Live sessions: June 13, 14, 15, 20 and 21
10.00-13.30 CEST | Time Zone Converter

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. 

Course Outcomes

By completing this course you will be able to:
  • Recognise the key players in the financial markets including issuers, investors and intermediaries
  • Be cognisant of the interaction between cash and derivative markets
  • Identify the key features of both equity and debt products
  • Recognise the structure of the FX market

Who Should Attend?

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.


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, review sessions will be held prior to the exam to help candidates prepare for the assessment and assist with course content.

If you’re taking the online or livestreamed course you have six months in which to study the material, book and complete an online, fully invigilated exam. The exam is hosted on our online learning platform and invigilated by a live proctor via the camera and microphone on your computer. This allows you to choose a time and place of your convenience to take the exam, while guaranteeing secure exam conditions.

Prior to the exam, you will need to login with the proctor to check that your chosen exam equipment and space is adequate for the exam - you will receive further guidance when you register for the course.

Certification and Programme Recognition

This course has been accredited by the CPD® Certification Service and approved by the Securities & Futures Commission of Hong Kong for Continuous Professional Training (CPT).
ICMA recommends that 24 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

The course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading. A Certificate of Attainment will be awarded to those who successfully pass the final exam of this course – see Assessment section for more details.

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at


ICMA Members: EUR 1,650 + VAT (if applicable)
Non Members: EUR 2,050 + VAT (if applicable)

Course Trainer

Gail Rolland

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

Livestreamed Course

Learning in a digital environment has a number of advantages and is growing in popularity as a medium of instruction. ICMA courses are delivered via video conferencing accessed on our digital learning platform, using the most effective pedagogical approaches and incorporating interactive functions like virtual breakout rooms.

The FMFQ live sessions are delivered over the course of five 3.5 hour sessions over the course of two weeks. You will be given access to the course materials before the live sessions, and will have access to those for a total of six months. During these six months you will have the option to keep working through the course materials at your own pace. Please note to ensure you book and take the exam within these six months.

Live Sessions: June 13, 14, 15, 20 and 21.
10.00-13.30 CEST | Time Zone Converter

Live Sessions: October 27, 28 & November 2, 3, 4 (2022)
14:30-18:00 | Time Zone Converter

Livestreamed course fees

ICMA Members: EUR 1,650 + VAT (if applicable)
Non Members: EUR 2,050 + VAT (if applicable)

For security reasons, delegates who have not registered in advance will not be admitted to the live sessions.

Please note:
  • All payments must be made in Euro.
  • Invoices for single registrations are subject to an additional Euro 50 to cover administration costs*. No administration fee applies for invoices covering two or more registrations.

*Administration costs cover the provision of supporting documents, which are often requested along with the invoice, to become an approved supplier.


Should you have any queries, please contact

Test your knowledge

Asset management
Investment banking
Retail banking
The expression of a currency against EUR
The expression of a currency against GBP
The expression of a currency against gold
The expression of a currency against USD
Auction market
Order-driven market
The Third market
The Fourth Market
Securities raise funds for issuers
Securities are easily tradable
Securities commit borrowers to making regular payments
Securities promise to repay the debt on a given date
Credit risk
Trading risk

Please complete the fields below to get your quiz results

*mandatory fields

Mailing List*


Terms and conditions*

I agree that ICMA may retain the information supplied on this form on a database and use it for the purpose of administration only when applicable. 

Privacy, data and cookiesSubscribe/Update your preferences

Please tick here to agree to the terms and conditions
I agree to the above terms and conditions
Follow ICMA Education:

ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
Copyright © 2021 International Capital Market Association.