Fixed Income Certificate (FIC)

The Fixed Income Certificate (FIC) has been an essential qualification for market professionals for nearly 40 years. 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. All exam based courses are accredited and certificates awarded by Henley Business School, University of Reading.

The 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. With its emphasis on developing practical skills for trading, investment and risk management, the course 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 weeks teaching, which is intended as an intensive review of the course material.

This course is provided through a partnership between ICE Education and the International Capital Markets Association (ICMA) Executive Education. FIC candidates also qualify for 30 credit hours under the guidelines of the CFA Institute's Continuing Education Programme.

Course Information

Price £4300.0 + VAT
Duration 5 days
Location London
Available Dates

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, although background reading will be provided prior to the start date:

  • Fundamental Numerical Skills
  • Overview of Financial Markets and Participants
  • The Main Fixed Income Securities

Booking Information

Tel: +44 (0) 20 7065 7706

Course Content

The current programme covers the following subjects:

1. Trading the Yield Curve with Cash Market Securities

  • Fixed income securities & interest rates
  • Monetary policy & the yield curve
  • Interest rate risk
  • Trading views on the yield curve with cash instruments
  • Financial fixed income trades
  • Bonds with embedded options
  • Inflation-indexed bonds
  • Sovereign credit risk & sovereign ratings
  • Fixed income market practice & regulation

2. Interest Rate Derivatives

  • Short-term interest rate (STIR) futures
  • Bond futures
  • Interest rate swaps & swap futures
  • Interest rate options
  • Inflation derivatives
  • Counterparty risk in derivatives
  • Derivative market practice & regulation

3. Credit Trading

  • Credit risk & credit spreads
  • Default probability & expected recovery
  • Credit analysis & credit ratings
  • Securitisation
  • Credit default swaps & credit default swaptions
  • Credit trading & hedging with single name CDS
  • Credit trading with index CDS
  • Credit trading with CDS index tranches
  • 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.