CMSA® Program Information

The Capital Markets & Securities Analyst (CMSA)® Program covers the most critical knowledge and skills required to become a world-class Capital Market Analyst. The program aims to provide a deeper understanding of the various products and asset classes in Capital Markets, including Equities, Fixed Income, Foreign Exchange, Commodities, and Derivatives.

In this article we will go over the following information regarding the CMSA Program:

Subscriptions and Inclusions
Certification Requirements
Duration and Mode of Delivery
Frequently Asked Questions

Subscriptions and Inclusions ^

The CMSA® program includes courses ranging from beginner, intermediate, through advanced-level courses. This includes prep courses to learn or review the fundamentals, core courses to build a strong foundation in capital markets and securities, and elective courses to explore more advanced topics and specialized subjects.

To enroll in the CMSA® program, we offer subscription plans that give one-year access to ALL of our courses: 

  • Self-Study plan - priced at USD 497
  • Full Immersion plan - priced at USD 847

There are no additional fees required to earn the digital certification. Once enrolled, you will get instant access to the courses, study materials, and all future CMSA® course upgrades within your active subscription period. 

Check for more information about the fees here: Enrollment Fees

CMSA® Certification Requirements ^

Please refer to the CMSA page under 'How it Works' to view the certification requirements.

All courses come with an online exam at the end (MCQ's, fill-in-the-blanks, and excel questions) that learners need to complete. The exams can be repeated as many times as needed and can be taken at any time. A score of at least 80% is required to pass the assessment and earn the course credentials. 

Learners are also required to take the CMSA® final exam and earn at least 70% to pass and earn their certification. The final exam covers contents from the prep and core courses (elective courses not included) and is timed to be completed within 2 hours. There is one free attempt provided, with each succeeding attempt subject to a USD50 retake fee, as well as a cool-down period of 30 days before challenging the exam again.   Further information about the CMSA® final exam can be found here.

After successfully completing the CMSA® course requirements (8 core & 7 elective courses) and passing the CMSA® final exam, learners need to sign CFI's Honor Pledge to submit their program for certification. Once signed and submitted, the Blockchain-Verified CMSA® certificate will be sent to the registered email address within 24 hours.

Duration and Mode of Delivery ^

All courses include video lectures delivered by professional wall street trainers, who have been teaching classes for new hires at global investment banks for over twenty years. 

Lectures, study materials, and exams are all online, and are accessible from anywhere in the world, allowing the program to be completed at any time. 

The recommended time to complete the program is 60-100 hours, but learners are free to finish the program at their own pace.

Frequently Asked Questions ^

∙ Where can I access the CMSA® final exam?

The CMSA® final exam, as well as the practice exam, will be available on your student dashboard once you have completed all the required courses.

∙ Can I extend the 2 hours of the CMSA® final exam?

The final exam is timed for exactly 2 hours and there is no option to pause the timer once you have started.

∙ Can I take more than 7 elective courses?

Yes, of course! You will be given access to all of the courses included in the program and you are free to take more than the required courses, if you wish, at no additional cost.