The International Capital Market Association (ICMA) is offering 35 scholarships in 2023 to individuals from selected countries in Sub-Saharan Africa, Asia Pacific and Latin America who are unable to pursue a financial qualification due to their economic circumstances as part of ICMA's mission to raise standards and support inclusion in financial markets.

The scholarships will be available to young people who are interested in a career in finance from the following countries:

Sub-Saharan Africa: Ethiopia, Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zambia and Zimbabwe

Asia Pacific: Cambodia*, India, Indonesia, Malaysia, Mongolia, Philippines, Thailand and Vietnam 

Latin America: Brazil*, Chile*, Colombia*, Costa Rica*, Dominican Republic*, Ecuador*, Mexico*, Paraguay*, Peru* and Uruguay*

 *New for 2023

ICMA has established relationships or has been active in the aforementioned countries, also through its efforts to develop the local repo and sustainable bond markets alongside capacity-building in partnership with a number of development institutions such as IFC in Latin America, Frontclear in Africa and Latin America and the Asian Development Bank in Asia.

The scholarships provide an opportunity to study for one of the ICMA Diplomas, namely:

  • ICMA Diploma in Debt Capital Markets
  • ICMA Diploma Securities & Derivatives
  • ICMA Diploma in Financial Market Operations

Each diploma pathway includes taking the prescribed foundation and advanced level courses along with two specialist courses. This education programme is delivered in partnership with the ICMA Centre, Henley Business School, University of Reading.

These diplomas are internationally recognised qualifications taught by experienced market professionals which can kick-start a career in financial markets. Since launching the programme in 2021, 60 individuals from 17 countries have been awarded the scholarship.

All the courses which make up the diplomas can be studied online over 12 months as a mix of self-study and virtual classroom programmes, and they include online exams. The ICMA scholarship will fully cover the course and examination fees for the relevant Diploma.

A good level of education (but not necessarily a university degree), interest in financial markets and proficiency in English are necessary application criteria. Candidates may be in full-time education, working in finance already or looking to move into it.

We would like to encourage ICMA members and academic institutions to share this information with students who may wish to apply.

          Eligibility criteria:

  • Open to all citizens of:

Sub-Saharan Africa: Ethiopia, Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zambia and Zimbabwe.

Asia Pacific: Cambodia, India, Indonesia, Malaysia, Mongolia, Philippines, Thailand and Vietnam.

Latin America: 
Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Paraguay, Peru and Uruguay

  • Candidates must be between 19 and 30 years old at time of application;
  • Good level of education (not necessarily a university degree).
  • Proficient in English

II.         Application process 

To start the process potential students must submit all of the following:

1. completed application form

2. a 500-word statement explaining their background, career plans, and why they should qualify for a scholarship;

3. a Curriculum Vitae including your nationality and country of residence, full contact details;

4. academic records and evidence of educational attainment;

5. two reference letters including contact details of the persons providing them.

ICMA will be unable to consider applications that do not provide all of the four requirements listed above.

Please take time to carefully read the eligibility criteria and required documentation before submitting your application. Kindly ensure that you send all requested documents in a single email, otherwise your submission will be rejected.

Due to the high volume of applications, we will not be able to reply to or consider any submissions which are incomplete.

Applications must be submitted to

The deadline for submissions for the 2022 intake is 15 January 2023.

III.           About the selection process

  • Candidates must meet the eligibility criteria;
  • A panel of ICMA staff will shortlist and make the final selection;
  • Selection is based on a number of factors, including academic merit, evidence of interest in financial markets, financial need, among others.

IV.            Scholarship outcomes

  • Scholarship selection will take place in the last two weeks of January 2023 and shortlisted candidates may be called in for a further interview (to be conducted virtually);
  • Announcements of successful recipients will be made by 3 February 2023. If you have not heard from us by this date, then please assume that you have not been selected. We will be unable to contact unsuccessful applicants individually or provide feedback

Successful recipients must complete the programme within 12 months of commencing their first course. In addition, candidates must pass the exams for the foundation and advanced courses in order to move forward with the programme, failure to do so will invalidate the scholarship. ICMA will only cover exam fees once for each level.

Recipients of ICMA’s 2022 Scholarship Programme

The 20 individuals from Sub-Saharan Africa (Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, Zambia) and 15 from Asia (Malaysia, Mongolia, India, Indonesia, Philippines, Thailand, and Vietnam) were selected from an extensive number of applications received, based on their academic attainments and a personal statement on their suitability for their chosen course of study.

Esther Konadu Adjei

Cindy Assu Amuka

Julius Atulinde

Modupe Elizabeth Balogun

Mpho Sharon Baloyi
South Africa

Marry-Immaculate Basi 
South Africa

Moses Chipundu

Eyosyas Dires 


Richmond Dompreh

Eugene Komla Gbeve

Rukayat Olamide Ishola

Speaker Name

Ednar Kasichana 

Aba Sarkuah Nunoo Kwadey

Leonard Landelin Mathew

 Joseph Njiru Mbogo

Chiwala Mwelwa

Speaker Name

Ruth Ninsiima

Speaker Name

Odinaka Pamela Onah

Speaker Name

Oyekolade Oyediran

Anteneh Geremew


2022 ICMA scholars from Asia

Batbayar Bold



Nandin-Erdene Enkhtuvshin

Ariunzul Erdenebat 

Lai Leng Foo

Khoa Hoang

Nabiha Khwaja

Erdenejargal Lkhagvadorj

Paola Gabrielle Matanguihan

Francis Lorenz Medina

Made Cahyani Prastuti

Speaker Name

Yansen Dave Purwanto

Speaker Name

Siti Maratus Rahimatin

Speaker Name



Tri Tran

View the list of the recipients of the 2021 scholarship programme.

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