Online Self-Study
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Online Self-Study
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The Introduction to Bond Market Qualification (IBMQ) is an introductory level programme intended for anyone seeking a sound foundation in the analysis of fixed income securities. The syllabus offers an overview of fixed income market products and participants and explains the key features of fixed income securities including government bonds, corporate bonds and many more. In addition, it provides candidates with the basic quantitative tools they will need to begin analysing fixed income securities.
Learning Outcomes
By completing this course you will be able to:
- acquire a sound understanding of the risk and return characteristics of fixed-income securities, including sovereign bonds, investment-grade and high-yield corporate bonds, inflation-linked bonds, securitisations, and covered bonds
- learn how to use and interpret market-standard measures of interest rate risk and credit spreads, as well as how to apply these measures to construct and evaluate trades that express views about the level of interest rates, the shape of the yield curve, and relative value in credit risky bonds
- learn how inflation-linked bonds protect investors from inflation risk and provide opportunities for trading views on expected inflation, and how securitisations and covered bonds expand opportunities for investors while diversifying financing sources for financial institutions
- learn how bonds are issued and traded, and how regulatory changes and technological development are transforming fixed-income markets
Who should attend?
The course is intended for anyone who requires a firm grounding in global bond markets and fixed-income analysis as part of their professional development. It is particularly directed at candidates who are entering or have recently entered positions in fixed-income markets, or whose responsibilities require an understanding of fixed-income securities and markets. This might include, for example, professionals whose primary responsibilities are legal, regulatory or technology-related, as well as those working directly in fixed-income trading and investment management.
The IBMQ may also serve as a useful introduction to bond markets for candidates who intend subsequently to study for the ICMA Fixed Income Certificate (FIC).
The names of successful candidates will be included in our list of certificate holders.
Online courses start on the 1st of each month – please note that payment must be received BEFORE access to these courses are provided.
Frequently Asked Questions
This course answers questions including:
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What are bond (fixed income) markets? |
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What is the difference between the dirty price and clean price of a bond? |
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What is a bond? |
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What is a yield curve? |
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Who participates in bond markets? |
Assessment
The exam consists of 50 multiple choice questions of which candidates must answer a minimum of 30 questions correctly, with a score of 45 or more earning a distinction. You will have six months in which to study the material, book and complete an online, fully invigilated exam.
We use a third-party exam invigilation service called ProctorU to administer the exams on our assessed courses. We recommend you take a few minutes to watch this video before you take your exam, which provides information on what to expect on the day. You can also take a look at some further information here.
More information regarding your specific exam will be available in the Exam Orientation page on Moodle, the ICMA training platform.
Certification and Programme Recognition
ICMA is a member of the CPD® Certification Service, an FCA-approved qualifications provider and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).
This course is certified by ICMA and the ICMA Centre, Henley Business School, University of Reading and accredited by CPD® Certification Service.
ICMA recommends that 24 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.
A Certificate of Completion will be awarded to those who successfully pass the final exam of this course – see Assessment section for more details.
Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at education@icmagroup.org.
Course Trainer
David Oakes
The course syllabus is divided into the following key topic areas:
Bonds
• Fixed Income Markets
• Fundamental Features of Bonds
• Bond Types and Market Sectors
Analysing Bonds
• Bond Price Quotation and Accrued Interest
• Calculating Accrued Interest
• Bond Price and Yield
• Calculating Yield to Maturity
Government Bonds and the Yield Curve
• The Yield Curve
• Monetary Policy and the Yield Curve
• Interest Rate Risk
• Trading the Yield Curve
Corporate Bonds
• Credit Risk in Corporate Bonds
• Credit Ratings and Credit Spreads
• Securitisation
• Covered Bonds
Inflation-Linked, Green, and Social and Sustainability Bonds
• Why Investors Care About Inflation
• Inflation-Linked Bonds
• Green Bonds
• Social and Sustainability Bonds
Issuing and Trading Bonds
• Issuing Bonds in the Primary Market
• Secondary Market Trading
• Regulation
Online Course
Delegates who sign up to online courses will have access for 6 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.
Online courses start at the beginning of each month – please note that payment must be received BEFORE access to these courses are provided.
Online course fees
ICMA Members: EUR 1,300 (VAT not applicable)
Non-members: EUR 1,900 (VAT not applicable)
Please note that:
- Payment for online courses must be received before the start of the course.
- All payments must be made in Euro.
As an indicative guide, we would recommend a total of 24 study hours is required to go through the material. Please note this is an approximate guide only.
Contact
Should you have any queries, please contact education@icmagroup.org.
