Become a Capital Markets &
Securities Analyst (CMSA)®

Join over one million finance professionals who work for companies like Goldman Sachs, BlackRock, and UBS
  • Boost your knowledge and skills
  • Study online at your own pace
  • Get certified in just a few months

CMSA® at a Glance

Program Overview


Online learning

Learn at Your Own Pace

With videos, exercises and quizzes


To our course libary


Total courses (15 required)


Average CFI graduate salary


Downloadable templates

Taught by Industry Experts

Learn from the best

Receive a Certificate

To verify your financial skills

6 Months

Average completion time

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
Math Fundamentals for Capital Markets
Economics for Capital Markets
Foreign Exchange Essentials
Refinitiv Workspace Fundamentals
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
3.5 hours
Preview Course
Introduction to Equity Markets
Introduction to Derivatives
2.5 hours
Preview Course
Introduction to Foreign Exchange
4.5 hours
Preview Course
Introduction to Commodities
Introduction to Portfolio Management
1.5 hours
Preview Course
Introduction to Hedge Funds
3.5 hours
Preview Course
Professional Ethics
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
Behavioral Finance
Intermediate Options - Trading Strategies
Intermediate Swaps
5.5 hours
Preview Course
Intermediate Futures & Forwards (Part 1)
3.5 hours
Preview Course
Intermediate Futures & Forwards (Part 2)
2.5 hours
Preview Course
Intermediate Fixed Income
Advanced Fixed Income
High-Yield Bonds, Subordinated Debt, and Loans
4.5 hours
Preview Course
Convertible Bonds
Short Duration Products
4.5 hours
Preview Course
Credit Fixed Income
3.5 hours
Preview Course
Repo (Repurchase Agreements)
Securitized Products Part 1
3.5 hours
Preview Course
Prime Services and Securities Lending
1.5 hours
Preview Course
Advanced Futures & Forwards
See All Elective Courses

Step 4: 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


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

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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. 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 Co-Founder, Managing Director and Chief Creative Officer of CFI Education. Now based in Vancouver, Scott spent a significant portion of his career in London, New York and Hong Kong. Scott has a passion for teaching with over 25 years experience designing and delivering customized learning solutions for firms in the financial services industry including JP Morgan, Deutsche Bank, Bank of America Merrill Lynch, Credit Suisse, and HSBC, to a name but a few.
Tim Vipond
Tim is currently the CEO of CFI. Since 2005, he has been an active participant in capital markets across a wide range of industries and transactions including mergers, acquisitions, divestitures, and capital raising totaling 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.

Our Students & Alumni Work 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.


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.


Both sell-side and buy-side roles providing bottom-up research coverage on companies as well as top-down macro strategy and economic research.


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

Trust Our CFI Certified Alumni on LinkedIn

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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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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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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

$497 / year
$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
$497 / year
Enroll Now
$847 / year
Enroll Now

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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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