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School of Quantitative Finance

Quant Guild

Confidence Under Uncertainty

A selective graduate-style programme for those who must act when information is asymmetric, and every decision is a bet.

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16weeks
15–30students
2terms
5per tutor group

A school to bridge the gap between quant theory and practice.

Quant Guild is a school for those who will make decisions under uncertainty: risk, asymmetric information, and irreversible bets.

There is no job or profitable trading strategy promise. The school's mission is simple: develop students capable and confident acting under uncertainty with a state-of-the-art quantitative toolkit and framework for decision making.

Programme of study

Sixteen weeks. Instruction by Roman Paolucci. Special lecture topics and guest speakers.

Term I · Michaelmas

Core

Weeks 1–12 · open to every admitted student

  • Eighteen lectures
  • Weekly tutor groups
  • Trading competition
  • Defended capstone

Term II · Hilary

Research

Weeks 13–16 · invitations extended to top performing students

  • Two business rotations
  • Live-market research
  • Two research papers
  • Oral defence

Curriculum

Official schedule of lectures, topics, and portfolio requirements.

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Term I · Core

Weeks 1–12

Each week: two lectures, a problem set, and a portfolio artefact.

Weeks 1–3

Quant Toolkit

Mathematics, statistics, computation

Week Lectures Portfolio
1 Functions & optimisationDynamics, SDEs & matrices Numerical optimiser; GBM simulation & PCA
2 Probability & Bayesian beliefInference & modelling Bayesian signal-updating notebook
3 Numerical calculusMonte Carlo simulation Numerics library; variance-reduced MC pricer
Samples settling into a normal distribution

Weeks 4–6

Sellside

No-arbitrage, derivatives, calibration

Week Lectures Portfolio
4 No-arbitrage, replicationMarket making No-arbitrage pricer; dealer inventory simulation
5 Pricing under P and QBlack–Scholes: PDE to Greeks Binomial pricer; implied-vol inversion
6 Vol surface: Heston & SABRRough vol & learned pricing Surface calibration; neural pricing surrogate
Market implied-vol skews by tenor — same surface used in stochastic calibration

Weeks 7–9

Buyside

Risk and return, strategy sets, research rigour

Week Lectures Portfolio
7 Portfolio theory & factorsEmpirical returns & PCA Portfolio analytics & optimisation report
8 Strategy diversification mathsRegimes & strategy sleeves Paired-sleeve backtest; multi-sleeve memo
9 The research pipelineBacktesting methodology Walk-forward report with realistic frictions
Four research businesses — market-neutral, reinsurance, managed futures, long convexity — and the book they make together

Weeks 10–12

Capstone & Final

Defence and market-making

Week Lectures Output
10 Thesis & research designSpecial topic / guest Research proposal & baseline
11 Robustness & validationSpecial topic / guest Validation report
12 Live market-making finalCapstone defence to the cohort Capstone dossier & trade log
A market maker’s book, bids under the offer

Term II · Research

Weeks 13–16

A selective research extension across the businesses: market-neutral, reinsurance, managed futures, and long convexity. Two business rotations, two research papers.

Weeks 13–14

Rotation \(\alpha\)

First business · research design · Paper I

Week Focus Deliverable
13 Business assignment & research questionData feasibility & benchmarks Proposal defence; Paper I outline
14 Method lock & walk-forward designFirst live-market evidence Paper I draft with in-/out-of-sample split
Walk-forward: in-sample fit, then out-of-sample truth

Weeks 15–16

Rotation \(\beta\)

Second business · robustness · Paper II & defence

Week Focus Deliverable
15 Rotate business; attribution & stressDisconfirming cases Paper II outline; robustness battery
16 Revision clinic & oral defenceHandoff of both papers Paper II final; defended research dossier
Evidence stack: tests that survive the second business

Applications open soon —— January 2027 Cohort

Admissions

Admission is highly selective. Each term maintains a cohort of fifteen to thirty students. Selected applicants must pass a maths and coding check and meet with an admissions officer to discuss competence prior to any offer of enrollment.

  1. 1 Application
  2. 2 Maths & coding check
  3. 3 Admissions interview
  4. 4 Acceptance letter
  5. 5 Enrollment & onboarding

For questions about admissions please email [email protected].

Applications open soon

January 2027 Cohort

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The weekly letter

Headmaster of Quant Guild and Managing Partner of Quant Guild Capital Roman Paolucci writes an unconventional letter each week covering topics from philosophy to the markets. The letter is public. It is not a report on the fund, and it is not investment advice.

Latest

Monday, November 9, 2026

The Call to Adventure

Adventure is the furthest thing from a pleasant experience.

Read the letter

Earlier letters