CQF is a specialized certificate for all those who are interested in becoming Quants in Investment Bank. This certificate was launched by Paul Wilmott, who is considered by some as a guru in this field. The company that is organizing the exam and classes (which are integral part of the certification process and you cannot be awarded CQF designation without spending many weekends in the classroom) is 7City, which is also preparing students for CFA and other certificates.
CQF designation is not very popular, but due to the fact that it is very focused it is quite prestigious in the quant environment. It has simply no competition. CFA or CAIA are by far more general and do not cover asset pricing (etc. Ito's Lemma, Interest Rate Models) deep enough to prepare a candidate to very technical field of quantitative finance. If you are thinking about becoming a Quant CQF certificate (or more broadly - a CQF Course of Studying) will prepare you to that role. You need to remember, however, that you need very good prior math preparation in order to catch up with the course of studying.
And should you do CQF if you already have PhD in Finance or in Economics? I think that it will not be very wise choice to do that. PhD is already very useful degree for Quantitative Finance. CQF is expensive (~10k pounds) and it takes time to finish it. On the other hand, if you have PhD in other discipline (like Chemistry, Mathematics) and you never did anything with finance, getting a CQF will probably open a lot of doors in IBanks for you.
Thursday, September 6, 2007
CQF - Certificate in Quanitiative Finance
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22 comments:
Hi,
I got to know your webbie from another forum. I have some questions about some of the qualifications thingy. I am a fresh graduate from a UK university. I don't have any working experience in the finance industry. I have been trying to apply for possible training program with some of the investment banks. Currently I am thinking whether I should take ACCA or CFA course. I don't know which one suits me better. Because I have been hearing different opinions from different people. Some said that ACCA is more well-rounded and give me a broader job opportunities while CFA is more focused on analyst role..as in ACCA people can do CFA job but not the other way round. I am quite coufused at this. Do you think CFA will give me a better prospect to get into an investment bank? Is CFA better than ACCA? Please do give your opinion and advise. I will really appreciate that. Thank-you ;)
In general in Investment Banks both CFA and ACCA are highly regarded. Your decision to chose one of them should result from your long term career plans.
If you want to be on the market (work in trading, asset management etc.) CFA is by far more useful than ACCA. On the other hand, if you prefare accounting or controling ACCA will definitely better.
ACCA is in fact much more general. You will find it useful both in Investment Bank and in traditional industry.
CFA is useful almost exclusively in Investment Banking (and related companies: like PE etc.).
It takes longer to get ACCA so you should consider this as an another disadvantage.
If you are thinking about career in the financial markets go for CFA otherwise get ACCA.
Hope it helps.
Hi,
I have recently graduated from a top 10 UK institution (top 40 globally) with a distinction in an Economics Msc. I have been offered a funded PhD in Economics in the area of Monetary Economics and financial crisis. I am very interested in accepting what I believe will be an enjoyable 3 years of further research and study. Does anyone know if this area and calibre of university (not Oxbridge/LSE) is enough for a career in a top financial institution's research department, or is academia the only viable option?
Or instead should I be looking to go down the accountancy route/ undergraduate position route which will be less enjoyable but a safer alternative? Any comments much appreciated. Thanks
Hi,
thank you for the email. I think I can give you some good advices.
First, you should know that it is much more difficult to go to academia after your PhD than to go to financial sector. Academia is by far more difficult to get in.
Second, the rankings do not matter too much if you are thinking of career in Finance. Most important is that you have PhD. Sometimes they (in Investment Banks) don't even care if this PhD is Finance related.
Third, PhD is also a risk. If you have a PhD you may be classified as a Quant and then you will end up programming, testing etc. If that is not what you want, and you like for example interactions with people you shall consider MBA from the Good Business School.
To sum up I would say that PhD maybe quite decent option but it is very risky (not even counting the risk of not finishing the PhD which is quite high).
If you have any further question, or you want to discuss go ahead.
Best,
Piotr
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Hi
I'm intersted in macro (not equity) research. I have a couple of questions
Do you believe a PhD (in a macro finance related area) to be better than a CFA?? (Concidering that with CFA opportunites exist to aquire experience too??
With fewer macro research positions avaliable, are they even more competiative?
Is it really the case that PhD institution's reputation matter much less than undergraduate level??
Appreciate any help. By the way great site!!!!
Hi where nxt,
PhD is by far more useful in Macroeconomic research than CFA. CFA is more for equity research, and macroeconomics part of knowledge is not very importiant on the CFA examination.
Best,
PhDStudent
Hi,
I'm just thru with my Undergraduate degree in Engineering (2.2) from a really rubbish school (from Nigeria actually) Luckily, I have gotten a job in an IBank (back office though) in London, I would like to become a quant and I know I need to beef up my CV by getting an MSc in Finance Engr. However, most of the top tier schools are looking for a sterling undergraduate grade (which I don't have). I am thinking of, in the interim, getting a certification like CFA or CQF (or both) to improve my chances of getting admission to a school like Haas. Do you think this will help? Or do you think I should build up my experience? I fear I'm rather old (24) and in a few years I'll be a bit old for a graduate role.
I think getting CQF or CFA will not give you an edge when you apply to good program. As far as I know getting into Financial Engineering program is not that difficult if you have good GRE or GMAT scores are decent work experiance.
You are not too old to look for this kind of program.
However, if I were you I would rather try to move from Back Office to Front/Middle Office. This is difficult but possible. You just need to find your way. If you are in Front Office you may even find it optimal to abandon the idea of going to Grad School (that depends on number of factors however)
I am currently in a similar position to the post made on 28th Dec 07, I have entered into an IB on MO graduate program. I am now placed in product control in the structured credit world.
I hope to one day work in Alternative Asset Sales (Fund of Fund type work). Please advise if you think it sensible to start a full time masters of finance or management in an attempt to re-enter on a FO grad role? I do not see how I will make the move over to FO by waiting and making contacts!
Hi,
Does it make sense to do a CFA and CQF together .... Im just a graduate lukin fr a career in the Capital Markets .... So which are the other certification or courses do u recommend i can do to get a good start
Adyia,
You shouldn't do CQF and CFA concurrently. It would be enough if you have just one of these certificates.
CFA is better for IBanking and CQF is better for trading.
CQF is also much more expensive.
Hi,
I found out about your website when i was browsing for Unis offering MBA Top up for ACCA qualified.
I would really like to get a job in Finance but trying all this agencies around don't seem to help coupled with fact that as a foreign student, i can only work part time. Even when you apply for these roles, they say you haven't got enough experience when i presently work in a cash management accounting role though not challenging enough because i am ACCA part qualified.
Please advice, how can one go about building up CV to get these roles for career progression?
Thank you
Hi
I am a mechnical engineer from india. After my grad. i did work for one year in a manufacturing firm. But now i want to diversify into finance preferably into IB. I have got thru' into an US university for Masters in finance. Will this graduation help me to get into IB. This is a one year course.
Hi,
I got a grad degree in economics from a top UK school and currently work in management consulting. Now the first 2 mandatory years of work experience are over, I would like to change over to the financial sector, thinking of derivatives sales or asset management perhaps. But I am finding it much harder than anticipated.
So, I am considering doing the CFA as a way of getting into an investment bank. Do you think that would be useful or would I better spend my time in a one year masters programme in finance, such as the LSE offers? Or perhaps even an MBA?
Thank you!
CFA or CAIA are by far more general and do not cover asset pricing (etc. Ito's Lemma, Interest Rate Models) deep enough to prepare a candidate to very technical field of quantitative finance.
hi there... i came across your blog and wanted to get some advice..
i am looking into studying for acca or cfa. i understand that it will not be feasible to study both.
i do not have a degree in finance/business areas, however, i am keen on investments after i started out investing in the stock market. so i would like to wish to embark on a finance/analyst route. i am working as a researcher now.
couls you please advise the cert to go for? thanks..
Hi
I got this blog by searching on google.I read all the question and comment by you and i find it useful. I have a same dilema. I had been working as an accountant for nearly 5 years. Honestly it is really boring and i find it very uninteresting. I am finalist in ACCA and just waiting for my result in Feb next year. My biggest interest is trading and i want to become quantitative trader who work for large investment bank or hedge fund. I had 3rd class degree and it is very hard for me to enter any of UK university to proceed to do msc in mathematical finance or financial mathematics even for conversion year. In my heart i always want to become successful quant. I also do my research on what is CQF and i had see some of the argument that when it come to find a job employer always looking for Msc or PHD. I do agree with these point. I had search many quant job in UK and i had see the requirement is Master or PHD qualification. I am confuse should i do master or CQF. Please advice me.
Hi
I am only get 3rd class degree in accounting(very boring) but i do have a passion to become quant.i had tried to applied for many university in UK but it is hard to futher my studies in mathematical finance or financial mathematics as i dont have maths degree for my foundation. ACCA is not enough to cover those mathematics syllabus and msc in financial mathematics required someone with a strong background. I had search CQF as an alternative method to get into quant job. I had see many of job website that they require someone to have master or phd qualification in order to be considered into quant job. I never see they post they somebody from CQF in a quant jobs website. Can you advice me regarding to this please..
Hi Confuse,
I think that CQF can really help. It's quite expensive, but if you excel in the course - there is a good chance that you will get a job.
You need to be excellent with your programming skills (this is absolutely crucial in your quant career). If you can impress Dominic Connor (he is teaching C++ in CQF course), he will be able to find you a good placement - he is also a headhunter.
From my experience - usually even Quant jobs do not require PhD qualifications - what you need is: clear mind, hard work, hard work, hard work, hard work, hard work... and a littlebit of hard work.
Where are you based?
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