An operator is a product of two quasi-nilpotent operators if and only if it is not semi-Fredholm

We prove that a (bounded linear) operator acting on an infinite-dimensional, separable, complex Hilbert space can be written as a product of two quasi-nilpotent operators if and only if it is not a semi-Fredholm operator. This solves the problem posed by Fong and Sourour in 1984. We also consider some closely related questions. In particular, we show that an operator can be expressed as a product of two nilpotent operators if and only if its kernel and co-kernel are both infinite-dimensional. This answers the question implicitly posed by Wu in 1989.