Why attractive backtests fail, what a professional research review looks like, and how the twelve Level II modules fit together.
Free · no account needed.
Level II · Intermediate
Applied Quantitative Research & Strategy Validation
Learn to evaluate backtests, assess predictive signals, identify methodological biases, and judge the robustness of quantitative research.
“Is this research credible, robust, and economically meaningful?”
Start the free orientation ↗$9.99 USD per level
Open to Level I students, or with the complete program. Its examination requires a pass in the Level I examination. The orientation and Module 1 are free to everyone.
13Modules, plus a free orientation
10Quick checks per module
40 MCQsTimed exam · 75% to pass
50Interview questions with answers
Learning objectives
- Evaluate backtesting methodology.
- Identify research biases and data leakage.
- Interpret out-of-sample performance.
- Challenge weak research conclusions.
- Assess practical strategy economics.
Progressive curriculum
Module directory
Start with the free orientation, then explore the topics and outcomes of each module. Study all thirteen modules in the interactive course, with worked explanations and quick checks after each section.
00 01 The transition from a financial intuition to a research claim that can be assessed.
Learning outcome: Assess whether a research hypothesis is sufficiently defined.
Free · no account needed.
02 The methodological choices behind a credible strategy evaluation.
Learning outcome: Review whether a backtest design addresses its stated question.
Level II enrollment is open to Level I students, or with the complete three-level program.
03 Data provenance and historical availability as foundations for research credibility.
Learning outcome: Identify data-integrity questions in an empirical study.
Level II enrollment is open to Level I students, or with the complete three-level program.
04 A review of biases that can undermine apparent research results.
Learning outcome: Challenge a research design for potential information contamination.
Level II enrollment is open to Level I students, or with the complete three-level program.
05 Evaluation frameworks for judging evidence beyond model development.
Learning outcome: Assess the credibility of a proposed validation framework.
Level II enrollment is open to Level I students, or with the complete three-level program.
06 The evidence used to assess predictive claims in financial research.
Learning outcome: Judge whether reported metrics support a predictive claim.
Level II enrollment is open to Level I students, or with the complete three-level program.
07 Research selection and repeated experimentation as challenges to empirical evidence.
Learning outcome: Identify research-selection concerns in a reported result.
Level II enrollment is open to Level I students, or with the complete three-level program.
08 Temporal structure and changing market conditions in research interpretation.
Learning outcome: Question whether an evaluation reflects relevant market conditions.
Level II enrollment is open to Level I students, or with the complete three-level program.
09 The practical economics that a strategy assessment must consider.
Learning outcome: Assess the implementation assumptions behind a strategy claim.
Level II enrollment is open to Level I students, or with the complete three-level program.
10 A review of evidence supporting stability across reasonable research choices.
Learning outcome: Evaluate the scope of a strategy robustness review.
Level II enrollment is open to Level I students, or with the complete three-level program.
11 The core models a researcher uses to measure exposures, forecast risk, allocate risk and size positions.
Learning outcome: Estimate exposures, forecast volatility and size a position with stated assumptions.
Level II enrollment is open to Level I students, or with the complete three-level program.
12 Multilayer perceptrons, recurrent networks, LSTMs and transformers, and how to validate them against simple baselines.
Learning outcome: Explain how an LSTM or transformer forecaster works and what it must beat to be credible.
Level II enrollment is open to Level I students, or with the complete three-level program.
13 A synthesis of methodology, strategy economics, and portfolio relevance.
Learning outcome: Prepare a structured assessment of a research proposal.
Level II enrollment is open to Level I students, or with the complete three-level program.
Formal assessment
Level II examination
40 multiple-choice questions. Minimum passing score: 75%. 90 minutes, with 180-minute and untimed options.
3 standard retakes after the initial attempt; a fourth retake requires Quant Atlas guidance and authorization.
Read the examination policy →Included with this level
50 interview questions with answers
Explanatory answers, detailed reasoning, and common incorrect interpretations for non-coding quantitative research interviews, open from the day you enroll.
Explore interview preparation →Go further · Optional resources
Build your mathematics, statistics, and Python toolkit.
Open these resources at any time. They are separate from the core modules and do not count toward examination eligibility, practice scores, or certification. Programming remains optional.
Ready to explore
Calculus I & II
Study single-variable calculus with worked steps, visual explorations, and immediate-feedback checks: from limits and derivatives to integrals, series, and approximation error, closing with mental math techniques.
Open the optional resource →Ready to explore
Applied Descriptive Statistics
Compare research samples using weighted summaries, robust location and scale, within- and between-group dispersion, conditional tables, and consistent time windows.
Open the optional resource →Ready to explore
Intermediate Python for Research
Build reliable research workflows with explained code examples, revealable output, and interactive checks on NumPy, pandas, timing, validation, and reproducibility.
Open the optional resource →End-of-level review
- Assess whether a research hypothesis is sufficiently defined.
- Review whether a backtest design addresses its stated question.
- Identify data-integrity questions in an empirical study.
- Challenge a research design for potential information contamination.
- Assess the credibility of a proposed validation framework.
- Judge whether reported metrics support a predictive claim.
- Identify research-selection concerns in a reported result.
- Question whether an evaluation reflects relevant market conditions.
- Assess the implementation assumptions behind a strategy claim.
- Evaluate the scope of a strategy robustness review.
- Estimate exposures, forecast volatility and size a position with stated assumptions.
- Explain how an LSTM or transformer forecaster works and what it must beat to be credible.
- Prepare a structured assessment of a research proposal.
Connect these skills in the Level II learning assessment. Then rehearse your explanations in the interview drills. Practice does not record official completion.
Continue to Level III
Level III is open to Level II students, and its examination requires a pass in the Level II examination.
Explore Level III →