The Certificate in Fixed Income Markets is Equalifi’s exam-based qualification for professionals who invest in, trade, advise on, analyse or oversee debt securities. It recognises a sound command of bond mathematics, yields, interest-rate and credit risk, government and corporate debt markets, money markets and fixed income portfolio management, and the judgement to apply them responsibly.
Fixed income is the largest segment of the global capital markets and the foundation of how governments, banks and companies raise money. It is often seen as the safer part of a portfolio, yet interest-rate moves, credit events, illiquidity and leverage can cause serious losses when they are poorly understood. The Certificate builds a rigorous understanding of how bonds and money-market instruments are priced, traded, settled, valued, taxed and regulated, so that candidates can work with them with confidence and discipline.
The Certificate covers 16 modules: foundations of fixed income, time value of money and bond mathematics, yield measures and return analysis, term structure and yield curves, interest-rate risk measurement, credit analysis and credit risk, the government securities market, corporate bonds and debentures, money markets, securitisation and structured debt, fixed income derivatives, fixed income portfolio management, trading, settlement and market infrastructure, valuation, accounting and taxation, the regulatory framework, and global markets, sustainable debt and emerging trends.
The Certificate is assessed through a single MCQ examination, with knowledge, application and calculation-based questions.
What you will learn
- Understand how the Indian and global debt markets, their participants and their infrastructure work
- Price bonds and calculate yield to maturity, current yield, yield to call and holding-period returns
- Read the yield curve and explain how spot rates, forward rates and spreads are derived and used
- Measure and manage interest-rate risk using duration, convexity and PV01
- Assess credit quality, credit ratings, default risk and recovery for corporate and structured debt
- Understand government securities, corporate bonds, money-market instruments and securitised debt
- Use interest-rate futures, forward rate agreements and swaps to manage fixed income risk
- Construct, rebalance and evaluate fixed income portfolios against benchmarks and liabilities
- Apply the regulatory, valuation, accounting and tax framework for debt securities in India
Who should take the exam?
Fixed income dealers and traders, treasury and ALM professionals, debt fund managers and analysts, credit analysts and rating professionals, risk managers, investment advisers and wealth managers, bankers, corporate treasury and finance officers, and graduates preparing for careers in debt markets. Informed individual investors who want to understand bonds and debt funds before investing in them will also benefit.
Career opportunities
Fixed income dealing and trading · Treasury and ALM · Debt fund management · Credit research and ratings · Market and credit risk · Debt capital markets · Wealth management and debt advisory · Corporate treasury · Fund administration and valuation
Important
The Certificate in Fixed Income Markets is an educational qualification awarded by Equalifi. It does not constitute a regulatory licence or authorisation to provide investment advice, deal in securities on behalf of clients or distribute financial products, and it does not replace any certification mandated by SEBI, RBI, IFSCA or the exchanges.
Debt securities carry interest-rate, credit, liquidity and reinvestment risk, and their prices can fall. The Certificate is designed to build understanding and sound risk management, not to recommend any security or strategy.
Exam details
Equalifi offers the examination through an external, remote-proctored platform. Once registration and payment are confirmed, candidates receive an exam link by email. Candidates may schedule and take the exam at any time within one year of registration, subject to the platform’s requirements.
Candidates need a reliable internet connection and a computer with a working camera. A financial calculator may be used, but spreadsheets are not permitted. Please read the technical and exam-day instructions before beginning the exam.
| Sr. No. | Name of module | Type of questions | Test duration | No. of questions | Passing Criteria | Negative marking |
|---|---|---|---|---|---|---|
| 1 | Certificate in Fixed Income Markets | MCQ | 2 hours | 100 | 60% | 20% per incorrect answer |
Validity
The Certificate in Fixed Income Markets does not expire.
Candidate audit
Equalifi audits a percentage of applications at random on a regular basis. Candidates are responsible for providing the requested supporting documentation to verify the education and professional background stated in their registration form. Equalifi does not contact employers or educational institutions to obtain verification documents on a candidate’s behalf.
Candidates selected for audit are notified by email and have 10 business days to respond. They must meet the audit requirements before receiving the certificate.
Failure to comply with the audit, falsification or misrepresentation of information, or any unprofessional conduct will result in denial or cancellation of the registration and/or revocation of the certificate, and all fees will be forfeited. A candidate who does not comply with an audit will also be subject to audit when reapplying in future.
Fee details
Exam fee: INR 2,360
The fee is inclusive of GST and applies to each attempt.
Access Pass benefits
Fee waiver : Equalifi Chartered, Professional and Virtual Pass holders receive a 50% waiver on the exam fee.
Exam preparation: Access Pass holders receive exam preparatory material on the Equalifi portal. Candidates are also encouraged to attend Equalifi’s executive education programmes and masterclasses on fixed income, treasury and credit. Access Pass holders receive a 10% to 50% fee waiver based on their pass category.
Learn more about the Equalifi Access Pass.