The Q.E.D. Quantitative Finance Society is the first student society dedicated to serving a major-related discipline, and was formed in August 2006 under the auspices of the Quantitative Finance Unit of the Lee Kong Chian School of Business. Our main objectives include the inculcation of a sense of belonging among Quantitative Finance majors, as well as the promotion of knowledge within the fields of financial engineering and computational finance to interested members of the University.
Q.E.D. is an abbreviation of the Latin phrase “Quod Erat Demonstrandum”, which literally means “that which was to be demonstrated”. It is commonly written at the end of mathematical proofs to indicate that a proposition has been definitely proven. It also best demonstrates the passion and zeal with which the members of the society pursue quantitative finance not only as a challenge of demonstrating their capabilities but to spread the knowledge of this fascinating industry. It is this passion for acquiring and sharing knowledge that makes our society standout.
In addition to emphasizing the highly technical nature of quantitative finance, Q.E.D. also indicates a conviction to execute, which we, as a young student society, adopt as our ethos. Our core business lies in organizing seminars and talks by industry professionals, special projects that seek to raise the awareness of quantitative finance, and networking sessions that offer opportunities for students to meet up with industry leaders. We believe that through these avenues, we will allow the students to discover the inherent opportunities in the industry for every major. Be it risk management or trading, quantitative finance is influencing every aspect of the financial services industry.
To date, we have hosted seminars by Dr Paul Wilmott, world-renowned author of the Wilmott series of Quantitative Finance books, and risk management workshops and seminars to enrich students majoring in quantitative finance as well as interested students from other schools. We have also hosted industry leaders from companies such as the Government of Singapore Investment Corporation, Barclays Capital, Citigroup and Standard Chartered Bank. Other planned initiatives include computer and holiday workshops aimed at promoting knowledge of basic programming with financial applications and introductory Quantitative Finance knowledge to all students, as well as possible collaboration opportunities with the Office and Career Services to offer placement support for graduating QF students.
A major event organised by Q.E.D. is the DBS-SMU QF Challenge, which is historically a local competition open to students from SMU, NUS, NTU and SIM. Participants will be put through two rounds of rigorous assessment of their quantitative ability by a panel of judges from DBS Bank. Problems posed in the competition include the pricing and hedging aspects of exotic options, and students will then carry out quantitative investigations using cutting-edge numerical techniques and derivative pricing models and present their solutions.
This year, Q.E.D. has gone regional. The Challenge 2011 will be organised in Singapore and Hong Kong, bringing the local Challenge into a Regional Challenge. Hong Kong, being another major financial hub, has been specially selected to be our first city in our development plans for the Challenge. Students from universities in Hong Kong will be able to participate in the Challenge, and ultimately compete with students from universities in Singapore. Future plans are in placed to bring the Challenge further to other parts of Asia such as Shanghai and Mumbai.
August 2011 also marks the fifth year anniversary of the club. Under the leadership of President of the 5th Executive Committee, Q.E.D. has developed and embarked a five year development plan to develop Q.E.D. into a professional student body being recognised not only within the communities of SMU but also in the communities of the finance industry. This development plan serves to revolutionize the entire Quantitative Finance population and develop them to greater heights.
Q.E.F. is the official name of the five year development plan that Q.E.D. has embarked on. Q.E.F. or “Quot erot Faciendum” stands for “which was to have been done”, which symbolize our construction and dedication to implementing and riding through the entire duration of the development plan.
Besides stepping up on operations to increase both the quantity and quality of the operations of Q.E.D., the club has been able to organise a series of stunning seminars, inviting professionals of high calibres to speak. The year 2011 has also proven to be an extremely fruitful year, with a never before seen record of events organised throughout the entire academic year. Furthermore under the Q.E.F. Development Plan, Q.E.D. will be working intensely to establish three new units – the Education Unit, the Research Unit and the Practice Unit. Each Unit will focus on a very different element in the different paths Quantitative Finance students can embark on.
The Education Unit will serve as a complement to the current well established and structured curriculum of SMU. Aid and guidance can be found in the Education Unit, including supplement matierials and workshops. The Research Unit will serve as the academic arm of Q.E.D., with the focus lying in the conductance of academic research and analyzing on research papers. The Practice Unit will serve as the knowledge application arm of Q.E.D., with the focus lying in the applications of the knowledge learnt in school in developing models, strategies and managing risk.
Currently in Phase 1 of the three-Phase implementation, the three units are in development stage and are being prepared to be launched. Students can look forward to the official launch of the three units before joining us, or can join us now and be part of the development team to establish these units.
All these activities provide a real value-add for all Quantitative Finance students. Seminars complement course work at SMU and allow students a glimpse into how theoretical financial mathematics and numerical methods taught in the classroom are applied to areas like risk management and derivatives structuring. Moreover, the opportunity to meet up with industry professionals allows students a breadth of options for internships and jobs, thereby enhancing the information flow for employment opportunities. In addition, in doing our part as a student society to spread knowledge and understanding of what has traditionally been as esoteric field, Q.E.D. undertakes the responsibility of exposing members of the SMU community to Quantitative Finance by encouraging participation in our events.
Quantitative Finance, as an academic discipline, is a burgeoning field with exciting opportunities. We hope that as a young student society promoting the spread of this new field of study, we can provide an enriching, refreshing and rewarding experience for all interested students.