The International Capital Market Association (ICMA) is offering 15 scholarships in 2024 to individuals from selected countries in Sub-Saharan Africa, Asia Pacific and Latin America who are unable to pursue a financial qualification due to their economic circumstances as part of ICMA's mission to raise standards and support inclusion in financial markets.

The scholarships will be available to young people who are interested in a career in finance from the following countries:

Sub-Saharan Africa: Ethiopia, Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zambia and Zimbabwe

Asia Pacific: Cambodia, India, Indonesia, Malaysia, Mongolia, Philippines, Thailand and Vietnam 

Latin America: Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Paraguay, Peru and Uruguay

ICMA supports efforts in the aforementioned countries to build capacity in capital market infrastructure and develop the local repo and sustainable bond markets in partnership with a number of development institutions such as IFC in Asia and Latin America,  Frontclear in Africa and Latin America and the Asian Development Bank in Asia.

The ICMA Scholarship Programme is delivered in partnership with the ICMA Centre, Henley Business School, University of Reading and provides an opportunity to study for one of the ICMA Diplomas, namely:

  • ICMA Diploma in Debt Capital Markets
  • ICMA Diploma Securities & Derivatives
  • ICMA Diploma in Financial Market Operations

These diplomas are internationally recognised qualifications taught by experienced market professionals which can kick-start a career in financial markets. Since launching the programme in 2021, 95 individuals from over 20 countries have been awarded the scholarship.

All scholarship courses are studied online over 12 months in a mix of self-study and virtual classroom formats, some of which include online exams. The ICMA Scholarship Programme will fully cover the course and examination fees for the relevant Diploma.

A good level of education (but not necessarily a university degree), interest in financial markets and proficiency in English are necessary application criteria. Candidates may be in full-time education, working in finance already or looking to move into it.

We would like to encourage ICMA members and academic institutions to share this information with students who may wish to apply.

Eligibility criteria:

  1. Open to all citizens of:
    • Sub-Saharan Africa: Ethiopia, Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zambia and Zimbabwe
    • Asia Pacific: Cambodia, India, Indonesia, Malaysia, Mongolia, Philippines, Thailand and Vietnam
    • Latin America: Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Paraguay, Peru and Uruguay
  2. Candidates must be between 19 and 30 years old at time of application;
  3. Good level of education (not necessarily a university degree).

 To start the process potential students must submit ALL of the following:

  1. Complete Application Form, including which diploma you are applying for - please download the application form here.
  2. 500-word statement explaining your background, why you should qualify for a scholarship and how your chosen diploma will support your career plans
  3. Curriculum Vitae including your nationality AND country of residence, plus full contact details
  4. Academic records and evidence of educational attainment
  5. Two reference letters including contact details of the persons providing them

ICMA will be unable to consider applications that do not provide ALL requirements listed above.

Please take time to carefully read the eligibility criteria and required documentation before submitting your application. Kindly ensure that you send all requested documents in a single email, otherwise your submission will be rejected.

Due to the high volume of applications, we will not be able to reply to or consider any submissions which are incomplete.

Applications must be submitted to

The deadline for submissions for the 2024 intake is 14 January 2024.

About the selection process:

  • Candidates must meet the eligibility criteria;
  • A panel of ICMA staff will shortlist and make the final selection;
  • Selection is based on a number of factors, including academic merit, evidence of interest in financial markets, financial need, among others.

Scholarship outcomes:

  • Scholarship selection will take place in the last two weeks of January 2024 and shortlisted candidates may be called in for a further interview (to be conducted virtually);
  • Announcements of successful recipients will be made by 2 February 2024. If you have not heard from us by this date, then please assume that you have not been selected. We will be unable to contact unsuccessful applicants individually or provide feedback

Successful recipients must complete the programme within 12 months of commencing their first course. In addition, candidates must pass the exams for the foundation and advanced courses in order to move forward with the programme, failure to do so will invalidate the scholarship. ICMA will only cover exam fees once for each level.


View the list of recipents of the 2023 scholarship programme.

View the list of recipents of the 2022 scholarship programme.

View the list of recipients of the 2021 scholarship programme.

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 8375 6613
25 rue du Quatre Septembre
75002 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 (general enquiries) (education enquiries) (sustainable finance)
Copyright © 2023 International Capital Market Association.