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Quantitative Finance (graduate programme, 2 years)
14th best program in Eduniversal TOP 100 Best Masters in Financial Markets
The Quantitative Finance Program at the Faculty of Economic Sciences, University of Warsaw is a four-semester program on a full-time basis that provides students with outstanding knowledge of modern quantitative finance. The program leads to 'magister' degree and is compatible with the Bologna system, equivalent to Maters of Arts.
The distinctive feature of this program is that it combines the overall fundamentals of economic theory with specialized knowledge in finance. The basic aim of this specialization is to provide students with theoretical knowledge from the field of quantitative finance combined with its practical applications in financial institutions, taking into account the latest trends in financial world.
The degree combines economic methods, quantitative techniques and state-of-the-art financial analyses to give students a strong background from which to pursue their careers. Students are encouraged to develop their abilities to use economic analysis in a variety of finance-related problems. Significant course work is devoted to the development of mathematical and statistical skills. These skills are necessary to evaluate the uncertain outcomes found in financial applications. The program provides student with the opportunity to apply their knowledge and skills to projects that utilize financial tools and techniques.
Quantitative Finance domain is in recent years rapidly evolving due to unprecedented changes in both technology and financial markets. As financial securities become increasingly complex, demand has grown steadily for people who not only understand the complex mathematical models that price these securities, but who are also able apply and enhance them to generate profits and reduce risk.
These individuals are known as quantitative analysts, or simply quants. They are and will be in high demand for the foreseeable future, mostly due to their strong technical skills and challenging nature of the work, which is often described as mixture of mathematics, finance and computer skills.
The basic advantage of the Quantitative Finance Program at University of Warsaw is the shift from the general concepts of modern finance to focus on the theme of quantitative finance, which is essential in any advanced approach to modeling financial markets.
The additional advantage of this concept is their uniqueness on the Polish educational market, based on what the students have the upper hand from the start. There is no similar program on any other Polish university.
The track is prepared to connect the theoretical knowledge with its practical applications. However, most of the courses will include these two approaches simultaneously:
- Theoretical introduction (describing models and theories) and
- Practical applications of these theories in the world of finance, which help the students to gain practical insights into the process of implementation of specific models and techniques on the capital market.
Our program is intended to help students acquire necessary skills and prepare them for a wide range of career opportunities inside and outside of the financial industry.
The program is designed for students who majored in economics, mathematics, business or social sciences and want to make quantitative finance their main field of study. Candidates should hold an undergraduate degree (Bachelor degree from an EU university or its equivalent from a university outside the EU). The curriculum is intended to prepare students to tie up their careers with Polish and worldwide financial institutions, where they will be able to:
- deal with complicated derivatives pricing models (Derivatives Markets, Equity and Fixed Income, Theory and Practice of Option Pricing, C++ in Quantitative Finance, Computational Finance),
- manage the various risks in financial institutions (Risk Analysis and Modeling, Corporate Finance),
- simultaneously gain the competence of managing the portfolio of assets considering the ongoing changes in financial environment (Asset Allocation and Investment Strategies and Financial Statement Analysis),
- get profits knowledge about the latest achievements in financial research (Empirics of Financial Markets).
Presented knowledge and skills will be enriched with the proper dose of economic theory (Advanced Microeconomics and Advanced Macroeconomics), courses in mathematics and econometrics (Mathematical Methods in Finance, Time Series Analysis, Quantitative Strategies. High Frequency Data) and courses which present the architecture of the financial world (Theory of Finance), which help the students not only to understand the complicated world of financial models but to find a proper place for themselves in it as well.
The program assumes that students will be equipped with theoretical knowledge and practical applications which enable them to take independent decision basing on the real-time financial data with use of tools and techniques dynamically developing in modern finance. 2007-2009 capital market turmoil were the best illustrations that there is lack of high-quality professionals who treat this subject as the main point of expertise.
The QF track is intended to prepare students for a wide range of careers inside and outside the financial industry including financial engineering and risk management, macroeconomic and financial forecasting, quantitative asset management, quantitative trading and applied research.
During the curriculum students acquire mathematical background in areas of:
- probability and statistics
- portfolio theory
- equity and interest rate derivatives, including exotics
- linear algebra and differential equations
- differential, integral and stochastic calculus
We teach our students how to:
- apply mathematical models to support more accurate asset pricing, stock selection, asset allocation, investment portfolio analysis or securities trading
- quantify statistical parameters, such as volatility and correlation of returns, to achieve new ways of assessing risk and designing effective hedging strategies
- perform computerized algorithmic trading which replaces the traditional process subjective trading decisions
- validate models, conduct research and create new strategies
- provide to traders pricing and trading tools
- search for market-neutral investment strategies
- price options, convertibles and other derivatives
- control and manage risk
- model the behavior of financial markets
Additionally, the planned curriculum and the level of difficulty of courses assume solid background for students who wish to conduct independent research and continue their education on Ph.D. studies in the field of finance at Polish and foreign universities.
The QF Program was designed to provide prospective students the ability to prepare for taking highly recognized financial exams:
- CFA (Chartered Financial Analyst - administered by CFA Institute, III parts) - one of the best recognizable licenses in the worldwide financial community, which represents the highest qualifications in this field. Currently, we have about 200 CFA chart holders in Poland. The students would have the ability to pass part 1 of the CFA exam in June session, after their first year of study.
- Securities Broker (administered by Polish Financial Supervision Authority, only one part) - the license identifies professionals with a broad theoretical and practical knowledge of capital markets. The license is mandatory in order to conduct specific brokerage activities (ACT on Trading in Financial Instruments dated July 29th 2005).
- Investment Adviser (administered by Polish Financial Supervision Authority, III parts). Almost every financial institution (pension fund, investment fund, asset management firm, etc.) in Poland has to recruit an Investment Adviser chart holder in order to perform specific brokerage activities related to asset management (currently, no more than 300 professionals have succeeded to obtain the investment adviser license).
Additionally, the QF Program helps to develop necessary programming skills:
- C++ for high-frequency trading applications.
- R for statistical analysis, data processing and forecasting
- VBA and integrated Excel solutions to enhance trading tools
- Monte Carlo techniques to quick and real-time derivatives pricing
- Risk Management
- Financial Engineering
- Financial Products Development
- Quantitative Asset Management
- Macroeconomic and financial forecasting
- Investment Analysis
- Derivatives Pricing
- Algorithmic Trading
- Portfolio Management
- Financial Consultancy
- Academic and Industrial Research
Limit of places
- full-time studies: 35
- full-time afternoon studies: 40
Confirmation of quality
Tuition fees per year charged in AY 2020/2021
- Payment in 1 instalment: 2200 EUR
- Payment in 2 instalments: 2 x 1100 EUR
- Payment in 10 instalments: 10 x 220 EUR