FIC - Online self-study
Start date: 1 December

FIC - Livestreamed
New dates TBC - e-mail education@icmagroup.org to register your interest


OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TEST YOUR KNOWLEDGE

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

Course Trainers

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
    Securitisation
    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


Assessment


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.

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 on the 1st of each month.
Start: 1 December

Start: 1 January



Online course fees

ICMA Members: EUR 2,050 + VAT (if applicable)
Non Members: EUR 2,650 + 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 180 study hours is required to go through the material. Please note this is an approximate guide only.


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.

Next dates TBC
Register your interest for this course at education@icmagroup.org



Livestreamed course fees

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

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




Contact

Should you have any queries, please contact education@icmagroup.org.




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
Follow ICMA Education:

linkedin
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 Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
 
Copyright © 2020 International Capital Market Association.