Live sessions: May 4, 5, 6, 11, 12, 13, 18, 19, 20, 25
14.30-18.00 CET | Time Zone Converter

The ICMA Fixed Income Certificate (FIC) has been an essential qualification for market professionals for 40 years. With its emphasis on developing practical skills for trading, investment and risk management, the training will build upon your existing knowledge of the fixed income markets to give you the skills to compete in the global marketplace.

This is a demanding qualification aimed at developing a broad and in-depth knowledge of the key fixed income instruments and markets. Throughout the training there are many exercises which test and assess candidates’ knowledge, examining scenarios which will equip participants with practical skills in their day-to-day business activity.

Course Outcomes

By completing the course you will be able to:
  • Develop a broad knowledge of fixed income markets and credit products
  • Understand at a deeper level the relationship between cash bond and derivatives markets
  • Be proficient in the basic maths of the fixed income and derivatives market
  • Be able to develop and apply rates trading and hedging techniques
  • Understand structured securities, CDS and Interest Rate Derivatives and their uses
  • Have an up to date working knowledge of current best market practice and regulatory considerations for fixed income and derivative markets
  • Be part of a network of fixed income professionals around the world

Who should attend?

The programme is primarily intended for those working in client or market facing positions in fixed income within a bank or fund management company, although it has become increasingly popular with middle office and operations managers who require greater product and market knowledge. Other candidate profiles include those working for financial IT service companies, exchanges and central securities depositories.

As an intermediate level qualification, the FIC requires that candidates should already have some familiarity with the topics below:
  • Fundamental Numerical Skills
  • Overview of Financial Markets and Participants
  • The Main Fixed Income Securities


The exam consists of 75 multiple choice questions of which candidates must answer a minimum of 45 questions, or 60%, correctly in order to pass.

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 50 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 2,900 + VAT (if applicable)
Non Members: EUR 3,550 + VAT (if applicable)

Course Trainer

David Oakes

The ICMA Fixed Income Certificate (FIC) is a professional qualification that places strong emphasis on practical skills, based on a thorough understanding of valuation principles and the relationships between the cash and derivatives markets. The current programme covers the following subjects:
  • Trading the Yield Curve with Cash Market Securities
    Fixed income securities & interest rates
    Monetary policy & the yield curve
    Interest rate risk
    Trading views on the yield curve with cash instruments
    Financial fixed income trades
    Bonds with embedded options
    Inflation-indexed bonds
    Sovereign credit risk & sovereign ratings
    Fixed income market practice & regulation
  • Interest Rate Derivatives
    Short-term interest rate (STIR) futures
    Bond futures
    Interest rate swaps & swap futures
    Interest rate options
    Inflation derivatives
    Counterparty risk in derivatives
    Derivative market practice & regulation
  • Credit Trading
    Credit risk & credit spreads
    Default probability & expected recovery
    Credit analysis & credit ratings
    Credit default swaps & credit default swaptions
    Credit trading & hedging with single name CDS
    Credit trading with index CDS
    Credit trading with CDS index tranches
    CDS pricing & revaluation

Livestreamed Course

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 FIC live sessions are delivered over the course of five weeks, with two sessions of 3.5 hours every week. 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.
Livestreamed: 4, 5, 6, 11, 12, 13, 18, 19, 20 & 25 May
14.30-18.00 CET | Time Zone Converter

Livestreamed course fees

ICMA Members: EUR 2,900 + VAT (if applicable)
Non Members: EUR 3,550 + 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

It is always the same as historic volatility
It is used only in the pricing of American options
It is the volatility derived from the price at which options have traded
It is the volatility implied by the study of historic values
The same as investing in a 1-year zero coupon bond and rolling over this investment for another year at the current forward rate between years 1 and 2
More than investing in a 1-year zero coupon bond and rolling over this investment for another year at the current forward rate between years 1 and 2
Less than investing in a 1-year zero coupon bond and rolling over this investment for another year at the current forward rate between years 1 and 2
More or less than investing in a 1-year zero coupon bond and rolling over this investment for another year at the current forward rate between years 1 and 2, depending on the shape of the yield curve
Senior spread larger than subordinated spread
Senior spread smaller than subordinated spread
Senior spread equal to subordinated spread
It is impossible to tell which spread would be larger without additional information
By taking collateral
By trading via a central counterparty
Through the use of credit analysis
By executing exclusively through a broker network
They are a means of fixing forward rates
They have standardised maturity dates
The deals are bilateral OTC contracts
They can be either bought or sold by market participants

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