You are reading the 2026 curriculum (exams up to November 2026). Sitting in February 2027 or later? Go to the 2027 Fixed Income guide.

Fixed Income

Exam weight

11–14%

Questions, roughly

20–25 of 180

Learning modules

19

Lessons

66

1. Module 1 Fixed-Income Instrument Features 3 lessons
2. Module 2 Fixed-Income Cash Flows and Types 4 lessons
3. Module 3 Fixed-Income Issuance and Trading 3 lessons
4. Module 4 Fixed-Income Markets for Corporate Issuers 4 lessons
5. Module 5 Fixed-Income Markets for Government Issuers 3 lessons
6. Module 6 Bond Valuation: Prices and Yields 4 lessons
7. Module 7 Yield and Yield Spread Measures for Fixed-Rate Bonds 4 lessons
8. Module 8 Yield and Yield Spread Measures for Floating-Rate Instruments 3 lessons
9. Module 9 Term Structure: Spot, Par and Forward Curves 4 lessons
10. Module 10 Interest Rate Risk and Return 3 lessons
11. Module 11 Modified Duration, Money Duration and PVBP 3 lessons
12. Module 12 Convexity and Portfolio Duration 3 lessons
13. Module 13 Effective Duration, Key Rate Duration and Empirical Duration 4 lessons
14. Module 14 Credit Risk 4 lessons
15. Module 15 Credit Analysis for Government Issuers 3 lessons
16. Module 16 Credit Analysis for Corporate Issuers 3 lessons
17. Module 17 Securitization: How It Works and Why 3 lessons
18. Module 18 Asset-Backed Securities, Covered Bonds and CDOs 4 lessons
19. Module 19 Mortgage-Backed Securities: RMBS, CMOs and CMBS 4 lessons