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Become a Capital Markets &
Securities Analyst (CMSA)®

Acquire the knowledge and skills to succeed in the capital markets from experienced market professionals
  • Hands-on learning to prepare you for a career on the buy-side and sell-side
  • Learn the tools and techniques used by professionals on Wall Street
  • Specialized courses covering fixed income, equities, FX, commodities and derivatives

CMSA® at a Glance

CFI’s Capital Markets Securities Analyst (CMSA) Certification Program is designed for learners who want to have a successful career in the Capital Markets.

Our certification courses in capital markets will teach you the knowledge, techniques, and tools that leading Wall Street investment banks look for. Whether you are looking for a job on the buy-side or sell-side, fixed income, foreign exchange, commodities, equities, or derivatives, there is a bespoke course map to help you gain an edge.

Our self-paced, immersive, and interactive courses will give you the inside track if you want to begin your career or move ahead in the Capital Markets

Program Overview

29 courses

Consisting of over 1390+ lessons

220+ interactive exercises

Learn by doing with guided simulations

Expert instructors

Learn from the very best

New courses monthly

On need-to-know subject matter

Blockchain certificate

To verify your skills

500,000+ 5 star ratings

Best-in-class training, as rated by you

How the CMSA® Program Works*

Step 1: Prep Courses Optional

To prepare for the program, take our 5 optional prep courses to learn or review the fundamentals.

Introduction to Capital Markets
Level 1
2 hours
Preview Course
Math Fundamentals for Capital Markets
Level 2
1 hours
Preview Course
Economics for Capital Markets
Level 2
3 hours
Preview Course
Foreign Exchange Fundamentals
Level 1
2 hours
Preview Course
Refinitiv Workspace Fundamentals
Level 1
1 hours
Preview Course
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
Level 3
3.5 hours
Preview Course
Equity Markets Fundamentals
Level 3
4 hours
Preview Course
Derivatives Fundamentals
Level 3
2.5 hours
Preview Course
Spot Foreign Exchange
Level 2
4.5 hours
Preview Course
Commodities Fundamentals
Level 2
3 hours
Preview Course
Portfolio Management Fundamentals
Level 1
1.5 hours
Preview Course
Hedge Fund Fundamentals
Level 2
3.5 hours
Preview Course
Professional Ethics
Level 1
3 hours
Preview Course
See All Core Courses

Step 3: Elective Courses

Choose a minimum of 7 electives (out of 16 available) to explore more advanced topics and specialized subjects.

Trading Using Technical Analysis
Level 2
4 hours
Preview Course
Behavioral Finance
Level 1
3 hours
Preview Course
Option Mechanics and Trading Strategies
Level 4
5 hours
Preview Course
Swaps Fundamentals
Level 4
5.5 hours
Preview Course
Futures Pricing and Commodity Futures
Level 3
3.5 hours
Preview Course
Equity, FX, and Rate Futures
Level 3
2.5 hours
Preview Course
Applied Fixed Income
Level 4
7 hours
Preview Course
Advanced Fixed Income
Level 5
3 hours
Preview Course
High-Yield Bonds, Subordinated Debt, and Loans
Level 3
4.5 hours
Preview Course
Convertible Bonds
Level 4
3 hours
Preview Course
Short Duration Products
Level 3
4.5 hours
Preview Course
Credit Fixed Income
Level 3
3.5 hours
Preview Course
Repo (Repurchase Agreements)
Level 3
3 hours
Preview Course
Securitized Products Part 1
Level 4
3.5 hours
Preview Course
Prime Services and Securities Lending
Level 2
1.5 hours
Preview Course
Advanced Futures & Forwards
Level 4
4 hours
Preview Course
See All Elective Courses

Step 4: Guided Case Studies Optional

Put learning into practice by working through our database of guided case studies.

Applied Technical Analysis for Equity Markets
Level 3
2 hours
Preview Course
See All Case Studies

Step 4: 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 5: Get CMSA® Certified

Congratulations! Upon completion of the program, you will receive a block-chain digital certificate with your new credentials. You also have the option to order a physical certificate to be mailed to your door.

CMSA® Skill Categories & Learning Objectives

Derivatives

See 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

  • 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. Prior to joining Nomura in 2011, he was the Head of Sales for Fixed Income, Commodity and Currencies for UBS AG in Hong Kong.
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. Some of the organizations Scott has worked with over his career include ATB Financial, Bank of America Merrill Lynch, BCI, Credit Suisse, Coast Capital Savings, Deutsche Bank, Glenview Capital, HSBC, ING, Intact Insurance, JP Morgan, Royal Bank of Scotland, TD and many others.
Tim Vipond
Tim is the Chair of the Board of CFI Education with an extensive background in entrepreneurship, financial analysis and investment banking. Since 2005, Tim has been an active participant in capital markets across a wide range of industries and transactions including mergers, acquisitions, divestitures, and capital raising totalling more than $3 billion in value.
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. He finished his career at Standard Chartered Bank in Hong Kong and Shanghai, where he was responsible for the Onshore FX Desk and Chinese Yuan Non-Deliverable Forwards trading. Guy has since retired from the markets in 2010 to and pursued further academic challenges.
Meeyeon Park
Meeyeon is currently the Manager of the Capital Markets and Securities Analysis program at CFI. Diversity is her specialty, as she brings previous experience in portfolio management, investment banking, as well as general corporate finance in industry to CFI. Her area of focus is designing and creating engaging content that will not only empower anyone and everyone curious about careers in capital markets, but also allow them to have fun along the way.
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. Paul was previously Head of Education at the London International Financial Futures and Options Exchange (LIFFE). He has extensive international experience training delegates from most of the world’s leading investment banks, funds, regulators, exchanges, commodity trading houses and central counterparties.

The CMSA® program has upskilled teams at:

Explore Your Career Options With The CMSA®

Sales and Trading

Institutional sales, market-making and risk-taking of Fixed Income, Equities, FX, Commodities and Financial Derivatives products.

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.

Treasury

Forecasting and managing the working capital for corporations, as well as creating strategies to mitigate the company's financial risk.

Risk Management

Identify, analyze, develop and communicate a framework of risk processes for an organization.

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.

Origination

Sell-side roles advising organizations on their debt and equity options.

Trust Our CFI Certified Alumni on LinkedIn

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Ihor Kukhar
Financial Modeling and...
Hey folks, 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,...
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Stephen Moerane
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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. Thank...
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German Rivera Per...
Corporate Finance Chief
After almost six months of courses, finally I have achieved the #FMVA ( Financial Modeling and Valuation Analyst) Certificate from Corporate Finance Institute® (CFI) . I want to thank Tim Vipond, FMVA® Scott Powell and all people from Corporate Finance...
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Muhammad Heryanto...
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I'm very grateful to finally earn my FMVA certification, after several months finishing up every module one-by-one.. Special thanks to Tim Vipond, FMVA®, Scott Powell, Jorge Marques, FMVA®, Lonny Coulombe, Antoine Bishara and all CFI team for such a great...
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The Complete CMSA® Program is Included in your CFI Subscription

Self-Study
$497 / year
Full-Immersion
$847 / year
Your Learning Experience
All 29 CMSA® courses
CMSA® Certification
Financial Models & Templates Library
Quizzes, Assignments, and Tests
Excel, PPT, and PDF Files
Digital Blockchain Verified Certificate
Bonus Materials
Macabacus Access
Capital IQ Access
Refinitiv Workspace Access
PitchBook Access
Vertical IQ Access
Premium Email Support
Model Review & Feedback
Additional Case Studies
Resume & Cover Letter Review
A FREE Modeling Competition Entry
Self-Study
$497 / year
Enroll Now
Full-Immersion
$847 / year
Enroll Now

Looking for team solutions? Train and improve with CFI.

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 student dashboard and also emailed to you as soon as you have completed all of the requirements.
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 students 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 students 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 for CMSA® or simply Email Us and we'll be happy to answer any of your questions!

Become a Certified Capital Markets & Securities Analyst

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