Equity, FX, and Rate Futures


Level 5

Approx 2.50h to complete

100% online and self-paced

Subscribe to get access to CMSA® and other programs

From $497/year

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Intermediate Futures & Forwards (Part 2) Course Overview

This Intermediate Futures & Forwards (Part 2) course focuses on currency futures, equity index futures, and interest rate futures and forwards. The course provides insight into key concepts such as cross rates, triangular arbitrage, and currency swaps. You will also learn how to calculate the fair value of equity index futures, and how to use these instruments to hedge a position. By the end of the course, you will also have an understanding of forward rate agreements (FRAs), short term interest rate futures (STIRs), interest rate swaps (IRS), and the relationship between spot rates and forward rates.

Intermediate Futures & Forwards (Part 2) Learning Objectives

Upon completing this course, you will be able to:

  • Identify triangular arbitrage opportunities by calculating cross rates
  • Understand how to use equity index futures to hedge a position
  • Describe the relationship between spot rates and forward rates
  • Explain FRAs, STIRs, and IRS
  • Understand currency futures, equity index futures, and interest rate futures

Intermediate Futures & Forwards (Part 2) 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.

Who Should Take This CMSA® Course?

This Intermediate Futures & Forwards (Part 2) course is ideal for anyone looking to enhance their understanding of futures and forwards. It is designed to benefit students and professionals looking to begin a career in derivatives trading, or for anyone interested in learning more about the space.

What You'll learn

Course Outro

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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Get access to the Global Corporate Finance Society.


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.

What Our Students Say

A good course for Futures & Forwards
A good advanced course for Futures and Forwards

Kwong Sang Yeung

Essential knowledge for corporate treasurers/CFO's
The course covers relevant techniques to mitigate forex, interest rates, equities, etc. fluctuations which are essential skills to have for those tasked of raising financing.

Love Manigsaca


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