Fixed Income Fundamentals Course Overview

In this Fixed Income Fundamentals course, we will explore the basic products and players in fixed income markets. We will introduce key features of a bond such as par value, coupon, yield curves, and credit spreads. Then, we will calculate the price of a bond using discounted cash flows and the relationship between a bond’s price and its yield. Clean prices, dirty prices, accrued interest, and day count are other fixed income topics discussed in this online course. Finally, we will explore bond risk measures including Macaulay duration, modified duration, dollar duration, and convexity. We will then calculate the price sensitivity to yield changes using these risk measures.

This course uses real market data and examples of the most common Bloomberg screens for bonds. A wide range of exercises and real-life case studies are incorporated in the course so you can directly apply your knowledge on the job. This online course can be taken on demand, from anywhere in the world. 

Fixed Income Fundamentals Learning Objectives

Upon completing this course, you will be able to:

  • Define the key concepts of the basic fixed income instrument – bonds
  • Explain who buys bonds, who issues bonds, and the bond market
  • Examine the concepts of yield, coupon, and day count
  • Discuss the yield curve, credit spreads, and what they represent
  • Calculate the price of a bond and explain the relationship between price and yield
  • Measure the yield sensitivity of a bond by using duration and convexity

Fixed Income Fundamentals Is a Required 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 Fixed Income Fundamentals course is perfect for anyone who would like to build up their understanding about capital markets. This course is designed to equip anyone who desires to begin a career in fixed income, equity, sales and trading, or other areas of finance with the fundamental knowledge of fixed income.

What You'll Learn


Fixed Income Fundamentals

$97.00 Enroll Now Free Preview

Approx 3.5 hrs to complete


From $847.00
Full Immersion Capital Markets & Securities Analyst (CMSA)®
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From $497.00
Self-Study Capital Markets & Securities Analyst (CMSA)®
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Path to Certification

Prep Courses

6 courses from beginner to intermediate level.


Core Courses

6 courses from beginner to intermediate level.


Elective Courses

9 courses in advanced and intermediate levels.


Get Certified

Submit your CMSA® checklist and order your certificate.

CMSA Certificate 04Required

Join Our Community

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.
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

Really a concrete course to understand the Fundamentals of Fixed Income
Explanations on correlation between Bond Price and Yield, Macaulay Duration, and the importance of Convexity adjustment are exceptional!!!
Kwong Sang Yeung
Good introduction to Fixed Income
This course provides the comprehensive and fundamentals of Fixed Income with practical demonstrations. Also, special thanks for the downloadable excel templates for more practices.

Good presentation of the fundamentals with examples making it easier to understand .
Ibrahim Shelleng
I am thoroughly blown away by the course content. Very informative and practical and allows you to take a step by step approach to learn.
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Benjamin Briner Prenafeta
I had a lot of this knowledge at university, but never with this approach, very practical !!! For any student with a desire to become a financial analyst and work on investment, this course is highly practical.
Jean-Pierre Lobognon
Great content and well explain !
Shruti Mishra
Amazing teaching, clears all the concepts really well.
Laolu Bolarinwa (BSC, ACA)
Wonderful Course. The materials are self-explanatory, I have struggled to attain a proper understanding of Bonds and other equity instruments for quite a while now, but with this course, I am more confident about my knowledge of bonds and its valuation and basic fixed income theoretical terminologies.
Brenden K
The material in the course is somewhat challenging to understand on it's face. However, CFI does a great job at explaining it so it comes off as intuitive. It may take another 1 or 2 course completions to understand the underlying concepts due to their nature but overall the course does a great job at hitting all of the fundamental fixed income building blocks.
Akintayo Alo
This is a blessing to this generation, especially for the finance profession. Top notch resources. Thumbs up.
thanks for being with me along my lessons and exams I made again
Khalid Nour, CMA
Ivana Rakic
very simple and well explained. I give 5 stars to this course
Davide Carisi, MBA
Despite the fact that I worked as a Financial Planner for many years during my previous work experience In Italy, the course has been very good because I have the possibility to study more in debt the topic. In addition, also the teacher was very clear during the explanation.
Zakiya Abdul Samad
I just completed one free course Fixed Income Fundamentals and enjoyed the learning thoroughly. The instructor videos are professionally prepared, well presented and easy to understand. The best part is the course is interesting and provides practical training on using the tools and techniques. This is motivating and immensely satisfying. I am looking forward to receiving the digital certificate for this course and then buying the full course set.
It has a very interesting exercice. This course helped me to understand some basic notions of the Fixed income market, in comprhensive method.
Rishi shingala
Excellent course....content is very good and also the presentation .
ngoni simon maiwasha
The course gave me the necessary challenges, and the lecturers presented the course excellently. However, the downloadable notes were too summarized. They had little help in the qualifying test.
The best online financial training course available.
Ozan Toros
Great course for the ones who are new to the topic. Clear explanation of duration and pricing. Bloomberg snapshots also make it clear to understand what a bond and terms look like. Thank you for this opportunity.
Iboro Ekiko
I learned fixed income during training school but didn't get as much clarity as I did get from this short course. Thanks a million
Ranjan Sethi
The course has been very useful in value addition to my knowledge. May I request to please send me a certificate of completion of this course as the earlier one sent by you is misplaced on my Laptop. Thanks
Teka Derick Tikum
Teaches you more in the financial market of Bonds Maths and equity, FED monetary policy and yield curve Analysis. Has enhanced my investment Banking Skills. Thanks
Sukanto Chakraborty
It helped me to clear my fundamentals
Mohamed Kanneh
Interesting and I really want to forward my knowledge with CFI
Hariharan Sairam
Many concepts were clearly explained. Well done Sir!!!!
Alvin Tezi
It's easy to understand and helpful for those who have little knowledge about the subject and a good reminder for those who already know about the bond market.
Edwin Wangila
Richard Hastings
Interesting, relevant, and well explained
Nicola Kini
I enjoyed the short course because it was easy to follow through and comprehend.
Sonal Sahani
I liked the entire course and I have learnt alot. Just the last calculations needs a bit more of clarification
Omiyale Abiodun ACA, ACS, ACIS
The course is straight to the point. It is very good for professionals who are switching roles within the capital market ( from equity trading to fixed income) or those who require a refresher course. It delivers exactly what the IBs require
Rustom Rupand
I like how you make this course so practical, not like stuff I've taken in school before

Frequently Asked Questions

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CMSA Certificate

Capital Markets & Securities Analyst (CMSA)® Program

The Capital Markets & Securities Analyst (CMSA)® program will teach you the many asset classes, trading strategies, and procedures used in the capital markets. It is ideal for any student who wants to work in capital markets, whether on the buy-side or the sell-side. This program will give you the experience to make investment decisions and utilize appropriate trading strategies for different scenarios.


From $847.00
Full Immersion Capital Markets & Securities Analyst (CMSA)®
Buy Now
From $497.00
Self-Study Capital Markets & Securities Analyst (CMSA)®
Buy Now