Exam QFI Quant

QFI Quant
announcements*

Previous Chapter:

none

Previous Lesson:

Play

Next Lesson:

Next Chapter:

QFI Quant – Spring 2021 Syllabus Changes

Mon, 09 Nov 2020

Today the SOA released the new QFI Quant syllabus for 2021. The changes are described below. Overall this is a small to moderate amount of changes to the syllabus. Add 1. QFIQ-129: Negative Interest Rates and Their Technical Consequences, AAE, 12/2016 2. QFIQ-130: Interest Rate Models – Theory and Practice, Second Edition, Brigo, Damiano and … Continue reading →

About the New CBT format

Sat, 17 Oct 2020

We just posted a youtube video covering tips and recommendations for CBT based exams, please check it out here!

Important Updates for CBT Exams

Thu, 08 Oct 2020

The SOA recently posted a video of the Prometric setup that you can expect to see on exam day. Be sure to watch it here. A few noteworthy things and other comments: It does appear you will be able to view files side by side A timer will prompt you at key points to let … Continue reading →

TIA Instagram – Submit Your Photo!

Tue, 06 Oct 2020

We are now accepting student photo submissions for the TIA instagram account! We will also give FREE GIVEAWAYS (e.g. TIA T-shirts) to all students who submit a photo that is featured on our instagram page. Submit your photo here now!

Introduction ... lessons ... min of video
- Supplemental Materials ...
  - Read First: Scheduled Release Dates for the Spring 2021 Sitting (sample) (handout)
  - Intro to QFI Quant (9:00)
  - First FSA Exam? Learn how FSA exams are different from the prelims. (14:44)
  - FSA Exam Recommendations (14:57)
  - 10 Tips for Successful FSA Exam Studying (Part 1 of 2) (21:04)
  - 10 Tips for Successful FSA Exam Studying (Part 2 of 2) (9:44)
  - Intro to the Forum (9:37)
  - QFI Quant Syllabus (2021) (handout)
  - Formula Sheet (2021) (handout)
  - Suggested Study Schedule (Spring 2021) (sample) (handout)
  - SOA Guide to Written Exams (handout)
  - Video Player Keyboard Shortcuts (handout)
  - If You Failed (handout)
- Textbook Errata ...
  - Errata for the Chin Textbook (Note: Errata file created by TIA) (handout)
- Syllabus Changes Summary ...
  - Summary of Changes: 2016 to 2017 (handout)
  - Summary of Changes: 2017 to 2018 (handout)
  - Summary of Changes: 2018 to 2019 (These are the changes between QFI Core and QFI Quant) (handout)
  - Summary of Changes: 2019 to 2020 (handout)
  - Summary of Changes: 2020 to 2021 (handout)
Detailed Study Guide ... lessons ... min of video
- PDF by Section ...
  - 1. Stochastic Calculus (handout)
  - 1b. Problems and Solutions in Mathematical Finance (Detailed) (handout)
  - 1b. Problems and Solutions in Mathematical Finance (Summary) (handout)
  - 2. Fixed Income Markets (handout)
  - 3. Interest Rate Models and Hedging (handout)
  - 4. Equity Option Pricing and Hedging (handout)
  - 5. Applications (handout)
  - Supplemental FAQ DSG (handout)
  - Detailed Study Manual Sample (sample) (handout)
Videos ... lessons ... min of video
- 1. Stochastic Calculus ...
  - MFD: Chapter 1 (Part I) (11:17)
  - MFD: Chapter 1 (Part II) (6:38)
  - MFD: Chapter 2 (Part I) (12:17)
  - MFD: Chapter 2 (Part II) (13:08)
  - Past QFI Core Exam Question - Spring 2014 Q1 (8:17)
  - MFD: Chapter 3 (Part I) (9:27)
  - MFD: Chapter 3 (Part II) (12:31)
  - Review Video: Differential vs Partial Derivative (2:45)
  - MFD: Chapter 4 (11:59)
  - MFD: Chapter 5 (Part I) (18:25)
  - MFD: Chapter 5 (Part II) (14:14)
  - MFD: Chapter 6 (Part I) (15:22)
  - MFD: Chapter 6 (Part II) (12:53)
  - Past QFI Core Exam Question - Fall 2015 Q1 (10:06)
  - MFD: Chapter 7 (Part I) (9:00)
  - MFD: Chapter 7 (Part II) (11:10)
  - MFD: Chapter 8 (Part I) (18:44)
  - MFD: Chapter 8 (Part II) (11:24)
  - MFD: Chapter 9 (20:23)
  - MFD: Chapter 10 (Part I) (sample) (18:53)
  - MFD: Chapter 10 (Part II) (23:53)
  - Review Video - Ito's Lemma (8:00)
  - Review Video - Baby Ito's Lemma (6:48)
  - MFD: Chapter 11 (Part I) (14:44)
  - MFD: Chapter 11 (Part II) (17:03)
  - Review Video - Brownian Motion (5:22)
  - MFD: Chapter 12 (Part I) (15:33)
  - MFD: Chapter 12 (Part II) (6:33)
  - MFD: Chapter 13 (Part I) (16:14)
  - MFD: Chapter 13 (Part II) (18:07)
  - MFD: Chapter 14 (18:24)
  - MFD: Chapter 15 (Part I) (15:14)
  - MFD: Chapter 15 (Part II) (7:44)
  - Review Video - Moment Generating Functions (7:35)
  - Review Video - Increments (14:38)
  - QFIQ-113-17 - FAQ: 23 (pg 103-105) - Part I Video (sample) (6:28)
  - QFIQ-113-17 - FAQ: 23 (pg 103-105) - Part II Video (11:00)
  - QFIQ-113-17 - FAQ: 25 (pg 109-112) (12:39)
  - QFIQ-113-17 - FAQ: 26 (pg 113-115) - Part I Video (16:11)
  - QFIQ-113-17 - FAQ: 26 (pg 113-115) - Part II Video (8:03)
  - QFIQ-113-17 - FAQ: 36 (pg 155-159) (8:37)
  - QFIQ-113-17 - FAQ: 37 (pg 160-161) (8:03)
  - QFIQ-113-17 - FAQ: 60 (pg 248-249) (8:06)
  - Review Video: N(d1) and N(d2) (4:23)
  - Past QFI Core Exam Question - Fall 2014 Q2 (7:34)
  - Past QFI Core Exam Question - Fall 2013 Q2 (10:04)
  - Past QFI Core Exam Question - Fall 2014 Q5 (13:32)
  - Past QFI Core Exam Question - Spring 2015 Q6 (15:56)
  - Past QFI Core Exam Question - Fall 2017 Q1 (11:07)
  - Past QFI Core Exam Question - Fall 2017 Q4 (7:16)
- 1b. Problems and Solutions in Mathematical Finance ...
  - Chapter 1 (Part I) (17:37)
  - Chapter 1 (Part II) (14:29)
  - Chapter 1 (Part III) (7:14)
  - Chapter 2 (13:08)
  - Review Video: Proving Standard Wiener Process (12:53)
  - Chapter 3 (Part I) (11:10)
  - Chapter 3 (Part II) (8:10)
  - Past QFI Core Exam Question - Fall 2016 Q3 (9:49)
  - Past QFI Core Exam Question - Spring 2016 Q4 (10:15)
  - Past QFI Core Exam Question - Spring 2017 Q1 (16:26)
  - Past QFI Core Exam Question - Spring 2017 Q3 (16:39)
  - Past QFI Core Exam Question - Spring 2017 Q4 (8:55)
  - Past QFI Core Exam Question - Spring 2016 Q5 (13:43)
  - Chapter 4 (Part I) (10:03)
  - Chapter 4 (Part II) (13:41)
- 2. Fixed Income Markets ...
  - FIS Ch 1 (12:12)
  - FIS Ch 2: Part 1 (23:58)
  - FIS Ch 2: Part 2 (20:41)
  - FIS Ch 3: Part 1 (Duration) (15:35)
  - FIS Ch 3: Part 2 (VAR,ALM) (17:46)
  - FIS Ch 3: Part 3 (Duration Of Inverse Floater) (12:13)
  - FIS Ch 4: Part 1 (Convexity) (11:54)
  - FIS Ch 4: Part 2 (Duration-Convexity Hedging) (13:21)
  - FIS Ch 4: Part 3 (Factor Duration) (17:02)
  - FIS Ch 5: Part 1 (Forward Rates) (12:26)
  - FIS Ch 5: Part 2 (FRAs and Forwards) (15:45)
  - FIS Ch 5: Part 3 (Interest Rate Swaps) (21:21)
  - FIS Ch 6: Part 1 (Futures) (18:47)
  - FIS Ch 6: Part 2 (Interest Rate Options) (19:02)
  - FIS Ch 6: Part 3 (Bootstrapping Yield Curve) (12:30)
  - QFIQ-121: DV01Transformations (Part 1) (16:20)
  - QFIQ-121: DV01Transformations (Part 2) (13:56)
  - QFIQ-121: DV01Transformations (Part 3) (18:30)
  - QFIQ-121: DV01Transformations - Supporting Excel Workbook (handout)
- 3. Interest Rate Models and Hedging ...
  - MFD: Chapter 16 (Part I) (18:28)
  - MFD: Chapter 16 (Part II) (14:03)
  - MFD: Chapter 17 (21:41)
  - MFD: Chapter 18 (21:03)
  - MFD: Chapter 19 (Part I) (12:09)
  - MFD: Chapter 19 (Part II) (13:40)
  - Past QFI Core Exam Question: Fall 2013 Q6 Video Breakdown (8:14)
  - Past QFI Core Exam Question: Fall 2015 Q7 Video Breakdown - Parts (a)-(d) (10:08)
  - Past QFI Core Exam Question: Fall 2015 Q7 Video Breakdown - Part (e) (12:33)
  - Past QFI Core Exam Question: Fall 2016 Q3 Video Breakdown (9:49)
  - MFD: Chapter 20 (Part I) (18:35)
  - MFD: Chapter 20 (Part II) (6:17)
  - MFD: Chapter 20 (Part III) (5:57)
  - MFD: Chapter 21 (Part I) (16:49)
  - MFD: Chapter 21 (Part II) (23:03)
  - FIS Ch 14 (10:30)
  - FIS Ch 15: Part 1 (Fundamental Pricing Equation) (17:51)
  - FIS Ch 15: Part 2 (Vasicek Model Pricing Formulas) (26:10)
  - FIS Ch 16: Part 1 (Replicating Portfolio and Relative Value Trades) (18:16)
  - FIS Ch 16: Part 2 (Drill Problem) (15:52)
  - FIS Ch 17: Part 1 (Risk Neutral Monte Carlo Simulation) (17:12)
  - FIS Ch 17: Part 2 (Pricing a Range Floater) (15:46)
  - FIS Ch 17: Part 3 (Pricing a Leveraged Swap) (22:42)
  - FIS Ch 18: Part 1 (Risk Premium) (18:32)
  - FIS Ch 18: Part 2 (Macroeconomic Model) (19:06)
  - FIS Ch 19: Part 1 (Ho-Lee Model) (22:52)
  - FIS Ch 19: Part 2 (Hull-White Model) (12:54)
  - FIS Ch 19: Part 3 (Options on Zero Coupon Bonds) (19:12)
  - FIS Ch 19: Part 4 (Options on Coupon Bonds) (5:35)
  - FIS Ch 19: Part 5 (Cap Pricing Formula) (10:17)
  - FIS Ch 19: Part 6 (Swaption Pricing Formula) (5:15)
  - FIS Ch 19: Part 7 (Lognormal and Affine Term Structure Models) (5:43)
  - FIS Ch 20: Part 1 (Blacks Scholes Formula for Caps) (21:29)
  - FIS Ch 20: Part 2 (Blacks Scholes Formula for Swaptions) (10:44)
  - FIS Ch 21: Part 1 (Introduction, Change of Numeraire) (17:55)
  - FIS Ch 21: Part 2 (LMM - Lognormal Market Model) (17:44)
  - FIS Ch 21: Part 3 (Calibrating LMM Volatility Function) (14:47)
  - FIS Ch 21: Part 4 (LSM - Lognormal Swap Model) (8:56)
  - FIS Ch 21: Part 5 (HJM - Heath Jarrow Morton) (11:52)
  - FIS Ch 21: Part 6 (Futures and Forward Convexity Adjustment) (9:35)
  - FIS Ch 21: Part 7 (Pricing Cashflows in Arrears) (20:06)
  - FIS Ch 22: Part 1 (Two Factor Vasicek and Hull-White Models) (22:04)
  - FIS Ch 22: Part 2 (Two Factor Model Calibrations) (18:42)
  - FIS Ch 22: Part 3 (Valuing a Yield Curve Steepener) (9:08)
  - QFIQ-116: Low Yield Curves (5:27)
- 4. Equity Option Pricing and Hedging ...
  - The Volatility Smile Ch 1 (Intro) (6:11)
  - The Volatility Smile Ch 2 (5:39)
  - The Volatility Smile Ch 3 (Part 1) - Static Hedging (12:06)
  - The Volatility Smile Ch 3 (Part 2) - Dynamic Hedging (14:48)
  - The Volatility Smile Ch 4 (Part 1) - Volatility and Variance Swaps (9:00)
  - The Volatility Smile Ch 4 (Part 2) - Achieving Flat Variance Vega Profile (10:47)
  - The Volatility Smile Ch 4 (Part 3) - Replicating Portfolio and Log Contract (9:57)
  - The Volatility Smile Ch 4 (Part 4) - Valuing a Variance Swap (11:58)
  - The Volatility Smile Ch 5 (Part 1) - Deriving Black Scholes Equation (7:57)
  - The Volatility Smile Ch 5 (Part 2) - Hedging with Realized Vol vs Implied Vol (19:15)
  - The Volatility Smile Ch 6 - Hedging Error from Discrete Rebalancing (18:07)
  - The Volatility Smile Ch 7 (Part 1) - Tension Between Rehedging Frequency and Transaction Costs (13:19)
  - The Volatility Smile Ch 7 (Part 2) - Adjustment to Implied Volatility Under Transaction Costs (11:38)
  - The Volatility Smile Ch 8 (Part 1) - Review of Volatility Smiles and How to Plot Them (11:58)
  - The Volatility Smile Ch 8 (Part 2) - Empirical Facts of Volatility Smiles (9:44)
  - The Volatility Smile Ch 9 - No Arbitrage Bounds on Smiles (10:21)
  - The Volatility Smile Ch 10 - Survey of Smile Models (15:39)
  - The Volatility Smile Ch 11: Implied Distributions (Part 1) (13:46)
  - The Volatility Smile Ch 11: Implied Distributions (Part 2) (20:54)
  - The Volatility Smile Ch 14 (Part 1) - Building a Local Volatility Tree (18:33)
  - The Volatility Smile Ch 14 (Part 2) - Relationship Between Implied Vols and Local Vols (7:22)
  - The Volatility Smile Ch 17 - Summary of Local Volatility (11:47)
  - The Volatility Smile Ch 18 - Patterns of Volatility (9:25)
  - The Volatility Smile Ch 19 (Part 1) - Stochastic Vol - Vanna and Volga (8:10)
  - The Volatility Smile Ch 19 (Part 2) - Stochastic Vol - Mean Reversion (7:14)
  - Pricing and Hedging Derivatives Ch 6 (Part 1) (16:34)
  - Pricing and Hedging Derivatives Ch 6 (Part 2) (18:05)
  - Pricing and Hedging Derivatives Ch 7 (Part 1) (15:04)
  - Pricing and Hedging Derivatives Ch 7 (Part 2) (15:53)
  - QFIQ-114 FAQ: Q38 (pg 162-166) (9:27)
  - QFIQ-114 FAQ: Q39 (pg 167-173) (18:12)
  - QFIQ-114 FAQ: Q53 (pg 223-225) (13:45)
  - QFIQ-115 (Part I) (12:16)
  - QFIQ-115 (Part II) (7:18)
  - QFIQ-115 (Practice Problems) (1:13)
- 5. Applications ...
  - QFIQ-122: EIAs - Downside Protection, But at What Cost? (Part 1 of 3) (23:02)
  - QFIQ-122: EIAs - Downside Protection, But at What Cost? (Part 2 of 3) (21:21)
  - QFIQ-122: EIAs - Downside Protection, But at What Cost? (Part 3 of 3) (18:28)
  - QFIQ-124: Variable Annuity Volatility Management (Part 1 of 5) (21:30)
  - QFIQ-124: Variable Annuity Volatility Management (Part 2 of 5) (20:58)
  - QFIQ-124: Variable Annuity Volatility Management (Part 3 of 5) (15:56)
  - QFIQ-124: Variable Annuity Volatility Management (Part 4 of 5) (10:49)
  - QFIQ-124: Variable Annuity Volatility Management (Part 5 of 5) (16:37)
  - QFIQ-126: Malcolm Life Enhances Its Variable Annuities (Part 1) (13:10)
  - QFIQ-126: Malcolm Life Enhances Its Variable Annuities (Part 2) (21:40)
  - QFIQ-126: Malcolm Life Enhances Its Variable Annuities (Part 3) (23:06)
  - QFIQ-128: Mitigating Interest Rate Risk in Variable Annuities (Part 1) (21:47)
  - QFIQ-128: Mitigating Interest Rate Risk in Variable Annuities (Part 2) (18:15)
  - QFIQ-133: IAA Stochastic Modeling - Section IV.A.1-8 (20:22)
  - Hedging Dynamic Lapses in Variable Annuities (15:08)
  - Past QFI Advanced Exam Question on Variable Annuities - Spring 2017 Q10 (13:54)
  - Hedging Variable Annuities (Part 1 of 3) (23:00)
  - Hedging Variable Annuities (Part 2 of 3) (21:03)
  - Hedging Variable Annuities (Part 3 of 3) (9:28)
  - Supplemental Flashcards (Available in iPhone, Android, and Web Apps) (handout)
Review ... lessons ... min of video
- Exam Day Checklist and FAQ ...
  - Exam Day Checklist and FAQ - PDF Download (handout)
- Technical Review Videos ...
  - Ito's Lemma (8:00)
  - Baby Ito's Lemma (6:48)
  - Brownian Motion (5:22)
  - Moment Generating Functions (7:35)
  - Increments (14:38)
  - Normal Distribution (2:35)
  - Lognormal Distribution (11:11)
  - Innovation Term Sign (2:51)
  - Differential vs Partial Derivative (2:45)
  - Fundamental Theorem of Calculus (5:26)
  - Method of Integrating Factors (11:31)
  - Variable Confusion (4:13)
  - N(d1) and N(d2) (4:23)
  - Fubini's Theorem (3:57)
  - Ito's Lemma Trick #1(a)/(b) (4:32)
  - Ito Integral (3:11)
  - Non-Anticipating (10:08)
  - Information Sets (8:06)
  - Proving Standard Wiener Process (12:53)
  - Stochastic Product Rule (8:38)
  - Double Integrals (16:45)
- Nontechnical Review Videos ...
  - First FSA Exam? Learn how FSA exams are different from the prelims. (14:44)
  - FSA Exam Tips (14:57)
  - Verbs: Show vs Calculate (4:16)
  - Cumulative Problems (1:50)
  - Active Learning (5:04)
  - Read-Answer-Skim (2:17)
  - How Much Work? (8:25)
  - Strike Out Problems (4:36)
Practice ... lessons ... min of video
- Practice ...
  - TIA Exam-Level Questions (handout)
  - TIA Exam-Level Solutions (handout)
  - TIA Exam Level Questions - Excel Templates (handout)
  - TIA Exam Level Solutions- Excel Templates (handout)
  - MFD Textbook - End of Chapter Problems (Questions Only) (handout)
  - MFD Textbook - End of Chapter Problems (Solutions) (handout)
  - Volatility Smile Textbook - End of Chapter Solutions (handout)
  - Fixed Income Securities Textbook - End of Chapter Solutions (handout)
  - Drill Problems (handout)
Flashcards ... lessons ... min of video
- PDF Flashcards ...
  - PDF Flashcards - Overview (handout)
  - Flashcard Printing Instructions (3 per page) (handout)
  - PDF Flashcards (1 per page) (handout)
  - PDF Flashcards (3 per page) (handout)
Breakdown of Past Exam Questions ... lessons ... min of video
- Mapping Spreadsheet of Past Exam Questions ...
  - Mapping Spreadsheet of Past Exam Questions (handout)
- Intro (Watch First!) ...
  - Intro to Video Breakdown of Past Exam Questions (1:08)
- 2019 Spring ...
  - Spring 2019 Q5 Video Breakdown (18:01)
  - Spring 2019 Q7 Video Breakdown (20:40)
  - Spring 2019 Q8 Video Breakdown (13:19)
  - Spring 2019 Q13 Video Breakdown (18:24)
  - Spring 2019 Q14 Video Breakdown (28:50)
  - Spring 2019 Q15 Video Breakdown (19:48)
- 2017 Fall ...
  - Fall 2017 Q1 Video Breakdown (11:07)
  - Fall 2017 Q2 Video Breakdown (9:43)
  - Fall 2017 Q3 Video Breakdown (Part 1 of 2) (7:50)
  - Fall 2017 Q3 Video Breakdown (Part 2 of 2) (7:24)
  - Fall 2017 Q4 Video Breakdown (7:16)
- 2017 Spring ...
  - Spring 2017 Q1 Video Breakdown (16:26)
  - Spring 2017 Q3 Video Breakdown (16:39)
  - Spring 2017 Q4 Video Breakdown (8:55)
- 2016 Fall ...
  - Fall 2016 Q2 Video Breakdown (7:54)
  - Fall 2016 Q3 Video Breakdown (9:49)
  - Fall 2016 Q6 Video Breakdown - Part (a) (3:03)
  - Fall 2016 Q6 Video Breakdown - Part (b) (3:37)
  - Fall 2016 Q6 Video Breakdown - Part (c) (3:02)
  - Fall 2016 Q6 Video Breakdown - Part (d) (2:56)
  - Fall 2016 Q6 Video Breakdown - Part (e) (5:36)
  - Fall 2016 Q6 Video Breakdown - Part (f) (2:54)
- 2016 Spring ...
  - Spring 2016 Q2 Video Breakdown - Part I (13:37)
  - Spring 2016 Q2 Video Breakdown - Part II (10:47)
  - Spring 2016 Q4 Video Breakdown (10:15)
  - Spring 2016 Q5 Video Breakdown (sample) (13:43)
- 2015 Fall ...
  - Fall 2015 Q1 Video Breakdown (10:06)
  - Fall 2015 Q2 Video Breakdown (15:07)
  - Fall 2015 Q5 Video Breakdown (13:46)
  - Fall 2015 Q7 Video Breakdown - Parts (a)-(d) (10:08)
  - Fall 2015 Q7 Video Breakdown - Part (e) (12:33)
- 2015 Spring ...
  - Spring 2015 Q4 Video Breakdown (10:41)
  - Spring 2015 Q6 Video Breakdown (15:56)
- 2014 Fall ...
  - Fall 2014 Q2 Video Breakdown (7:34)
  - Fall 2014 Q5 Video Breakdown (13:32)
- 2014 Spring ...
  - Spring 2014 Q1 Video Breakdown (8:17)
- 2013 Fall ...
  - Fall 2013 Q2 Video Breakdown (12:47)
  - Fall 2013 Q6 Video Breakdown (8:14)

Select your preference for the video player:

Select your preference for viewing TIA forums

Select your color preference for the study page

Exam QFI Quant