ICMA Fixed Income Certificate (FIC)



FIC - Livestreamed format
Live sessions: October 29-30, November 5-6, 12-13, 19-20, 26-27
14.00-17.30 CET | 13.00-16.30 GMT

FIC - Online format
Start date: 1 September

OVERVIEW
COURSE SYLLABUS
COURSE DETAILS
TESTIMONIALS
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.

Test your knowledge


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

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 are taking the livestreamed course, you have six months to study the material, book and complete an online, fully invigilated exam.

If you’re taking the classroom-based course, the training is delivered Monday to Friday, with the final exam taking place on Friday afternoon.

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 September

Start: 1 October




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.

Live sessions: October 29-30, November 5-6, 12-13, 19-20, 26-27
14.00-17.30 CET | 13.00-16.30 GMT





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.



Fixed Income Certificate holders
 
The full list of candidates who have successfully passed the FIC examination (previously known as the IFID, GCP and AIBD European Seminar) can be found here.



Fredrik Jenestrand

Organisation: Nordea Markets FICC
Job title: Head of Regulatory Strategy and Implementation

Describe what you do on a day to day basis in your job:
My role as Head of Regulatory Strategy and Implementation in Nordea Markets FICC requires a solid understanding of the fixed income market. On a daily basis I interact with senior management, sales and trading staff and customers to explain regulatory impacts on the market and on specific products.

Reasons for taking the course:
I decided to take the ICMA Fixed Income Certificate to fill any gaps in my current understanding of the market and to gain a deeper understanding of traded bonds and derivatives.

Benefits of taking this course:
Even though I had high expectations before attending the course, these were quickly surpassed and I enjoyed a fantastic learning experience. It was extremely beneficial to make new connections from all over the world who operate in the same market.




Yole Fréjacques-Menuet

Organisation: Banque de France
Job title: Portfolio Manager

Describe what you do on a day to day basis in your job:
As a portfolio manager in a central bank, I am responsible for defining and implementing the investment strategy for the reserves portfolios of which I am in charge, as well as the day-to-day portfolio trading. I am also in charge of monitoring financial market developments in order to provide feedback to colleagues and management on specific topics related to the markets I follow.

Reasons for taking the course:

After a few years in the dealing room, I wanted to complete my knowledge about the fixed income markets. I was specifically interested in having a broad knowledge of several topics, such as options and credit analysis, not directly linked to my day-to-day job, but which could offer me a better understanding of financial markets and financial products.

Benefits of taking this course:
I particularly appreciated that the programme placed strong emphasis on developing practical skills and always looked to underline the relationship between cash and derivatives. The combination of theory classes, followed by practical work based on the concepts that had just been studied, was an excellent way to understand and implement new acquisitions. Moreover, it was very interesting to work in such an international atmosphere and meet different people from various professional backgrounds.




Thomas Krabbe Jensen 

Organisation: Danmarks Nationalbank
Job title: Portfolio Manager

Describe what you do on a day to day basis in your job:
I'm part of a team managing the Danish Central Bank’s FX reserve.  My primary focus is on the short money market, but from time to time I take care of other parts of the reserve. In addition, I make ad hoc analysis of the financial markets and write the regular reporting and decision recommendations to the governors.

Reasons for taking the course:

I recently started working as a portfolio manager and the course is part of my training.  We chose the course because it covers the basics in fixed income and at the same time has a very practical approach.  A considerable part of the syllabus consists of examples and exercises and that makes the content very useful in my daily work. In addition, it gives course participants the opportunity to test oneself throughout the course.

Benefits of taking this course:
I got the opportunity to revisit some of the finance theory I learned at university, but in some of the practical areas the course was more thorough. As a result, my basic skills strengthened and I got a better understanding of the relationship between the different markets.






 

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