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The Quantitative Finance Roadmap

From instruments and symbology to stochastic calculus, risk, volatility surfaces, and AI agents — a community learning path for quants.

FoundationsFIRST STEPSPython for Quant WorkPython's numerical ecosystem and modern packa…MATHEMATICSLinear AlgebraVectors, matrices, and eigendecomposition pow…ProbabilityRandom variables, distributions, expectation,…Statistical InferenceEstimation, hypothesis testing, regression, a…DATA IN PRACTICENumPy & Array ThinkingThe ndarray's vectorization, broadcasting, an…pandas & PolarsDataFrames index, align, and group messy mark…SQL & Data WranglingJoins, aggregations, and window functions pul…WORKFLOWGit & Jupyter WorkflowGit plus notebooks give research a versioned,…InstrumentsCASH INSTRUMENTSEquitiesA share is a residual claim on a firm paying …Bonds & Fixed IncomeBonds trade the present value of promised cou…Money MarketsT-bills, repo, and commercial paper supply th…Foreign ExchangeCurrencies trade as base/quote pairs, with do…ETFs & FundsFunds pool assets and strike a NAV, while ETF…DERIVATIVESFuturesFutures standardize forwards and settle gains…Forwards & SwapsForwards fix a future price bilaterally, and …OptionsCalls and puts confer asymmetric rights whose…EXOTICS & MARKET STRUCTUREExotics & Market StructureAsian, barrier, and digital options reshape v…SymbologiesWHY IDENTIFIERS MATTERThe Identifier LandscapeOne security carries many IDs because issuers…SECURITY IDENTIFIERSISINISINs are twelve-character ISO 6166 keys whos…CUSIPCUSIP is the nine-character US and Canada ide…SEDOLSEDOLs are seven-character London-issued code…FIGI & OpenFIGIFIGIs are Bloomberg open twelve-character ide…ENTITIES, VENUES & CODESLEILEIs are twenty-character ISO 17442 entity co…RIC & Vendor SymbolsVendor symbols like RICs and Bloomberg ticker…MIC & ISO Market CodesMICs are four-letter ISO 10383 venue codes, c…Quant CoreMODELING RETURNSReturns & Time SeriesLog returns aggregate across time, and their …STOCHASTIC CALCULUSStochastic ProcessesBrownian motion with drift and diffusion, exp…Itô's LemmaItô's lemma adds a second-order correction to…Risk-Neutral PricingNo-arbitrage guarantees an equivalent marting…PRICING ENGINESBlack–ScholesConstant-volatility dynamics plus continuous …Binomial TreesBackward induction on a recombining tree make…Monte Carlo MethodsSimulating risk-neutral paths and averaging d…The GreeksDelta, gamma, vega, theta, and rho translate …Implied VolatilityInverting Black–Scholes against market prices…RiskRISK TAXONOMYThe Risk TaxonomyFive families of risk, five places to hide: n…MARKET RISKValue-at-RiskOne number summarizing tail loss, computed pa…Expected ShortfallAverage the bad tail beyond VaR, and the risk…Stress TestingDesign scenarios that are severe enough to te…Backtesting Risk ModelsCount the days VaR was breached and let stati…BEYOND MARKET RISKCredit RiskDefault probability, loss given default, and …Counterparty RiskDerivatives create two-sided credit risk that…Model Risk & GovernanceModels are wrong in structured ways, so valid…OptimizationMEAN-VARIANCEMarkowitz Mean-VarianceA quadratic program over expected returns and…The Efficient FrontierThe best risk-return trade-offs trace a hyper…BEYOND MEAN-VARIANCECAPM & Factor ModelsOne beta prices risk in theory, multi-factor …Black–LittermanA Bayesian blend of market equilibrium with i…Risk ParityAllocate risk, not dollars: equalize each ass…Robust & Constrained Optimizati…Uncertainty sets and shrinkage make optimizer…DOING IT FOR REALTransaction Costs & Implementat…Market impact and turnover mean the traded po…Out-of-Sample ValidationWalk-forward tests and deflated Sharpe ratios…Vol SurfacesREADING VOLThe Volatility Smile & SkewImplied vol varies by strike because the mark…The Volatility Term StructureImplied vol also varies by expiry, forming co…SURFACE MODELSBuilding the SurfaceQuote streams arrive discrete; trading needs …Local VolatilityDupire’s formula recovers a volatility functi…Stochastic Volatility (Heston)Heston makes variance itself random and mean-…The SABR ModelSABR’s four parameters map to an explicit imp…USING THE SURFACESurface Calibration PracticeFitting models to quotes is an optimization c…Trading VolatilityVariance swaps, VIX futures, and dispersion t…Data & ToolsMARKET DATAMarket Data TypesPrice history is only trustworthy once you un…The Data Vendor LandscapeChoosing a data source is a trade-off among c…Open & Free Data APIsFree APIs are good enough for learning and re…THE STACKQuantLibQuantLib gives you production-grade pricing m…Python BacktestingEngine choice matters less than avoiding the …The Rust Quant StackRust earns its place in the hot loops of inge…Time-Series DatabasesTick data demands columnar storage, and the m…ON THIS SITEThe FinRoadmap DirectoryThe site's /tools page is a discovery shortcu…AI & AgentsMACHINE LEARNING COREML Foundations for QuantsThe statistical-learning toolkit every quant …LANGUAGE MODELS & AGENTSLLMs & Agent BasicsAn agent is a model in a loop with tools and …Reasoning Patterns, CriticallyChain-of-thought, self-consistency, ReAct, an…BUILDING AGENT SYSTEMSThe Agent Framework LandscapeA crowded framework market with one durable c…Agentic RAG over Filings & NewsGrounding answers in EDGAR filings and news, …Multi-Agent ArchitecturesSpecialized roles under an orchestrator mirro…APPLIED & PRODUCTION AGENTSFundamental-Analysis AgentsAgents that screen filings and build DCFs mus…Evaluation, Guardrails & Observ…Offline fixtures, calibrated judges, red-team…AI in Finance VerticalsClaims, fraud, underwriting, and KYC run on t…
Foundations Instruments Symbologies Quant Core Risk Optimization Vol Surfaces Data & Tools AI & Agents✓ completed

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