Accredited Training

As an approved, accredited training provider by ACI Financial Markets Association (ACIFMA), we offer all ACI exam preparatory workshops.

ACI Dealing Certificate
ACI Operations Certificate
ACI Diploma
ACI FX Global Code Certificate

The ACI Diploma is designed for:

Whilst recommended, there is no obligation for candidates to have passed either the ACI Dealing Certificate New Version or the ACI Operations Certificate New Version in order to be eligible to register for the examination of the ACI Diploma New Version

  • Senior foreign exchange and money market dealers

  • Corporate and bank treasurers

  • Senior operations staff

There are five core subject areas:

  • Financial Markets Environment

    Candidates will understand how the foreign exchange and money markets operate within the constraints set by the international and domestic policies of governments, and how they are generally implemented by central banks. They will be able to understand and explain the role of fundamental forecasting, their principles and methodologies.

  • Foreign Exchange

    The objective of this area is to understand the historical evolution and central functions of the foreign exchange market and its related financial instruments and to acquire a broad range of practical skills such as: how to apply FX swaps in exploiting interest arbitrage opportunities and manage spot and forward FX positions, how to apply forward-forward FX swaps in managing interest rate risk and how to value forward FX positions. In addition, candidates are taught to exploit foreign exchange related instruments and understand their interrelationships. They will learn the relevant pricing mechanisms and display a good working knowledge and understanding of the rationale for NDFs.

  • Rates (Money and Interest Rate Markets)

    Candidates will understand and be able to describe the central features and functions of the money and interest rate markets and their relationship with other financial markets. Candidates will learn about the cash instruments involved, their relative value and how they are traded. Candidates will understand how a fixed-income instrument works, how it is quoted, how to calculate its fair value and how to measure the interest rate risk. Candidates will learn to use yield-to-maturity, par yields and zero coupon yields in calculating the fair value of a fixed-income instrument, learn when and how to use each type of yield and how to calculate these yields. Candidates will demonstrate a good working knowledge of repos and their market, be able to describe the relationship of repos to the bond market, explain the related cash flows and understand the roles played by various market participants.

  • FICC (Fixed Income, Currency and Commodities) Derivatives

    Candidates will understand the principles underlying basic option pricing theories, be able to explain the applications of options and describe option trading strategies. They will learn the pricing and application of money market futures and forward rate agreements, as well as money market swaps in hedging, risk-taking and arbitrage, and their interrelationships, and be able to use these instruments as a source of trading information.

  • Financial Markets Application

    The objective of this area is to understand the risk governance arrangements and the risk management organisational structure of banks as well as their main functions. Candidates will be able to describe the role of risk capital and the structure of international capital adequacy requirements. Their understanding will extend to the principal methods of risk measurement, including the concept of Value-at-Risk (VaR).

Course curriculum

    1. About the ACI FMA Education Programme

    2. The ACI Diploma New Version

      FREE PREVIEW
    3. ACI DIploma | Studying for the Diploma

      FREE PREVIEW
    4. Exam Structure

    1. The Financial Markets Environment Learning Outcomes

    2. The Financial System as a whole

      FREE PREVIEW
    3. Global Markets

    4. Cash and spot markets VS Forwards and Derivatives markets

    5. Primary VS Secondary markets

    6. The function of the financial markets

    7. The participants in the financial markets

    8. The Global Code

    9. Module 1 | Test your knowledge

    1. Foreign Exchange Learning Outcomes

    2. FX Spot Quoting Conventions

    3. Forex Bid/Ask worked examples

    4. Cross Rates

    5. Indirect Quotes (Reciprocals)

    6. Forward Exchange Contracts (FEC's)

    7. Creating Forward Exchange Contracts (FEC)

    8. Spot Hedge of an FEC

    9. Calculating FEC points

    10. Foreign Exchange Swaps

    11. FX Swap Example

    12. Inside spot value date

    13. Historical Rollover

    14. Short Dated Swaps

    15. FX Non Deliverable Forward

    16. FECs and Swaps in more detail

    17. Straightline Interpolation

    18. Forward Arbitrage

    19. MTM Spot Transactions at T+1

    20. Swaps as Funding Instruments

    21. Covered Interest Rate Arbitrage

    22. More Swaps in Action

    23. Forward Forward Swaps

    24. Calculating Synthetic FRAs via Swaps

    25. Swap MTM

    26. A note from the Instructor

    27. Module 2 | Test your knowledge

    1. Rates Learning Outcomes

    2. Basic Interest Rate Calculations

    3. Calculating Implied Yield

    4. Compound interest

    5. Converting between Compounds and Day Count Conventions

    6. Interest rates yields VS discounts

    7. Mid Module Assessment

    8. Money market products and instruments

    9. Holding period yield vs. Effective yield

    10. Trading interest rate instruments

    11. Repurchase Agreements | Definition of a Repo

    12. Repurchase Agreements | Collateral -clean and dirty bond prices

    13. Repurchase Agreements | Initial margin / Haircut of a classic Repo

    14. Repurchase Agreements | Variation / Maintenance margin of a classic Repo

    15. Repurchase Agreements | Calculating the forward price of collateral in Sell / Buy back Repo

    16. Repurchase Agreements | Constructing Synthetic Repos

    17. Capital Markets | Bond definitions

    18. Capital Markets | Essentials of bond pricing

    19. Capital Markets | Relationship between price and yield

    20. Capital Markets | Risk

    21. Capital Markets | Interest rate risk and bond prices

    22. Capital Markets | Macaulay duration

    23. Capital Markets | Modified duration

    24. Capital Markets | DVO1

    25. Capital Markets | Bootstrapping

    26. Module 3 | Test your knowledge

    1. FICC Derivatives Learning Outcomes

    2. Forward Forwards

    3. Forward Rate Agreement (FRA)

    4. How do Forward Rate Agreements work?

    5. The Futures Market

    6. Futures and IMM FRAs

    7. Arbitrage opportunities (between FRAs, Money markets and futures)

    8. Basis

    9. Adjusting basis for convergence - hedging with futures

    10. Futures - Strip and stack hedging

    11. Convexity Bias - Futures vs FRAs

    12. Interest Rate Swaps

    13. Pricing an interest rate swap

    14. Valuation of a swap

    15. Overnight Indexes and Index Swaps

    16. Cross currency swap

    17. Credit default swap

    18. Options | Introduction

    19. Options | Terminology

    20. Options | Pay-off profiles

    21. Options | Put / Call parity

    22. Options | Implying the price and intrinsic values of vanilla Calls and Puts

    23. Options | Volatility and standard deviation

    24. Options | Pricing models

    25. Options | The Greeks - Dynamic hedging

    26. Options | Strategies (Trade and Risk Management)

    27. Options | Interest Rate Caps and Floors

    28. Options | Vol and Skew construction

    29. Options | Exotics

    30. Options | Digitals

    31. Module 4 | Test your knowledge

    1. Financial Market Applications Learning Outcomes

    2. Principles of Assets and Liabilities

    3. Managing Assets and Liabilities

    4. Priciples of risk

    5. Module 5 | Test your knowledge

About this course

  • 105 lessons
  • 20 hours of video content

Pricing Options

There are three different options ranging from $699 to $999.

  • $699.00

    $699.00ACI Diploma (New Version)

    Online, self-study course including recorded video lessons, module quizzes and mock exams.
    Buy Now
  • $899.00

    $899.00LIVE - ACI Diploma

    Only attend the 4xLIVE 4hr interactive, intstructor led sessions.
    Next sessions on Saturdays 3 September, 10 September, 17 September, 24 September, 1 October and 8 October from 9am to 13pm South Africa time.
    Buy Now
  • $999.00

    $999.00ACI Diploma Bundle

    Get the full course, including mock exam and 6xLIVE 4h interactive sessions with instructor worth $899.
    Next sessions on Saturdays 3 September, 10 September, 17 September, 24 September, 1 October and 8 October from 9am to 13pm South Africa time.
    Buy Now

Need to train your team?

Train any number of team members across any number of departments for 12 months when you sign up for our corporate license offer, click below to get in touch with our team.

Instructor

Meet who you will learn with

Billy Viljoen

Course Director

Billy has over 20 years of experience in the financial markets. He currently acts as a consultant to some of South Africa’s major corporate clients on treasury risk management. He has held senior positions at two of South Africa’s major financial institutions both in South Africa and New York with the most recent being director and head of FX Options sales at ABSA Capital where he was responsible for the bank’s FX structuring business across South Africa. He is considered a subject matter expert in foreign exchange derivatives Billy through his years has obtained unparalleled dynamic hedging experience as a corporate client advisor and derivative structurer to clients located across Africa, Europe and the Americas.

Social proof: testimonials

“The course was very insightful with relevant examples provided during the training. The material shared was applicable in the scenarios and it made the training practical. The training pack is excellent and can be used as a reference in the future.”

Ontibile Baakile, Finance Director | BancABC

“The workshop exceeded my expectations and improved my Knowledge. I will definitely recommend it to my other colleagues.”

Candice C.H Nyamuda | BancABC

“A very informative and well run workshop. Highly recommend! ”

Karin Hendrickz | AECI

“WOW! I highly recommend to anyone who needs more understanding of financial instruments.”

Thuli Poktia | Aluwani Capital Partners

“It is a really eye opening program, and extremely important for any Financial Market Dealer. ”

Akeem Akorede | United Bank of Africa

Discover your potential, starting today

ACI's Education Programme provides globally acknowledged, portable, professional qualifications that enhance career prospects, improve job performance and set benchmarks within the industry.

FAQ about the ACI Exams

ACI Dealing Certificate, the ACI Operations Certificate, the ACI Diploma and the FX Gllobal Code Certificate.

  • Do I need to be a member of the ACI to take the exam?

    No, anyone may take the exam.

  • How do I become an ACI member?

    To join, please go to https://acifma.com/joinacifma for more information.

  • Where can I take the exam?

    The exam is computerised. You can take it at any of the many testing centres around the world. If you need help finding a testing centre, please email us.

  • How much does the exam cost?


    The Dealing Certificate exam EUR 230 for ACI members and EUR 280 for Non-members

    The Diploma costs EUR 350

    The Operations Certificate EUR 230 for ACI members and EUR 280 for Non-members.

  • May I take a calculator to the exam?


    Yes you are allowed a calculator. Most 'normal' calculators are acceptable - choices range from Hewlett Packard HP12C, HP17B or HP19B, or any other hand-held calculator which is not text-programmable.

    A 'Windows' calculator is available on the computer screen while you are taking the exam.

  • I studied for the exam a long time ago - has the exam changed?

    Yes, there is a new version for all certifications as at November 2020, the previous version of the ACI Dealing Certificate was retired as at 31 March 2021.

  • Will I need any books other than the training material provided by your company?

    No, the material we provide is complete, including exercises and practice exams.