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ICMA Fixed Income Certificate (FIC)
 
Download brochure The ICMA Fixed Income Certificate (FIC) has been an essential qualification for market professionals for nearly 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.

Candidates are given access to the FIC online campus in advance of attending the classroom sessions to help them to prepare for the week’s teaching, which is intended as an intensive review of the course material.


By completing the programme you will:
  • Develop a broad knowledge of fixed income markets and a range of 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
This qualification is also available to study online.


Programme Recognition

Candidates who are successful in gaining the ICMA Fixed Income Certificate qualify for 30 credit hours under the guidelines of the CFA Institute’s Continuing Education Programme.



The FIC is also 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’.


Speakers on the classroom-based programme include:

David Oakes
David trained as an economist at the London School of Economics and was lecturer in finance at the University of Exeter and Warwick Business School before joining the ICMA Centre at the University of Reading as Director of Academic and Executive Education in 1998. He co-ordinated ICMA Executive Education programmes from 1994-2004. David left the Centre in 2004 to set up Dauphin Financial Training Limited, which specialises in advanced financial markets training to investment banks in New York.

Gail Rolland
Gail has 30 years’ experience in the financial markets. Working initially in trading and sales for major international banks in London and New York, Gail subsequently started her own financial markets training and consultancy firm. Gail has broad market experience on a global level, but a particular expertise in fixed income and market infrastructure. Gail is the author of Market Players: A Guide to Institutions in the Financial Markets. She has worked with ICMA since the 1990s and is also the online tutor for the Fixed Income Certificate.


Test your knowledge

Unsure if this is the right course for you? Click here to take a short sample exam.
Download brochureThe classroom based version of the qualification is delivered as a five day programme in locations across Europe.

The FIC is unique in that candidates have a total of six months’ study time. This allows candidates sufficient time to work thorough and absorb the challenging material, giving them the best possible chance of gaining this industry recognised qualification.

Candidates are given access to the FIC online campus in advance to help them to prepare for the classroom based teaching, which is intended as an intensive review of the course material.*

We must stress that candidates are expected to read through the course material online prior to attending the programme due to the level of content it contains.

In addition to the training manuals, the online campus also contains a series of sample exam questions and videos from the course speakers, aimed at highlighting the key learning points of each section and allowing candidates to benchmark their progress.


Syllabus

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:

1. Trading the Yield Curve with Cash Market Securities

1.1 Fixed income securities & interest rates
1.2 Monetary policy & the yield curve
1.3 Interest rate risk
1.4 Trading views on the yield curve with cash instruments
1.5 Financial fixed income trades
1.6 Bonds with embedded options
1.7 Inflation-indexed bonds
1.8 Sovereign credit risk & sovereign ratings
1.9 Fixed income market practice & regulation

2. Interest Rate Derivatives
2.1 Short-term interest rate (STIR) futures
2.2 Bond futures
2.3 Interest rate swaps & swap futures
2.4 Interest rate options
2.5 Inflation derivatives
2.6 Counterparty risk in derivatives
2.7 Derivative market practice & regulation

3. Credit Trading
3.1 Credit risk & credit spreads3.2 Default probability & expected recovery
3.3 Credit analysis & credit ratings
3.4 Securitisation
3.5 Credit default swaps & credit default swaptions
3.6 Credit trading & hedging with single name CDS
3.7 Credit trading with index CDS
3.8 Credit trading with CDS index tranches
3.9 CDS pricing & revaluation

The final examination takes place on the final day of the course**, consisting of a 75 question multiple choice paper. Candidates have three hours to complete the exam and are required to answer a minimum of 45 questions, or 60%, correctly in order to pass.

*From the moment candidates are given access to the FIC online campus their six-month study period begins.

**Candidates who are still within their six month registration period at the time of taking the course have the option to defer taking the exam and instead take it remotely at a local Prometric testing centre. There is no extra charge for this.
Details of the Next Seminars:



Barcelona

24-28 October 2016

  
Venue:

Novotel Barcelona City
Avenida Diagonal 201
08010 Barcelona
Spain



LondonICE Education

TBC

ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA
United Kingdom

Based at ICE Education London offices: IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets.




Cost

£3,000.00 for Members and £3,900.00 for non-members

The FIC is non-residential learning programme, so candidates are responsible for arranging their own travel and accommodation.

The course fee includes all lunches, coffee breaks and training materials. There is a welcome reception on the Monday evening for the Barcelona course only, that starts at 18:00 local time.

Course materials will be provided to candidates in electronic format prior to the start of programme. Please ensure that you have access to this document during the course by either printing off a copy or by downloading it on your laptop, iPad or tablet.

Payment can be made by secure online credit card or by invoice.


Terms and conditions

Please click here to view our terms and conditions before registering.


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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