Course Outline

NZFMA Accreditation requirements consist of two components – the NZ Financial Markets Core Module and a Specialist Module (either NZ Foreign Exchange Markets or NZ Interest Rate Markets).

NZ Financial Markets Core Module

This module has been designed to provide individuals in the New Zealand OTC and exchange traded markets with a broad overview of the financial services environment in which they operate. It discusses financial market products and participants, the economic environment and New Zealand financial services regulation.


Who should register?

Individuals working within the New Zealand OTC or exchange-traded markets


Level of experience required:

Dealers, traders and brokers with approximately 6 months of financial markets experience

Format:

Self-study of a comprehensive manual, access to on-line videos covering the Core Module, plus an on-line, closed book 1½ hour examination requiring a minimum passmark of 80%.

Content includes:

  • Financial Markets 
  • The Economic Environment
  • Financial Markets Products 
  • The Dealing Process 
  • Investment Analysis 
  • Risk Management 
  • Regulatory Environment 
  • Providing Client Advice 
  • NZFMA Code of Ethics and Code of Conduct

Pre-course work:

None required for this module

Assessment details:

An online, closed book exam of 70 multiple choice questions requiring an 80% pass rate

Estimated workload:

  • 10-20 hours of self study to successfully complete the exam
  • 1½ hour exam

NB These times are approximate and will vary depending on the individual’s experience and study style.

NZ Foreign Exchange Markets Module

This module provides an essential starting point to understanding the foreign exchange, over-the-counter and exchange-traded markets. The New Zealand Foreign Exchange Markets module builds on the knowledge and skills developed in the New Zealand Financial Markets Core module. It is designed for market participants who trade in foreign exchange products.

Who should register?

The primary audience for the New Zealand Foreign Exchange Markets module includes people working in the foreign exchange market who are seeking industry recognition of their skills and knowledge, and those who would like to move into the area of foreign exchange markets.

Level of experience required:

Dealers and traders with approximately 6 months of financial markets experience.

Format:

Self-study of a comprehensive manual, plus an on-line, closed book 1½ hour examination requiring a minimum passmark of 80%.

Content includes:

  • Overview of the Foreign Exchange Market 
  • Spot Foreign Exchange 
  • Forward Foreign Exchange
  • Futures & CFDs
  • Currency Options 
  • Risk Management

Pre-course work:

None required for this module.

Assumed knowledge:

Completion of the Financial Markets Core Module.

Assessment details:

An online, closed book exam of 50 multiple choice questions requiring an 80% pass rate.

Estimated workload:

  • 10-20 hours of self study to successfully complete the exam
  • 1½ hour exam

NB These times are approximate and will vary depending on the individual’s experience and study style.

NZ Interest Rate Markets Module

This module examines the products available in the following markets: non-government debt; government securities; cash; repurchase agreements; and in OTC derivatives, such as swaps, interest rate options and credit derivatives.


The NZ Interest Rate Markets module builds on the knowledge and skills developed in the New Zealand Financial Markets Core module. It is designed for market participants who trade in these products.

Who should register?

The primary audience for this module includes persons working in the short-term or long-term capital market who are seeking industry recognition of their skills and knowledge, and those who would like to move into these markets.

Level of experience required:

Dealers and traders with approximately 6 months of financial markets experience

Format:

Self-study of a comprehensive manual, plus an on-line, closed book 1½ hour examination requiring a minimum passmark of 80%.

Content includes:

  • Interest Rate Markets Overview
  • Short Term Products
  • Long Term Products 
  • FRAs, Swaps and Futures 
  • Options and Other Derivatives 
  • Trading and Managing Interest Rate Risk 

Pre-course work:

None required for this module.

Assumed knowledge:

Completion of the Financial Markets Core Module.

Assessment details:

An online, closed book exam of 50 multiple choice questions requiring an 80% pass rate.

Estimated workload:

  • 10-20 hours of self study to successfully complete the exam
  • 1½ hour exam

NB These times are approximate and will vary depending on the individual’s experience and study style.

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