Online Self-Study
Start date: 1 December
Duration: 6 weeks (recommended)

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.

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.

Online courses start on the 1st of each month – please note that payment must be received BEFORE access to these courses are provided.


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 950 + VAT (if applicable)
Non-members: EUR 1,200 + 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

Online Course

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 at the beginning of each month – please note that payment must be received BEFORE access to these courses are provided.
Start: 1 December

Start: 1 January

Online course fees

Self-study online course fees:

  • ICMA Members: EUR 950 + VAT (if applicable)
  • Non-members: EUR 1,200 + VAT (if applicable)
Please note that:
  • Payment for online courses must be received before the start of the course.
  • 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.

As an indicative guide, we would recommend a total of 24 study hours is required to go through the material. Please note this is an approximate guide only.
Costs include full access to the online campus, associated learning materials and the examination fee.

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

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