Advanced Fixed Income


Approx 3h to complete

100% online and self-paced

Subscribe to get access to CMSA® and other programs

From $497/year

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Advanced Fixed Income Course Overview

This Advanced Fixed Income course will explore some more advanced topics within fixed income capital markets. This course will use more technical and mathematical concepts to teach you not only to understand these advanced concepts but also to be able to calculate how we get them.

We will explore what bootstrapping is and how we can use it to construct hypothetical yield curves. Then, we will look at using the forward curve to value derivatives. We will also discuss constructing and fitting yield curves and using the cheap-rich analysis to see if a bond is rich or cheap.

yield curve

Finally, we will look at the bond futures contract and calculate the implied repo rate to determine which bond is the most cost-efficient in the deliverable basket to deliver physically.Bootstrapping

Advanced Fixed Income Learning Objectives

Upon completing this course, you will be able to:

  • Understand different variations of yield curves (e.g., Par, Spot, and Forward yield curves)
  • Construct hypothetical yield curves using bootstrapping
  • Fit yield curves based on a series of yield observations
  • Learn how to tell if a bond is rich or cheap using cheap-rich analysis
  • Understand bond futures and how to determine which bond is the most economical to deliver

Fitted curve

Advanced Fixed Income is an Elective Course of CFI’s CMSA® Program 

CFI’s Capital Markets & Securities Analyst CMSA® program covers all the basic, intermediate, and advanced topics about sales and trading, investment banking, and asset management. This program teaches you trading strategies used in the finance and capital markets industry. It is ideal for students who want to learn how to trade different asset classes. The program is completely online, so you can take it at your own pace, from anywhere in the world.

Common career paths for students who take the CMSA® are Sales & Trading, Asset Management, Wealth Management, Treasury, Risk Management, and other capital markets careers.

Cheap rich analysis

Who should take this CMSA® Course?

This Advanced Fixed Income course is perfect for anyone who wants to have a deeper analytical understanding when using market-data providers such as Bloomberg or Reuters EIKON. The individual wants to gain more breadth in fixed income or desire to cover some more advanced topics within fixed income. 

This course is designed to equip anyone who desires to begin a career in the capital markets on a fixed income desk or prepare for career advancement from junior to more senior fixed income trading or sales positions.

Become a certified Capital Markets & Securities Analyst (CMSA)®

Advanced Fixed Income is part of the All Capital Markets & Securities Analyst (CMSA)® courses, which includes 29 courses.

Capital Markets & Securities Analyst (CMSA)® Certification
  • Skills Learned Trading strategies used in the finance and capital markets
  • Career Prep Work in capital markets, whether on the buy-side or the sell-side

Path To Certification

Prep Courses

5 courses from beginner to intermediate level.


Core Courses

8 courses from beginner to intermediate level.


Elective Courses

16 courses in advanced and intermediate levels.


Get Certified

Submit your CMSA® checklist and order your certificate.

CMSA Certificate 04Required

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How the Certification Works

Capital Markets & Securities Analyst (CMSA)® courses are offered 100% online, allowing you the flexibility to start the Capital Markets & Securities Analyst (CMSA)® program anytime and learn when it’s most convenient for you.

The program is a part of the All Access Subscription, which includes all programs and courses.

CFI courses are designed by instructors with over 21 years of financial analyst training experience.

Students must complete all core and 7 elective courses (13 in total) and demonstrate mastery of the topics through successful completion of course materials, quizzes, and assessments.
Within 48 hours of program completion, your Blockchain Verified (CMSA)® Certification will be emailed to you.

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