To prepare for the program, take our 7 optional prep courses to learn or review the fundamentals.
For Individuals
For Teams
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CMSA program: 42 total courses, 15 required for exam eligibility -
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Self-paced & 100% online -
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Get full CMSA program, community, & more with a CFI membership
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Get this program and CFI's full training catalog for your organization -
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Manage learning, create custom paths & measure progress -
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For teams of 2 or more learners
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 2: Core Courses
Complete 8 core courses to build a strong foundation in capital markets and securities.
Step 3: Elective Courses
Choose a minimum of 7 electives (out of 25 available) to master more advanced topics and specialized lending concepts.
Step 4: Case Study Challenges Optional
These case study challenges allow you to apply your knowledge and skills by solving real-world problems.
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. You also have the option to order a physical certificate to be mailed to your door.
CMSA® Skill Categories & Learning Objectives
Derivatives
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Understand how derivatives work
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Value and price derivatives
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Manage the risk of financial derivatives
Fixed Income
See DetailsAnalytical Methodologies
See DetailsForeign Exchange
See DetailsCommodities
See DetailsEquity
See DetailsTaught 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
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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!
