English

Financial Market Analysis (FMAx)

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Apply online by January 03, 2018
Course No.: OL 18.101
Location: Course Conducted Online, United States
Date: January 10, 2018-February 28, 2018 (7 Weeks)
Language: English

Target Audience:

All government officials are welcome to register. The course is particularly well-suited for officials in central banks, ministries of finance, and regulatory agencies who have experience with macroeconomics and are interested in building their expertise in finance. The course is offered in English.

Qualifications:

Participants are expected to have some familiarity with basic statistics and probability techniques. Basic Excel skills and access to a computer with a reliable Internet connection and a Google Chrome web browser are essential.

Course Description:

This online course, presented by the IMF Institute for Capacity Development, introduces participants to the fundamentals of financial analysis that are in the toolkit of policymakers. These tools are used to study the characteristics of various financial instruments and their pricing, analyze portfolios of assets, and become familiar with the basics of risk management. Mastery is essential for participants who wish to participate in more advanced and policy-oriented ICD courses in financial or macrofinancial areas. The FMAx course covers, among other topics, pricing of fixed-income securities and equity; the term structure of interest rates; portfolio allocation and diversification; and an introduction to risk management.  The expected workload for this course is 8-10 hours per week.

Course Objectives:

Upon completion of this course, participants should be able to:

  • Price a variety of financial assets (money market instruments, bonds, and equities) using the present value (PV) principle.
  • Measure and compare different yield measures for financial assets.
  • Construct and estimate a yield curve on the basis of readily available information, and use several theories to interpret its behavior.
  • Relate differences in the valuation of single equities or markets to economic fundamentals.
  • Construct an optimal portfolio of risky assets using historical return data, and assess likely changes in its composition as macroeconomic conditions change.
  • Assess the market risk of an investment by calculating its value at risk (VaR), stressed VaR, and expected shortfall, and use back-testing to evaluate the accuracy of past VaR.

Important Note for Online Courses:

For Online Learning (OL) courses, which are delivered through the edX platform, you will need an additional piece of information to register: you will be prompted for your edX.org username. If you do not already have a username, please go to https://courses.edx.org/register and sign up for a free account. Once you have created an account, you may complete the IMF Institute application. If you already have an edX account, your username can be found on the top right of the screen after logging in.

Important Note for Internal Economics Training Courses:

Internal Economics Training (IT) courses are self-financed. The IMF will not charge officials for attending courses. However, all travel, insurance, hotel, and living costs will need to be covered by the agency sponsoring the participants.