IIM Ahmedabad Advanced Programme in Quantitative Finance and Risk Management
(APQFRM) - Batch 02
Ever since the 1950s, finance has been one of the most quantitative of management sciences, with tools from mathematics, statistics and numerical methods being regularly used for applications ranging from portfolio optimization to option pricing to risk management to trading. Today some of the largest banks and hedge funds employ ‘quants’ in large numbers. In the last decade, many Indian banks and India-based captive research and knowledge centres of global banks have also been actively employing quants in India. This programme has been designed for individuals looking to upskill themselves in the nitty-gritties of quantitative finance. The programme would also be useful for individuals who want to work in roles requiring expertise in quantitative finance and risk management.
Programme Highlights
Duration
6-7 Months
Applications closes
23rd August 2025
On-Campus Sessions
4 days campus module: 2 visits of 2 days each
Live Sessions
Live online classes every Saturday (3 PM to 6 PM)
Fees
4,00,000 + GST (Payable in 2 instalments. Loan option is available.)
Quantify your edge in mathematical finance and risk analysis with IIMA
Programme Overview
In modern finance, quants are the new power players. As financial markets become increasingly volatile and unpredictable, financial institutions, including top banks and hedge funds, are seeking quants to help harness the power of advanced analytics, AI and machine learning to drive business growth and mitigate risk. With demand for quants continuing to outstrip supply, professionals with expertise in quantitative finance and risk management are in prime positions to capitalize on emerging opportunities.
IIM Ahmedabad’s Advanced Programme in Quantitative Finance and Risk Management is designed to help professionals thrive in this high-demand field. This six-to-seven-month programme provides a comprehensive understanding of financial markets, products, institutions, the Black-Scholes model, machine learning applications in finance and more. You’ll develop the tools needed to describe financial markets, make predictions in the face of uncertainty and find optimal solutions to business and investment decisions. With this expertise, participants will be equipped with the skills to take on leadership roles in quantitative finance and risk management.
Programme Structure
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Module 1: Building blocks
- Financial markets, products and institutions
- Principle of no-arbitrage and pricing of forwards, futures and options
- Essentials of calculus, linear algebra, probability theory and stochastic processes for quantitative finance
- Properties of Brownian motion and applications of Ito’s lemma
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Module 2: The Black-Scholes model, its applications and extensions
- Different ways to get to the Black-Scholes model and their equivalence
- The idea of option Greeks, volatility smile and local and stochastic volatility models
- Early exercise feature, barriers and design of structured products
- The numeraire change toolkit and the Libor Market Model
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Module 3: Machine learning applications in finance
- PAC learning framework for machine learning
- Support vector machines, Neural networks and LASSO
- Online learning and reinforcement learning
- Importance sampling and Markov Chain Monte Carlo methods
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Module 4: Advanced topics in risk management
- Value at risk, conditional value at risk and other tail risk measures
- Probability of default, expected loss and credit risk
- The Merton and the Moody’s-KMV model of credit risk
Backtesting, stress testing and model risk management - Counterparty risk: CVA, DVA and other adjustments
Programme Objectives
The main objective of this programme is bring together experienced and young quantitative analysts and managers in large financial institutions, hedge funds and boutique trading and risk analytics firms and provide them with
Mathematical and economic foundations of derivatives pricing and risk management
An in-depth understanding of the famous BlackScholes model, its applications and extensions
Training in numerical methods used in computational finance (via Python)
An introduction to most commonly used machine learning methods in finance
Knowledge of mathematical techniques used in quantitative risk management and
A peek into the state of the art in quantitative finance,
machine learning applications and risk management.
Programme Details
Mode of Delivery: The programme will be delivered on UCS’s platform through direct-to-desktop [D2D] held once a week and campus modules at IIM Ahmedabad. Please note that the online sessions will not be recorded.
Dates and Module Details
Last date to apply: August 23, 2025
Application fees (To be paid during online application): INR 2,000 + GST* (Non-refundable)
Tentative schedule
Course Commences On September 6, 2025 (Saturday)
Technical Orientation by VCNow September 3, 2025 (Wednesday)
Online Session Schedule Every Saturday from 3:00 pm to 6:00 pm
First Campus Module September 6 – 7, 2025
Online Sessions Starts September 13, 2025 (Tentative)
Final Campus Module March 2026 (Tentative)
Programme Benefits
Position yourself to lead and innovate in financial engineering and risk analysis with advanced quant skills integral to the modern economic landscape.
Benefit from a programme crafted by IIMA, renowned for its excellence in quantitative finance and risk management and consistently ranked among the top B-schools globally.
Learn from distinguished IIMA faculty members with expertise in quantitative finance and risk management, who bring real-world experience and academic rigor to the programme.
Apply your knowledge through real-life case studies, exercises, presentations, quizzes and assignments, ensuring actionable takeaways for implementing effective quantitative finance practices.
Access understandable knowledge about advanced modelling, programming and risk analysis skills to tackle complex challenges in statistical finance.
Experience the vibrant academic environment of IIMA's campus, interacting with peers and industry experts and leveraging the institute's strong network.
Eligibility and Admission Criteria
Educational Qualification: Applicants must be working professionals with a graduate degree (10+2+3 or equivalent) in any discipline, securing at least 50% marks. On a strictly case by case basis, the program would also consider final year students of four year graduate degree programs in subjects like engineering, mathematics, physics and computer science.
Work Experience: The programme is open to professionals at all levels – senior, middle, and junior management, as well as entrepreneurs.
The eligible candidates will be selected based on their educational and professional background and motivation based on the application form submitted.
Applications with Credentials & Corporate Nominations – Selections will be based on a detailed Profile of Candidate in their own words elaborating their Academic record, Profile, Designation, Salary, Roles, Responsibilities, Job Description along with a Statement of Purpos
Important Dates
Who Should Apply
This programme is designed for professionals at all levels – junior, middle, and senior management, with a good background in mathematics. It is particularly relevant for:
- Risk analysts, quantitative analysts, traders, and risk managers
- Professionals working in boutique trading and risk analytics firms and captive research and knowledge centers
- Individuals employed inbanks and hedge funds
- Graduating final year students with a degree related to engineering or mathematics who have a placement offer (or are looking) to work in roles related to quantitative finance
Pedagogy
The pedagogy will be highly interactive, consisting of a blend of lectures, real life case studies, in-class exercises,
assignments and a supervised group project. In the final campus module, all groups would be required to present their
project and findings to the entire class
How to Apply
Interested candidates may call on +91 8929594554 for assistance.
You may also reach out to the programme manager on +91 9836215172.
Payment of Fees
Fees
| Initial payment: As per the offer letter | INR 2,00,000/- + GST* |
| Final Instalment*: November 10, 2025 | INR 2,00,000/- + GST* |
*GST (Currently 18%) will be charged extra on these components
Methodology, Evaluation and Certification
IIM Ahmedabad shall carry out the examination and evaluation required for certification.
Participants are evaluated based on examinations for all the courses. Participants will be given any one of the following grades: “Satisfactory Plus” (S+); “Satisfactory” (S); “Unsatisfactory” (U). A participant will be asked to leave the programme and the fees will then be forfeited in any of the following cases:
- If a participant gets 2nd “U” for academic indiscipline wherein Academic Indiscipline includes cheating/copying/plagiarism in assignments and examinations and facilitating cheating in any way or is found having integrity issue during the programme.
- If a participant gets 3rd “U” for under-performance.
- If a participant gets 1 “U” for academic indiscipline and 2 “U” for underperformance.
- The norms of the programme require a participant to have at least 80% of attendance to become eligible to receive the certificate, failing which a participant won’t be awarded the certificate
The norms of the programme require a participant to have at least 80% of attendance to become eligible to receive the certificate, failing which a participant won't be awarded the certificate.
About Institute
IIMA was set up by the Government of India in collaboration with the Government of Gujarat and Indian industry as an autonomous institution in 1961. The Institute provides education, training, consulting, and research facilities in management.
Programme Director
About the Program
This programme will empower participants to excel in quantitative finance by equipping them with advanced skills in financial engineering, risk analysis and derivatives pricing. They will learn to apply cutting-edge quantitative models, programming techniques and risk management strategies to tackle complex financial challenges. Through real-life case studies and practical exercises, participants will gain hands-on experience in analysing and managing financial risk, enabling them to make informed decisions and drive business growth in their organizations.