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FINANCE
CQF
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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 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.
Contents 3 4-5 6 7 8 9 10-11 12-14 16-17 19 20-21 22 23 Introduction Your CQF Journey Applicant Profile CQF Alumni Program Delivery Mathematics for Quantitative Finance Primer CQF Program Content Lifelong Learning for CQF Alumni CQF Faculty How to Apply FAQs About 7city Learning Enrolment Form
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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, development, quantitative trading 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.
APPLY
Online application
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Apply online now and the Admissions Team will confirm your acceptance to the program within five working days.
PREPARE
ATTEND
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/admissions/informationsessions
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 9 for more details.
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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
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. This course is also suitable for graduate students, IT specialists, actuaries, insurance professionals, consultants and even mathematically-oriented individuals who are seeking opportunities in the financial markets. The typical participant will be a market practitioner currently employed in a bank or other financial institution. Some mathematical experience and knowledge of the financial markets is useful, however professional finance experience is by no means a pre-requisite for the course.
Class Profiles
Delegate Profile by Occupation
7% 6% 5% 5% 3% 3%
6% 6% 5% 4% 3%
Delegates from the following organizations have successfully completed the CQF
Accenture ABN AMRO Alexia Asset Management Abu Dhabi Investment Authority Bank of America Merrill Lynch Bank for International Settlements Baramex Barclays Capital BNP Paribas British Energy Calyon Chicago Trading Company Citadel Citco Citi Commerzbank Credit Suisse Deloitte Derivative Trading Systems Ltd Deutsche Bank Duff & Phelps EDF Trading Ernst and Young Exane Fidelity International Fitch Ratings GE Capital Solutions Goldman Sachs Gordian Knott HSBC IB HBOS IBM Intesa Sanpaolo 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 UBS Unicredit Wachovia Watson Wyatt Wells Fargo West LB
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CQF Alumni
The CQF alumni community is continually expanding all over the world. The current network consists of over 1600 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.
Program Delivery
New CQF Interactive Tablet The CQF Companion tablet is new for 2012. The portable lightweight tablet device has offline access to our portal and is preloaded with the Mathematics for Quantitative Finance Primer and VBA lectures. The tablet allows you to access your CQF Program whenever is convenient for you whether it is at home, on the train or in your lunch break. The tablet technology makes the CQF Program even more interactive and includes 1-2-1 tutor support for delegates all over the world.
The tablet Live 1-2-1 interactive lecturer support Mathematics Primer lectures and notes VBA lectures Discussion forum High definition multimedia at your fingertips Live 55% of our delegates work through most of the course using the live lectures. Recorded Classes 45% of delegates take most of the course watching the recorded material online. All classes are recorded and then placed online. Every delegate is provided with their own online account allowing them access to the following: Recorded class lectures Annotated class notes Data Sample code and spreadsheets Additional/non-examined classes
CQF interactive tablet
TheCQFtabletandonlinemeetingsystemhasbeenarevolutionarytoolinsupportingdelegatesand maximizingcontactwithfaculty.Thisvirtualenvironmentallowsdelegatestodiscussideas,askquestions andinteractivelyworkonmathematicsusingthewhiteboardfacility.Itcanbeusedasaone-to-onetool ortocreateagrouptutorialenvironment. Delegatesoftencommentonhowitisasgoodasbeinginthesameroomasthelecturer,butwiththe addedadvantagethatitcanbeusedonthego! Randeep Gug, CQF Lecturer
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MODULE FOUR
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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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Alumni Lectures
Here is a small selection from the many hundreds of optional classes: Mathematics: Fundamentals of Optimization with Sebastien Lleo Statistics: Financial Modeling using GARCH Processes with Kyriakos Chourdakis Numerical Methods: Monte Carlo Simulation and Early Exercise with Paul Wilmott Equity: Exotic Options with Paul Wilmott Fixed Income: Advanced BGM with Peter Jckel Portfolio Management: Beyond Black-Litterman Attilio Meucci Credit: Jumps in Credit Risk Modelling with Wim Schoutens Risk Management: Scenarios and Risk Control for Hedge Funds with Bill Ziemba Trading: The Scandal of Prediction with Nassim Nicholas Taleb Programming: The New C++ Standard with Roger Orr
Alumni Masterclasses
Continue to learn and delve deeper into specific subjects with the CQFs Masterclasses. Volatility and Advanced Modeling with PC Workshops with Paul Wilmott A critical look at the most important unknown in derivatives pricing: volatility. The main modeling approaches are presented with their advantages and disadvantages. Concepts are studied from a scientific and a practical point of view allowing delegates to understand the significance in their choice of model. Behavioral Science In Finance: Phenomena, Diagnosis, Therapy with Henriette Prast This one day course will give an overview of the latest research in behavioral economics and discuss its implications for market participants. Challenging the view that individuals take rational decisions provided that they have access to full information. VG Modelling: Pricing Financial Derivatives in Equity and Credit Risk with Wim Shoutens This course provides an introduction to the use of the Variance Gamma (VG) based models for equity and credit risk. A practical approach to describing the theory of advanced models, and features many examples of how they may be used to solve problems in finance, with emphasis on the pricing of financial derivatives. Operator Methods in Fixed Income and Credit with Claudio Albanese The first half of this course covers Stochastic Monetary Policy Models for Interest Rate Derivatives, and applications to callable CMS spread range accruals. The second half covers Structural Models for Credit Equity Derivatives and applications to bespoke synthetic CDOs. Exotic Equity Derivatives, Pricing and Hedging with Paul Wilmott A detailed course on the pricing and hedging of exotic equity derivatives, starting from the analysis of data to build up a vanilla pricing model and then extending this to exotic, overthe-counter products. Examining the mathematical modeling and the numerical aspects, as well as choice of model and dynamic and static hedging. Intraday High-Frequency Trading: From Empirical Evidence to Quantitative Optimization with CharlesAlbert Lehalle This course covers factors that affect intraday trading, how to capture intraday statistical invariants, and how to understand and implement quantitative formalization of intraday trading.
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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: The simulator is based on a repertoire of authentic scenarios which track price changes across a range of asset classes. Instructor-generated scenarios: Scenarios can be comprised of historical data, random walks or instructor designed situations. Structured teaching approach: Instructors can initially demonstrate a model or approach within the assumptions of that approach and then stress-test it. Interactive parameter setting: Instructors can change parameters mid-scenario, ensuring a close and timely response to the learning needs of the moment. A range of option greeks: Main option greeks are displayed in real-time: delegates see delta, gamma and vega exposures and ways to hedge or speculate on these. Fundamentalist and technicalist strategies: Scenarios may contain news flow to encourage the analysis of fundamentals, and their effect on market prices. Multiple interaction types: Traders can quote spreads to each other in a peer to peer OTC market or trade with artificial intelligence traders on buy or sell sides. Single or multi-player mode: Delegates can use the simulator in scheduled trading sessions with others.
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 Basic 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. 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 Linear Algebra Introduction to Probability Numerical Analysis I Complex Variables Differential Equations Mathematical Methods Advanced Mathematical Methods Transform Methods Numerical Analysis II
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CQF Faculty
World-renowned practioners and respected academics
The CQF faculty is a highly acclaimed team of instructors combining leading academics and practitioners specialized in the field of quantitative finance.
Dr Paul Wilmott
Dr Paul Wilmott 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, published by John Wiley & Sons. 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.
Dr Riaz Ahmad
Dr Riaz Ahmad is full-time director at 7city for all mathematical and computational finance based courses. In addition he oversees 7citys Quantitative Finance series and consults on mathematical finance issues to City Institutions. Riaz received advanced degrees in mathematics from University College London and Imperial College London. He has held academic positions and lectured in mathematical finance at University College London (UCL), Lahore University of Management Sciences (LUMS) and Oxford University (Mathematical Institute). His research and academic interests are in the theoretical and computational methods for derivative pricing and Islamic finance.
Neil Graham
Neil joined Barclays International in 1985 initially in the foreign exchange, money markets and derivatives operations areas before moving to the trading room in 1991. Here, his roles included both inter-bank and sales positions in spot and forward FX, money markets and treasury derivatives. After leaving Barclays in 1995, Neil became a local on the London International Financial Futures and Options Exchange (LIFFE) trading own account positions in interest rate, bond and equity derivatives. 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 (Scandinavia, mainland Europe and Eastern Europe).
Si Yi Zhou
Before joining 7city CQF faculty Si Yi worked as a risk analyst in a consulting firm to provide constructive solutions to banks and insurance companies. He has worked on many projects with leading financial institutions and academics to solve practical issues in the financial markets. In particular he is experienced in credit derivative pricing, portfolio credit risk and correlation analysis.
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Dr Alonso Pea
Dr Alonso Pea works as a quantitative analyst in the Structured Products group for Thomson Reuters plc. He holds a Ph.D. degree from the University of Cambridge (finite element analysis) and the Certificate in Quantitative Finance (CQF) from 7city. His area of expertise is the pricing of financial derivatives, in particular structured products. He has publications in the fields of quantitative finance, applied mathematics, neuroscience and the history of science. He is currently Honorary Visiting Senior Research Fellow at the University of Cambridge (2006-2009) and in the Teaching Staff of the Mathematical Institute at the University of Oxford.
Dr Randeep Gug
Dr Randeep Gug is Head of CQF Business. He is also a full time lecturer on the CQF faculty and a CQF alumnus. Prior to joining 7city, Randeep worked in a variety of roles. These include the Equities division at Salomon Smith Barney, trading futures on the Indian National Stock Exchange (NSE) and lecturing in mathematics at a London SixthForm College. He is a qualified teacher and holds a 1st class honours degree and a PhD for research into semiconductor Physics.
Moorad Choudhry
Moorad Choudhry is Head of Business Treasury, Global Banking and Markets at Royal Bank of Scotland plc. He previously worked as a gilt-edged market maker and sterling bond trader with ABN Amro Hoard Govett Sterling Bonds Limited and Hambros Bank Limited, and in structured finance services with JPMorgan Chase Bank. He began his City career at the London Stock Exchange in 1989. Moorad is a Visiting Professor at the Department of Economics, London Metropolitan University; a Visiting Research Fellow at the ICMA Centre, University of Reading; a Senior Fellow at the Centre for Mathematical Trading and Finance, Cass Business School; and a Fellow of the Securities and Investment Institute.
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 & equity markets, secure networks for the British government, reviewed C++ compilers for PC Magazine, and debugged operating systems for IBM & 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.
Dr Sbastien Lleo
Dr Sbastien Lleo is a researcher at Imperial College London. His research interests include investment management, risk management, asset pricing, stochastic control and stochastic analysis. Sbastien worked for seven years in the investment industry, at the Bank of Canada and at CMHC Pension Fund. Sbastien holds a PhD in mathematics from Imperial College London (UK), a MBA from University of Ottawa (Canada), and a MSc. in Management from Reims Business School (France). He is a CFA Charterholder, a Professional Risk Manager, a Certified Financial Risk Manager and a CQF alumnus.
Dr Iris Mack
Iris Mack, PhD, EMBA earned a Harvard doctorate in Applied Mathematics and a London Business School MBA. She is a former MIT professor. Dr. Mack is also a former Derivatives Quant/Trader who has worked in financial institutions in the U.S., London, Asia and the Caribbean. Dr. Mack conducts lectures on Energy Derivatives for the CQF Program and is also a Finance Subject Matter Expert for the Virginia Department of Educations Financial Literacy program. Dr. Mack 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.
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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.
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Apply online at cqf.com/admissions, 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 mathematics test before the course begins. This test 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 take your place once the course commences.
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 100% waived. 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 30% of the tuition fees.
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FAQs
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Since our inception in 2000, 7city has become a trusted training provider to financial institutions around the globe. At our training centers in London, New York, Singapore and Dubai and via our cutting edge virtual learning portals, we are proud to work with over 20,000 students each year. Our leading edge of training solutions includes preparation for regulatory licenses and professional qualifications, introductory training for financial instruments or graduate programs, as well as uniquely tailored benchmark certificates. The CQF is 7citys flagship course.
Contact
LONDON 4 Chiswell Street London, EC1Y 4UP t +44 (0)845 0727620 e clientservices@7city.com NEW YORK 55 Broad Street, 3rd Floor New York, NY 10004 t 800 974 0394 e usclientservices@7city.com SINGAPORE 112 Robinson Road #03-03 Singapore 068902 t +65 6327 1581 e clientservices@7city.com.sg DUBAI Dubai International Financial Centre The Gate Village Level 3, Building 10 PO Box 482058, Dubai t +971 (0)4-401 9818 e meclientservices@7city.com
PRMIA Exemptions
The Education and Standards Committee of PRMIA (Professional Risk Managers International Association) has granted all CQF holders exemptions to the PRM qualification for: Exam I Finance Theory, Financial Instruments and Markets Exam II Mathematical Foundations of Risk Measurement In order to receive the PRM qualification, delegates obtaining the CQF are required to complete a cross-over exam encompassing: Exam III Risk Management Practices Exam IV Case Studies and PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws
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CERTIFICATE IN
FINANCE
CQF
GLOBAL STANDARD IN FINANCIAL ENGINEERING
7city Learning 4 Chiswell Street, London, EC1Y 4UP UK t +44 (0) 845 072 7620 f +44 (0) 20 7496 8607 w 7city.com 55 Broad Street, 3rd Floor, New York, NY 10004 USA t 800 974 0394 f 212 480 2974 w 7city.com 112 Robinson Road, #03-03 Singapore (068902) t +65 6327 1581 f +65 6248 9027 w 7city.com.sg Dubai International Financial Centre, The Gate Village, Level 3, Building 10, PO Box 482058, Dubai t +971 (0)4-401 9818 w 7city.ae