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Fixed Income Certificate (FIC)
(formerly known as the IFID)

Course background

ICMA Executive Education is pleased to announce the launch of the new Fixed Income Certificate. Formerly known as the IFID, the programme has been an essential qualification for market professionals for nearly 40 years, placing emphasis on developing practical skills for trading, investment and risk management. The course will build upon a candidates existing knowledge of the fixed income market to give them the skills to compete in the global marketplace.

As part of our commitment to providing the most relevant and essential training to the industry, ICMA Executive Education has updated the programme content to address the challenges facing today's fixed income and derivative professionals.

In addition to our highly popular classroom-based course, the FIC is available via our new online learning platform, giving candidates total flexibility in where and when they study.

The FIC syllabus is organised around three key topic areas, broken down into multiple sub-topics, and concludes with the FIC course exam:-
  • Trading the Yield Curve with Cash Market Securities
  • Interest Rate Derivatives
  • Credit Trading
By completing the programme you will:
  • Develop a broader knowledge of fixed income markets and a range of credit products, which may be outside the scope of your current job
  • 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 markets
  • 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 derivatives markets
  • Be part of a network of fixed income professionals around the world
This is a demanding and examined course aimed at developing a broad and in-depth knowledge of the key fixed income instruments and markets. Throughout the course, 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.

The Fixed Income Certificate is available in both a classroom based and online format, giving candidates the choice of their preferred method of study.

Both formats entitle candidates to access the FIC Online Campus for course preparation. Candidates who choose to study via the online programme will receive ongoing support, including regular web based review sessions with an expert online tutor and the ability to discuss course topics with fellow candidates.

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. The course is open to ICMA Members and non-members.

Delegates who have enrolled in the programme do so in order to complete their knowledge about the fixed income markets. Throughout the course, there are many exercises which test and assess candidates’ knowledge, examining scenarios which they will face in their day-to-day business activities.

Programme Recognition

The FIC is included on the UK’s Financial Skills Partnership (FSP) qualifications list for ‘Advising on securities in the wholesale market place’ and ‘Advising on derivatives in the wholesale market place’.

FIC candidates also qualify for 30 credit hours under the guidelines of the CFA Institute’s Continuing Education Programme.”

ICMA, in association with the Treasury Markets Association (TMA) of Hong Kong, has announced that any holders of either the Fixed Income Certificate (FIC) can apply to be a TMA Associate Member, provided that they have passed the examination on the Code of Conduct and Practice of the TMA (Elementary Level). The TMA ‘Associate Member’ status is part of the Primary Qualification Framework (PQF) in Hong Kong.

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ICMA Executive Education