A calibrated rates curve
Reconstruct discount factors, bootstrap a curve and reprice the instruments used for calibration.
DELIVERABLE / NOTEBOOK + CHECKS
Alpha Stochastic ResearchSpecialised Training Programme
Master fixed income.
Understand. Model. Implement.
FIIDQ is ASR's hands-on rates and interest-rate derivatives training: build curves, value instruments, measure risk, test models and document your results.
Structured instruction · six practical laboratories · reproducible Python · assessed capstone
ASR Approved CPD Provider #791224FIIDQ / INTERACTIVE RATES LABEDUCATIONAL SCENARIO
Move the curve.
Reprice the discount factor.
Change the level and slope of an illustrative continuously compounded zero curve. The values and the chart are recalculated, not drawn as market data.
ZERO RATE / %
1Y ZERO RATE2.93%
10Y ZERO RATE3.33%
10Y DISCOUNT FACTOR0.717
MODEL: z(T) = L + S · T/(T + 5) P(0,T) = exp[−T · z(T)] z expressed as a decimal when discounting. Illustrative only; not observed market data or a trading signal.
06TECHNICAL MODULES
09 hLIVE PRACTICAL LABS
42 hPLANNED LEARNING WORKLOAD
01INTEGRATED CAPSTONE
THE PROGRAMME
From foundations to rates models.
A structured path from fixed-income intuition to pricing, risk and reproducible implementation — with the assumptions and limitations made explicit.
Discounting→Bond risk→FRAs & swaps→Multi-curve→Short-rate models→Options on rates
LEARNING OUTPUTS
What you will produce.
Reviewable technical work — with assumptions, tests and limitations stated explicitly.
A bond and swap risk analysis
Calculate price sensitivities, stress the rates curve and explain the limits of linear approximations.
DELIVERABLE / RISK WORKBOOKA reproducible pricing study
Compare models for rate options and document assumptions, conventions and validation evidence.
DELIVERABLE / PRICING STUDYCURRICULUM / 01—06
Six modules. One coherent programme.
Select a module to explore the concepts, planned workload and practical assignment.
MODULE 015 h planned
Discounting, Zero-Coupon Curves & No-Arbitrage
Time value of money, discount factors, zero rates, compounding and implied forward rates.
Practical: reconstruct forwards and test no-arbitrage identities.
MODULE 025 h planned
Bonds, Yield Measures & Interest-Rate Risk
Cash-flow pricing, clean and dirty price, YTM, duration, convexity and DV01.
Practical: build a bond-risk workbook and analyse yield shocks.
MODULE 035 h planned
Forward Rate Agreements & Interest-Rate Swaps
FRA timing, forward rates, swap legs, par swap rates and hedge valuation.
Practical: reproduce FRA and payer-swap valuations.
MODULE 045 h planned
Curve Construction & Multi-Curve Frameworks
Bootstrapping, quote conventions, interpolation, OIS discounting and forward projection.
Practical: bootstrap a curve and reprice calibration instruments.
MODULE 055 h planned
Short-Rate Models
Vasicek, CIR and Hull–White foundations, mean reversion, simulation and P versus Q.
Practical: simulate short-rate paths and validate their moments.
MODULE 065 h planned
Caps, Floors & Swaptions
Caplet and floorlet payoffs, parity, Black–76, Bachelier and option sensitivities.
Practical: price rate options and challenge model conventions.
LEARNING EXPERIENCE
A practical learning experience.
Guided derivations, real coding practice, independent exercises and a reviewed capstone.
01
Concepts & derivations
Instructor-led explanations of conventions, pricing identities and economic intuition.
02
Live practical laboratories
Six 90-minute Excel/Python demonstrations with scenario experiments and numerical QA.
03
Independent homework
Reproducible Python submissions that state assumptions, run checks and interpret results.
04
Integrated assessment
A final capstone combining pricing, sensitivity, model validation and a technical memo.
FINAL ASSESSMENT
An assessed, end-to-end rates project.
Participants assemble a documented rates research and valuation workflow, with a clear line between educational models, observed data and production claims.
- Data provenance, units and documented assumptions
- Curves, bond valuation, DV01 and stress scenarios
- FRA / swap logic and option pricing conventions
- Short-rate estimation and validation diagnostics
- Reproducibility, limitations and written technical memo
ASSESSMENT FRAMEWORK
Evidence-based completion.
30Homework points (6 × 5)
70Capstone points
75/100Required aggregate score
45/70Minimum capstone score
The detailed internal capstone rubric is out of 200 and is normalised to a 70-point capstone contribution. An ASR certificate of completion is issued only upon successful assessment. ASR's Approved CPD Provider status does not accredit this programme or change the ASR certificate into a CPD-accredited award.
PARTICIPATION
Who should take FIIDQ?
Participants developing quantitative fixed-income foundations, including ASR trainees, early-stage researchers and mathematically inclined students.
Recommended preparation includes calculus, introductory probability, basic fixed-income concepts and comfort interpreting mathematical formulas. Python familiarity is beneficial; the training includes structured implementation walkthroughs.
COMMON QUESTIONS
Is FIIDQ open for public enrolment?
FIIDQ is an ASR trainee programme. Availability and eligibility depend on the current intake; consult the official application page for current recruitment status.
Is prior Python knowledge required?
Basic programming familiarity helps. The practicals are instructor-led, while independent homework requires reproducible numerical work.
Does completion include a certificate?
ASR may issue its own certificate of completion when all published assessment requirements are met. This is not a university degree or a regulated professional qualification.
Is FIIDQ CPD-accredited?
ASR is an Approved CPD Provider (#791224), issued 12 October 2026. This is approval of the organisation, not accreditation of FIIDQ. FIIDQ has not been presented here as an individually CPD-accredited course and no CPD credits are claimed. Read the provider recognition details.
ASR ORGANISATIONAL CREDENTIAL
Alpha Stochastic Research is an Approved CPD Provider.
ASR has received Approved CPD Provider recognition from The CPD Group, issued on 12 October 2026. This recognition concerns the training provider — Alpha Stochastic Research — and supports the separate process of submitting individual learning activities for independent review.
APPROVED PROVIDER #791224ISSUE DATE 12 OCT 2026
Check the CPD Register
THE CPD GROUP
Organisation approval
Provider reference #791224
FIIDQ / ALPHA STOCHASTIC RESEARCH
Start with the FIIDQ syllabus.
Review the full public syllabus, programme expectations and current ASR application information.