Role of Education

It is obvious that our younger colleagues are eager to enlarge their acquired scholar knowledge by the techniques necessary for the exercise of our profession. That is the reason why LFMA Education is providing a globally acknowledged portfolio of examinations aimed at new entrants to the industry.

Information on the suite of examinations (LFMA Dealing Certificate, LFMA Diploma and LFMA Operations Certificate) can be found under


House of Training (HOT), LFMA's education partner in Luxembourg

The Institute ( was created in 2015 by the merger of LSC, the training organ of chamber of commerce and IFBL, the one of the Luxembourg Bankers' Association (ABBL) with the distinctive mission to "prepare, create, develop and promote any training means, programs or actions, in the interest of the Financial center of Luxembourg".

The Institute thus provides wide-ranging programs from industry basics to state-of-the-art highly specialized courses.

Luxembourg Financial Markets Association and HOT have rekindled their former collaboration (formerly under IFBL) and joined their efforts to propose preparation courses for the three LFMA examinations :

  • LFMA Dealing Certificate

  • LFMA Operations Certificate

  • LFMA Diploma

Registration for upcoming courses can be done here:


LFMA Dealing Certificate

The LFMA Dealing Certificate is a foundation program that allows candidates to acquire a working knowledge of the structure and operation of the major foreign exchange and money markets, including the ability to apply the fundamental mathematics used in these markets, and their core products (cash, forwards and derivatives), and the basic skills required for competent participation, including the ability to apply the fundamental mathematics used in these markets.
 Candidates should also be able to apply The Model Code to their situation.

Target Audience:
  • New entrants and junior dealers (0-18 months experience in the dealing room)
  • Middle office and operations personnel

  • Auditors and compliance officers


  • Basic Interest Rate Calculations

  • Cash Money Markets

  • Foreign Exchange

  • Forward, FRAs and Money Market Futures & Swaps

  • Options

  • Principles of Risk

  • The Model Code


LFMA Operations Certificate

A well-trained and efficiently organized Treasury Operations Department is essential to complete every transaction. The Operations Department provides a vital service to the Front-Office by ensuring that all funds flow in a timely and correct manner and that all the necessary documentation is completed. Taking into consideration the wider job function of the Operations Staff, this examination has been designed to provide a benchmark for competency in all aspects of the operations and settlement processes.

It aims to test candidates' knowledge of the underlying instruments involved in the international financial markets, the processes for efficient settlements and related basic financial calculations. Candidates should also be able to demonstrate appreciation of the scope, importance and the role of the Operations Department, particularly in ensuring an autonomous service to the Front-Office.

Target Audience:

  • Recent entrants to the Operations Department (Back-Office)

  • Other trading room support areas

  • Internal and external auditors

  • Compliance and risk officers

  • Product Control

  • Vendors


In addition to the topics outlined below, candidates will be expected to be up-to-date with the latest developments that affect the Operations Department.

  • Overall Financial Market and Front to End Treasury View

  • Deal Capture, Trade Entry and Confirmations

  • Settlement, Netting and Clearing


LFMA Diploma

The LFMA Diploma builds on the LFMA Dealing Certificate and the LFMA Operations Certificate and is designed to ensure that candidates acquire a superior theoretical and practical knowledge of the foreign exchange and money markets, their related instruments, and the linkages that exist between those markets and the practice of risk management. Candidates are expected to have acquired a solid grounding in the core subject areas and have the requisite skills in financial mathematics prior 
to matriculating for the Diploma.

Target Audience:

  • Senior foreign exchange and money market dealers

  • Corporate and bank treasurers

  • Senior operations staff


  • Foreign Exchange

  • Money Markets

  • Fixed Income

  • Derivatives

  • Market Analysis

  • Risk Management



From 4CAST

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