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An Intuition-Based Options Primer for FE
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Message: <blockquote data-quote="QuantNet" data-source="post: 91517" data-attributes="member: 2">[panel]This review was submitted on 1/24/2010 by a student who studied in the certificate program from 1/2010-6/2010[/panel]Can you tell us a bit about your background?University Gold Medalist in Information Technology,Linux Kernel Developer,Was working as analyst in Lehman Brothers and knew the basics of pricing and hedging exoticsDid you get admitted to other programs?I looked at various options and chose CQF coz it seemed much betterWhy did you choose this program (over others, if applicable)?Coz it was flexible for my job scheduleWhat alternative sources of info you used to learn more about the program?google.com, spoke to previous cqf graduatesTell us about the application process at this programPaul and his team came down to India to breif us about the course content and the process was a simple maths test.On a scale of 1-10, how would you grade the accessibility of the faculty and staff?9Some programs have refresher courses for incoming students. Does this program offer such courses? How useful was it?Yes, but since I was good in maths, I didn't take themOn a scale of 0-10, how would you grade the usefulness of these refresher courses?7Tell us about the courses selection in this program. Any special courses you like?I loved the lectures on Fixed rate models like HJM. They actually tell you wats wrong with the model, and I never wanted to just memorize equations as it's done by most of University CoursesOn a scale of 1-10, how would you grade the flexibility of the curriculum?7Tell us about the quality of teachingGood, I liked all the teachers except oneOn a scale of 1-10, how would you grade the quality of teaching?7Materials used in the programI read mostly from research papers or the slides used in the lectures, and I avoid books.On a scale of 1-10, how would you grade the practicality of the curriculum?9Programming component of the programI already knew programming, so I didn't careProjectsProject work was easy. They could have improved it to a more tough levelCareer serviceI was already employed with a good firm....so wasn't looking for that option. Although it helped me in improving my blog!On a scale of 1-10, how would you grade the career service for internship and full-time job?6What do you like about the program?Understanding the flaws in financial mathematics rather than following them blindly!On a scale of 1-10, how would you grade the value of the program for the price tag?7What DON’T you like about the program?Project work is too easySuggestions for the program to make it betterInclude lectures on statisticsOn a scale of 1-10, how would you grade your experience in the program?9What are your current job status? What are you looking for?NOMURA, AssociateOn a scale of 1-10, would you recommend this program to others?10Other commentsIf you are weak in maths or coding I won't recommend it. Otherwise go for it, it's worth it.Click <a href="http://www.quantnet.com/submit-review/">here</a> to submit a review of your program[panel]This review was submitted on 1/24/2010 10:09:13 by a student who studied in the certificate program from 6/2008-1/2009[/panel]Can you tell us a bit about your background?BA Economics &amp; History - University of TorontoMBA - Richard Ivey School of BusinessOwner / operator of business 15 yearsConsultant - 6 years - M&amp;A, Business DevelopmentInvestment Advisor / Insurance Representative - 3 yearsDid you get admitted to other programs?Did not consider othersWhy did you choose this program (over others, if applicable)?As an investment advisor, did not receive adequate / complete information about the different programs that were being offered, especially in the area of hedge funds, guaranteed investment vehicles, managed programs, non-traditional investments. Questions asked were responded to with "speak to the quant guys" or "too complicated to understand by most". I wanted to better understand the offerings, the rationale behind them, and to determine for myself whether these approaches were suitable for retail investors.Additionally, I also wanted to pursue equity research / analysis and wanted to broaden my skill set in order to pursue this.Tell us about the application process at this programThe application process was straight-forward. A resume was sent, a math qualification test was completed. Responses to email, phone calls were timely and people were helpful. The application process was easy and should not present a problem to people interested in the program.On a scale of 1-10, how would you grade the accessibility of the faculty and staff?8Some programs have refresher courses for incoming students. Does this program offer such courses? How useful was it?The CQF offers a math primer. It was helpful but for people that have not use math in a very long time or those with a limited math background, it should probably be longer / slower. The material exposes you to concepts that will be used but if your math experience is limited, the exposure is probably too brief for someone to thoroughly understand and be comfortable. Having this said, it is up to the student to self-study and get up to speed on concepts they are unfamiliar / uncomfortable with.On a scale of 0-10, how would you grade the usefulness of these refresher courses?10Tell us about the courses selection in this program. Any special courses you like?No course options. All the subject matter is applied. The material offered is selected to provide a practical understanding of quantitative finance. Theory is introduced but the focus is on how the math is applied in a work environment. Theory and practice are both questioned so as to make students consider the implications of what they are doing from a risk and exposure standpoint. There are regular reminders that the math must be considered from a business point of view. For example, the upside of a particular strategy using a certain type of math is this - what are the risks and potential impacts of implementation of executing this strategy? Is such a strategy worth it from a risk / reward perspective.On a scale of 1-10, how would you grade the flexibility of the curriculum?1Tell us about the quality of teachingOne thing that was very attractive about course is that all the instructors have worked in the field. They are strong academically but they are not purely academics. The instructors can all relate something about a business area that has to do with quantitative finance ranging from subjects matter. Topics such as the use of quantitative finance and interactions between groups are discussed. For example, options trading is discussed with respect to formulae and how quant developers, programmers and traders work together, negotiate (argue) on different things. Such insights would not be so forthcoming from people with a purely academic bent.On a scale of 1-10, how would you grade the quality of teaching?10Materials used in the programThe lecture notes are good and the texts are good. Additionally, additional lectures are added as part of the lifelong learning component of the program. There are no additional fees associated with these (at the moment) and they are accessible online. Every student should also make it a point to go beyond the supplied materials to learn more about specific subject matter.On a scale of 1-10, how would you grade the practicality of the curriculum?10Programming component of the programVBA and Excel were addressed directly when I took the course. I understand that a C++ module has now been added to the curriculum. Excel and VBA were used in some of the homework assignments. C++ was not focused on directly although it was often mentioned that this language was used as the defacto standard in quantitative finance.ProjectsThere was an individual programming project that focused utilized the concepts that we were taught throughout the course. Numerical analysis, finite difference methods were used. It was a very comprehensive project that required the development of the model, the programming of the model, and the calculations of stock prices, associated option pricing, hedging, jump models,etc.Career serviceWhen I took the course, no career services were offered.On a scale of 1-10, how would you grade the career service for internship and full-time job?1Can you comment on the social interaction between students of different ethnics, nationalities in the program?As I took the course online, it was more expedient to form a study group that focused on our location rather than any ethnic group. Our study group consisted of 4 people that met fairly regularly. I met with someone outside this group and spoke with someone I knew in another city also.What do you like about the program?The practical nature of the program is one of its strengths. It is not enough to be strong in simply one area whether it be math, programming, or capital markets / investments. The math wiz must also understand the nature of capital markets to be effective. Programming skills are also extremely helpful. Likewise, the person that only understands the capital markets needs to understand the math behind the pricing and strategy.On a scale of 1-10, how would you grade the value of the program for the price tag?7What DON’T you like about the program?If I were employed in the field, the value relationship would improve.Career services / placement offerings would significantly improve the value.Aside from the application process, other aspects of the administration could be improved. I did not receive the math primer materials until I was well into the math primer course. I did not realize that others already had these materials and was scrambling to find material on my own. Post-completion administration also needs to be improved.Suggestions for the program to make it betterThe offering of career services would be the single-most big improvement.More focus on programming VBA / C++ for people without any programming experience.Additional Excel training.The pace of the program is very fast. It would be helpful to have the course last longer so that people could balance work / education better.These suggestions have already been made to various people associated with the CQF.On a scale of 1-10, how would you grade your experience in the program?8What are your current job status? What are you looking for?Looking for something in research, risk management, compliance, etc.. I don't think that I will ever be a hardcore quant. There are too many others that are better mathematicians / programmers. But, I do feel that I can be very successful in other areas that need to understand the dynamics of quantitative finance and combine this understanding with business practice.On a scale of 1-10, would you recommend this program to others?10Other commentsI have recommended this course to others and will continue to do so. My recommendations also include what I think are shortcomings of the course such as those listed here. I try to be balanced in my assessment. I don't believe that any course / program is 100% perfect, there will always be areas that can be improved.The CQF has many students that are sponsored by their organizations. If there is some unhappiness with career development post-CQF, I believe that is a function of a lack of career plan by their organization and the student. For others, like myself, that are not involved in quant careers when they take the course, finding a position is their responsibility. It would be nice for career services to assist but ultimately it is ourselves that are responsible for our careers.Likewise, the development programming skills should be pursued independently as well as being offered by any quant program. One should also seek to improve their knowledge of developments in the quant finance field. Taking any course and doing little else to improve except showing up to work cannot result in long-term satisfaction.Click <a href="http://www.quantnet.com/submit-review/">here</a> to submit a review of your program[panel]This review was submitted on 1/4/2010 at 8:28:15 by a student who studied in the certificate program from 1/2007-7/2007[/panel]Can you tell us a bit about your background?Ph D ( math)actuarial exams8+ years of risk managementDid you get admitted to other programs?no, did not apply.Why did you choose this program (over others, if applicable)?Reasons were:1. possibility to pursue while working2. possibility to complete remotely3. Wilmott, Paul Wilmott.Tell us about the application process at this programNo problems.On a scale of 1-10, how would you grade the accessibility of the faculty and staff?9Some programs have refresher courses for incoming students. Does this program offer such courses? How useful was it?Courses are offered. I did not take them.On a scale of 0-10, how would you grade the usefulness of these refresher courses?8Tell us about the courses selection in this program. Any special courses you like?The certificate is an opening to a whole curriculum of learning. What and how much you study is up to you.On a scale of 1-10, how would you grade the flexibility of the curriculum?7Tell us about the quality of teachingGreatOn a scale of 1-10, how would you grade the quality of teaching?10Materials used in the programWilmott, Quantitative Finance.Jaeckel, Monte Carlo methodsHaug, Option pricing ( the complete guide to)Staunton, Excel and VBAetc.On a scale of 1-10, how would you grade the practicality of the curriculum?10Programming component of the programIt is up to the delegate:Excel/ VBA, C++, MATLAB, etc.ProjectsFinal project may be a comprehensive option pricing exercise, a calibration of a model, etc.Career serviceNetworking opportunities exist.On a scale of 1-10, how would you grade the career service for internship and full-time job?7Can you comment on the social interaction between students of different ethnics, nationalities in the program?Accessing remotely avoids this kind of grouping.You can interact with whomever you want.What do you like about the program?Continued free access to learning opportunitiesOn a scale of 1-10, how would you grade the value of the program for the price tag?4What DON’T you like about the program?N/ASuggestions for the program to make it betterN/AOn a scale of 1-10, how would you grade your experience in the program?10What are your current job status? What are you looking for?quant strategistOn a scale of 1-10, would you recommend this program to others?10Other commentIt may be relevant: employer sponsorship for the certificate.Click <a href="http://www.quantnet.com/submit-review/">here</a> to submit a review of your program[panel]This review was submitted on 1/30/2010 by a student who studied in the certificate program from 6/2009-1/2010[/panel]Can you tell us a bit about your background?EE + MS Comp.SciDid you get admitted to other programs?N/A -- did not apply to other programs.Why did you choose this program (over others, if applicable)?Course contents and the ability to do part-time (though there was more than enough work to do it fulltime if wanted).Tell us about the application process at this programAn admissions test, mostly mathematics; otherwise simple and effective.On a scale of 1-10, how would you grade the accessibility of the faculty and staff?8Some programs have refresher courses for incoming students. Does this program offer such courses? How useful was it?Yes, the program had an excellent--but short--math primer.On a scale of 0-10, how would you grade the usefulness of these refresher courses?10Tell us about the courses selection in this program. Any special courses you like?This program does not offer selections.On a scale of 1-10, how would you grade the flexibility of the curriculum?2Tell us about the quality of teachingThe teaching was excellent. This was carried out over webex, the recordings were great and the material relevant and well explained.On a scale of 1-10, how would you grade the quality of teaching?10Materials used in the programAbout 10 textbooks, all very much relevant. The Wilmott 3-volume bookset itself forms a large portion of the material studied.On a scale of 1-10, how would you grade the practicality of the curriculum?10Programming component of the programExcel VBA, C++.ProjectsIndividual projects at the end of the course--everyone got the same one, + smaller projects during the program. The programs could typically be implemented in a spreadsheet, some of the them required programming (e.g. MC simulation).Career serviceAFAIK there is none (and I don't need it).On a scale of 1-10, how would you grade the career service for internship and full-time job?1Can you comment on the social interaction between students of different ethnics, nationalities in the program?We had a few encounters, which we were each time very interesting.There did not seem to be ethnic-related grouping in our groups.Note that most people studied independently, so it is difficult to know how much collaboration between people was going on. I mostly studied by myself.What do you like about the program?Wilmott's own insights influenced a lot of the material in the course and I felt that his no-nonsense approach made this course very practical and usable in the real-world. I loved the great majority of the program's contents, and I thought it was excellent, well-made and appropriate. If anything, I had to work extra hard to be able to follow certain parts, b/c the quantity of material presented was quite large, and that is a good thing.I also really like that I have access to the course material, and an impressive number of extra lectures for free, forever. With all the extra lectures and material, I could "keep the program going" for another year, easily, at my own pace. That's _really_ cool.On a scale of 1-10, how would you grade the value of the program for the price tag?10What DON’T you like about the program?I did not like the structured credits section too much, mostly because I'm not interested in those products, though in the end I'm happy I got an introduction into these topics and products, they are important and it's good to be well-rounded.I'm sad we did not do much on statistics; that is the part that was lacking the most, very little stats, the course was very strong on options, but too little stats. (Admiteddly, it's a bit of a black art.)There were two sessions on a trading simulator, which I felt was a complete waste of time. I'm guessing these will be removed in future installments, I can't see the point. OTOH, they were only a very small part of the course.Some of the instructors were difficult to reach for questions, but I felt there were enough resources to find answers to the questions I had, and the forum was very useful too.Suggestions for the program to make it betterI would- Include more statistics in the curriculum- Remove the fluffy trading simulator sessions, which are entirely useless- Spread out the program over more time (the workload was very high)On a scale of 1-10, how would you grade your experience in the program?10What are your current job status? What are you looking for?Employed in HF finance shop.On a scale of 1-10, would you recommend this program to others?10Other commentsI really loved the program, and feel I got exactly what I was looking for, and even more.This is an excellent program for someone with a strong technical background who wants to learn more about quantitative approached to trading, especially options trading of various kinds.Wilmott's books are immensely useful, and the course really gets you to understand the material in the books, which would otherwise be very difficult without the background presented in the course, at least to someone with little knowledge of sto.calc. The course gives you what you need to understand these topics, it's a great bridge from engineering to the quantitative practice.Click <a href="http://www.quantnet.com/submit-review/">here</a> to submit a review of your program</blockquote>

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