Financial Markets Foundation Qualification (FMFQ)

New FMFQ online course starting 1 June


The Financial Markets Foundation Qualification (FMFQ) is an introductory level programme intended for anyone entering a career in the financial markets.

The programme is intended to provide ‘breadth of knowledge’ to make it relevant to people pursuing careers in the front office, middle office and operations areas. The syllabus content places an even emphasis on introducing and explaining the key concepts of each subject area to develop candidates’ practical knowledge and skill sets.

Sample Module

Click here to access a full sample module.

By completing the programme you will understand:
  • The key players in the financial markets including issuers, investors and intermediaries
  • The interaction between cash and derivative markets
  • The key features of both equity and debt products
  • The structure of the FX market

Who should study the programme?

The qualification is relevant to a wide range of job functions and areas; anyone who would benefit from an understanding of financial markets, participants and products – and how they all come together.

Candidates come from organisations involved in both the sell-side and buy-side of the industry plus insurance, accounting, IT firms supporting the industry and the financial press.

The syllabus does not assume any prior study or work experience other than a general knowledge of mathematics such as basic algebra and statistics.

The names of successful candidates will be included in our list of certificate holders.

Course Trainer

Gail Rolland

Test your knowledge

Unsure if this is the right course for you? Take a short sample exam.

The syllabus is divided into the following key topic areas:

1. Overview of the Financial Markets
1.1 Background to the capital markets
1.2 Key Players
1.3 Trade Flow

2. FX
2.1 Introduction to the Foreign Exchange Markets
2.2 Spot FX
2.3 Cross Rates
2.4 Forward FX

3. Debt
3.1 Basic Principles of Debt Products
3.2 Money Markets
3.3 Long-term Debt

4. Equities
4.1 Core Features of Equity Products
4.2 Issuance and Trading Practice
4.3 Equity Valuation

5. Derivatives
5.1 Basics of the Derivatives Market
5.2 Forwards
5.3 Futures
5.4 Options

The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions correctly, with a score of 45 or more earning a distinction.

If you’re taking the classroom-based course, end-of-day review sessions are held at the end of the first two days and prior to the exam on day three to prepare for the exam and assist candidates with the course content.

If you’re taking the online course you have six months in which to study the material and book an online, fully invigilated exam. You may take the exam within 12 months of registering for the course, but must book the exam within six months of registering.

Attend the course in a format that suits your schedule.

Online Course - Register now to take the FMFQ on a new digital learning platform

Delegates who sign up to online courses will have access for 6 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.

Online courses start on the 1st of each month.
1 June - Start Date

1 July - Start Date

Online course fees

The following special introductory price will be available until 1 October 2020:

ICMA Members: £600 + VAT (if applicable)
Non Members: £900 + VAT (if applicable)

Costs include full access to the online campus, associated learning materials and the examination fee. Please note that payment for online courses must be received before the start of the course.

As an indicative guide, we would recommend a total of 90 study hours is required to go through the material. Please note this is an approximate guide only.


Classroom Course

In light of ongoing international concerns with respect to the Coronavirus (COVID-19) and in the interest of maintaining the health of our members, delegates and staff, we have made the decision to postpone the ICMA Financial Markets Foundation Qualification (FMFQ) in London on 3-5 June.

Please register your interest for this course and we will send you details if this course can be confirmed.

November 2020 - Date to be confirmed

Classrom course fees

ICMA Members: £2,250+ VAT (if applicable)
Non Members: £2,750+ VAT (if applicable)

For security reasons, delegates who have not registered in advance will not be admitted to the classroom format of this course.  Delegates will be required to provide photo identification on arrival, to ensure entry.


Should you have any queries, please contact

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