Indian Institute of Quantitative Finance
Indian Institute of Quantitative Finance
Center of Finance Excellence - Quantitative Finance and Risk Management
Industry Partners
and Clients



In fo Current Courses

News Letter
Harjinder Singh
Software Development Engineer,
Audible Inc., New York
Previously Technology Analyst,
Goldman Sachs, New York
“I will recommend the 'Certificate Program in Applied Mathematics for Engineers' to those who want to start their careers in the field of quantitative finance. The program teaches you basics as well as advanced concepts of quantitative finance keeping you abreast with the latest developments in the field. It also focuses on the practical implementation of the models using Excel/VBA. The faculty at IIQF is comprised of both academicians and practitioners who bring their research and experience into the teaching. This program has helped me understand the esoteric field of derivatives and pricing models. After completing my B. Tech. from Punjab Technical University, I was working as a Software Engineer in TCS, that is when I joined the CP-AMFE, it has certainly helped me enhance my career aspirations.”

Haraprasad Dash
Associate, Copal Amba
(A Moody's Analytics Company)
Previously Research Analyst,
I-Peritus Solutions and Services
“After completing my M.Sc in computational finance, I joined the AMFE program at IIQF. It was really a practical and industry oriented program. The things I learnt during the course helped me getting my first job at I-Peritus. The faculty members are leading practitioners from the industry, IIQF also provides good placement support. Thanks for the guidance and support given by the IIQF faculty team for their guidance, which has really helped me in improving my interpersonal and technical skills that was required for cracking interviews. I will recommend this course to all those students who want to build a career in Quant/Structured product/Risk Management. In fact I have already recommended this course to my juniors.”

Certificate Program in
Applied Mathematical Finance for Engineers


MoreInformation Course Structure
Module No. Module Name Details Type
Primer 1 Introduction to
Investment Finance
  • Finance and Financial Institutions
  • Capital Markets
  • Debt Markets
  • Introduction to Derivatives Markets
  • Optional
    Primer 2 Introduction to
    Financial Mathematics
  • Introduction to Linear Algebra
  • Introduction to Differential Calculus
  • Introduction to Integral Calculus
  • Introduction to Ordinary Differential Equations
  • Optional
    Primer 3 Introduction to
    Probability & Statistics
  • Introduction to Probability
  • Probability Distributions
  • Descriptive and Inferential Statistics
  • Optional
    Primer 4 Introduction to
    Programming
  • Programming in R
  • Programming in Python
  • Optional
    Module 101 Introduction to
    Financial Engineering
  • Introduction to Financial Economics
  • Introduction to Bond Mathematics
  • Options Fundamentals
  • Introduction to Exotic Options
  • Compulsory
    Module 102 Financial Mathematics
  • Probability Theory
  • Basic Stochastic Processes
  • Brownian Motion
  • Stochastic Calculus
  • Black-Scholes-Merton Model
  • Compulsory
    Module 103 Financial Econometrics
  • Time Series Analysis
  • Regression Analysis
  • Volatility Forecasting
  • Compulsory
    Module 104 Numerical Methods
  • Numerical Methods for
    Partial Differential Equations
  • Monte Carlo Simulation Methods
  • Compulsory
    Module 105 Derivatives Valuations 1
  • Equity Derivatives
  • Currency Derivatives
  • Compulsory
    Module 106 Derivatives Valuations 2
  • Interest Rate Derivatives
  • Credit Derivatives
  • Compulsory
    Module 107 Risk Analytics
  • Introduction to Financial Risk
  • Value-at-Risk and Expected Shortfall
  • Compulsory

    MoreInformation Course Details
    Course duration
    Main Modules300 Hours (7 Compulsory Modules)
    PrimersEach primer is of approx. 40 Hours duration.
    Students may opt for one or more primers.
    Course scheduleSaturdays and Sundays (5 Hours per day)

    MoreInformation Fee Details
    Main ModulesINR 135,000/- (Plus Taxes)
    USD 2400
    Primer 1/2/3 eachINR 15,000/- (Plus Taxes)
    USD 270
    Primer 4
    INR 20,000/- (Plus Taxes)
    USD 350

    MoreInformation Course Calendar
    Location Batch Module Start Date
    Live Online Summer 2017 Primers 10th June, 2017
    Live Online Summer 2017 Main Modules 8th July, 2017
    Live Online Autumn 2017 Main Modules 7th October, 2017


    MoreInformation Sample Lecture Video



    MoreInformation Mathematical Finance

    Modern Investment Finance is hugely dependent on the implementations of the theories and techniques of mathematical finance. Mathematical Finance, or Quantitative Finance as it is alternately known, is a multidisciplinary field involving the application of theories from financial economics, physics, mathematics, probability, statistics, operations research and econometrics using the methods and tools of engineering and the practice of computer programming to solve the problems of Investment Finance.

    Generally the language of choice for Quant implementations is C++ along with tools like Matlab, Mathematica, Stata, etc. and of late R and Python language have become popular. Excel has also come to be used as a Modelling tool for the fact that the models can be built and tested quickly and changed very easily. Alongside VBA has also gained following because of the ease of its use and its less steep learning curve and it being the back-end language of Excel macros which is required when building models in Excel.

    Mathematical Finance has emerged as a very prospective career prospect for people with strong mathematical background like those coming from engineering, mathematics, statistics, physics or econometrics background. The best of the global financial institutions like Investment Banks, Hedge Funds, etc. hire people having strong quantitative skills for “Quant” jobs. This is also a very rewarding and exciting career option for such people as there is ample scope for applying their numerical and creative skills to design new things, be it like devising new investment strategies or be it structuring new financial instruments or be it finding methods to value them. They are continuously competing with their peers and some of the best of minds in the market and have to out-perform them to generate superior returns, which is intellectually a very challenging work, and this makes it all the more thrilling.

    MoreInformation Course Overview
    The Certificate Program in Applied Mathematical Finance for Engineers (AMFE) prepares students for technically sophisticated jobs with financial institutions, financial service providers, financial consulting services and financial software companies. The program is intended for students seeking comprehensive technical knowledge of vanilla and exotic derivatives pricing, hedging, trading and investment strategies and portfolio management in equity, currency, interest rates, credit and mortgages.

    This is a short-term course that requires six months of study for the core modules, which makes it attractive to students with strong quantitative skills who are willing to make a quick head start in the investment finance industry. The applied nature of the program implies the fact that there is great emphasis in it to impart the practical implementation skills and techniques that are actually used by practitioners in top financial institutions in the industry, so a considerable part of the course time is devoted to teaching implementation skills along with rigorous theoretical discourse.

    As an applied discipline, financial institutions look for the following skill sets in the candidates for positions in their Quant teams :
  • Strong quantitative background
  • Sound knowledge of the underlying financial theories
  • Very good implementation skills

    This course is designed specifically to meet these exact needs. This is a course on modelling and applications of mathematics, statistics and econometrics in investment finance. The program covers the all the technical and quantitative aspects of investment finance used in top financial institutions.

    The combination of skills imparted through this program viz. understanding of complex financial theories, rigorous exposure to the underlying mathematical and statistical theories, practical financial modeling ability and computer implementation proficiency, is in high demand in the industry, and which the employers do not generally find in graduates of standard MBA or engineering programs.


    MoreInformation Program Highlights
    Arrow World Class Faculty: Learn from highly acclaimed Quant practitioners and academics in Quantitative Finance who have worked with topmost global investment banks and firms in New York, London, Singapore, Sydney and more, with academic background from some of the world’s top universities like Stanford (USA), Columbia (USA), IIM, IIT, ISI, etc.

    Arrow Industry focused curriculum: Advanced curriculum designed by Quant practitioners from top Wall Street Investment Banks and financial institutions and industry experts to prepare job-ready professionals who are highly sought after by MNC financial institutions.

    Arrow Rigorous Practical Implementation: Learn how to combine theory and computational methods with the practical knowledge of the real-world application areas of these skills.

    MoreInformation What You Study
    Participants learn Stochastic Calculus, Numerical Techniques, Monte Carlo Simulation, Derivative Valuations and Derivatives Trading Strategies which are used in Investment Finance by professionals in the field and how to implement them in practice. They study the underlying financial theories like financial economics, portfolio theory, derivatives pricing models. Then they learn to write financial application programs making use of the theories and methods they have learned for valuations of Vanilla and Exotic Derivatives on equities, currency, interest rates, etc.


    MoreInformation Who Should Attend
    Arrow Finance Professionals like Analysts / Fund Managers / Traders / Risk Professionals / Fund Accountants / Consultants / Derivatives structurers / Dealers / Arbitrageurs

    Arrow Software professionals.

    Arrow Graduate students.

    MoreInformation Eligibility Requirements
    Undergraduate degree in engineering / mathematics / statistics / physics / finance / economics / econometrics / chartered accountancy / computer science / MBA / CFA / FRM / PRM.

    Applicants in their final year bachelor's/master's degree course (as applicable) are also eligible to apply.


    MoreInformation Faculty

    Dr. Amit Ram

    Vice President, Quantitative Risk
    Ph.D. (Statistical Physics and Computational Methods) Stanford University (USA)
    B. Tech. (Engineering Physics) IIT (Bombay)
    Over 10 years of experience working in Lehman Brothers (New York), JP Morgan Chase (New York), Standard Chartered (Singapore), Nomura (Mumbai)

    Read More »

    Dr. Samir Ranjan

    Associate Professor and Director Integrated MBA
    Ph.D. (Theoretical Physics) Purdue University (USA)
    MS (Mathematical Finance) Columbia University (New York)
    Over 10 years of experience working as Financial Engineer with Bonddesk Group in New Jersey (USA)

    Read More »

    Dr. Narayana Darapaneni

    Adjunct Faculty IIT-Bhubaneshwar
    Chief Data Scientist, Data Science Engineering Solutions
    Ph.D. (Mathematics) University of Paris VI (France) and Indian Institute of Science (Bangalore, India)
    M.S. (Mathematics) Pondicherry University (India)
    Over 9 years of industry and 3 years of academic research experience

    Read More »

    Dr. Debashis Guha

    Founder and Managing Director, Big Sky Quantitative Research Pvt. Ltd
    Ph.D. (Operations Research) Columbia University (New York, USA)
    M.A. (Physics) Texas Christian University (Texas, USA)
    B.Tech. (Electronics and Communication Engineering) IIT (Kharagpur)
    Over 25 years of experience working and teaching as a Quantitative Finance professional and economist in New York

    Read More »

    Kalyan Roy

    Electronic Trading Quantitative Analyst with Nomura
    Doctoral Studies and Research in Mathematical Statistics and Probability Indiana University Bloomington (USA)
    M. Stat. Indian Statistical Institute (Kolkata)
    B. Stat. (Hons.) Indian Statistical Institute (Kolkata)
    Over 18 years of experience working in the industry as Quantitative Analyst at Citibank, Bank One and IMS Health in the USA, Nomura, Capital Metrics & Risk Solutions, Deep Value Solutions, IMRB and Symphony Services in India

    Read More »

    Ritesh Chandra

    Executive Vice President – Corporate Credit Risk
    MBA IIM Calcutta
    B. Tech. IIT Kanpur and CFA (Level 3 Pass)
    More than 11 years of experience in Credit Risk, Corporate Finance & Technology and has worked in India, China and Canada in a variety of roles

    Read More »



    MoreInformation Career Opportunities
    Modern Investment Management has become very much mathematical and statistical in nature, it is now much more of science than arts, specially where investments in complex financial instruments and complex trading/investment strategies are concerned. That is the reason that high-end investment firms that invest in derivatives are opting for people who have strong quantitative skills for structuring or valuation of complex financial instruments and for devicing superior investment strategies.

    This has opened up very exciting and rewarding career opportunities in the field of Quantitative Investment Management for candidates who come with academic background in engineering, mathematics, and other numerical specializations. Needless to say, that apart from the stimulating intectual challenges that careers in this field offer to the mathematically talented individuals, the compensations are quite handsome indeed.

    The course prepares candidates for careers as quantitative investment managers or quantitative analysts with financial institutions like investment banks, hedge funds, private equity firms, large broking houses, investment research and analytics firms, etc.

    Candidates having a strong numerical background have a very bright chance of making a very rewarding career in this field with the largest of investment banks and other financial institutions. Salaries of quantitative analysts vary depending on their experience and background. In India presently, salaries for this profile may range from 8 Lacs p.a. for freshers to 30 Lacs p.a. for candidates with a few years of experience.


    MoreInformation Placement
    Students successfully completing the course will get placement assistance subject to fulfillment of applicable conditions.


    MoreInformation Testimonials
    Harjinder Singh
    Software Development Engineer, Audible Inc., New York
    Previously Technology Analyst, Goldman Sachs, New York
    “I will recommend the 'Certificate Program in Applied Mathematics for Engineers' to those who want to start their careers in the field of quantitative finance. The program teaches you basics as well as advanced concepts of quantitative finance keeping you abreast with the latest developments in the field. It also focuses on the practical implementation of the models using Excel/VBA. The faculty at IIQF is comprised of both academicians and practitioners who bring their research and experience into the teaching. This program has helped me understand the esoteric field of derivatives and pricing models. After completing my B. Tech. from Punjab Technical University, I was working as a Software Engineer in TCS, that is when I joined the CP-AMFE, it has certainly helped me enhance my career aspirations.”

    Haraprasad Dash
    Associate, Copal Amba (A Moody's Analytics Company)
    Previously Research Analyst, I-Peritus Solutions and Services
    “After completing my M.Sc in computational finance, I joined the AMFE program at IIQF. It was really a practical and industry oriented program. The things I learnt during the course helped me getting my first job at I-Peritus. The faculty members are leading practitioners from the industry, IIQF also provides good placement support. Thanks for the guidance and support given by the IIQF faculty team for their guidance, which has really helped me in improving my interpersonal and technical skills that was required for cracking interviews. I will recommend this course to all those students who want to build a career in Quant/Structured product/Risk Management. In fact I have already recommended this course to my juniors.”
    MoreInformation Admission Process

    Candidates may apply online for admission to the course. Admission will be based on the candidate’s academic background, professional experience and personal interview.




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