Capital Markets & Securities Analyst (CMSA)®

Certification Program

CFI’s Capital Markets & Securities Analyst (CMSA)®

certification program covers the most critical
knowledge and skills required to become a world-class
capital markets analyst including equities, fixed income,
foreign exchange, commodities, and derivatives.

This program is designed to equip anyone who desires

to begin a career or advance their knowledge in
different areas of capital markets. Our courses cover
capital markets topics in basic, intermediate, and
advanced levels so students can choose their own
learning path based on their skill level and interest.

How It Works
Complete case studies with a focus
100% online; learn at your own pace
on practical use for Capital Markets

1 re uired courses
3 q Earn a minimum passing grade of
( core, electives
6 7 ) 80% in each course assessment

Common Career Paths

Sales & Trading
24 total courses (13 required)

Asset & Portfolio Management

Recommended study time of 100 - 150 hours

Wealth Management
Average completion time of 6 months

Buy-side and Sell-side Analysts

Course materials further supplemented with
real-world applications such as Bloomberg
Treasury
demonstrations

Risk Management
Topics are presented by experienced
instructors with market experience
Commercial Banking

Click to learn more at cfi.to/cmsa

 Capital Markets & Securities Analyst (CMSA)®
Certification Program

All Courses Curriculum Topics

Prep Courses (optional)





 1. Equities

Introduction to Capital Market 1. Equities 2. Fixed Income ●

Equity Securities

Math Fundamentals for Capital

Market
●

Sectors and Industries

Economics for Capital Market ●

Markets, Exchanges and Indexes

Bloomberg Essential
3. Foreign ●

Volume and Liquidity

Eikon Essential
Exchange
Foreign Exchange Essential ●

Funds

Order Mechanics

Core Courses (6 required)

4. Commodities
6. Analytical ●

Equities Fundamentals

Introduction to Equity Market Methodologies

Fixed Income Fundamental
●

Fundamental and Relative Valuation

Introduction to Foreign Exchang 5. Derivatives

●

Investment Styles and Strategies

Introduction to Commoditie
Introduction to Derivative
Professional Ethic 2. Fixed Income

3. Foreign Exchange

Electives (minimum of 7 ●

Bond basics
●

Foreign Exchange Fundamentals

required)
●

Risk Measures
●

Executing FX transactions

Trading Using Technical Analysi

Intermediate Options - Trading ●

Credit Fixed Income

●

FX Forwards

Strategie
●

High-Yield Bonds
●

FX Swaps

Intermediate Swap
Intermediate Futures & Forwards ●

Zeroes, Floaters and Linkers

●

Cross-Currency Swaps and FX options

Intermediate Fixed Incom

●

Money markets and Repos

●

Non-Deliverable Forwards

High-Yield Bonds, Subordinated

Debt and Loan ●

Convertible Bonds
●

FX Trading Strategies

Convertible Bonds
●

Asset-backed securities

Short Duration products

Introduction to Hedge Fund 5. Derivatives

Credit Fixed Incom

4. Commodities

Vanilla derivatives

Behavioral Financ
Advanced Fixed Income ●



Grains and oil seeds, soft ●

Exotic derivatives

commodities, livestock, energy and ●

Rates, FX and Credit swaps

metals

Equity derivatives

Commodity futures contract

Structured products

Commodity options contract

Options Trading Strategies

Cash and carry arbitrage

●
Intermarket spread, crush spread,
6. Analytical methodologies
crack spread, futures strip trade
●

Technical Analysis

Behaviour Finance

Trading Strategies

Economics for Capital Markets

●
Research fundamentals
Learn more at cfi.to/cmsa