## Training Program Course — Macro-Stress Testing (MST)

## Source details

**Canonical URL:** [Training Program Course — Macro-Stress Testing (MST)](https://www.imf.org/en/capacity-development/training/icdtc/courses/mst)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/courses/mst/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/courses/mst/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/courses/mst/bundle-manifest.json)

## Bibliographic details
- Published: July 24, 2025

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## Upcoming offerings

| Start date | End date | Location | Delivery Method | Session No. | Primary & (Interpretation) language | Apply |
| --- | --- | --- | --- | --- | --- | --- |
| October 25, 2026 | November 5, 2026 | Kuwait City, Kuwait | [[In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods) | [CE 26.37](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/mstce26-37) | English (Arabic) | Deadline passed |
| November 23, 2026 | November 27, 2026 | Singapore, Singapore | [[In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods) | [ST 26.25](https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2026/mstst26-25) | English | Deadline passed |

### Overview
- Course presented by the Monetary and Capital Markets Department (MCM).
- Discusses recent developments in stress testing for banks, insurance companies and mutual funds.
- Adapted to regional specificities (example: MENA offering includes analysis of Islamic finance).
- Covers new and emerging topics in stress testing:
  - Feedback loops between real and financial sectors.
  - Asset fire-sales.
  - Climate-related risks.
  - Systemwide liquidity risks.
  - Fintech-related risks.
- Emphasizes hands-on exposure to the entire stress testing cycle:
  - Entering data and estimating macro-financial models.
  - Designing scenarios and selecting assumptions.
  - Running tests and integrating feedback loops between financial and real sectors.
  - Communicating results and incorporating them in policy decision making.
- Some tools taught are integral to the Financial Sector Assessment Program (FSAP) and technical assistance missions.
- Course includes guest speakers from industry in many cases and concludes with a roundtable where participants exchange knowledge and share country experiences.

### Target Audience and Qualifications
- Target audience:
  - Mid-level to senior officials working on financial supervision or financial stability in central banks or other supervisory authorities.
- Qualifications:
  - Participants are expected to have experience with stress testing, Basel regulations, and financial stability analysis.

### Course Focus and Content
- Primary focus areas throughout the course:
  - Scenario design.
  - Solvency elements of stress testing.
  - Liquidity elements of stress testing.
  - Interactions among scenario, solvency, and liquidity components.
- Course reviews:
  - Stress testing objectives.
  - Methodologies and techniques.
  - Good practices.
- Hands-on modules allow participants to:
  - Link changes in macroeconomic and financial variables with financial results.
  - Measure the relative impact of those changes.
  - Assess resilience of individual entities and the financial system to solvency and liquidity stress.
  - Develop and incorporate models capturing second-round effects or interactions between different risk types.

### Course Objectives (learning outcomes)
- Upon completion, participants should be able to:
  - Identify main sources of financial stability risk.
  - Summarize the principles for developing macro-financial stress scenarios.
  - Link changes in macroeconomic and financial variables with financial results and measure their relative impact.
  - Assess the resilience of individual entities and the financial system to solvency and liquidity stress.
  - Develop and incorporate models that capture second round effects or interactions between different risk types.

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## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [CE 26.37](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/mstce26-37)
- [ST 26.25](https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2026/mstst26-25)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/courses/mst_