Fixed Income Sales, Trading, & Investing
Our Fixed Income Sales, Trading, and Investing Course is the only one of its kind that will take you from the basics of bond math all the way to the sophisticated strategies used by real Wall Street professionals.
Whether you’re an ambitious beginner looking to land a job or an experienced finance practitioner looking to sharpen your edge, this course arms you with the technical skills and the intuitive framework to thrive in the world of Fixed Income.
Peek Inside the Course
Part 1
Bond Math Basics
Become an expert in the fundamentals of fixed income: bonds and interest rate mechanics. In part I, you’ll master key financial concepts like the difference between equity and debt investments, build working definitions of fixed income terminology (e.g., principal, maturity, coupon, daycount, optionality, etc), and finally understand how loans are securitized into bonds.
We guide you through building a dynamic bond valuation spreadsheet model using Microsoft Excel, illustrating the calculation of future and present cash and getting your feet wet with Fixed Income valuation principles. You’ll build an understanding of interest rate exposure (long vs. short rates), bond pricing jargon like “discount”, “premium”, “par”, “yield to maturity” and “dirty price”, and calculations or modified duration and DV01.
Our self-paced course uses examples from pop culture, including a case study based on the fictional company Waystar Royco from the TV show Succession, to explain corporate debt issuance and the roles of sales, trading, and research within investment banks. By the end of Part I, you will have moved from foundational concepts to mastering sophisticated valuation techniques through hands-on learning. You’ll have mastered the inverse price/yield relationship, practical methods of risk quantification, and thinking about non-linear risk.
10 + hours
of Content
Module 1
Introduction
We give you an overview of everything we’ll be covering in Part I, and define the roles of Sales, Trading, and Investing, and set you on a path to build intuition around market mechanics and Fixed Income Valuations.
Module 2
Testimonial
We explain how and why we started our careers in Fixed Income, discuss the evolving career paths, and cover the options for entry into (and exits from) some of the most coveted seats on Wall Street.
Module 3
Interest Rates for Dummies
We paint a picture of the difference between debt and equity investments, introduce the fundamental concepts behind interest rates, specifically term premium and credit spreads, and provide an intuitive framework for understanding “long” vs. “short” rates exposure.
Module 4
Case Study Intro: Corporate Borrower
We introduce our GoJo/Waystar case study to illustrate how a corporate borrower interacts with various divisions of the bank and various roles within the Sales, Trading, & Research division when faced with interest rate risk.
Module 5
Intro to Securitization
We explain how banks package individual loans into bonds, effectively transferring the cash flows and risk exposure to investors to free up precious capital.
Module 6
Key Terms
We define essential bond characteristics from an investor’s perspective, covering principal, maturity (bullet vs. amortizing bonds), fixed vs. floating rate coupon payments, frequency, daycount conventions, and the concept of embedded optionality.
Module 7
Intro to Corporate Bond Issuance
We touch on the role of the Syndicate group within Debt Capital Markets and dive deeper into how credit spreads are calculated, ultimately through the lens of their impact on borrowing costs with a future eye towards valuation.
Module 8
Time Value of Money
We introduce the discounted cash flow model for bond valuation through the mathematical formula used to convert future cash flows into present values and vice versa.
Module 9
Build Your Own
You’ll get hands on experience building a simple bond calculator in Microsoft Excel to calculated the net present value of a bond’s future cash flows and determine its price.
Module 10
The Price/Yield Relationship
Using the model you’ve built, you’ll get practice exploring the price/yield relationship by seeing how bond