- Certification Overview
- How It Works
- Career Paths
- Testimonials
- FAQ
CMSA® at a Glance
CFI’s Capital Markets & Securities Analyst (CMSA®) Certification Program will teach you the essential skills for successful careers in both the buy-side and sell-side of the capital markets. A deep understanding of financial instruments, securities, markets, and analytical methodologies is crucial for making informed investment decisions, managing risk, and optimizing returns in a complex global investment landscape.
The CMSA® program's self-paced, interactive lessons cover various asset classes, including fixed income, foreign exchange, commodities, equities, and derivatives, and the extensive curriculum emphasizes real-world applications, preparing learners for roles in Sales and Trading, Asset Management, Treasury, Research, Wealth Management, Risk Management, and Origination. Elevate your career with the CMSA® Certification, designed to navigate and thrive in the evolving landscape of global capital markets.
Program Overview
42 courses
Consisting of 2220+ lessons
250+ interactive exercises
Learn by doing with guided simulations
Blockchain certificate
To verify your skills
500,000+ 5-star ratings
Best-in-class training, as rated by you
The CMSA® program has upskilled teams at:
How the CMSA® Program Works*
Step 1: Prep CoursesOptional
To prepare for the program, take our 7 optional prep courses to learn or review the fundamentals.
Introduction to Capital Markets
4.9(336 Ratings)
Level 1
2 hours
Preview
Math for Finance Professionals
5(1,522 Ratings)
Level 2
3 hours
Preview
Economics for Capital Markets
4.9(312 Ratings)
Level 2
3 hours
Preview
Foreign Exchange Fundamentals
4.8(185 Ratings)
Level 1
2 hours
Preview
Excel Fundamentals - Formulas for Finance
4.9(5,248 Ratings)
Level 2
3.5 hours
Preview
Refinitiv Workspace Fundamentals
4.9(51 Ratings)
Level 1
1 hours
Preview
Excel Fundamentals - Quick Start Guide
5(17 Ratings)
Level 1
3.5 hours
Preview
See All Prep Courses
Step 2: Core Courses
Complete 8 core courses to build a strong foundation in capital markets and securities.
Fixed Income Fundamentals
4.8(104 Ratings)
Level 3
3.5 hours
Preview
Equity Markets Fundamentals
4.9(52 Ratings)
Level 3
4 hours
Preview
Derivatives Fundamentals
4.9(159 Ratings)
Level 3
2.5 hours
Preview
Spot Foreign Exchange
Preview
Commodities Fundamentals
4.8(40 Ratings)
Level 3
3 hours
Preview
Hedge Fund Fundamentals
4.8(29 Ratings)
Level 2
3.5 hours
Preview
Portfolio Management Fundamentals
4.8(38 Ratings)
Level 1
1.5 hours
Preview
Professional Ethics
4.9(4,991 Ratings)
Level 1
3 hours
Preview
Hide All Core Courses
Step 3: Elective Courses
Choose a minimum of 7 electives (out of 25 available) to master more advanced topics and specialized lending concepts.
Trading Using Technical Analysis
4.9(31 Ratings)
Level 2
4 hours
Preview
Behavioral Finance
5(50 Ratings)
Level 1
4 hours
Preview
Swaps Fundamentals
4.6(11 Ratings)
Level 3
5.5 hours
Preview
Futures Pricing and Commodity Futures
4.8(16 Ratings)
Level 3
3.5 hours
Preview
Equity, FX, and Rate Futures
4.8(11 Ratings)
Level 3
2.5 hours
Preview
Advanced Futures & Forwards
4.5(2 Ratings)
Level 4
3.5 hours
Preview
Applied Fixed Income
4.8(8 Ratings)
Level 4
7 hours
Preview
Advanced Fixed Income
4.8(9 Ratings)
Level 5
2.5 hours
Preview
High-Yield Bonds, Subordinated Debt, and Loans
4.9(9 Ratings)
Level 3
4.5 hours
Preview
Convertible Bonds
4.7(12 Ratings)
Level 4
3 hours
Preview
Short Duration Products
5(8 Ratings)
Level 3
4.5 hours
Preview
Credit Fixed Income
4.7(6 Ratings)
Level 3
3.5 hours
Preview
Repo (Repurchase Agreements)
Preview
Securitized Products
4.8(5 Ratings)
Level 4
3.5 hours
Preview
Prime Services and Securities Lending
5(16 Ratings)
Level 2
1.5 hours
Preview
Origination Fundamentals - Debt Capital Markets Perspective
4.9(8 Ratings)
Level 2
4 hours
Preview
Foreign Exchange - Deliverable Forwards
5(2 Ratings)
Level 4
3.5 hours
Preview
Foreign Exchange - Non-Deliverable Forwards
Level 5
2 hours
Preview
Understanding Options
5(24 Ratings)
Level 3
2 hours
Preview
Modeling Risk with Monte Carlo Simulation
5(74 Ratings)
Level 4
4 hours
Preview
Syndicated Lending
5(21 Ratings)
Level 3
3.5 hours
Preview
Commercial Mortgages
4.8(19 Ratings)
Level 4
5 hours
Preview
Options Hedging and Trading Strategies
4.7(3 Ratings)
Level 4
1.5 hours
Preview
Equity Trading Fundamentals (CFI X AmplifyME)
5(18 Ratings)
Level 3
1 hours
Preview
Pricing Options and Option Sensitivities
5(1 Ratings)
Level 5
3 hours
Preview
See All Elective Courses
Step 4: Case Study ChallengesOptional
These case study challenges allow you to apply your knowledge and skills by solving real-world problems.
Applied Technical Analysis for Equity Markets
4.9(17 Ratings)
Level 3
2 hours
Preview
Deconstructing Options
5(1 Ratings)
Level 4
1 hours
Preview
See All Case Study Challenges
Step 5: Final Exam
After completing the required courses, take the CMSA® final exam (with a minimum passing grade of 70%) to earn your program certification.
Step 6: Get CMSA® Certified
Congratulations! Upon completion of the program, you will receive a block-chain digital certificate with your new credentials.
CMSA® Skill Categories & Learning Objectives
Derivatives
Hide Details
Understand how derivatives work
Value and price derivatives
Manage the risk of financial derivatives
Fixed Income
See Details
Explain the basic concepts of fixed income
Compare different sub-classes of fixed income, including bonds, swaps, securitized products and credit
Explain the investors, originators and intermediaries involved in the fixed income markets
Identify risks and trade fixed income securities
Analytical Methodologies
See Details
Analyze securities, markets and players using proven frameworks
Apply the analytical methodologies when making investment decisions
Use these analytical methodologies in trading simulations
Foreign Exchange
See Details
Discuss the foundations of FX spot, forwards, swaps and options
Explain the various foreign exchange markets
Employ various market strategies to enhance market returns and reduce market risks
Commodities
See Details
Define commodities and their key features
Identify the major commodity categories
Discuss the drivers of the commodities in different categories
Undertake commodity trading strategies using futures and options
Equity
See Details
Explain how cash equities work
Apply the fundamentals to equity derivative products and structures
Trade and risk manage institutional equities
Taught by Industry Experts
Andrew Loo
Andrew is VP, Capital Markets at CFI. Prior to joining CFI in 2019, Andrew retired in 2017 as Managing Director at Nomura Securities in Hong Kong, where he managed the fixed income sales efforts to Central Banks and Sovereign Wealth Funds in the region.
Scott Powell
Scott is the Co-Founder and Chief Content Officer of CFI. Over the past 30 years, he has focused on designing and delivering learning solutions for clients in the financial services sector, particularly in the areas of commercial banking, investment banking, capital markets, and asset management.
Tim Vipond
Tim is the Chair of the Board of CFI Education with an extensive background in entrepreneurship, financial analysis, and investment banking.
Guy O’Loughnane
Guy is an experienced FX market practitioner with a long career trading in financial centres globally, including London, Zurich, Tokyo, Singapore and Hong Kong. He started his career with UBS in 1994, trading FX forwards before moving to Credit-Agricole-Indosuez and specializing in Japanese Yen forwards.
Meeyeon Park
Meeyeon is currently the VP of Financial Planning and Wealth Management at CFI. She brings a wealth of experience in portfolio management, investment banking, and general corporate finance to her role at CFI, enabling her to share real-world insights in her teaching.
Paul North
Skilled in derivatives and capital markets, including post trade clearing and settlement, Paul North has over 32 years of experience working and teaching in the financial markets and derivatives industry.
Careers in Capital Markets & Securities
Asset Management
Professional investment and portfolio management for institutional clients, such as pension funds, life insurance companies and mutual funds.
Wealth Management
Advising high net worth individuals and families on investments and planning.
Risk Management
Identify, analyze, develop and communicate a framework of risk processes for an organization.
Origination
Sell-side roles advising organizations on their debt and equity options.
Research
Both sell-side and buy-side roles providing bottom-up research coverage on companies as well as top-down macro strategy and economic research.
Treasury
Forecasting and managing the working capital for corporations, as well as creating strategies to mitigate the company's financial risk.
Sales and Trading
Institutional sales, market-making and risk-taking of Fixed Income, Equities, FX, Commodities and Financial Derivatives products.
What Our Students Say
After 6 months of studying, 19 courses, and over 900 lessons, I have finally completed Corporate Finance Institute® (CFI)’s Certification Program. I would definitely recommend it to anyone that is looking to get a deeper insight into Valuation, Modeling.
Ihor Kukhar
Today marks a very important milestone in my educational journey. I have been looking for a way to get into Finance but hadn’t been able to identify a credential that would do the job without interrupting my work schedule.
Stephen Moerane
Great Program that gives deep insight/refreshment. One of the Best Investments you can make for your career.
Mohamed Alharbi
I would like to express my appreciation for CFI’s well-structured and practical online course content! Using common management and business concepts, it delivers so much in terms of practical learning outcomes that can be applied straight away. I will be completing the remaining courses and will continue to be a part of CFI for my career enhancement!
Samuel John, Financial Controller
Frequently Asked Questions
How long do I have to complete the course?
Take as much time as you need. You will have access to all courses and all future upgrades in your subscription. You can review the video lessons as many times as you like and complete the courses at a pace that is most convenient for you.
Are CFI courses verified?
CFI is accredited by the Better Business Bureau® (BBB) to maintain training standards, and by the CPA Institutions in Canada, and the National Association of State Boards of Accountancy (NASBA) in the US for CPE credits. You can find more information here.
Are there additional fees or costs?
None! The program tuition includes everything and there are no additional fees required to earn your digital certification.
What currency are your courses priced in?
All of our online courses and programs are priced in USD.
How do I earn my certificates?
You need to complete all the video lessons, quizzes, and final assessments in each course to earn your course certificates. The certificate will then be available on your learner dashboard and also emailed to you as soon as you have completed all of the requirements.
How are the exams conducted?
Learners are required to complete an online assessment (MCQ’s, Fill-in-the-Blanks, and Excel Questions) at the end of each course. You can take the exams at your own schedule and will need to earn at least 80% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need. Learners are also required to complete the CMSA® final exam to earn their certification.
See here for more details on the CMSA® final exam
Can I email the instructor if I have questions?
While the courses are designed mainly for self-study, we are happy to provide email assistance for general or technical support inquiries. The Full Immersion bundles include a premium email support function which allows you to communicate directly with in-house experts in the area of study you are focusing on. This is one of the key features that sets the Full Immersion bundle apart and makes it a worthwhile upgrade over the more affordable self-study bundle.
Will these courses help me advanced my career?
Reviews from learners who have taken CFI courses and the CMSA® certification program include numerous stories about how people have been able to advance their careers. There is a proven track record of CFI graduates marking successful transitions into the careers of their dreams and this is based largely on the resources that we make available to our learners upon enrolment. Our training is designed to be fully practical and simulates the experience of being trained as a professional financial analyst. Additionally, we offer a wealth of information through our free career resources. The unique blend of all these elements is what sets us apart from other e-learning platforms when it comes to giving you all the tools you need to create a successful career in finance.
More questions?
You can view more detailed information through our Help Center or simply Email Us and we’ll be happy to answer any of your questions!