Swaps Fundamentals


Approx 5.50h to complete

100% online and self-paced

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From $497/year

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Intermediate Swaps Course Overview

This Intermediate Swaps course walks you through the overview of swaps and the different types of swaps traded by investors and institutions for various purposes. We will compare the structure and uses of the different swaps, as well as to demonstrate the calculations of cash flows, pricing, and swap values using examples. We will define some of the most important terminology used in swap contracts such as swap rate, swap spread, and swap curve. We will also show you how swap contracts would look like on a Bloomberg screen and the key information one could find.

types of swaps

Intermediate Swaps Learning Objectives

Upon completing this course, you will be able to:

  • Understand the overall mechanics and structure of swaps, who and why use different types of swaps, as well as pricing, payments, and valuation of swaps
  • Compare and contrast the various types of swaps including:
    • Interest rate swaps
    • Currency swaps
    • Equity swaps
    • Commodity swaps
    • Basis swaps
    • Swaptions
    • Variance swaps
    • Credit default swaps (CDS)
  • Explain the structure and key features of each type of swaps
  • Identify the benefits and risks associated with each type of swaps
  • Calculate the price and values of each type of swaps

commodity swap valuation

Intermediate Swaps 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.

Bloomberg Tenor Basis Swap

Who Should Take This CMSA® Course?

This Intermediate Swaps 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.

Credit Default Swaps

What You'll Learn

Course Summary

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

Swaps Fundamentals 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

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.

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


Abdaullah AlHammad

Important Subject
A difficult subject but well explained. I gained a lot of new knowledge in this course.

Love Manigsaca

Intermediate Swaps
Excellent content and excellent delivery. The course gave many practical insights about swap transactions.


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