralf Korn) Can You Feel the Heat? Inverse Problems in Finance
Pricing a Class of Options via Moments and SDP Relaxations (Andreas Binder)
(Milhail Zervos) Differential Equations (Riaz Ahmad)
Black-Scholes Model (Paul Wilmott) Martingales (Riaz Ahmad)
Binomial Model (Paul Wilmott) Stochastic Calculus (Riaz Ahmad)
Random Behaviour of Assets (Paul Wilmott) Linear Algebra (Riaz Ahmad)
The “Non-Greek” Non-Foundation of Derivative Pricing Black Scholes, Mathematical Methods and Intro to Numerical
(Elie Ayache) Methods (Riaz Ahmad)
Exotic Options (Paul Wilmott) Methods for Quant Finance: I II(Riaz Ahmad)
Advanced Equity Models: Pricing, Calibration and Monte Carlo Martingales and PDEs: Which, When and Why (Seb Lleo)
Simulation (Wim Schoutens)
The Life of a Fundamental Analyst (Anneke Minnema) NUMERICAL METHODS
A Market Impact Model that Works (Dan di Bartolomeo)
Optimal Execution of Portfolio Transactions: A Review Software Issues in Wavelet Analysis of Financial Data
(Ekaterina Kochieva) (Robert Tong)
VBA Workshop (Mike Staunton)
FIXED INCOME An Introduction to Spreadsheet Risk (Grenville Croll)
Monte Carlo Simulation and Early Exercise (Paul Wilmott)
Black 76 (Espen Haug) Finite Difference Model (Paul Wilmott)
The Market Price of Risk (Paul Wilmott) Monte Carlo Simulations (Paul Wilmott)
Managing Smile Risk (Pat Hagan) Numerical Integration (Paul Wilmott)
Advanced BGM (Peter Jaeckel) Convertible Bond Coding Workshop (Paul Wilmott)
The Heath, Jarrow and Morton Model (Paul Wilmott) VG Modeling (Paul Wilmott)
Probabilistic Methods for Interest Rates (Seb Lleo)
Fixed Income Modeling (Lecture I - IV) (Claudio Albenese)
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PORTFOLIO MANAGEMENT
Equity Portfolio Risk Management (Jason MacQueen)
Frankenstein’s 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 CQF ALUMNI PROFILE
Exotic Equity Derivatives, Pricing and Hedging, Name: Elias John Kies
2 days
Paul Wilmott Previous Qualifications:
HBBA, Business, Wilfrid Laurier University
Behavioral Science in Finance: Phenomena,
Diagnosis, Therapy, 1 day Current Position:
Director of Analytics, Edgar Online Inc
Henriette Prast
“ had a firm grasp on market fundamentals
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Operator Methods in Fixed Income and Credit,
yet yearned for a deeper technical
2 days
perspective to analyze the increasingly
Claudio Albanese
complex capital markets; the CQF filled this
gap perfectly. The value of the CQF increases
Intraday High-Frequency Trading: From Empirical
everyday as extra lectures are continually
Evidence to Quantitative Optimization, 1 day
added. I highly recommend the CQF to any
Charles-Albert Lehalle
serious investment professional.”
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16. CQF ALUMNI PROFILE
Name: Stewart Button
Previous Qualifications: Bachelor of Engineering with First Class Honours, University of Tasmania, Australia.
Current Position:Risk Management ISD, Rabobank International
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 course has given me the tools to price financial instruments and
systematically manage market and credit risk confidence.
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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 Variables Transform Methods
• Complex Numbers • Basic Properties • aplace and Fourier transforms
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• Vector algebra • Elementary Functions • pplications
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• Matrix algebra • Complex Differentiation
Numerical Analysis II –
• Ordinary differential equations • Complex Integration
Finite Difference Methods
• Infinite Series • Infinite Series
• arabolic equations
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• Functions • The Theory of Residues
• yperbolic equations
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• Calculus for several variables • Zeros of polynomials
• lliptic equations
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• Vector calculus • Conformal Mapping
Analysis
Linear Algebra Differential Equations
• umber systems
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• Linear equations • Fourier Series
• ontinuity
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• Vector spaces • Variation of parameters
• equences
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• Linear mappings • Linear ordinary differential equations
• ifferentiation and Integration
D
• Eigenvalues and eigenvectors • on-linear ordinary differential
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• niform Convergence
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• Gram-Schmidt process equations
• ower series
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Introduction to Probability Mathematical Methods
Group Theory
• Introduction • lliptic Equations and related
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• ubgroups
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• Random Variables methods
• inite groups and Group tables
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• Continuous Random Variables • athematics of Hyperbolic
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Equations • he groups
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• Multivariate Random Variables
• agrange’s theorem
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Advanced Mathematical Methods • ermutation groups
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Numerical Analysis I • symptotic expansions of integrals
A • somorphism
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• Errors • on-linear ordinary differential
N • sometry and Matrix Groups
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• Roots of equations equations
• he Dihedral group
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• Interpolation • ntegral Equations Boundary
I
• yclic groups
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• Numerical Linear Algebra Value Problems
• irect Products and Finitely
D
• Integration Generated Abelian Groups
• Differential Equations • oset groups
C
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
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18. CQF ALUMNI PROFILE
Name: Lilan Li
Previous Qualifications: Institut national des Sciences appliquées de Lyon; Diplome d’ingénieur -
Master of Engineering
Current Position: Analytics Developer, JP Morgan
The Lifelong Learning for me is very important; the CQF is outstanding compared
to alternatives. Personally I will continue learning from the masterclasses and extra
lectures because for me learning is the key and I enjoy doing it all the time.
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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.
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20. CQF Faculty
World-renowned practioners and respected academics
Dr Paul Wilmott trading own account positions in interest rate, bond and equity
derivatives. At 7city, Neil is Head of Financial Product Training,
Paul is internationally renowned as a leading expert on designing and delivering a range of product courses for
quantitative finance. His research work is extensive, with investment houses, data agencies and software houses in the
more than 100 articles in leading mathematical and finance US, UK and Europe.
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 Dr Sébastien Lleo
leading US and European financial institutions. He has founded Sébastien is a professor of finance at Reims Management
a volatility arbitrage hedge fund and a university degree course. School in France, a lecturer on the Certificate in Quantitative
Paul has lectured at all levels, to students and to practitioners. 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
Dr Riaz Ahmad London in the UK. Before that, he worked seven years in the
investment industry in Canada and held consulting positions.
Riaz is Head of CQF Faculty and teaches Mathematical Finance, He holds a PhD in mathematics from Imperial College London
C++ programming and Mathematical Methods based courses. (UK), an MBA from University of Ottawa (Canada), and an MSc
Riaz is an Applied Mathematician with teaching and research in Management from Reims Management School (France).
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 Dr Randeep Gug
lectured in Mathematical Finance at University College London Randeep is the Head of CQF Business, Co-head of 7city’s
(UCL), Oxford University (Mathematical Institute), Lahore Business School as well as a lecturer on the Certificate in
University of Management Sciences (LUMS) and Institute of Quantitative Finance (CQF). Prior to joining 7city, Randeep
Business Administration (IBA), Karachi. 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
Dr Espen Gaarder Haug (NSE). More recently he has spent time teaching mathematics
at all levels. He is a qualified teacher, holds a 1st class honours
Espen has worked in derivatives trading and research for degree and a PhD for research in semiconductor physics. He is
more than 20 years. He worked as a proprietary option trader a CQF Alumnus, achieving a distinction on the program and his
at J.P. Morgan in New York, and as an option trader for two current interests are based around improving and promoting
multibillion dollar hedge funds, Amaranth and Paloma Partners. the teaching and learning of Quant Finance.
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 Dr Richard Vladimir Diamond
income, energy and commodities. Espen has a PhD degree Richard advises family offices on private equity, asset allocation,
from the Norwegian University of Science and Technology, and investment performance and effectiveness of hedges. Richard
is currently a professor of Finance at the Business School of the designs and executes trades – his specialties are volatility
Norwegian University of Life Science. 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
Neil Graham 2005, he has been teaching in operations management,
statistics and financial mathematics, recently at Cass Business
Neil joined Barclays International in 1985 initially in the foreign School, City University and Regent’s College. In 2011, he
exchange, money markets and derivatives operations areas completed a postgraduate certificate in learning and teaching
before moving to the trading room in 1991. Here, his roles at University College London, conducting a two-year advanced
included both inter-bank and sales positions in spot and study of threshold concepts in quantitative finance. Richard
forward FX, money markets and treasury derivatives. After achieved Fellowship recognition from The Higher Education
leaving Barclays in 1995, Neil became a local on the London Academy in the UK. Richard is a CQF alumnus.
International Financial Futures and Options Exchange (LIFFE)
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Dr Iris Mack Dr Alonso Peña
Iris, PhD, EMBA earned a Harvard doctorate in Applied Alonso is SDA Professor at the SDA Bocconi School of
Mathematics and a London Business School MBA. Iris is also a Management in Milan. He has worked as a quantitative
former Derivatives Quant/Trader who has worked in financial analyst in the Structured Products group for Thomson
institutions in the U.S., London, Asia and the Caribbean. In Reuters Risk and for Unicredit Group in London and Milan.
addition to conducting lectures on Energy Derivatives for the He holds a PhD degree from the University of Cambridge on
Certificate in Quantitative Finance Program, she is an Energy finite element analysis and is also a CQF alumnus. He has
Derivatives and Quantitative Investment consultant for 7city lectured and supervised graduate post-graduate students
in Singapore. Iris serves on a National Academy of Sciences from the universities of Oxford, Cambridge, Bergamo, Pavia,
Research Advisory Board. In addition, she serves on the Castellanza and the Politecnico di Milano. His area of expertise
Advisory Boards of the Women Mentor Women Foundation is the pricing of financial derivatives, in particular structured
and the I Can Still Do That Foundation. Iris has been an products. Dr Peña has been awarded the Robert J Melosh
astronaut semi-finalist, one of Glamour Magazine’s “Top 10” Medal: First Prize for the Best Student Paper on Finite Element
college students, one of Glamour’s “Top 10” working women, Analysis, Duke University, USA; and the Rouse Ball Travelling
an investment banker, an Enron Energy Trader and an Studentship in Mathematics, Trinity College, and Cambridge.
MIT professor.
Dr Siyi Zhou
Dr Peter Jäckel Siyi is an Associate Lecturer for the CQF. He teaches applied
Peter is the founder and Managing Director of OTC Analytics. quantitative finance in volatility arbitrage, stochastic interest
He received his DPhil in Physics from Oxford University in rate models and credit derivative pricing and risk management.
1995. Peter migrated into quantitative analysis and financial Before joining 7city CQF faculty, Siyi worked as a senior risk
modeling in 1997 when he joined Nikko Securities. When Nikko analyst in a city based consulting firm to provide constructive
closed down its European operations in 1998, he changed solutions to leading banks and insurance companies. He has
to NatWest, which later became part of the Royal Bank of worked on many projects in counterparty credit risk and market
Scotland group. In 2000, he moved to Commerzbank Securities’ risk management. Currently he is working at Moody’s Analytics
product development group, and headed up the team jointly based in London.
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 Dominic Connor
author of the book Monte Carlo Methods in Finance (2002).
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
Professor Moorad Choudhry networks for the British government, reviewed C++ compilers
Moorad is Treasurer, Corporate Banking Division at The Royal for PC Magazine, and debugged operating systems for IBM and
Bank of Scotland. He was previously Head of Treasury at Microsoft. At some point he has written code for every major
Europe Arab Bank, Head of Treasury at KBC Financial Products, environment including Windows, OS/2, Reuters, Bloomberg,
and vice-president in structured finance services at JPMorgan VMS, AS/400, DOS, VM and Unix.
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

22. CQF ALUMNI PROFILE
Name: Eleanna Skouta
Previous Qualifications: BSc Honours Computer Science with Artificial Intelligence, City University, London
Current Position: Financial Engineer
Such an intensive course can only be possible because of the technical expertise of
the lecturers, who are leaders in their field. This knowledge could be brought back to
the comfort of my own time schedules by accessing the online content. This has been
proven invaluable, since I can revisit any lecture, or even access an extensive library of
archived extra material.
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How to Apply
Fees and Financing
We aim to make applying for the CQF as easy as
The CQF fees cover:
possible. Should you have any questions about the
application process, send us an e-mail or give us a call. • Tuition
• Examination
• CQF Tablet
• 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. Apply online at cqf.com/admissions, or e-mail
info@cqf.com and we will e-mail or post an
application form to you.
Thomson Reuters Scholarship
The Thomson Reuters Scholarship will be awarded to
one applicant per course from the Americas, whereby
2. The CQF Admissions Department will come back to you
within five business days indicating whether you have
been granted preliminary acceptance onto the course,
the recipient will have his/her course tuition 100%
waived. All applications and supporting documents
must be submitted at least two months prior to the
and the time-scale within which you must make your course start date.
decision on the offer. We might also invite you to be
interviewed over the phone by a Course Director.
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
The Wiley Scholarship
The Wiley Scholarship will be awarded to one
to pay a non-refundable deposit which will entitle you applicant per course from Asia, whereby the recipient
to reserve a place on the program and get access to will have his/her course tuition 100% waived. All
preliminary course materials and lectures, including the applications and supporting documents must be
CQF Tablet and Mathematics Primer. submitted at least two months prior to the course
start date.
4. 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. Wilmott Scholarship
For those who are unemployed, full-time students or
5. Once you pay the balance of the course you will be able
to secure your place on the program.
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

24. 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.
When does the course start?
CQF ALUMNI PROFILE
The course is delivered twice a year, commencing in January and in June.
Name: Iain Adams
Current Position:
Is it possible to complete selected modules?
Risk Manager, Barclays Capital 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.
“ he CQF is a well-designed course: topics
T
are carefully chosen for their practical
relevance, and then explained fully and Can I get help with funding?
rigorously. Paul Wilmott is a talented and We offer the Thomson Reuters, Wiley and Wilmott Scholarships, which
enthusiastic teacher, exactly what you provide funds to enable certain individuals in specific situations to attend
need to motivate you for an evening’s work the Certificate in Quantitative Finance. These Awards will be made at the
after a long day in the office. The CQF’s discretion of the Scholarships Committee to outstanding candidates who
industry recognition has since been of meet the scholarship requirements and who, in the opinion of the committee,
great professional benefit.” are deserving and will gain the most from the program.
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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 pre-
course 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 delegate’s 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? Name: John Foxworthy
We endeavor to make a decision within five business days of a complete
application being received. Previous Qualifications:
BA Economics / International Area Studies,
UCLA
When do I need to submit the Mathematics Current Position:
Aptitude Indicator? Confidential
We advise all delegates to complete the application form first and submit this
“ egardless of your experience in
R
for Course Director approval. They should then start working through the
quantitative finance, the CQF is the best
Mathematics Aptitude Indicator, complete and return it by email before the
choice to advance your quantitative finance
start of the course. Delegates are welcome to delay handing in the test until
career. The CQF combines the correct mix
after the Mathematics Primer.
of theoretical and practical approaches
to quantitative finance, beginning with
What equipment do I need to view the webcast? fundamentals and first principles that can
be applied to all the asset classes, then
To view the webcast live or recorded, delegates will need a computer moving into more specialized topics.”
with a sound card and a speaker. Delegates will also need broadband
internet access.
Can I sample a webcast?
Absolutely, go to cqf.com/program and request 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

26. Our Affiliates
7city Learning
Since its inception in 2000, 7city has become a trusted training provider to financial
institutions around the globe. At its training centers in London, New York, Singapore
and Dubai and via its cutting edge virtual learning portals, 7city is proud to work with
over 20,000 delegates each year. The CQF is one of 7city’s flagship courses.
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.
Wolfram
Wolfram Research is one of the world’s most respected software companies - as well
as a powerhouse of scientific and technical innovation. A wide range of companies rely
on Mathematica to maintain their competitive edge in a sector which is 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

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

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