Strong Foundations Improve Results

Bond School was created to cover the basics and shed light on frequently misunderstood bond market concepts and practices. It will make you a better investor and improve your organization’s results. Successfully completing all 17 courses prepares you to apply for the Certified Fixed Income Practitioner (CFIP) designation in addition to industry specific designations offered by our partner organizations. Once the foundation is set, we will guide you to a designation best suited to meet your career goals and objectives.

Download The Syllabus

See How Bond School Works

Inside class
  • Enroll in Online Courses

    • Each Course consists of 3 to 5 lessons, each lesson including a short video, reading material, review questions and a final exam. It typically takes 2-3 hours to complete one course or about 40 hours for the entire program. Take a look at the Syllabus for more details.
Instructors talking
  • Earn CPE Credits

    • Pass the final course exams to earn NASBA eligible continuing education credits. Complete all 17 courses and earn up to 45 credit hours! CPAs, CTPS, and CCMTs are welcome!
Lesson index
  • Study At Your Own Pace

    • Courses are available 24/7 for ultimate convenience. New sessions start at the beginning of each quarter (Jan/April/July/Oct) giving students 4 quarters, or up to 12 months, to complete. See Sign up for details.
Cfip certificate
  • Get Certified

    • Completing Bond School will equip you to confidently navigate the financial markets. It is also the first step towards earning respected designations such as the Certified Fixed Income Practitioner (CFIP). Visit our "Get Certified" page to learn more.

NEW PRICING!


$995 for students, governments and non-profits


$1650 for corporate and for-profit entities


Group pricing for teams of 5 or more

Register Now

Who Will Benefit?

  • State and Local Government Treasurers
  • Investment Departments
  • Corporate Treasury Departments
  • Bank and Credit Union Managers
  • Board Members
  • Elected Officials, Regulators and Policymakers
  • Oversight Committees, Auditors, Underwriters
  • Sales Professionals and Sales Associates
  • Individuals interested in beginning or advancing careers in Public Agency, Corporate, or Bank and Credit Union Finance or Treasury Departments

Courses

1 Fed, Banking System and Monetary Policy Overview

Course Description

Examine the objectives of monetary policy and learn how policy is formulated and executed. Dr. Stone will discuss how the Fed interacts with the money markets, the role of the Fed as fiscal agent for the Treasury Department, the role of the primary dealers in the transmission of policy and the financing of the Federal Government. Students will also review how the Fed has traditionally operated, in addition to examining the many unconventional policies conducted by the Fed in recent years.

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2 Bond Market Overview: Its Participants and the New Issue Process

Course Description

Learn the reasons bonds are issued, the process issuers use to borrow money from bond buyers and the impact of secondary market activity. Review the roles and compensation models of market participants in order to identify what drives behavior.

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3 U.S. Municipal Market Overview and its Participants

Course Description

Observe how the municipal bond market uniquely operates, from issuance to secondary trading, as well as how market participants interact and why compensation models are important considerations when determining appropriate issuance and investment strategies.

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4 Fixed Income Instruments & Structures

Course Description

Learn about the different types of fixed income securities, from plain vanilla bonds to securitized loans, and how the various instruments are used to borrow and lend in the capital markets.

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5 Understanding and Managing Risk

Course Description

Learn the elements central to the risk/reward relationship. Understanding that risk is something to be mitigated, versus eliminated, students will also learn to properly evaluate, manage, and be compensated for, taking appropriate levels of risk.

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6 Fundamentals of Market Mechanics

Course Description

Learn the basic mathematics for concepts such as present value, future value, discounting, duration, yield-to-maturity to observe how changes in interest rates impact the price of a bond.

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7 Fundamentals of Bond Financing and Leveraging Tools

Course Description

Learn about the available bond financing and leveraging tools to gain a better understanding of when or why to use them.

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8 Fundamentals of Swaps

Course Description

Learn the basics of swap contracts, how they differ from fixed income securities and how fixed income investors use them as part of their investment, issuance and hedging strategies.

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9 Fundamentals of Yield Curves & Forward Curves

Course Description

Develop a deeper understanding of spot and forward yield curves and observe why and how to incorporate yield curve analysis into their investment evaluation process.

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10 Fundamentals of Options and Volatility

Course Description

Learn the importance of appropriately pricing and evaluating options and volatility to understand their impact on the pricing of callable bonds.

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11 Fundamentals of Credit Analysis

Course Description

This course provides a thorough introduction to credit analysis, particularly in regard to corporate bonds. Students will learn how to distinguish between bond issues with differing degrees of credit risk to determine if a suitable risk premium is being offered. The course concludes with a case study considering adding Rio Tinto bonds to an existing investment portfolio. Bloomberg credit analysis tools are introduced to help evaluate the suitability of the sample bond given the investment policy presented in the case.

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12 Overview of Portfolio Measurement Tools

Course Description

Learn the basics and why to use the standard risk measurement and portfolio evaluation tools common in fixed income, balanced and equity portfolios.

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13 Overview of Indices and Benchmarks

Course Description

Observe the variety of ways, such as book rate of return versus total rate of return, to track short-term fixed income portfolios in order to align the suitable option with specific types of portfolios.

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14 Best Practices for Building Win-Win Relationships

Course Description

Learn the various roles service providers perform and how to identify which service providers are best suited to provide value to your investment strategy and requirements. This course will also review the evolving concept of fiduciary responsibility and share best practices for building productive, win-win relationships to achieve long term, positive results.

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15 Importance of Cash Flow Analysis

Course Description

Learn that an effective investment strategy's first step is to implement an effective strategy to monitor and forecast an organization's cash balances, flows and projections.

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16 Guiding Principles of Effective Investment Policies

Course Description

Learn the core principles and underlying purposes for Investment Policy creation and implementation. Students will also observe best practices for beneficial use.

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17 Reporting and Oversight

Course Description

Learn how reports can be used to effectively communicate results, manage expectations and build relationships with all stakeholders within an organization.

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