For Individuals
For Teams
  • CMSA program: 42 total courses, 15 required for exam eligibility
  • Self-paced & 100% online
  • Get full CMSA program, community, & more with a CFI membership
  • Get this program and CFI's full training catalog for your organization
  • Manage learning, create custom paths & measure progress
  • 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 1: Prep Courses Optional

To prepare for the program, take our 7 optional prep courses to learn or review the fundamentals.

Introduction to Capital Markets
4.9 (332 Ratings)
Level 1
2 hours
Math for Finance Professionals
5 (1,518 Ratings)
Level 2
3 hours
Economics for Capital Markets
4.9 (308 Ratings)
Level 2
3 hours
Foreign Exchange Fundamentals
4.8 (186 Ratings)
Level 1
2 hours
Excel Fundamentals - Formulas for Finance
4.8 (5,235 Ratings)
Level 2
3.5 hours
Refinitiv Workspace Fundamentals
4.9 (50 Ratings)
Level 1
1 hours
Excel Fundamentals - Quick Start Guide
5 (13 Ratings)
Level 1
3.5 hours
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
Equity Markets Fundamentals
4.9 (52 Ratings)
Level 3
4 hours
Derivatives Fundamentals
4.9 (157 Ratings)
Level 3
2.5 hours
Spot Foreign Exchange
4.8 (38 Ratings)
Level 2
2.5 hours
Commodities Fundamentals
4.8 (40 Ratings)
Level 3
3 hours
Hedge Fund Fundamentals
4.8 (28 Ratings)
Level 2
3.5 hours
Portfolio Management Fundamentals
4.8 (38 Ratings)
Level 1
1.5 hours
Professional Ethics
4.9 (4,988 Ratings)
Level 1
3 hours
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
Behavioral Finance
5 (49 Ratings)
Level 1
4 hours
Swaps Fundamentals
4.6 (11 Ratings)
Level 3
5.5 hours
Futures Pricing and Commodity Futures
4.9 (15 Ratings)
Level 3
3.5 hours
Equity, FX, and Rate Futures
4.8 (10 Ratings)
Level 3
2.5 hours
Advanced Futures & Forwards
4.5 (2 Ratings)
Level 4
3.5 hours
Applied Fixed Income
4.8 (8 Ratings)
Level 4
7 hours
Advanced Fixed Income
4.8 (9 Ratings)
Level 5
2.5 hours
High-Yield Bonds, Subordinated Debt, and Loans
4.9 (9 Ratings)
Level 3
4.5 hours
Convertible Bonds
4.7 (12 Ratings)
Level 4
3 hours
Short Duration Products
5 (8 Ratings)
Level 3
4.5 hours
Credit Fixed Income
4.7 (6 Ratings)
Level 3
3.5 hours
Repo (Repurchase Agreements)
4.7 (14 Ratings)
Level 3
3 hours
Securitized Products
4.8 (5 Ratings)
Level 4
3.5 hours
Prime Services and Securities Lending
5 (15 Ratings)
Level 2
1.5 hours
Origination Fundamentals - Debt Capital Markets Perspective
4.9 (8 Ratings)
Level 2
4 hours
Foreign Exchange - Deliverable Forwards
5 (2 Ratings)
Level 4
3.5 hours
Foreign Exchange - Non-Deliverable Forwards
Level 5
2 hours
Understanding Options
5 (22 Ratings)
Level 3
2 hours
Modeling Risk with Monte Carlo Simulation
5 (74 Ratings)
Level 4
4 hours
Syndicated Lending
5 (21 Ratings)
Level 3
3.5 hours
Commercial Mortgages
4.8 (18 Ratings)
Level 4
5 hours
Options Hedging and Trading Strategies
4.7 (3 Ratings)
Level 4
1.5 hours
Equity Trading Fundamentals (CFI X AmplifyME)
5 (18 Ratings)
Level 3
1 hours
Pricing Options and Option Sensitivities
5 (1 Ratings)
Level 5
3 hours
See All Elective Courses

Step 4: Case Study Challenges Optional

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
Deconstructing Options
Level 4
1 hours
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. You also have the option to order a physical certificate to be mailed to your door.

CFI Certificate CMSA

CMSA® Skill Categories & Learning Objectives

CMSA Piechart


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

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  • 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


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.

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

Badge CMSA
  • 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

See more

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!

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