IFC Capital Markets Executive Program

Now in its ninth year, the objective of the IFC Capital Markets Executive Program is to train IFC investment officers in the fundamental principles of debt capital markets. IFC investment officers are well versed in providing loans and equity investments to private sector enterprises in developing countries but have little exposure to the value proposition of debt capital markets. The IFC has pioneered the use of debt capital market transactions in several emerging markets, like Russia, to meet client needs on a cost-effective basis. This training in debt capital markets, designed for the experienced global policymaker, further enables the broad pool of investment officers to consider and utilize debt capital market solutions where relevant in their dealings with clients.

The program is designed for a cohort of 30 students and is two weeks in duration, with the first week held at SIPA and the remainder at IFC in Washington, D.C. The course provides a solid foundation in the economics of finance and macroeconomics, examines international capital and banking markets, analyzes the value proposition of debt capital markets, explores the processes and instruments associated with securitization, derivatives and structured products, and outlines financial regulatory structure and recent developments in both emerging and advanced economies. The case study method is used to delve deeper into core concepts by examining cases involving the IFC’s use of debt capital market transactions.  Site visits in New York include the New York Stock Exchange and the New York Federal Reserve.

I cannot imagine a better partnership than Columbia SIPA together with the International Finance Corporation (IFC), linking a premier development institution like the IFC with one of the premier institutions in the field of knowledge and learning. I remember reading some of the feedback from last year and the most frequent comment was that “this is one of the best programs I've ever done in my life”, so I cannot put it into better words. 

—Sabrina Borlini, Senior Advisor to the Managing Director, International Finance Corporation

The skills I learned from the IFC Capital Markets program include the valuation of equity and bonds, how market movement and dynamics present profit-making opportunities, how to identify those opportunities and act on them, the legal aspect of bond issuance, how to identify and mitigate risks, and much more. The presenters were practicing investment professionals. Excellent program all around. 

—Frank Ajilore, IFC Resident Representative for Tanzania and Burundi, International Finance Corporation

Instructors in the IFC program are practitioners who are also academics which provides a really good balance in terms of the theoretical and the practical. They’re not just telling you the theory. They’re drawing from a lot of experience from working in these developing markets and offering advice on what has and hasn’t worked. 

—Chris Richards, Head of Secretariat, World Bank Group Joint Capital Markets (J-CAP) Program at the International Finance Corporation

This is a real opportunity to step back from our day-to-day business and hear what’s really happening in capital markets globally. It’s a true opportunity for learning and adding to our value proposition for our clients.

—Sylvian Kakau, Country Head, Senior Manager for the Sahel at the International Finance Corporation

What you get from the course is the sense of complexity of what’s out there and the need to be continuously updating yourself and your skills to be able to keep in the game. It moves much faster than what you think. 

—Santiago Levy, Nonresident Senior Fellow with the Global Economy and Development Program at the Brookings Institution