## Financial Market Analysis (FMAx) — Session No.: OL 26.136

## Source details

**Canonical URL:** [Financial Market Analysis (FMAx) — Session No.: OL 26.136](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ol/2026/fmaxol26-136)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/ol/2026/fmaxol26-136/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/ol/2026/fmaxol26-136/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/ol/2026/fmaxol26-136/bundle-manifest.json)

## Bibliographic details
- Session: OL 26.136
- Location: Course conducted online
- Dates: May 1, 2026 - April 15, 2027 (50 weeks)
- Delivery method: Online Training
- Primary language: English
- Status: Apply online by April 1, 2027 Deadline extended

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### Course logistics
- Location: Course conducted online
- Date: May 1, 2026 - April 15, 2027 (50 weeks) New dates
- Delivery Method: Online Training
- Primary Language: English

### Target audience and qualifications
- Target audience:
  - All government officials are welcome to register.
  - 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.
- Qualifications:
  - Participants are expected to have some familiarity with basic statistics and probability techniques.
  - Basic Microsoft Excel skills and access to a computer with a reliable Internet connection and a Google Chrome web browser are essential.

### Course description
- Presented by the Institute for Capacity Development.
- Introduces participants to the fundamentals of financial analysis that are in the toolkit of policy makers.
- Focuses on tools to:
  - Study the characteristics of various financial instruments and their pricing.
  - Analyze portfolios of assets.
  - Gain familiarity with the basics of risk management.
- Mastery of the course is essential for participants who wish to participate in more advanced and policy-oriented IMF courses in financial or macrofinancial areas.
- Topics covered include:
  - The pricing of fixed-income securities and equity.
  - The term structure of interest rates.
  - Portfolio allocation and diversification.
  - An introduction to risk management.

### 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.

---


## References

- [Online Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Apply Now](https://www-ins.imf.org/TAS/signon.aspx?pkey=OL26.136E)
- [Integrating Basel III Liquidity Standards with ILAAP A Framework for Effective Liquidity Risk Management](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/ce26-31)
- [Climate in Macroeconomic Framework (CMF)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/cmfat26-22)
- [Big Data for Macroeconomic Statistics (BDMS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/bdmsat26-27)
- [Financial Development and Financial Inclusion (FDFI)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/fdfiat26-24)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/ol/2026/fmaxol26-136_