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The CFITS will help you unlock the knowledge and skills required to enter into and progress in a variety of roles that employ fixed income.

What will I gain with the CFITS?

  • Fixed income markets are significantly larger than equity markets in terms of the dollar volume of trading and regulators in many jurisdictions are pushing for even more robustness realizing that a well-functioning fixed-income marketplace is vital for the overall health of an economy.
  • With the CFITS in hand, individuals will be recognized for their specialized knowledge and qualifications in the basic and advanced concepts, practices and applications of fixed income whether as a trader, portfolio manager, analyst, investment banker, salesperson or issuer.
  • This training solution leverages Moody’s Analytics’ extensive experience, skill and research in fixed income which has been developed as a result of being a premier component of global financial markets for over a century.

How is the CFITS tailored to my learning needs?

  • Consists of two eLearning modules; Fixed Income Trading and Sales (FITS) Level One and FITS Level Two
  • Estimated study time is around 50-60 hours
  • The eLearning courses are comprised of a wide variety of fixed income topics including organization of the fixed income market place, yield and duration calculations, trading strategies, credit rating techniques, high-yield bonds, securitization and fixed income hedge strategies
  • Provides recognition for each module following completion of the module's online test, through the issuance of Moody’s Notice of Completion that is emailed to students
  • Course Materials can be easily accessed and studied through mobile devices
  • Final proctored exam is 3 hours in length and will be offered to those who have completed the eLearning modules


    The Certificate in Fixed Income Trading and Sales consists of a Fixed Income Trading and Sales Level 1 and Level 2 modules and a final certification exam. Below is a breakdown of the topic areas for each of the modules:

    1. Fixed Income Trading and Sales Level 1

  • Fixed income marketplace
  • Basic features and terminology of fixed income
  • Organization of the fixed income marketplace
  • Determinants of the general level of interest rates
  • Determinants of individual fixed income yields
  • Price and yield calculations
  • Bond prices, duration and convexity
  • Corporate credit analysis
  • Fixed income trading and sales structure and participants
  • 2. Fixed Income Trading and Sales Level 2

  • Bond trading strategies
  • Credit rating methodology
  • Fixed income covenants
  • High yield bonds
  • Interest rate derivatives
  • Securitization
  • Investing in fixed Income mutual funds
  • Fixed income ETFs
  • Equity linked debt securities
  • Fixed income hedge fund strategies
  • Fixed Income Performance Portfolio Performance Attribution

Who is Taking CFITS?

  • Retail and Institutional Salespersons
  • Trading desk professionals
  • Research Analysts
  • Investment Bankers
  • Conventional & Alternative Portfolio Managers
  • Issuers
  • Investors

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