Financial Markets Foundation Course

1. Financial Markets
Foundation Course (FMFC)
I C M A E X E C U T I V E E D U C AT I O N

2. Course Overview
The Financial Markets Foundation Course (FMFC) is a first level (introductory) qualification intended for anyone
entering into a career in the financial markets. It does not assume any prior study or work experience other than
a general knowledge of mathematics such as basic algebra and statistics. For those without that quantitative
background, pre-course reading with a further bibliography is provided to allow candidates to acquire that
knowledge directly.
The programme is intended to provide ‘breadth of knowledge’ to make it relevant to people pursuing careers in
the front office, middle office and operations areas. Although not a formal pre-requisite for any other ICMA course,
it would provide useful background study for those taking further ICMA intermediate courses, in particular the
International Fixed Income and Derivatives (IFID) Certificate programme.
The Certificate places an even emphasis on introducing and explaining the key concepts of each subject area
and then developing practical knowledge and skills of each area. This reflects the fact that it is both introductory,
requiring the introduction and explanation of key concepts, but also intended for market practitioners requiring
applied thinking.
Course Topics
The FMFC syllabus is organised around two broad subject areas with a final exam review to consolidate
the learning:
1. Overview of Financial Markets and Participants:
2. The Main Financial Securities
Financial intermediation
Money markets
Real assets, commodities and foreign exchange
Bond markets
Securities and markets
Credit markets
Securities operations management
Equity markets
Financial Derivatives
3. Review and Exam
Review
Examination (2 hours)
“The course was extremely relevant and helped provide a beneficial overview of the functions connected
to my compliance role.”
Sarah Bennett, Compliance Officer, Morgan Stanley

3. Course Content and Format
The FMFC syllabus is organised around the two broad subject areas noted before,
Target Audience
together with case studies, exercises and a final examination review to consolidate
The FMFC is intended to be relevant to a wide range of job functions and areas;
the learning:
anyone who would benefit from an understanding of markets, participants and
1. Overview of Financial Markets and Participants: explore the nature of savings
products – and how they all come together.
and flow of funds in an economy, the principal participants and their motivations.
2. The Main Financial Securities: the focus here is on understanding the
principal asset classes and basic valuation models.
3. Exam Review: the final session is a 90 minute review of the first nine sessions
Candidates will come from organisations involved in both the sell-side and buy-side
of the industry plus insurance, accounting, IT firms supporting the industry and the
financial press.
The course is open to ICMA members and non-members.
to prepare candidates for the exam in the afternoon. There will also be a brief
discussion on how the topics relate to current market events.
“Great overview of financial markets for someone from a non-banking environment.
Very practical knowledge gained, I recommend it!”
Ira Focke, Life-insurance project manager, AXA Group

4. Programme Director & Speakers
Gail Rolland: has ten years of fixed income experience in London and New York
in the areas of sales and trading and new product structuring. Since the mid1990s she has worked with ICMA Executive Education in addition to running
her own financial markets training firm and has particular expertise in advising
the insurance industry on capital market investment strategies. Gail is also the
online tutor for the IFID Certificate Programme.
“With an easy to follow tutor, the course was useful in improving my comprehension on how the economy
and political events affect the financial markets.”
Yvonne Kugelmeier, Organisation & Services, WestLB AG

5. Course Information and Registration
Further Information and Course Registration
Fees
To register please use our online registration system:
UK Course
The cost is GBP 1,875 for ICMA members and GBP 2,450 for non-members
www.icmacentre.ac.uk/exec_registration
with further discounts as follows:
For any questions about the course, please contact:
2 to 4 candidates – 5% discount each*
David Senior
5+ candidates – 10% discount each*
Business Development Director
*Please note that discounts are applied by way of a refund to the organisation when registration
Email: david.senior@icmagroup.org
has closed and the final number of candidates from the firm has been determined.
Tel: +44 (0)20 7213 0329
Payment can be made by secure online credit card or by invoice. Please note that
selecting the invoice method will add GBP 50 (administration fee) to the course price.
Continental Europe Course
The cost of the FMFC in continental Europe is EUR 1,875 for ICMA and IFBL
members and EUR 2,450 for non-members.
Please note that anyone who requires accommodation during the programme
must make their own arrangements; it is a class-based but non-residential course.
“The course was so relevant to my career in the capital markets. It provided me with the view of the financial
markets and opportunities in the financial world. It was a great experience....”
Hector L. Roy, Senior Research Analyst, Thomson Reuters

6. ICMA Executive Education
For many years ICMA Exective Education has made investment in executive
• Operations Certificate Programme (OCP)
education for the financial markets a priority. Its courses are administered and
• Primary Market Certificate (PMC)
overseen by the ICMA Centre at Henley Business School, University of Reading.
All are recognised as certificates of competence in the capital markets and are
Five Certificate Programmes are offered:
successfully completed by large numbers of international participants each year.
• Financial Markets Foundation Course (FMFC)
• Securities Operations Foundation Course (SOFC)
• International Fixed Income and Derivatives (IFID) Certificate
ICMA Centre
The ICMA Centre, University of Reading has an international reputation for providing
facilities including two dealing rooms. In 2008, ICMA enabled an expansion
quality teaching programmes tailored to the capital markets industry. Established in
to the building that now includes an additional 50 seat dealing room, 170 seat
1991 with funding provided by the International Capital Market Association (ICMA),
lecture theatre as well as new seminar rooms and a dedicated research area.
the Centre is housed in a purpose-built modernist building with state-of-the-art
The International Capital Market Association
The International Capital Market Association is the self-regulatory organisation
400 firms in total. ICMA performs a crucial central role in the market by providing
and trade association representing constituents and practitioners in the international
and enforcing a self-regulatory code of industry-driven rules and recommendations
capital market worldwide. ICMA’s members are located in 50 countries across the
which regulate issuance, trading and settlement in international fixed income and
globe, including all the world’s main financial centres, and currently number some
related instruments.
International Capital Market Association Limited
(ICMA Ltd)
23 College Hill
London EC4R 2RP
UK
ICMA Centre
Henley Business School
University of Reading
Whiteknights
Reading RG6 6BA, UK
Tel: :+41 (0)44 363 4222
Fax: +41 (0)44 363 7772
Email: education@icmagroup.org
www.icmagroup.org
Tel: +44 (0)20 7213 0310
Fax: +44 (0)20 7213 0311
Email: education@icmagroup.org
www.icmagroup.org
Tel: +44 (0)118 378 8239
Fax: +44 (0)118 931 4741
www.icmacentre.ac.uk
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International Capital Market Association
(ICMA)
Talacker 29
PO Box CH-8022 Zurich
Switzerland