WorldQuant University Catalog

201 St.
Charles Avenue, Suite 2500

Phone: (504) 507-0840
Fax: (888) 845-2634
www.wqu.org
Volume 2
January 1, 2017 – December 31, 2017
Table of Contents
Welcome from the Founder .............................................................. 5
Regulatory Oversight ....................................................................... 6
Mission ............................................................................................. 6
Goals and Objectives ........................................................................ 6
Purpose ............................................................................................ 7
History ............................................................................................. 7
Facilities ........................................................................................... 8
Library and Resources ...................................................................... 8
Programs ......................................................................................... 9
Location ........................................................................................... 9
Hours of Operation ........................................................................... 9
Holidays ........................................................................................... 9
Academic Calendar ......................................................................... 10
Admissions Policy and Entrance Requirements............................... 11
Application Deadlines ..................................................................... 14
Acceptance ..................................................................................... 14
Provisional Admissions Status ........................................................ 15
Nondiscrimination Policy ................................................................ 15
Disabilities ..................................................................................... 15
Transfer of Credit ........................................................................... 15
Transfer into WQU ................................................................................. 15
Transfer out of WQU .............................................................................. 17
Credit for Life Experience ...................................................................... 17
Student Disclosure Information ............................................................. 18
Grading Policy ................................................................................ 18
Grade Reporting ............................................................................. 18
Satisfactory Academic Progress ..................................................... 19
Academic Probation ............................................................................... 20
Academic Termination ........................................................................... 20
Academic Re-admittance ....................................................................... 21
Completion Requirements .............................................................. 21
Student Rights & Responsibilities ................................................... 22
WorldQuant University Volume 2 (Rev. 12.15.16) Page 2 of 58

Non-academic Dismissal................................................................. 23
Complaint & Grievance Procedure .................................................. 23
Student Record Maintenance Policy ................................................ 25
Student Privacy .............................................................................. 25
Transcript Requests ....................................................................... 28
Other Services ................................................................................ 28
Career Advising .............................................................................. 29
Code of Conduct ............................................................................. 30
Prohibitions ........................................................................................... 30
Dress Code ............................................................................................ 32
Violations and Dismissal................................................................. 32
Appeals .......................................................................................... 32
Attendance Policy ........................................................................... 34
Tardies & Absences ............................................................................... 34
Non-Start Policy ............................................................................. 34
Unsatisfactory Attendance ............................................................. 34
Makeup Work ................................................................................. 35
Leave of Absence Policy ................................................................. 35
Tuition ............................................................................................ 36
Books & Materials .......................................................................... 36
Financial Aid ................................................................................... 36
Payment Schedule/Payment Plan .................................................. 36
Refund Policy ................................................................................. 36
Master of Science in Financial Engineering ..................................... 37
Program Objectives ............................................................................... 37
Prerequisites ......................................................................................... 38
Courses ................................................................................................. 38
Internships/Externships ....................................................................... 41
Technology Requirements .............................................................. 42
Technical Support .................................................................................. 43
Faculty Support ..................................................................................... 43
Information Exchange Privacy and Safety ............................................. 43
Evaluation ...................................................................................... 43
Graduation Requirements............................................................... 44

Ownership ...................................................................................... 46
Advisory Board ............................................................................... 46
External Curriculum Review Committee ......................................... 53
Administrative Personnel ............................................................... 56
Faculty ........................................................................................... 58

Welcome from the Founder
Welcome to WorldQuant University: the world’s first tuition-free, online

master’s degree program in Financial Engineering. As the founder of
WorldQuant, LLC, I have been dedicated to developing talent for the future
of the financial industry for some time. There are many obstacles to inspiring
the next generation of financial engineers and it is my desire that
WorldQuant University serves as a vehicle to overcome these obstacles.
Location does not have to be a barrier to education.
There are not many options for graduate-level programs in financial

engineering, and most are offered only in the United States, which limits
accessibility. Technology can be used to break down these barriers, giving
individuals worldwide access to education providing knowledge that can be
used in local markets, whether established or developing.
Education should be free to everyone.
Education should be free to everyone. The most significant obstacle is the

cost of education. Master’s degree programs in financial engineering can be
priced at more than $100,000. This cost is a barrier to many people who are
otherwise qualified to pursue education and expand their expertise. I
strongly believe that the amount of money people have should not
determine their educational options. It should not limit their ability to access
high-quality resources or work with experts in the field.
It is that belief that generated the idea to form

WorldQuant University. It is what brought you
here. It is that idea that has provided you a
chance to earn a Master of Science in Financial
Engineering without incurring student loan
debt.
We encourage you to take advantage of the

opportunity, to use your knowledge to advance
the field, and ultimately strive to provide
someone else a similar opportunity, continuing
the talent development cycle.
– Igor Tulchinsky, Founder, WorldQuant

University

General Information
Regulatory Oversight
WorldQuant University is currently licensed by the Board of Regents of the State of
Louisiana. Licenses are renewed by the State Board of Regents every two years.
Licensed institutions have met minimum operational standards set forth by the
state, but licensure does not constitute accreditation, guarantee the transferability
of credit, nor signify that programs are certifiable by any professional agency or
organization.
Mission
To offer a highly acclaimed, state-of-the industry online Master’s degree in Financial
Engineering that is tuition-free and open to all qualified applicants anywhere by
using cutting-edge online education technology.
Goals and Objectives

WorldQuant University (WQU) achieves its mission by constantly striving toward its
goals, which include to:
● Create and share knowledge through open, interactive, accessible learning.
● Ensure all courses and teaching methods foster leadership, teamwork, ethical
behavior, and analytical problem solving skills.
● Utilize technology to facilitate creativity, ingenuity, and the exchange of

knowledge.
● Graduate knowledgeable, passionate individuals who will leverage their

knowledge to create economic growth in both established and developing
markets.

Purpose
WorldQuant University is dedicated to making innovative, high-quality financial
engineering education accessible to students worldwide. The Master of Science in
Financial Engineering is consistent with this purpose. While the main focus is on
instruction, as a non-profit organization providing tuition-free education to students
worldwide, public service is important to WQU. All students and graduates are
encouraged to give back to their local communities, supporting economic
development, and continuing the cycle of brilliance.
With a unique global perspective on finance, WorldQuant University prepares

graduates for challenging, yet rewarding positions in research, trading, and
technology in both emerging and established markets. WorldQuant University’s
Master of Science in Financial Engineering provides students with highly specific
knowledge and skills, ideal for this exceedingly specialized field. Graduates are
prepared for careers in risk management, investment banking, money
management, derivative pricing, private equity, hedge funds, and in technical
operational areas of corporate finance.
A degree from WorldQuant University provides highly specific knowledge and skills
in a highly specialized field.
WorldQuant University …
● Providing tuition-free, advanced education in financial engineering

● Making financial engineering education accessible to qualified students in any
location
● Providing a global perspective rather than a single market focus
● Preparing students for high-level, cutting-edge quant positions
● Offering not just theory but real-life practices from financial industry
practitioners with exceptional success records
● Combining theory with integrated hands-on practice, developed by experts
from around the world
● Paving the way for more graduates to enter the discipline
● Spearheading new ways to create profitable quantitative practices
● Using creative thinking to solve the complex challenges of today's financial
markets
History
WorldQuant University (WQU) was formed in 2014 by WorldQuant Foundation, a
charitable organization founded and funded by financial entrepreneur, Igor
Tulchinsky, the founder and CEO of WorldQuant, LLC, a global private money
management complex.
It was Mr. Tulchinsky’s vision to establish an online university that would remove
barriers to high quality, globally relevant, industry related financial engineering

education. He saw a need to complete what he refers to as the cycle of brilliance
by providing the next generation of brilliant researchers with the opportunity for
success in the field of financial engineering, giving back to the industry that has
given him so much.
WorldQuant Foundation and WorldQuant, LLC have both provided indispensable

support to WQU. With their assistance, WQU has been able to work with experts in
the field, both within and outside WorldQuant, LLC, to develop an educational
program with a unique emphasis in alpha design that maintains a global focus,
exploring both established and developing markets and preparing students for both
traditional and nontraditional careers in finance.
Facilities
WorldQuant University is an online institution. Students can access their courses
from any location where internet access is available.
Library and Resources

All WorldQuant University students have access to the ProQuest Banking
Information Source, which contains Trade Journals, Scholarly Journals,
Reports, Magazine, Newspapers, Reports, and Working Papers.
The ProQuest Banking Information Source combines the currency of the

Internet and the perspective of industry journals to provide the ultimate
financial services research tool. With over 690 of the most authoritative
sources of information, there is simply no better way to keep informed.
ProQuest Banking Information Source coverage includes:
• Industry and professional newsletters

• School of Bank Marketing Papers
• Stonier Theses
In today’s banking world, keeping informed of what’s happening in economic

markets is as important as monitoring national and international
developments. ProQuest Banking Information Source can help users predict
future market trends, monitor the rise of future competition, and even pick
up ideas that have worked successfully in the financial services market. The
database brings together leading journals from the most important
international markets and allows you to analyze and compare articles
from 530 full-text sources in a matter of seconds.

Programs
WorldQuant University (WQU) offers the following program:
● Master of Science in Financial Engineering
Location
WorldQuant University’s corporate office is located at:
201 St. Charles Avenue, Suite 2500

New Orleans, LA 70170
Hours of Operation
WorldQuant University (WQU) administrators can be reached between the hours of
9:00 am and 5:00 pm Eastern Time, Monday through Friday (which are considered
business days), via phone, fax, or email.
Holidays
WorldQuant University’s corporate office is closed on the following holidays:
New Year’s Day

Martin Luther King Day
President’s Day
Good Friday
Memorial Day
Independence Day
Labor Day
Thanksgiving
Christmas Eve
Christmas Day
Though the corporate office is closed, students can still access their online courses
on these days.

Academic Calendar
Courses start every six (6) weeks with a one (1) week break in between. Students
can begin the first course in the Master of Science in Financial Engineering program
at any Course Session start date. Students will take the 14 courses in a
predetermined order of completion, designed to maximize student understanding
and success. (See Program Description for course order and further details.)
During the 2017 Academic Year, there will be seven start dates. The academic
calendar is as follows:
Academic Year Begins January 10, 2017

Academic Year Ends December 10, 2017
Course Calendar
Course Session January 10 February 19
Break February 20 February 27
Course Session February 28 April 9
Break April 10 April 17
Course Session April 18 May 28
Break May 29 June 5
Course Session June 6 July 16
Break July 17 July 24
Course Session July 25 September 3
Break September 4 September 11
Course Session September 12 October 22
Break October 23 October 30
Course Session October 31 December 10

Admissions and Entrance Requirements
Admissions Policy and Entrance Requirements

WorldQuant University (WQU) is committed to admitting and educating all students
who meet its admission requirements for the Master of Science in Financial
Engineering program.
General Admission Requirements

WQU seeks a diverse student body, bringing to the online program varying
experiences and backgrounds. WQU admits those students who show promise of
succeeding in the program. Considerations include work experience, professional
appraisals, civic leadership and extracurricular participation, responses on the
application form, and the admission essay.
Required:
As part of the admissions process, candidates must submit the following items to
WQU:
1. Application for Admission

2. Current Resume or Curriculum Vitae (CV)
3. College/University Transcripts, showing completion of a bachelor’s degree
4. Entrance Essay
5. Two (2) References (Professional and Academic)
6. International students not based in the United States must read, write,
and understand English with ease as demonstrated by success on either
the TOEFL or IELTS exam.
Additional Considerations:
The following items are not required for enrollment in the program, but they are
given favorable consideration as part of the Graduate Admissions Committee
Review:
● Bachelor’s Degree in a technical discipline such as mathematics, computer

science, engineering, or economics with a minimum GPA of 3.0 (on the
United States scale)
● Relevant work experience is preferred but not required
● At least two full semesters of differential and integral calculus, GPA 3.0
● Fluent in at least one general purpose programming language, such as C,
as evidenced by the completion of a programming course at a
college/university or equivalent work experience
● Completion of Computer Science course(s) (1-4 semesters at
College/University) or equivalent work experience (i.e., Maple, Matlab, R,
SPSS, or equivalent)
● Linear Algebra (at least one semester, preferably two semesters; GPA
3.0)

● Experience with Discrete Optimization
● Experience analyzing data sets
o One or more semesters of Probability & Statistics; GPA 3.0; and
o One or more semesters of lab science course (biology, chemistry,
physics, etc.)
o Or equivalent experience (ex: Minitab, MATLAB, Maple, etc.)
Application Instructions
Current Resume or CV:
Your resume should highlight your achievements in your professional career and
academic studies, along with any research, scholarships, prizes, awards,
publications, presentations, and/or patents. The resume must include month and
year for start and end dates for each position held. Your resume must be
submitted with your online application.
College/University Transcripts:
Successful applicants must hold a four-year bachelor’s degree from an accredited
college or university in the U.S. or an equivalent degree from a foreign country.
To verify this requirement, candidates are required to scan a copy of their

transcripts. Internet printouts will NOT be accepted. Transcripts should clearly
state your name and the name of the institution. Be sure to black out any reference
to your social security, student ID number, and/or date of birth.
Upload all pages of your transcript, but only one example of the back page to
provide us with your university transcript key.
Check the file size before uploading. It cannot exceed 1000kb.
The format of the uploaded document must be in .doc, .pdf, .rtf, or .txt. For
Macintosh users, note that the filename must include the appropriate 3-letter
extension.
If the transcript is in a language other than English, an official translation must be

included. All international transcripts must be submitted with all components listed
in the World Education Service (WES) Required Documents standards. Applicants
are NOT required to submit any documents to WES for translation, but rather, use
their standards as a guideline to assure all required transcript components are
uploaded and submitted with the application.
Please note: Only unofficial transcripts are required at the time of application.
Should you be admitted, you are required to submit official transcripts at a later
date. Admitted candidates will be required to submit an official transcript from each
college or university attended, at both the undergraduate and graduate levels,
whether or not the candidate has earned a degree. Transcripts must be submitted

in sealed envelopes signed by the appropriate university official. Transcripts may
also be sent directly from your university to the WorldQuant University Admissions
Office. The official grading scale of the academic institution must also be submitted.
Transcripts from institutions at which you studied abroad do not need to be sent
separately provided that the study abroad courses and grades are reflected on your
undergraduate transcript.
Official transcripts must be received by WorldQuant University no later than the

start of the start of the fourth term of enrollment. WQU highly recommends
requesting official transcripts from your undergraduate and/or graduate institution
immediately upon acceptance into the University.
Entrance Essay:
The personal essay should be comprised of five paragraphs that focus on: your
goals and vision for the future; how your academic studies figure into it; your
interest in WorldQuant University and what a degree from the University will mean
to you personally and professionally; your background including motivation for
study and success; and your ethical and moral beliefs, as evidenced through real-
life experience.
Academic and Professional References:

Applicants are required to provide two references, one academic reference
and one professional reference. Individuals used as your references should
be able to provide specific and relevant information about your potential for
success in the program. WQU cannot accept references that are personal
friends, family members, or acquaintances. It is important that accurate
contact information be provided for each person, including his or her name,
phone number, email address, location, and reference type.
WorldQuant University may contact references directly via telephone or

email. The University may also ask references to complete a brief online
survey regarding their view of the applicant who submitted his/her name.
Official TOEFL or IELTS Score:

The Test of English as a Foreign Language (TOEFL) or the International English
Language Testing System (IELTS) is required of applicants whose native language
is not English.
For graduate level programs, non-native English speaking applicants must score at
or above the following levels in the English language proficiency tests.
• Test of English as a Foreign Language (TOEFL PBT), paper-based test: 530
• Test of English as a Foreign Language (TOEFL iBT), internet-based test: 71
• International English Language Test (IELTS): 6.5
• PTE Academic Score Report: 50

The only exception is for applicants who have earned a degree at a university
where the language of instruction is English.
TOEFL: All scores must also be forwarded to WorldQuant University by ETS. Use
institutional code B325. Any questions about the TOEFL should be directed to ETS.
Further information on the TOEFL can be found at www.gre.org/toefl.
We will expect to receive each test listed in your application. Your application will
remain incomplete and will not be reviewed until we receive all official test scores
reported in your application.
If you have not taken either the TOEFL or the IELTS exam, but you meet all other
admissions requirements you may be given a Provisional Admission status during
the first three terms of enrollment in the program. However, you must submit an
acceptable TOEFL or IELTS score prior to the start of your fourth term of enrollment
in the program. If you do not submit a TOEFL or IELTS score prior to the start of
your fourth term of enrollment you will not be able to continue in the program.
Application Deadlines
Self-Managed Application Procedure:
Applicants are fully responsible for completing and submitting their applications on
time.
The online application can be accessed multiple times prior to being submitted,
meaning that you do not need to complete the application in one sitting. You can
log in or out at any time to make changes and updates to your application prior to
submission.
Before submitting, please make sure to review all parts of your application. Other
than updates to contact information, changes cannot be made post submittal.
An admission decision will not be made until all required application materials are
received.
Applications are accepted year round. Once accepted, students can begin their
program at the nearest upcoming start date. (See Academic Calendar.)
Acceptance
Applications are reviewed by the Admissions committee, which includes senior WQU
administrators. If it is determined that the application meets all minimum
requirements, the applicant will be accepted into WorldQuant University.
Successful applicants will be notified via an email, which will be sent to the address
provided in the application.

Accepted students will sign an enrollment agreement and submit a copy of a
government issued photo ID.
Provisional Admissions Status

WorldQuant University provides a Provisional Admissions status for any applicant
who meets the requirements to take the TOEFL or IELTS exam, but has not already
completed one of these exams. Under provisional status, these applicants may be
enrolled provided all other admissions requirements are met.
Provisional Admission status extends through the first three consecutive terms of
enrollment in the program. However, students must sit for and submit either their
TOEFL or IELTS to WQU, score prior to the start of the fourth term of enrollment in
the program. If the student does not submit a qualifying exam score prior to the
start of the fourth term of enrollment, he or she will not be able to continue in the
program.
Nondiscrimination Policy
WorldQuant University does not discriminate against any person on the basis of
age, ancestry, color, ethnic group identification, national origin, religion, race,
gender or sex, sexual orientation, physical or mental disability, veteran status, or
on the basis of these perceived characteristics, or based on association with a
person or group with one or more of these actual or perceived characteristics.
Disabilities
WorldQuant University is committed to compliance with the Americans with
Disabilities Act (ADA) of 1990, as amended, and Section 504 of the Rehabilitation
Act of 1973, as amended.
Students requiring learning accommodations resulting from disability or injury

should contact [email protected]. WQU provides accommodations based on medical
or professional documentation submitted by the student. It is the student’s
responsibility to self-identify to the institution prior to the start of class.
Transfer of Credit
Transfer into WQU
WorldQuant University sees value in prior learning that students have completed.
However, when a student completes a course at one institution, it is important to
know how this study relates to a course offered at another institution. This
information is especially useful when the student wishes to transfer credits from

one institution to another. The credit system makes it possible to make such
comparisons.
The acceptance of transfer credits between institutions lies within the discretion of
the receiving institution. Credits earned at other institutions may or may not be
accepted by WorldQuant University. Likewise, credits earned at WorldQuant
University may or may not be accepted by another institution depending upon its
programs, policies, and regulations.
Transfer credits will be evaluated using the following guidelines:
● Only credits earned at an institution that is accredited by an agency

recognized by the United States Secretary of Education and/or the Council
for Higher Education Accreditation (CHEA), or an accepted foreign equivalent
that is listed in the International Handbook of Universities will be considered.
Any credits earned at a foreign institution must have a credential evaluation
completed indicating equivalency with WQU courses.
● An official transcript of the student’s course work must be furnished directly

by the institution where the coursework was completed before any
application for transfer credits can be evaluated.
● A copy of the catalog or course syllabi from the institution at which the
coursework was completed, at the time that the coursework was completed,
must be furnished before any application for transfer credits can be
evaluated.
● A minimum grade of “B” or “3.0” must have been awarded for each course
completed to be eligible for transfer. Only courses in which grades were
assigned will be considered. No credits earned as a result of a “pass/fail”
option are eligible for transfer.
● Course work completed more than three years ago is not eligible for transfer
of credit.
● Transfer of credit must be completed prior to enrollment. Securing an official

transcript in a timely manner is the sole responsibility of the student.
● The Academic Dean shall make final determination on the acceptability of

transfer credits. The above guidelines shall be used in evaluating all
applications for transfer of credit; however, the institution reserves the right
to accept or reject any or all transfer credits at its discretion.
Up to 50% of the program can be completed via transfer of credit. Therefore, the
maximum number of credits that can be transferred into the Master of Science in
Financial Engineering is twenty-one (21) credits, or the equivalent of seven (7)
three-semester credit hour courses.

Students wishing to receive credit for courses taken at other institutions will need
to provide all required documents as part of the application process.
Transfer out of WQU

Transferability of credits earned at WorldQuant University is always up to the
discretion of the receiving institution. WQU does not in any way imply or guarantee
the transferability of credit into any other college or university.
Credit for Life Experience

WorldQuant University does not offer credit for life experience.

Student Disclosure Information
Grading Policy
At WorldQuant University, letter grades are awarded in accordance with each
student’s demonstration of the prescribed learning objectives and outcomes of each
course as follows:
Score Letter Grade GPA Points

90-100 A 4.0
80-89 B 3.0
70-79 C 2.0
60-69 D 1.0
0-59 F 0.0
Students may also receive the following designations, as appropriate, which do not
receive any GPA points:
● W Withdrawal – Students may withdraw from a course before the end of

the third (3rd) week by notifying the instructor.
● TC Transfer Credit – Semester credit granted for semester credits

accepted in transfer from other institutions.
● R Repeated Course – A Student has the option of retaking a course if he

or she wants to improve an unsatisfactory grade. Once a letter grade is
recorded for the repeated course, the original grade will be replaced by an
“R” grade. The grade points earned from the later grade will be used in
computing the cumulative grade point average. A maximum of two courses
can be repeated for a better grade during the program. Please note: the
original grade will be replaced with an “R” and excluded from GPA
calculation, whether it is better or worse than the new grade. There is no
guarantee of a better grade when a student repeats a course.
WorldQuant University faculty may choose to use a performance based grading

component within a course. Please refer to your course syllabus for more
information about this option and all other course specific grading information
including a comprehensive list of graded assignments, assessments, and related
weighting.
Grade Reporting
Instructors will report final grades within 5-7 business days of the end of a course.
Grades will be reported in the Student Management System.
Students can access their grade reports by using their individual login id and
password.

Satisfactory Academic Progress
A student’s academic progress is reviewed at the end of each course to ensure that
the student is meeting the satisfactory academic standards as indicated below.
Failure to meet the satisfactory academic standards below will result in academic
probation and/or dismissal. In order to maintain satisfactory academic progress,
students must:
● Maintain a Cumulative Grade Point Average (CGPA) of at least a 3.0 (B)

average; and
● Complete the program within 150% of the scheduled program length of 2
years. (Maximum Time Frame (MTF))
In order to complete within the maximum time frame of the program, students
must satisfactorily complete courses according to the table below (See
Evaluations).
WorldQuant University recommends students maintain continuous enrollment once

they begin the program.
Evaluations
Satisfactory Academic Progress (SAP) evaluations will occur at the midpoint of the
program, the endpoint of the program, and the Maximum Time Frame point (if
needed).
Progress Evaluations: Occur at the conclusion of every three (3) regularly

scheduled terms in a student’s enrollment period. At each Progress Evaluation
point, WQU will look to see that the student:
● has satisfactorily completed the minimum number of courses as specified in

the table below; and
● has a cumulative GPA of at least a 3.0
Minimum Number
of Courses
Progress Evaluation Period
Successfully
Completed
End of Term 3 2 courses

End of Term 21 All
If these criteria are met, the student is considered to be in Good Standing. If these
criteria are not met, WQU will begin Academic Probation procedures (see below).
Academic Probation
Students who do not meet either of the above criteria at any checkpoint will be
considered to be making unsatisfactory academic progress and will not be in Good
Standing.
Warning
Students not in good standing will be placed on Warning status. A Warning
notification will be sent to the student via email. The Warning status will persist for
one evaluation period. During this time, the student should meet with his or her
academic advisor to develop a plan to make progress toward achieving satisfactory
academic progress.
If the student fails to show that he or she is making progress Satisfactory Academic
Progress at the next Progress Evaluation point following the warning period, the
student will be placed on Academic Probation. A probation notification will be sent
to the student via email.
Probation
Academic Probation will persist for one evaluation period. During this time, the
student should meet with his or her academic advisor to develop a plan to make
progress toward achieving satisfactory academic progress.
If the student fails to show that he or she is making Satisfactory Academic Progress
at the next Progress Evaluation point following the probation period, he or she will
face Academic Termination, subject to an appeal. (See below.)
Academic Termination
Appeals
Students wishing to appeal the unsatisfactory academic progress determination
must do so in writing, within ten (10) calendar days of receipt of the email
notification of Warning or Probation status.
Appeals should be directed to the Academic Dean. If the student is appealing the
unsatisfactory progress determination on the basis of mitigating circumstances,

appropriate documentation should be included with the written appeal. Such
documentation might include a physician’s statement, accident report, or other
statements. The Academic Dean will notify the student of the decision within ten
(10) days of receiving the student’s appeal. The Academic Dean’s decision is final.
In cases where an appeal is accepted, that student is placed on ‘Probation’ status

through the next evaluation period. The student will meet with his or her academic
advisor to develop an Academic Plan that, if followed, will ensure the student meets
Satisfactory Academic Progress standards by a specified time, and can return to
‘Good Standing.’
Termination
If a student fails to return to Good Standing at the end of the Probation period and
does not successfully appeal that determination, he or she will face Academic
Termination and will be withdrawn from WorldQuant University.
Students will receive notice of Academic Termination via email, and will no longer
be allowed to access the online learning environment.
Academic Re-admittance
Students whose enrollment at WorldQuant University is terminated due to academic
reasons will be eligible for re-enrollment after a waiting period of six (6) months.
These students may be eligible to receive credit for courses previously completed at
WQU. See Transfer of Credit Policy.
Completion Requirements
To successfully complete the Master of Science in Financial Engineering and earn a
diploma from WorldQuant University, students must:
● Complete all required courses (42 credits)

● Achieve a Cumulative GPA of at least a 3.0
Once these completion requirements have been verified, a diploma will be mailed to
the student’s home address.

Student Rights & Responsibilities
Student Responsibilities
While WorldQuant University is here to provide all students an opportunity to learn
in an online environment that is functional and easy to use, students also hold a
responsibility to WorldQuant University and their studies. All students are expected
to:
● Respect their peers and instructors.
● Maintain good academic standing while at WorldQuant University.
● Understand and follow all WorldQuant University policies and understand the
consequences for violations.
● Protect student user name and/or password by not sharing with any other
person or organization, this is grounds for dismissal.
● Follow all deadlines to ensure successful completion of courses.
● Complete all assignments and assessments.
● Grow academically and intellectually.
Academic Integrity
Academic freedom is a fundamental right. Honesty and integrity are the
preconditions of this right. Essential to the mission of WorldQuant University is the
commitment to the principles of academic honesty and integrity. In order to
maintain an academic climate that is conducive to each student’s success, the
University has established a set of policies and standards for all members of our
academic family to adhere to.
The University’s intellectual reputation is dependent upon its students who must
assume responsibility for maintaining honesty in all work submitted, and its faculty
whose cooperation is paramount in the application of the standards of academic
integrity. The standards set by the University demonstrate our concern with
academic dishonesty and our responsibility to our students to maintain this
reputation.
All work submitted in a course must be the student’s own work. The knowing
submission of another’s work represented as that of the student without properly
citing the source of the work will be considered plagiarism. Consequences for
plagiarism will be determined by, and at the discretion of the Academic Dean in
consultation with the President and/or Faculty Member. A student who is accused of
academic dishonesty can accept the accusation made by the faculty member and
accept the subsequent consequences or appeal to the Academic Dean who will

make a decision on the accusation. Consequences include receiving a failing grade
on the assignment and being placed on academic probation, receiving a failing
grade in the course and being placed on academic probation, or being dismissed
from WorldQuant University. The University may conduct an investigation to review
past homework assignments submitted by the student and reserves the right to
change past grades if plagiarism is subsequently found in previous assignments.
The submission of the same work to multiple courses violates academic integrity
unless substantially changed or cited as previous work. The submission of work
completed by others violates academic integrity.
Intellectual Property
Intellectual property refers to creative ideas, knowledge, expression or creations
of the mind. The University will own the rights to all student work created for the
purpose of course completion at WQU, except as and for the period otherwise
required by a student’s written employment or consulting agreement made prior to
enrollment.
All intellectual property created by faculty, staff, or administrators, such as course

curricula, are considered sole property of the University.
Non-academic Dismissal
Please see Student Code of Conduct.
Complaint & Grievance Procedure

A grievance is a serious complaint that demonstrates that the student has been or
is being adversely affected by 1) inappropriate interpretation of University policies
or 2) inappropriate response, lack of response, or decision by any person with
administrative control and responsibility. A grievance is directed toward the
University, not a specific person, and should be in writing per the grievance
procedure published in the University Catalog. Student grievances are typically
items such as administrative issues, financial issues, technical issues, faculty
performance, program content, program effectiveness/expectations or library
services that were not able to be resolved in an informal manner.
In the event that a student has a complaint, grievance or dispute with WorldQuant
University regarding University procedures, decisions, or judgments, the student
has a right to seek a satisfactory resolution through the formal avenues of appeal
and redress as follows:
● Step 1: Notification. The student must notify the relevant faculty member,
staff, or administrator in writing, by certified or registered mail postmarked
no later than 15 days after the occurrence, stating the basis for the
grievance, the details of the matter, and the remedy requested. The

individual so notified shall respond with a decision in writing within 15 days
of receipt of the grievance.
● Step 2: Appeal. If the remedy requested is denied, or if the relevant

University administrator does not respond within 15 days after the
notification of Step 1 has been mailed, the student may appeal in writing,
sent by certified or registered mail, directly to the Academic Dean within an
additional 15-day period. The recipient of the appeal will review the
grievance and render a decision within 15 days of receipt of the student’s
appeal. However, failure to initiate a Step 2 appeal within the 15-day time
frame indicates that the student accepts the Step 1 decision as final and that
the matter is closed.
● Step 3: Final Decision. If the remedy requested is denied or the University

does not respond within 15 days after the Step 2 notice has been mailed, the
student may appeal in writing, sent by certified or registered mail, directly to
the President within an additional 15-day period. The President will meet with
the individuals involved to investigate the matter and will render a decision
within 15 days of receipt of the student’s appeal.
The President’s decision shall be final. However, failure to initiate a Step 3 appeal
within the 15-day period indicates that the student accepts the Step 2 decision as
final and that the matter is closed.
If a student has exhausted the complaint and grievance procedure at WorldQuant

University and still feels that the issue has not been satisfactorily remedied, the
student may file a complaint about this institution with the Louisiana Board of
Regents.
Please note: WorldQuant University ensures that students will not be subject to
unfair action and/or treatment by any school official as a result of the initiation of a
complaint.

Student Services
Student Record Maintenance Policy

WorldQuant University maintains comprehensive records on all students who enroll
in its program. The records are maintained in the Student Information System
(SIS), which is hosted on the Amazon Web Services infrastructure and served
exclusively over SSL. Records are backed up nightly.
Student records include:

● Personal Information (address, email, etc.)
● Enrollment Agreement
● Student initiated petitions/forms
● Course Enrollment and Completion
● Grades Received
● Disciplinary Actions (Warning(s), Probation(s), conduct violations, etc.)
● Progress Evaluations
● Degree Conferred/Diploma
● Transcript
Student records are maintained actively during the enrollment period. Records are
archived once a student graduates, is terminated, or otherwise exits WQU.
Archived records are maintained for 20 years.
Student Privacy
WorldQuant University respects and seeks to protect the privacy of its students.
WorldQuant University does not disclose personally identifiable information
contained in a student’s education records to persons outside the University without
the consent of the student in question, unless the disclosure is made to a person or
entity with whom WorldQuant University has contracted (such as an attorney,
auditor, or accreditor), or unless the disclosure is required by law or legal process.
WorldQuant University’s policy regarding confidentiality is in keeping with the

Family Educational Rights and Privacy Act (FERPA), which affords students certain
rights with respect to their education records. This includes the following:
1. The right to inspect and review the student's education records within 45
days of the day WorldQuant University receives a request for access.
2. The right to request the amendment of the student's education records that
the student believes are inaccurate.
3. The right to consent to disclosures of personally identifiable information

contained in the student's education records, except to the extent that FERPA
authorizes disclosure without consent. One exception that permits disclosure

without consent is disclosure to school officials with legitimate educational
interests. School officials are individuals or entities working for or on the
behalf of the educational institution. A school official has a legitimate
educational interest if the official needs to review an education record in
order to fulfill his or her professional responsibility. As allowed within FERPA
guidelines, WorldQuant University may disclose education records without
consent to officials of another school, upon request, in which a student seeks
or intends to enroll.
4. The right to file a complaint with the US Department of Education concerning

alleged failure by WorldQuant University to comply with the requirements of
FERPA.
At its discretion, WorldQuant University may provide Directory Information in

accordance with the provisions of the Family Education Rights and Privacy Act.
Directory Information is defined as that information which would not generally be
considered harmful or an invasion of privacy if disclosed. Students may withhold
Directory Information by notifying the Registrar in writing; please note that such
withholding requests are binding for all information to all parties other than for
those exceptions allowed under the Act.
FERPA
The Buckley Amendment, or the Family Educational Rights and Privacy Act of 1974
(FERPA), is a law regarding the protection of a student’s education records. A
postsecondary school is required to provide certain privacy protections for those
education records that it does maintain. Education records include both directory
and non-directory information.
This law applies to institutions that receive federal funds through programs that are
administered by the United States Department of Education. WorldQuant University
has adopted this policy as the industry standard in records’ maintenance and
operations.
Access to Information
An “eligible student” under FERPA is a student who has reached 18 years of age or
attends a postsecondary institution. In order to disclose education information
about an eligible student attending WorldQuant University, WQU requires written
consent to share personally identifiable information beyond the directory
information. However, there are a number of exceptions to FERPA's prohibition
against nonconsensual disclosure of personally identifiable information from
education records.
For a student who is 17 years or younger, all rights regarding education records are
given to the student’s parent or guardian.
Internally, each WorldQuant University employee’s access to a student’s education

information is based on a legitimate educational interest and need to know.

Education Record
An education record is any record that is maintained by WorldQuant University in its
educational process. Transcripts or a grade report would be examples of this.
Directory Information FERPA does allow institutions to declare certain items to be
defined as “Directory Information.” Directory Information can be given out without
the prior consent of the eligible student or parent. WQU’s Directory Information is
divided into two levels. The first level is general directory information. The second
level is restricted to the use of our strategic partners in order to better serve our
students.
Level 1 – General Directory Information

● Name
● Dates of Attendance
● Major
● Degree Awarded, if any
● Distinction (Honors, Dean’s List, etc.)
● Phone Number
● E-mail Address
Level 2 – Restricted Directory Information

● Student ID
● Social Security Number
Students may request that their Directory Information be made private.

Information that has not been declared Directory Information will require a release
from the student before it can be shared.
Examples of Confidential Information

Examples of confidential information are below, although this is not an exhaustive
list.
● Grades
● GPA
● Social Security Number

Transcript Requests
Students and graduates of WorldQuant University can easily access their academic
transcripts by the following methods:
● Unofficial transcripts can be printed at any time through the Student

Information System.
● Authenticated and verifiable digital official transcripts can be requested at

any time through the Student Information System. These transcripts are sent
via email to the recipient, or recipients, specified by the student in the
request form. The digital official transcripts include a unique alphanumeric
identifier which may be verified on the WQU website via SSL.
If a student requires a hard-copy of an official transcript, he or she should contact

[email protected] for assistance with the request. The student is responsible for the
costs associated with mailing a hard copy, or copies, of an official transcript.
There is no situation in which a transcript would not be released to a student.
Other Services
Change of Contact Information
Students are required to have a current email address and mailing address on file
with WorldQuant University at all times. Students are responsible for updating their
contact information at any time there is a change. Updates can be made through
the Student Information System.
Orientation
All students are required to view the online Orientation when starting their first
course at WorldQuant University. The Orientation shows the student how to access
course materials and training, use the lab system, and participate in the discussion
area. Additionally, the orientation will show the student how to find resources and
information and who to contact should they have any difficulty. Participation in the
Orientation is verified by a short quiz that students must complete within the first
week of their enrollment. Completion of the online Orientation is an important first
step of the education process, as it helps to ensure the smooth transition and
positive adjustment of students into the WQU community.

Career Advising
WorldQuant University students receive tailored, one-on-one career coaching in
preparation for beginning a career, or furthering their career, in finance.
Students receive specialized training in résumé writing, interviewing, and

negotiating with emphasis on the development of career management, presentation
and communication skills. Throughout the program, there is a strong focus on
group-collaboration to foster students' team building and leadership abilities, as
these qualities are highly valued in the workplace.
WorldQuant University expects that graduates will work almost exclusively in the
financial services industry. Careers may vary, but will typically involve trading,
product structuring, quantitative portfolio management, and financial analytics and
risk management. Additionally, we encourage our students and graduates to
consider non-traditional career paths in developing rather than established markets.
To provide the best opportunities to our graduates, WorldQuant University actively

conducts an internship and placement program that is designed to assist students
and graduates with finding and securing study-related work experience through
internships and job opportunities with firms in the financial services industry. It is
our goal to make internship opportunities available to any student interested, as
well as to maintain a high level of placement.
Students are encouraged to create a profile on the WQU website and post their
resume. Recruiters and hiring personnel can view these profiles and contact
students regarding open positions.
WorldQuant University maintains a job board for employers and recruiters to post
positions and internships. Students and graduates can view positions through the
WQU website.
Additionally, WorldQuant University facilitates recruiting sessions for interested

employers, allowing them to interview several students and/or graduates on a
specified date (or dates). Announcements will be made to students regarding
upcoming recruiting dates, including information about the company, the position,
and the requirements. Students and/or graduates who are a good fit will be
assigned an interview time.
It is expected that graduates will be recruited by leaders in the quant industry,

including firms such as Goldman Sachs, Morgan Stanley, Citigroup, J.P. Morgan,
Bank of America Merrill Lynch, UBS, Credit Suisse, Barclays Capital, Deloitte
Consulting, Ernst & Young, SocieteGenerale, Credit Agricole CIB, various hedge
funds and asset management firms. However, students should be aware that there
is no promise of employment with any firm upon graduation.

Please note: Students and graduates of WorldQuant University are ineligible for
employment at WorldQuant LLC for a period of 12 months post attendance. After
12 months, students and graduates are welcome to apply for open positions at
WorldQuant, LLC; however, employment is never guaranteed.
Student Conduct
Code of Conduct
The Student Code of Conduct sets forth the standards of conduct expected of
students at WorldQuant University. This code is not exhaustive, and students may
be subject to disciplinary actions for other behavior and/or activities deemed
unacceptable or disruptive to the goals and mission of the University, including
actions that occur while at approved off-campus activities (i.e., internships).
Students who violate these standards will be subject to disciplinary actions

including, but not limited to, issuance of a warning, probation, termination, or
permanent expulsion. Any and all disciplinary action will be recorded in the
student’s academic record.
Prohibitions
● All forms of academic dishonesty including, but not limited to, cheating,
fabrication, facilitating academic dishonesty, and plagiarism.
● Use of any inflammatory or flagrant language in the online learning

environment, including discussion boards.
● Endangering, threatening, or causing harm to any member of the

WorldQuant University community, causing reasonable apprehension of such
harm or engaging in conduct or communications that a reasonable person
would interpret as a serious expression of intent to harm.
● Impersonation of another, using another person’s identity, or furnishing

materially false information, including manufacturing or possession of false
identification.
● Forgery, fabrication, falsification, unauthorized alteration, or misuse of

university documents, records, or identification.
● Unauthorized use of university property and/or resources.
● Unauthorized access to, disclosure of, or use of any university document,

record, or identification including, but not limited to, electronic software,
data, and records.
● Interfering with or disrupting university or university-sponsored activities.

● Misuse, theft, misappropriation, destruction, damage, or unauthorized use,
access, or reproduction of property, data, records, equipment or services
belonging to the university or belonging to another person or entity.
● Engaging in harassment or repeated contact that a reasonable person would

understand to be unwanted, including, but not limited to, stalking and/or
sexual harassment.
● Engaging in any discriminatory activities as prohibited by applicable law or

university policy.
● Interfering with any university disciplinary process.
● Engaging in any illegal sexual offense, including, but not limited to, sexual
assault, public sexual indecency, or indecent exposure.
● Violation of any other university policy.
● Inappropriate and/or unethical conduct with clients at approves internship

placements.
● Conduct that is illegal under state or local law.
Sexual and Other Harassment

WorldQuant University is committed to providing an educational environment free
of sexual harassment. University policy prohibits sexual harassment and
harassment based on pregnancy, childbirth or related medical conditions, race,
religious creed, color, gender, national origin or ancestry, physical or mental
disability, medical condition, marital status, registered domestic partner status,
age, sexual orientation or any other basis protected by federal, state or local law or
ordinance or regulation.
The University’s anti-harassment policy applies to all students, as well as to all

faculty, staff, and administrators involved in the operation of WQU. It also prohibits
harassment based on the perception that anyone has any of the above described
characteristics, or is associated with a person who has or is perceived as having any
of those characteristics.
Prohibited harassment includes, but is not limited to, the following behavior:
● Verbal or written conduct such as epithets, derogatory jokes or comments,

slurs or unwanted sexual advances, invitations or comments;

● Visual displays such as derogatory and/or sexually oriented posters,
photography, cartoons, drawings, or gestures;
● Physical conduct including assault, unwanted touching, intentionally blocking

normal movement or interfering with work because of sex, race or any other
protected basis;
● Retaliation for reporting or threatening to report harassment.
Dress Code
Students may wear whatever they like when accessing the online learning
environment. However, on any occasion where a camera is being used (e.g., a
mentoring session) students are expected to dress in business attire.
Students participating in an internship arranged by or with the assistance of

WorldQuant University will follow the dress code of the company at which they are
interning.
Violations and Dismissal

Students who violate any part of WorldQuant University’s Code of Conduct are
subject to disciplinary action, including probation and dismissal.
Students who have been found to be in violation of the code will be notified via
email. The notice will include details regarding the violation and the associated
consequences, either probation or dismissal.
Probation will last through the completion of the student current course and the
following course period. If the student does not violate the code of conduct during
the probation period, he or she will be placed back into good standing. If the
student violates the code of conduct again during the probation period, he or she
will be dismissed from WorldQuant University.
Depending on their severity, some violations will lead to immediate dismissal.

Though this list is not exhaustive, students found cheating, harassing other
students, or participating in illegal activities may be terminated from WQU
immediately. Students expelled for these reasons will not be readmitted.
All disciplinary actions are subject to an appeal. Please see the appeals section for
policy details.
Appeals
Within ten (10) days of receiving notification of probation or dismissal (academic or
non-academic) from WorldQuant University, the student may file a written appeal

to the Academic Dean. The Academic Dean will make a decision on the appeal, and
notify the student of the decision within ten (10) days.
If the appeal is denied, or if the Academic Dean does not respond within ten (10)
days after receiving the appeal, the student may appeal directly to the President.
The President shall render a final decision within ten (10) days of the receipt of the
appeal.
Readmittance:
A student who has withdrawn from WorldQuant University or who has been
dismissed must reapply to WorldQuant University with a new application, and go
through the admissions evaluation process to enroll. The requirements for the
program in effect at the time of the new enrollment will apply.
WQU will consider past academic records, remedial work done subsequently, and
other extenuating circumstances when evaluating re-admission. Any applicant who
was previously academically dismissed may, at the discretion of the Academic
Dean, be readmitted on probation status. The probation status will extend through
one evaluation period (one course). If there are no academic or non-academic
violations during the probation period, the student will be returned to good
standing. If there is a subsequent violation during the probation period, the student
will be terminated and barred from future enrollment at WQU for a period of not
less than three (3) years.

Attendance and Leave of Absence
Attendance Policy
Though WorldQuant University's online learning environment provides flexibility to
students, they are encouraged to log into the course daily to review materials,
practice skills in the online lab environment, and participate in discussion boards.
It is expected that once a student enrolls in a program, he or she will make

satisfactory academic progress toward completing that program. The student is
responsible for logging into the online learning environment and completing all
required activities and assessments, as outlined in each course syllabus. On time
completion of the assignments will serve as verification of attendance.
Tardies & Absences

As students are able to login to the online learning environment as their schedules
permit, WorldQuant University does not track tardies or absences.
Non-Start Policy
Students who enroll in the Master of Science in Quantitative Finance with
concentration in Alpha Design will be considered not to have started the program if
they do not complete the following activities in the first course of their enrollment:
• Log into the course;

• Complete weekly exams and assignments;
• Download the textbook; or
• Participate in discussion boards.
Students who do not engage in the above activities will be dropped from WQU.
Students who are dropped may be readmitted to the institution. In order to be
readmitted, the student must reapply to WorldQuant University with a new
application, and go through the admissions evaluation process to enroll. The
requirements for the program in effect at the time of the new enrollment will apply.
Unsatisfactory Attendance
Students who have not logged into the online learning environment, submitted an
assignment, taken an assessment, or participated in the discussion board for
fourteen (14) calendar days (including weekends and holidays) will be withdrawn
from the program.
Please see Appeals section of the Catalog for details on appealing a determination
as well as readmittance.

Makeup Work
All assignments are due on the date specified on the course syllabus. If a student
cannot complete an assignment or activity on or before the due date, he or she
must submit a make-up plan. If accepted, WQU will allow the student to make up
the work by the deadline on the approved make-up plan or the last day of the
course, whichever occurs first.
Leave of Absence Policy

WorldQuant University does not allow students to take a leave of absence during a
term in which the student is active in a course. If the student has a personal or
professional circumstance that inhibits satisfactory completion of the course, the
student should withdraw to avoid a failing grade.
Students can request a leave of absence between courses for personal or

professional reasons. Up to two (2) six (6) week Leaves of Absence can be granted
each year. Any and all requests for a Leave of Absence must be submitted in
writing to the Academic Advisor, and need to include the start date, return date,
and reason for the leave of absence. The Academic Advisor will notify the student of
the decision within seven (7) calendar days.
If a student fails to return to WorldQuant University, as indicated by starting in his

or her next course on the specific return date, the student will be terminated from
the program.

Tuition, Fees, and Refunds
Tuition
The purpose of WorldQuant University is to remove barriers and make high-quality
financial engineering education available to any motivated individual who meets the
minimum admission requirements.
In accordance with that purpose, WorldQuant University does not charge any tuition
or fees.
Books & Materials

The estimated cost of required textbooks and materials for the Master of Science in
Financial Engineering is $1000 (USD). Books and materials are available for
purchase through the WQU bookstore, which can be accessed through the
University’s website.
Financial Aid
As WorldQuant University does not charge any tuition or fees to students, it does
not participate in any financial aid programs.
Payment Schedule/Payment Plan

As WorldQuant University does not charge any tuition or fees to students, no
payment plan is necessary
Refund Policy
As WorldQuant University does not charge any tuition or fees to students, there is
no refund policy.
Books and materials purchased through the WQU bookstore are non-refundable
once the voucher to access and download the content has been redeemed.

Program Curriculum
Master of Science in Financial Engineering

Length: 42 semester credit hours
Award: Master of Science
Description: The Master of Science in Financial Engineering is the world’s first free,
open online program in this discipline. Designed by financial engineering experts to
help students meet the needs of the industry, this program covers the necessary
financial, computational, and statistical information required for success in the field,
but stands apart in its emphasis in alpha design. Throughout the program, students
will engage with advanced technologies including Python, Matlab, and WebSim.
Comprised of fourteen (14) courses, the program is designed to be completed in

two (2) years. Effort has been made to ensure that though the program is delivered
in an online environment, the courses provide opportunity for student interaction,
and unique activities such as a trading competition, research projects, and forums.
Additionally, students will have the opportunity to participate in group projects,
guest lectures, and mentoring sessions.
Program Objectives
Upon completion of this program, students will be able to:
● Demonstrate an understanding of global financial markets
● Determine the strengths and weaknesses of statistics in analyzing data as
applied to finance
● Identify risk related to the finance business and understand how they impact
alpha design
● Master Python programming for finance and develop tools using the Python
language
● Create algorithms using Python and use various tools to judge their efficacy
● Describe Econometric modeling and forecasting of financial markets
● Analyze regression and inference and time-series models like GARCH and
cointegration
● Master the principles and applications of statistical learning, machine learning
and their related tools
● Describe types of Alphas and related concepts
● Design and evaluate Alphas
● Explore finance in the global changing marketplace and apply finance to
humanitarian efforts

Prerequisites
There are no prerequisites beyond WorldQuant University’s admissions
requirements.
Courses
There are fourteen (14) courses in the M.S. in Financial Engineering. The course
descriptions are provided below, in the order of completion.
WQU 601 Financial Markets I (3 semester credit hours)

The Financial Markets I course is intended as an introduction to Financial Markets.
We will discuss the instruments traded in the markets, the institutions that support
and frame the markets, the trading mechanisms and the regulatory structure. The
course is intended to be descriptive and conceptual. The aim is to familiarize you
with the breadth and scope of equity, debt, commodity, and derivative markets.
The course will incorporate discussions on recent developments such as High
Frequency Trading and the Dodd-Frank Act.
WQU 603 Statistics (3 semester credit hours)

The Statistics course expounds on basic statistical concepts that are important in
portfolio management. The goal is to understand the strengths and weaknesses of
statistics in interpreting and analyzing data. There will be hands-on exercises that
will give you a better feel for the subject.
WQU 605 Programming in Python I (3 semester credit hours)

The Programming in Python I course covers the basics of Python Programming as it
relates to Financial Computing. Students will learn about Python, object-oriented
programming concepts, build simple numerical programs, create functions, explore
scoping, recursion, variables, modules, files, tuples, lists and higher-order
functions. Students will build programs, and learn testing and debugging techniques
and handle exceptions. Students will also master abstract data types and classes,
inheritance and encapsulation. Finally, they will learn and use tools like PyLab and
build stochastic programs, explore random walks, and Experimental Data.
WQU 607 Algorithms I (3 semester credit hours)

The Algorithms I course covers the basic concepts of Algorithms. Students will learn
about algorithms and their role in computing. They will examine data structures,
recursion and sorting and searching. They will then look at different algorithms like
tree algorithms, graph algorithms, greedy algorithms and numerical algorithms.
WQU 609 Financial Markets II (3 semester credit hours)

The Financial Markets II course builds upon the foundation course Financial Markets
I to demonstrate how the various instruments that you studied are assembled to
build portfolios. The course takes the perspective of the asset management industry
and is intended to be descriptive and conceptual. The aim is to familiarize you with
the breadth and scope of the full array of markets in equity, debt, commodity, and
alternative investments.

WQU 611 Programming in Python II (3 semester credit hours)
The Programming in Python II course covers advanced Python concepts related to
Financial Computing. Students will learn how to create financial calculators,
calculate interest rates, examine closing price and trading volume, use Python to
calculate comparisons among stocks and analyze high-frequency data, compare
return versus volatility, write and debug Python code, and use modules. They will
explore NumPy and SciPy and use Matplotlib to explore visual finance. They will
explore stats, the Black-Scholes-Merton Option Model, and the Monte Carlo
Simulation, explore volatility measures and GARCH and explore applications like the
52-week high and low trading strategy, Roll’s model to estimate spread (1984),
Amihud’s model for illiquidity (2002), Pastor and Stambaugh liquidity measure,
Fama-French three-factor model, and Fama-MacBeth regression.
WQU 613 Econometrics (3 semester credit hours)

The Econometrics course covers econometrics as statistical methods as applied to
finance, building on the concepts students were introduced to in Financial Markets I
and II, Statistics and Python I courses. This course provides an introduction to the
modeling and forecasting of financial markets, with a thorough grounding in basic
regression and inference, and moving on to more advanced time-series models like
GARCH and cointegration.
WQU 615 Alpha Design I (3 semester credit hours)

The Alpha Design I course will introduce the basic concepts related to statistical
arbitrage within and across asset classes. Launching off this starting point, the
course further delves into various aspects of the framework dealing with the
intricacies involved in developing an alpha model. The course is broadly structured
into four parts. The course starts with the industry terminology around statistical
arbitrage. After laying this foundation, it covers various performance and risk
measures to gauge alpha models and strategies. Then the course proceeds towards
a deeper exposition of the pitfalls involved in alpha design, covering various biases,
robustness and statistical considerations. Finally, it gives an overview of the basic
operations and models, various online tools available for the student to practice his
or her craft, culminating in the student’s first alpha.
WQU 617 Algorithms II (3 semester credit hours)

The Algorithms course covers the core knowledge required to understand numerical
algorithms for computational finance. Students will learn about advanced design
and analysis techniques, examine Monte Carlo simulations, explore parallel
algorithms and be introduced to machine learning. Students will design and test
their own algorithms on the markets.
WQU 619 Risk Management (3 semester credit hours)

The Risk Management course is an introductory risk management course that seeks
to present a comprehensive overview of risk management to the uninitiated
students. It does so by first expounding on the need for risk management in the
modern business environment. It then introduces the elementary concepts of risk

and return that are fundamental to the concept of risk management. It then
introduces the major risks faced by businesses that include credit, market,
operational, strategic, reputation and enterprise wide management risk. It then
puts special focus on market risk and elucidates each sub-component of market
risk. It explains the inherent risk and its measurement techniques in derivative
instruments like options, futures and derivatives. The concept of Value-at-Risk,
which is at the core of market risk measurement, is further introduced. The course
then explains the various modeling techniques used for credit, market and
operational risk. The process of stress testing and the various stress testing
methodologies employed in stress testing are discussed as well. The course puts
special focus on the risk in derivative instruments like futures, forwards and
options. Finally, it also talks about the regulatory prescription of risk management
in Basel II & III guidelines.
WQU 621 Alpha Design II (3 semester credit hours)

A follow up to the Alpha Design I course, the Alpha Design II course provide the
students with a deeper understanding of Alpha development and demonstrates the
application of these concepts in the real world of trading. It starts by introducing
the various types of costs that are incorporated into the models to make them more
realistic. The effect and importance of liquidity and capacity considerations are then
illustrated. The course then delves deeper into the various classes of alpha models
that exist in the world of quantitative trading. It then explores the intricacies of
developing these models in an asset-sensitive framework and extends the concept
to understand the synergy between these models across asset classes. The
concepts learned in the previous courses on risk management and statistics are
then leveraged to explain the theory of active portfolio management and transform
these potential alpha models into realizable benefits for an organization. Finally, it
touches upon the various available datasets, which could be employed as the
building blocks into models to beat the financial markets.
WQU 623 Machine Learning (3 semester credit hours)

The Machine Learning course covers the basic concepts of machine learning.
Students will learn about principles and applications of statistical learning, machine
learning and tools therein. They will examine feasibility of learning, measures of fit
and lift, supervised and unsupervised learning, and a handful of learning paradigms
like logistic regression, neural networks, support vector machines, boosting,
decision trees and more.
WQU 625 Alpha Design III, with Machine Learning (3 semester credit
hours)
A follow up course to Alpha Design II, the Alpha Design III with Machine Learning
course will elaborate in even more detail and increasing complexity a variety of
alpha strategies. This course will build on the Machine Learning course and its
application to advanced alpha strategies. This course will rely on the knowledge
from Statistics, Risk, Python programming and machine learning courses to develop
a full understanding of alphas and trading algorithms. There will be a trading
competition that will take advantage of the entire sequence of alpha courses.

WQU 690 Capstone Course (3 semester credit hours)
The Capstone course is designed to put your knowledge of financial engineering to
the test. Students will practically apply their knowledge through a capstone
project. Top candidates will have a chance to compete for an externship.
Internships/Externships
Internships are not a required part of the curriculum for the Master of Science in
Financial Engineering program at WorldQuant University.
However, WQU conducts an internship and placement program designed to assist

students and graduates with finding and securing study-related work experience
through internships and job opportunities with firms in the financial services
industry. Please see the Career Services section for more information.

Technology Requirements
At WorldQuant University, electronic communication is the preferred medium for
students, faculty and staff. In order to take advantage of this technology, it is
required that students, faculty and staff acquire and maintain e-mail access with
the capability to send and receive attached files.
In order to navigate the Internet, it is recommended that the latest version of one
of the following browsers be used:
● Mozilla Firefox
● Google Chrome
WorldQuant University also provides documents that can be accessed using Adobe
Acrobat Reader, which is available without cost to students at www.adobe.com.
WorldQuant University strives to prevent the spread of computer viruses by

employing the latest virus detection software on all university-owned computer
systems; however, WQU makes no guarantee related to the unintentional
propagation of computer viruses that may go undetected by our virus detection
software.
WQU will not be held liable for any direct, indirect, incidental, special, consequential
or punitive damages of any kind, including but not limited to: loss of data, file
corruption, or hardware failure, resulting from the effect of any malicious code or
computer virus unintentionally transmitted by university staff members, faculty,
students or affiliates.
WQU strongly recommends and urges all faculty and students to seek out and
install adequate virus detection software and to routinely check for, and install, the
most recent updates to their anti-virus software no less frequently than once each
month for their particular computer and operating system.
Technical Specifications and Instructions
In general, students will access course materials using a computer or laptop (PC or
Mac), a modern web browser, and a high speed Internet connection.
Please note: WorldQuant University does not support the use of tablets,
smartphones or other similar devices for taking any of the courses in the program.
While some course material might be accessible on those devices, students are
likely to encounter technical issues that may prevent them from successfully
completing courses.
Specific courses may have additional technology requirements as specified in

individual course syllabi.

Proctored exams require a web camera and microphone.
Technical Support
Students can access technical support at any time, through the online learning
environment. In the Help section, there are support documents and FAQs that
students can use for assistance. Students are encouraged to look through these
materials, as students often times have similar problems that basic troubleshooting
can fix quickly.
If the support documents do not solve the problem, students can submit a ticket to
the WQU Support Team by clicking ‘Contact Support’ in the Help section. Students
must fill out all required areas on the ticket and provide as much specific
information as possible about the issue they are having. Support will seek to
respond to each request within one (1) business day.
Faculty Support
Students at WorldQuant University can contact their instructors for assistance via
the contact information available on the course syllabus. Instructors will seek to
respond to student inquiries within one (1) business day.
If students have any difficulty reaching their instructors, they should contact their
Academic Advisors for assistance.
Information Exchange Privacy and Safety

As electronic communication is the preferred method at WorldQuant University,
care is taken to ensure that information exchanged between the students, faculty,
and administrators is secure. This security extends to information submitted
through the online students learning environment. Each student has a personal user
id and password, which should not be shared.
All WQU systems and data are hosted in the Amazon Web Services infrastructure
and transmitted exclusively over SSL.
Additional student privacy and information security is covered by FERPA. Please see
the Student Privacy section for details.
Evaluation
In order to meet its mission, WorldQuant University strives toward continual
improvement.
WQU collects feedback from students, graduates, and employers to determine if the
structure and content of the program are meeting their needs. Students are
surveyed after each course and after program completion. Questions cover the
structure and pace of the program, amount and level of content, effectiveness of

instructors, ease of use of the learning environment, and whether or not overall
expectations were met.
Employers who hire WQU students and/or graduates are surveyed after the
student’s thirtieth (30th) day of employment. Employer surveys cover questions
related to the new-hires skills, knowledge, and preparation.
Data from these surveys is compiled and reviewed by Senior Administrators and the
Advisory Board. The Advisory Board, made up of industry experts, provides
guidance and insight on key issues surrounding WorldQuant University and ensures
that the university is meeting its mission and purpose. However, all decisions are
made by the Senior Administrators.
Graduation Requirements
In order to graduate from WorldQuant University and be awarded a Master of
Science in Financial Engineering, students must:
● Successfully complete all required courses;

● Earn a minimum of 33 credit hours in the program at WQU;
● Be in academic good standing; and
● Have a cumulative GPA of at least 3.0.
Once graduation requirements have been verified, the student will be notified via
email and the diploma made available.
Academic Freedom
WorldQuant University adheres to the following principles of academic freedom. As
a higher education institution, WorldQuant University holds the pursuit of education
in highest regard and strives to provide an environment that promotes the pursuit
of truth and mutual respect to support the generation of new knowledge and
reasoned argument based on scholarly justification.
Students and faculty are expected to adhere to academic honesty, the highest
ethical standards, and professional conduct in all processes and practices. It is
reasonable that the teaching and learning environments will be open to diverse
opinions and voices and that the same course content can be presented in multiple
ways in order to achieve the same outcome goals. Teaching and learning styles
may differ and it is not unexpected that differences in styles, opinions, and
approaches may occur. Academic freedom and student conduct policies are
appropriately balanced to produce a harmonious learning environment.
Toward these ends and in respect for diversity, the following guidelines should be
followed:

● WorldQuant University recognizes that each faculty and instructional team
member will express his or her opinions and philosophies freely without
censorship.
● Concurrently, it is important that faculty and instructional team members

realize their responsibility to the college to make their students understand
that their expression does not represent the opinions of WorldQuant
University.
● The thorough discussion of topics from diverse perspectives within the faculty
and instructional team members’ subject areas is encouraged. However, the
discussion of controversial subject matter outside of each faculty and
instructional team member’s area of expertise is strongly discouraged within
courses.
● Noting that debate is at the heart of academic freedom, faculty and

instructional team members have a particular obligation to promote
conditions of free inquiry and to further public understanding of academic
freedom.
● WorldQuant University expects its faculty and instructional team members to

maintain high standards of professional conduct in all communications with
students at all times.

Ownership and Faculty Information
Ownership
WorldQuant University is incorporated under the Virginia Nonstock Corporation Act.
It has no shareholders or other private owners. Its initial and sole member is
WorldQuant Foundation, which holds the power to appoint WQU’s directors. WQU
has applied to the U.S. Internal Revenue Service for 501(c)(3) recognition and is
operating in accordance with the federal laws and regulations that govern 501(c)(3)
charitable organizations.
WQU maintains a Certificate of Authority to do business in the state of Louisiana.
Advisory Board
The WorldQuant University Advisory Board is made up of educators, senior
executives, and practitioners in the field of financial engineering. Members
participate in various committees to ensure the relevance of curriculum, review
admissions applications, participate in orientation, attend graduation and alumni
events, and teach in the program.
The Advisory Board meets periodically to consider the strategic direction of the
program, its curriculum and changing educational requirements within the industry.
Members provide an ongoing source of practical information and resources about
industry trends affecting financial engineering, including developments in securities
markets, and portfolio and risk management practices.
Advisory Board members also offer guidance and support to the University in
preparing its students for internships and full-time placements, assist the University
by creating summer internship opportunities for students and participating in mock
interview sessions, and help the University to promote public awareness of its
program and the value of the degree.
Board members participate in career development activities, which may include

offering summer internships and participating in mock interview sessions. The
board promotes awareness of the value of the degree inside and outside of their
firms.
The Advisory Board members include:
Linda Ban, Global C-suite Study Director, IBM Institute for Business Value
Ms. Ban is the global CIO study director for the IBM Institute for Business Value
(IBV). Within the IBV, she focuses on trend identification and strategy development
to address critical business challenges faced by companies globally. In this role, she
provides strategy, leadership and oversight for the overall C-Suite study program
and leads the global team responsible for the development, deployment and

support of the biennial CIO study and research related to IBM’s Application
Innovation Services (AIS) team. As part of her work on forward-looking activities
and technologies, Ms. Ban’s background includes more than 20 years in consulting,
business and operations strategy, IT systems development, and operations
management. Most recently, she led IBM’s strategy and business development
efforts for emerging and collaborative technologies related to 3D Internet and
virtual environments.
Lenore Blum, Distinguished Career Professor of Computer Science, Carnegie

Mellon University
Dr. Blum (PhD, MIT) is Distinguished Career Professor of Computer Science at
Carnegie Mellon, Founding Director of Project Olympus and co-Director of the
Carnegie Mellon Center for Innovation and Entrepreneurship. Her research,
founding a theory of computation and complexity over continuous domains, forms a
theoretical basis for scientific computation. Dr. Blum is internationally recognized
for her work in increasing the participation of girls and women in Science,
Technology, Engineering, and Math (STEM) fields. She was a founder of the
Association for Women in Mathematics and the Expanding Your Horizons Network.
At Carnegie Mellon she founded the Women@SCS program. In 2004 she received
the US Presidential Award for Excellence in Science, Mathematics, and Engineering
Mentoring. In 2009 she received the Carnegie Science Catalyst Award recognizing
her work with Project Olympus targeting high-tech talent to promote economic
growth in the Pittsburgh region and for increasing the participation of women in
computer science.
Marc Carletti, Executive Vice-President, Global Banking and Financial Markets, BT

Global Services
Mr. Carletti manages the major global accounts in BT’s financial services customer
portfolio. He is also responsible for GB & FM’s overall business strategy and the
partnerships with BT Advise, a business that delivers consulting, systems
integration and managed services around the world. He joined BT in 2010 from
Management & Advisory Services Ltd (mas LTD), where he was an Associated
Partner. Prior to his tenure at mas LTD, he was CEO at SIX Telekurs Financial
Information Ltd. Before that, he had held a series of senior management positions
at Reuters. These included President of Reuters Financial Software, Managing
Director of Reuters France and Managing Director for Switzerland & Austria. Mr.
Carletti had joined Reuters after periods working in marketing and sales at Hewlett
Packard in Geneva and in the IT department of Banque Paribas. He obtained a
Baccalauréat Scientifique from the Lycée Stendhal in Milan in 1977 and graduated
in Industrial Engineering and Management from Geneva University in Switzerland.
Peter Carr, Department Chair of Finance & Risk Engineering, NYU Tandon School
of Engineering
Dr. Carr (PhD, UCLA) is the Chair of the Finance and Risk Engineering Department
at NYU Tandon School of Engineering. He has headed various quant groups in the
financial industry for the last twenty years, and also presently serves as a trustee
for the National Museum of Mathematics. Prior to joining the financial industry, Dr.

Carr was a finance professor for 8 years at Cornell University, after obtaining his
Ph.D. from UCLA in 1989. He has over 85 publications in academic and industry-
oriented journals and serves as an associate editor for 8 journals related to
mathematical finance. He was selected as Quant of the Year by Risk Magazine in
2003 and Financial Engineer of the Year by IAQF/Sungard in 2010. From 2011 to
2014, Dr. Carr was included in Institutional Investor’s Tech 50, an annual listing of
the 50 most influential people in financial technology.
Bart Chilton, Senior Policy Advisor, DLA Piper

Mr. Chilton has 30 years of government experience. His career includes service in
the U.S. House of Representatives, the U.S. Senate, the Executive Branch, and at
two independent agencies. In 2007, he was nominated to the CFTC by President
Bush and confirmed by the U.S. Senate. In 2009, he was nominated again by
President Obama and reconfirmed. Upon retirement from the federal government in
March of 2014, Commissioner Chilton began researching and writing his second
book and joined global law firm DLA Piper, with which he will continue his work in
international financial markets. During his service at the CFTC, Commissioner
Chilton was an advocate for financial reforms of unregulated dark markets and
limits on excessive speculation, and sought greater accountability and oversight of
high frequency traders. He is a frequently quoted opinion leader who appears
regularly on financial and business television programs in the U.S. and abroad. He
is a political, legislative and regulatory strategist, crisis manager, consultant,
published author and thought leader.
Bruno Dupire, Head of Quantitative Research, Bloomberg L.P.

Dr. Dupire (PhD) joined Bloomberg L.P. in 2004 to develop pricing, risk
management and arbitrage models. Prior to this he has headed the Derivatives
Research teams at Société Générale, Paribas Capital Markets and Nikko Financial
Products where he was a Managing Director. He is best known for having pioneered
the widely used Local Volatility model (simplest extension of the Black-Scholes-
Merton model to fit all option prices) in 1993 and subsequent stochastic volatility
extensions. He is a Fellow and Adjunct Professor at NYU and he is in the Risk
magazine “Hall of Fame” of the 50 most influential people in the history of
Derivatives and Risk Management. He is the recipient of the 2006 “Cutting edge
research” award of Wilmott magazine and was the recipient of the Risk Magazine
“Lifetime Achievement” award for 2008. Dr. Dupire obtained a Master’s Degree in
Artificial Intelligence, a PhD in Numerical Analysis and introduced the use of Neural
Networks for financial time series forecasting.
Esther Dyson, Founder, HICCup and Chairman, EDventure Holdings

Ms. Dyson is chairman of EDventure Holdings. Her primary activity is investing in
and nurturing start-ups, with a recent focus on health care, human capital and
aerospace. Overall, she is fascinated by new business models, new technologies
and new markets (both economically and politically). From October 2008 to March
of 2009, she lived in Star City outside Moscow, Russia, training as a backup
cosmonaut. Apart from this brief sabbatical, she is an active board member for a
variety of startups. She has a BA in economics from Harvard and was founding

chairman of ICANN from 1998 to 2000. In addition, she wrote the best-selling,
widely translated book “Release 2.0: A Design for Living in the Digital Age”,
published by Broadway Books in 1997.
Ann Kirschner, Special Advisor to the Chancellor, City University of New York
Ms. Kirschner is Special Advisor to the Chancellor of The City University of New York
(CUNY) and former Dean of Macaulay Honors College. An entrepreneur in media,
education, and technology, Ms. Kirschner led five start-up teams and is founder and
former CEO of NFL.COM, Fathom, and PrimeTime 24. She is the author of Sala’s
Gift and Lady at the OK Corral, and serves on the board of Apollo Education,
Strategic Cyber Ventures, Public Agenda, the Paul and Daisy Soros Foundation, and
the Princeton University Graduate School Leadership Council. Ms. Kirschner is a
native New Yorker, mother of three grown children, and a graduate of University of
Buffalo, University of Virginia, and Princeton University, where she was a Whiting
Fellow in the Humanities
Daphne Kis, President and Chief Executive & Financial Officer, WorldQuant
University
Ms. Kis is a leader in global technology, venture and entrepreneurial circles. She
spent nearly two decades as co-owner, President and CEO of EDventure Holdings.
She published Release 1.0 and produced the yearly PC Forum. Over the years, Kis
invested in and nurtured more than 25 start-up enterprises and has worked on
numerous technology-related initiatives. Ms. Kis serves as an advisor to the Markle
Foundation and has spent many years as a strategic business consultant to young,
growing companies and until recently, was CEO of SheWrites.com. She serves on
the board of directors of Applywise, an online management tool for the college
application process, and of iPerceptions. She is a managing director at the angel
network Golden Seeds, and serves on the board of Style for Hire. On the non-profit
front, Ms. Kis is a board director for Young Audiences Arts for Learning, a national
affiliate network that serves more than 5 million children in the U.S. Ms. Kis holds
an MBA from NYU’s Stern School of Business and a BA in history from Hampshire
College.
Francisco Marmolejo, Tertiary Education Coordinator and Lead Tertiary

Education Specialist, World Bank
Mr. Marmolejo is the World Bank’s Lead Tertiary Education Specialist and
Coordinator of its Network of Higher Education Specialists. He serves as the
coordinator of the internal thematic group on higher education, which helps
facilitate the exchange of ideas on higher education initiatives across the globe.
Previously, he served as founding Executive Director of the Consortium for North
American Higher Education Collaboration (CONAHEC), a network of more than 160
higher education institutions primarily from Canada, the U.S. and Mexico, based at
the University of Arizona (UA), where he also worked as Assistant Vice President. At
UA, Mr. Marmolejo was Affiliated Researcher at the Center for the Study of Higher
Education and Affiliate Faculty at the Center for Latin American Studies. At the
World Bank blog he is blogging on “Education for Global Development”.

Christopher Mason, Associate Professor Physiology, Biophysics and Computational
Genomics, Weill Cornell Medical College
Dr. Mason completed his dual B.S. in Genetics and Biochemistry from University of
Wisconsin-Madison (2001), his Ph.D. in Genetics from Yale University (2006), and
then completed his dual post-doctoral training at Yale Medical School in genetics
and a fellowship at Yale Law School (2009). He is currently an Associate Professor
at Weill Cornell Medicine, with appointments at the Tri-Institutional Program on
Computational Biology and Medicine between Cornell, Memorial Sloan-Kettering
Cancer Center and Rockefeller University, the Sandra and Edward Meyer Cancer
Center, and the Feil Family Brain and Mind Research Institute.
He has won the NIH’s Transformative R01 Award, the Pershing Square Sohn Cancer
Research Alliance Young Investigator award, the Hirschl-Weill-Caulier Career
Scientist Award, the Vallee Foundation Young Investigator Award, the CDC Honor
Award for Standardization of Clinical Testing, and the WorldQuant Foundation
Research Scholar Award. Dr. Mason was named as one of the “Brilliant Ten”
Scientists by Popular Science in 2014, featured as a TEDMED speaker in 2015, and
called “The Genius of Genetics” by 92Y. He has over 125 peer-reviewed papers that
have been featured on the covers of Nature, Science, Nature Biotechnology, Nature
Microbiology, Neuron, and Genome Biology and Evolution, as well as cited by the
U.S. District Court and U.S. Supreme Court. His work has also appeared on the
covers of the Wall Street Journal and the New York Times, and across many media.
Dr. Mason has co-founded three biotechnology start-up companies and serves as an
advisor to many others. He lives with his daughter and wife in Brooklyn, NY.
Christopher Meyer, Chief Operating Officer, Nerve, LLC

Mr. Meyer’s mission is to anticipate and shape the future of business. He has
pursued this goal as an entrepreneur, executive, consultant, author, and the leader
of a think tank. Based on the ideas in his 2002 book “Future Wealth”, Mr. Meyer
developed a plan for a business based on a network of thought leaders. He joined
The Monitor Group in 2006 to develop this idea as Monitor Networks, where he was
Chief Executive from 2004 to 2009. In 2006, he co-founded Monitor Talent, to take
these ideas forward operationally. Prior to joining Monitor Group, he was the
Director of the Center for Business Innovation first as a Partner at Ernst & Young,
then as a Vice President (1995 to 2002). There he founded and served on the Board
of the Bios Group, a venture that invested in applications of complexity theory to
business. Earlier, he was a Vice President and Group Head at Mercer Management
Consulting. He founded NERVE in 2002 to host his independent speaking and
consulting activities. Mr. Meyer has published four books about the innovation and
the evolution of the economy. He blogs on the Harvard Business Review site, and
has contributed to publications including HBR, Sloan Management Review, Fast
Company, TIME, The Wall Street Journal, and BusinessWeek. Mr. Meyer holds BAs
in both Mathematics and Economics from Brandeis University and a M.B.A. (with
Distinction) from The Harvard Business School. In addition, he held a Predoctoral
Fellowship in Economics at the University of Pennsylvania.

Mel Ochoa, Chief Operating Officer, Landmark Ventures
Mr. Ochoa is the Chief Operating Officer at Landmark Ventures. He joined the
company in 2014 as the Chief Strategy Officer, responsible for overall marketing,
communications and media relations including philanthropy and social
responsibility. Previously, he served as the Senior Director of Marketing &
Communications at Achievement First, a high-performing network of 25 college-
preparatory, K-12 public charter schools in Connecticut, New York and Rhode
Island. Prior to this, Mr. Ochoa was Vice President of Corporate Affairs and a Co-
founder at BridgePath, an enterprise software provider to the staffing industry that
was acquired by Bullhorn. Past experience also includes work with leading
consumer brands at Kraft Foods/Oscar Mayer and Schwartz Communications, a
high-tech PR agency. Mr. Ochoa holds a Bachelor’s degree with majors in history
and rhetoric from the University of California, Berkeley, and an MBA from the Stern
School of Business at New York University, where he was a Catherine B. Reynolds
Fellow in Social Entrepreneurship. Mr. Ochoa has been involved with several non-
profit organizations, including the Boys & Girls Clubs of San Francisco,
lovefutbol.org, Building Readiness in Tomorrow’s Entrepreneurs, and the California
Alumni Association.
Todd Rose, Director of the Mind, Brain, and Education Program, Harvard Graduate
School of Education
Dr. Rose is the Director of the Mind, Brain, and Education program at the Harvard
Graduate School of Education, where he leads the Laboratory for the Science of the
Individual, as well as Associate Faculty at the Wyss Institute for Biologically
Inspired Engineering. He is also the co-founder of The Center for Individual
Opportunity, a non-profit organization that promotes the principles of individuality
in work, school, and society. Dr. Rose is the author of The End of Average, and his
talks have been featured at TedX, the Aspen Ideas Festival, and the Harvard Ed ‘8
for 8.’ He received his Doctorate in Human Development from the Harvard
Graduate School of Education and completed a postdoctoral fellowship at the
Harvard-Smithsonian Center for Astrophysics. Dr. Rose resides in Cambridge,
Massachusetts.
David Shrier, Managing Director, Connection Science & Engineering, MIT

Mr. Shrier is the Managing Director of MIT Connection Science, leads MIT Sloan’s
Visionary Investing program, and runs Strategic Development for MIT’s Office of
Digital Learning (ODL). He also advises the European Commission on
commercializing innovation and building regional innovation capacity. His expertise
includes financial technology (“fintech”), digital health, smart cities and the science
of corporate innovation, all motivated by applications of computational social
science and data/analytics. Throughout his career, Mr. Shrier has partnered with
senior executives to guide organizations through strategic growth and change,
developing $8.5 billion of growth opportunities with companies including GE/NBC
Universal, Dun & Bradstreet, Ernst & Young, AOL Verizon, Wolters Kluwer, Disney,
and Starwood Hotels & Resorts, as well as leading private equity and VC funds. He
has also started and/or led a number of private equity and venture capital-backed
companies as CEO, CFO or COO.

Mr. Shrier has taught on corporate innovation, corporate venturing and
entrepreneurship for over a decade at global universities including Columbia
Business School, the NYU/Stern School of Business (where he was an adjunct
associate professor), USC/Marshall, and the Ecole Polytechnique Federale de
Lausanne. At MIT, his courses and workshops include Future Commerce: Fintech
Innovation, Future Health, Big Data & Social Analytics, Data-Driven Health,
Visionary Investing and MIT Data Academy, as well as an entrepreneur pitch clinic
called Inspiring Change Through Strategic Narrative. Mr. Shrier was granted an
Sc.B. from Brown University in Biology and Theatre.
Geoffrey West, Distinguished Professor and Past President, Santa Fe Institute

Dr. West (PhD, Stanford) is Distinguished Professor and former President of the
Santa Fe Institute (SFI) and Associate Fellow of the Said Business School, Oxford
University. Prior to joining SFI in 2003, he was leader and founder of the high
energy physics group at Los Alamos National Laboratory, where he is one of only
approximately ten Senior Fellows. He received his BA from Cambridge University in
1961 and a doctorate in physics from Stanford University in 1966, where he
returned in 1970 to join the faculty. He became SFI President in 2005. Dr. West is a
theoretical physicist whose primary interests have been in fundamental questions in
physics and biology, ranging from understanding the elementary particles, their
interactions and cosmological implications to the origins of universal scaling laws
and a unifying quantitative framework of biology. His recent work has focused on
developing an underlying theory of cities, companies and long-term global
sustainability. He is the author of several books and a Fellow of the American
Physical Society. Among recent awards are the Mercer Prize from the Ecological
Society of America; the Weldon Prize for Mathematical Biology and the Glenn Award
for Aging research. His work on social organizations was selected as a breakthrough
idea of 2007 by Harvard Business Review and, in 2006, Dr. West was selected for
Time magazine’s list of “100 Most Influential People in the World”.
Susan Wolford, Managing Director & Head of Business Services, BMO Capital
Markets
Ms. Wolford is Managing Director and Group Head of the BMO Capital Markets
Business Services & Media group. Susan has been an investment banker for over
25 years, leading a wide variety of financing and M&A transactions across many
industry groups. For the past 15 years, she has focused on the educational services
industry, working with Pre-K through 12, post-secondary and lifelong learning
companies. Prior to joining BMO in 2001, Ms. Wolford was co-head of the
Educational Services Group at First Union. Previously, she spent 11 years in the
Investment Banking Department of Kidder, Peabody as a partner and senior VP in
the Media & Entertainment Group. She has served on a number of non-profit and
publicly listed Board of Directors and is on the Dean’s Advisory Council of Villanova
School of Business and the Board of the Cancer Institute of New Jersey. Ms.
Wolford is a graduate of Villanova University and holds a Master’s degree in
International Affairs from Columbia University.

External Curriculum Review Committee
The External Curriculum Review Committee provides guidance and insight on
industry relevant financial engineering curriculum for WorldQuant University. Made
up of Faculty and Senior Administrators of WQU, industry experts employed at
WorldQuant, LLC, locations worldwide, and several members of the Advisory Board,
the External Curriculum Review Committee helps to ensure that graduates will have
the skills and knowledge needed for a successful career.
Our eminent External Curriculum Review Committee members include:
Lenore Blum, Distinguished Career Professor of Computer Science, Carnegie

Mellon University; Dr. Blum (PhD, MIT) is Distinguished Career Professor of
Computer Science at Carnegie Mellon, Founding Director of Project Olympus and
co-Director of the Carnegie Mellon Center for Innovation and Entrepreneurship. Her
research, founding a theory of computation and complexity over continuous
domains, forms a theoretical basis for scientific computation. Dr. Blum is
internationally recognized for her work in increasing the participation of girls and
women in Science, Technology, Engineering, and Math (STEM) fields. She was a
founder of the Association for Women in Mathematics and the Expanding Your
Horizons Network. At Carnegie Mellon she founded the Women@SCS program. In
2004 she received the US Presidential Award for Excellence in Science,
Mathematics, and Engineering Mentoring. In 2009 she received the Carnegie
Science Catalyst Award recognizing her work with Project Olympus targeting high-
tech talent to promote economic growth in the Pittsburgh region and for increasing
the participation of women in computer science.
Marc Carletti, Executive Vice-President, Global Banking and Financial Markets, BT

Global Services; Mr. Carletti manages the major global accounts in BT’s financial
services customer portfolio. He is also responsible for GB & FM’s overall business
strategy and the partnerships with BT Advise, a business that delivers consulting,
systems integration and managed services around the world. He joined BT in 2010
from Management & Advisory Services Ltd (mas LTD), where he was an Associated
Partner. Prior to his tenure at mas LTD, he was CEO at SIX Telekurs Financial
Information Ltd. Before that, he had held a series of senior management positions
at Reuters. These included President of Reuters Financial Software, Managing
Director of Reuters France and Managing Director for Switzerland & Austria. Mr.
Carletti had joined Reuters after periods working in marketing and sales at Hewlett
Packard in Geneva and in the IT department of Banque Paribas. He obtained a
Baccalauréat Scientifique from the Lycée Stendhal in Milan in 1977 and graduated
in Industrial Engineering and Management from Geneva University in Switzerland.
Peter Carr, Department Chair of Finance & Risk Engineering, NYU Tandon School
of Engineering
Dr. Carr (PhD, UCLA) is the Chair of the Finance and Risk Engineering Department
at NYU Tandon School of Engineering. He has headed various quant groups in the
financial industry for the last twenty years, and also presently serves as a trustee

for the National Museum of Mathematics. Prior to joining the financial industry, Dr.
Carr was a finance professor for 8 years at Cornell University, after obtaining his
Ph.D. from UCLA in 1989. He has over 85 publications in academic and industry-
oriented journals and serves as an associate editor for 8 journals related to
mathematical finance. He was selected as Quant of the Year by Risk Magazine in
2003 and Financial Engineer of the Year by IAQF/Sungard in 2010. From 2011 to
2014, Dr. Carr was included in Institutional Investor’s Tech 50, an annual listing of
the 50 most influential people in financial technology.
Bruno Dupire, Head of Quantitative Research, Bloomberg L.P.; Dr. Dupire (PhD)
joined Bloomberg L.P. in 2004 to develop pricing, risk management and arbitrage
models. Prior to this he has headed the Derivatives Research teams at Société
Générale, Paribas Capital Markets and Nikko Financial Products where he was a
Managing Director. He is best known for having pioneered the widely used Local
Volatility model (simplest extension of the Black-Scholes-Merton model to fit all
option prices) in 1993 and subsequent stochastic volatility extensions. He is a
Fellow and Adjunct Professor at NYU and he is in the Risk magazine “Hall of Fame”
of the 50 most influential people in the history of Derivatives and Risk Management.
He is the recipient of the 2006 “Cutting edge research” award of Wilmott magazine
and was the recipient of the Risk Magazine “Lifetime Achievement” award for 2008.
Dr. Dupire obtained a Master’s Degree in Artificial Intelligence, a PhD in Numerical
Analysis and introduced the use of Neural Networks for financial time series
forecasting.
Arpit Agarwal, Master’s in Mechanical Engineering from MIT (Cambridge, USA);

Bachelors in Mechanical Engineering from IIT Bombay. Recipient of the prestigious
IIT Bombay Silver Medal and scholarships from MIT, National University of
Singapore, and University of Utah (USA). Senior Quantitative Researcher at
WorldQuant; previously held Associate position at Deutsche Bank. Has experience
with developing quantitative strategies for American, European and Asian equity,
futures and currency markets. Published several research papers in reputed
journals and proceedings of international conferences. Has also assisted in teaching
courses at MIT and IIT Bombay.
Ashay Awate, Bachelor’s in Electrical Engineering and Master’s in Micro Electronics

from IIT Bombay. Senior Quantitative Researcher at WorldQuant; previously held
positions at Semiconductor Research and Development Centre at IBM and the
Student Satellite Team at IIT Bombay. Has assisted in teaching courses at IIT
Bombay.
Naval Chopra, B.Tech. in Computer Science and Engineering, Indian Institute of

Technology, Bombay. Vice President, Research, at WorldQuant India. Experience
with developing quantitative strategies for American, European and Asian Equity,
Futures and Currency markets.
Dan Guo, Ph.D., Columbia University (New York). Software Engineer at Trading
System Group of WorldQuant; previously Quantitative Developer at Simulator

Group of WorldQuant, Vice President at Citigroup and Lehman Brothers, Portfolio
Manager at the Veriton Group, Quantitative Developer at the Susquehanna
International Group (SIG), and Research Scientist at Verizon Laboratory.
Experience with designing and implementing WebSim, a simulator for back-testing
and live trading for all WQ strategies, and has work experience with equities,
options, fixed-income securities and interest-rate derivatives.
Anuraag Gutgutia, Bachelors in Electrical Engineering from IIT Kharagpur.

Quantitative Researcher at WorldQuant; previously held positions at ITC Limited,
Deutsche Bank, and the Bombay Stock Exchange. Represented India at several
global forums such as the Hult Prize and the United Nations Convention on
Biodiversity 2012. Holds a technology evangelist position with 91springboard.com,
the hub for Indian entrepreneurs, and has experience with advising and investing in
Indian start-ups. Has been the winner of several national level business plan
competitions and has experience in course drafting and marketing for an Indian
Educational firm - Edudigm.
Tejesh Kinariwala, Post Graduate Diploma in Management, Indian Institute of

Management (Ahmedabad, India) and Graduate of Electrical Engineering from IIT
Delhi, India. Senior Quantitative Researcher at WorldQuant. His primary interests
are in the domain of Derivative pricing and Statistical arbitrage in equity and non-
equity securities. Has conducted Financial Markets and Accounting workshops for
WQ employees. He also conducts advanced training modules for the Websim
initiative by WorldQuant.
Girish Kumar, MBA-Finance and Post Graduate Degree in Rural Management,

Institute of Rural Management Anand (Gujarat, India); B.S. Chemistry, University
of Kerala; and B.Tech in Chemical Engineering, College of Engineering, Andhra
Pradesh. Country Head, WorldQuant in Mumbai, India; previously Managing
Director at NDDB-KOF, Anand, Gujarat; Vice President at Tata Meta-Helix Life
Science; and Corporate Head at Apotex Pharmachem India. He has served in Senior
Managerial positions handling Business and General Management functions at three
large organizations in India over the past 28 years.
Rebecca Lehman, Ph.D., Massachusetts Institute of Technology (US). Senior

Quantitative Researcher at WorldQuant; previously research fellow at Bar Ilan
University and at Hebrew University of Jerusalem. Experience with theoretical and
computational research in pure mathematics. Has taught at Tulane University and
at Hebrew University of Jerusalem.
Alon Samia, MBA, Andrew Jackson University (US) and B.Sc. in Information
Systems Engineering, Technion – Israel Institute of Technology. General Manager,
WorldQuant Israel Research Center; previously CEO and Founder of Covertix,
Senior Product Manager at Panorama, and Associate Vice President of Strategic
Marketing at Chubb and Son. He has significant international experience as an
executive and a leader in the technology industry. Prior to founding Covertix, a
successful Israeli startup, he spent nearly a decade working for several Fortune 200

companies including Edward Jones, PriceWaterhouseCoopers, and Chubb and Son
where he was responsible for business development, prospecting, and strategic
planning for numerous regions throughout the US.
Mink Stavenga, DBA, United States International University (San Diego).

Academic Dean of WorldQuant University. Experience as Dean and Accreditation
Liaison Officer at four U.S. higher education institutions over the past 30 years. Has
worked over the past twelve years with the Distance Education Accrediting
Commission (DEAC) as Examining Committee Chair, Readiness Assessment
Evaluator, and Business and Finance Subject Specialist. Has taught graduate
courses in finance at Alliant International University and United States International
University.
Wei Zhou, Ph.D., Stony Brook University (New York). Vice President, Data
Services, at WorldQuant (Connecticut); previously Research Assistant at Stony
Brook University. Experience with developing software to process large volumes of
market data. Researched quantum phenomena under ultra-low temperature in
semiconductors and published results in renowned journals during Ph.D. study. Has
taught Physics laboratory sessions at Stony Brook University.
Administrative Personnel
Senior Administrators
The senior administrative staff of WorldQuant University is comprised of individuals
with a wealth of experience in both finance and higher education, providing the
ideal mix of skills and knowledge to shape this unique school and program.
Daphne Kis, President

Chief Executive Officer & Chief Financial Officer
Ms. Kis is the President of WorldQuant University. Ms. Kis is a leader in global
technology, venture and entrepreneurial circles. Prior to joining WQU, she spent
nearly two decades as co-owner, President and CEO of EDventure Holdings. She
published Release 1.0 and produced the yearly PC Forum. Over the years, Kis
invested in and nurtured more than 25 start-up enterprises and has worked on
numerous technology-related initiatives. Ms. Kis serves as an advisor to the Markle
Foundation and has spent many years as a strategic business consultant to young,
growing companies and until recently, was CEO of SheWrites.com. She serves on
the board of directors of Applywise, an online management tool for the college
application process, and of iPerceptions. She is a managing director at the angel
network Golden Seeds, and serves on the board of Style for Hire. On the non-profit
front, Ms. Kis is a board director for Young Audiences Arts for Learning, a national
affiliate network that serves more than 5 million children in the U.S. Ms. Kis holds
an MBA from NYU’s Stern School of Business and a BA in history from Hampshire
College.

The President oversees the day-to-day operations of WorldQuant University in a
supervisory capacity, ensuring that WQU remains compliant with regulatory
oversight, while staying true to its purpose and mission. The President is
responsible for the hiring and management of all faculty, as well as developing
relationships with industry leaders, organizations, and finance firms to both
contribute to WQU and provide opportunities to students.
Mink Stavenga, DBA, Academic Dean

Chief Academic Officer
Dr. Stavenga is the Academic Dean of WorldQuant University. Experience as Dean
and Accreditation Liaison Officer at four U.S. higher education institutions over the
past 30 years. Has worked over the past twelve years with the Accreditation
Commission for the Distance Education Accrediting Commission (DEAC) as
Examining Committee Chair, Readiness Assessment Evaluator, and Business and
Finance Subject Specialist. Has taught graduate courses in finance at Alliant
International University and United States International University.
The Academic Dean is responsible for the day-to-day administrative functions of

WorldQuant University including admissions, implementation of policies and
procedures, and student progress and outcomes. The Academic Dean works closely
with the President and co-chairs in the External Curriculum Review Committee.
Administrative Staff
Anne Elbert, Operations Coordinator
Anne Elbert, WQU’s Operations Coordinator, is responsible for the University’s day-
to-day logistical operations, including external relations with vendors, service
providers, the University’s Advisory Board, and for managing University-related
events. Prior to joining WQU in July 2016, Anne worked in the membership &
events department of the German American Chamber of Commerce in New York
City and for two cultural nonprofit organizations in Germany. She holds a teaching
degree in English and German from the University of Koblenz-Landau and a
Master’s degree in North American Studies from the University of Bonn.

Faculty
WorldQuant University prides itself on providing well-qualified, knowledgeable
faculty, recognized as experts in the field. Furthermore, our faculty bring global,
real-world experience into the classroom. In addition to our WQU faculty, students
also have the opportunity to learn from eminent guest lecturers who work in
prominent financial institutions, as well as from professors of other top tier business
schools.
Adjunct Faculty Members

Ritabrata Bhattacharyya, M. Tech. Computational Biology, IIT, Bombay
Ivan Blanco, Ph.D. Finance and Quantitative Methods, University Carlos III,
Madrid
David Hays, M.E. Curriculum and Instruction, Southwestern College
Douglas Kelly, Ph.D. Computer Science, Airforce Institute of Technology
Steven Stelk, Ph.D. Finance, The University of Alabama
Mink Stavenga, DBA, Finance, United States International University
Tiberiu Stoica, Ph.D Finance, Macroeconomics, The Academy of Economic Studies,

Doctoral School (RO)
Harry Wang, Ph.D. Operations Research and Statistics, Rensselaer Polytechnic

Institute
Daniel Yoo, M.S. Quantitative Finance, Fordham Graduate School of Business

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201 St.

Charles Avenue, Suite 2500

WorldQuant University Volume 2 (Rev. 12.15.16) Page 2 of 58

WorldQuant University Volume 2 (Rev. 12.15.16) Page 3 of 58

WorldQuant University Volume 2 (Rev. 12.15.16) Page 4 of 58

Welcome to WorldQuant University: the world’s first tuition-free, online

Location does not have to be a barrier to education.

There are not many options for graduate-level programs in financial

Education should be free to everyone.

Education should be free to everyone. The most significant obstacle is the

It is that belief that generated the idea to form

We encourage you to take advantage of the

– Igor Tulchinsky, Founder, WorldQuant

WorldQuant University Volume 2 (Rev. 12.15.16) Page 5 of 58

Goals and Objectives

● Create and share knowledge through open, interactive, accessible learning.

● Utilize technology to facilitate creativity, ingenuity, and the exchange of

● Graduate knowledgeable, passionate individuals who will leverage their

WorldQuant University Volume 2 (Rev. 12.15.16) Page 6 of 58

With a unique global perspective on finance, WorldQuant University prepares

● Providing tuition-free, advanced education in financial engineering

WorldQuant University Volume 2 (Rev. 12.15.16) Page 7 of 58

WorldQuant Foundation and WorldQuant, LLC have both provided indispensable

Library and Resources

The ProQuest Banking Information Source combines the currency of the

• Industry and professional newsletters

In today’s banking world, keeping informed of what’s happening in economic

WorldQuant University Volume 2 (Rev. 12.15.16) Page 8 of 58

● Master of Science in Financial Engineering

201 St. Charles Avenue, Suite 2500

New Year’s Day

WorldQuant University Volume 2 (Rev. 12.15.16) Page 9 of 58

Academic Year Begins January 10, 2017

WorldQuant University Volume 2 (Rev. 12.15.16) Page 10 of 58

Admissions Policy and Entrance Requirements

General Admission Requirements

1. Application for Admission

● Bachelor’s Degree in a technical discipline such as mathematics, computer

WorldQuant University Volume 2 (Rev. 12.15.16) Page 11 of 58

To verify this requirement, candidates are required to scan a copy of their

Check the file size before uploading. It cannot exceed 1000kb.

If the transcript is in a language other than English, an official translation must be

WorldQuant University Volume 2 (Rev. 12.15.16) Page 12 of 58

Official transcripts must be received by WorldQuant University no later than the

Academic and Professional References:

WorldQuant University may contact references directly via telephone or

Official TOEFL or IELTS Score:

WorldQuant University Volume 2 (Rev. 12.15.16) Page 13 of 58

WorldQuant University Volume 2 (Rev. 12.15.16) Page 14 of 58

Provisional Admissions Status

Students requiring learning accommodations resulting from disability or injury

WorldQuant University Volume 2 (Rev. 12.15.16) Page 15 of 58

Transfer credits will be evaluated using the following guidelines:

● Only credits earned at an institution that is accredited by an agency

● An official transcript of the student’s course work must be furnished directly

● Transfer of credit must be completed prior to enrollment. Securing an official

● The Academic Dean shall make final determination on the acceptability of

WorldQuant University Volume 2 (Rev. 12.15.16) Page 16 of 58

Transfer out of WQU