Fixed Income and Credit Market Investing

Program Experience

Highlights and Key Outcomes

In Fixed Income and Credit Market Investing you will:

• Understand and gain confidence working with fixed-income instruments including bonds, loans, and structured products
• Learn how to identify and quantify the different risks associated with investing in fixed-income instruments
• Execute and analyze liability-driven management strategies in several different contexts
• Construct hedging strategies for different risks including portfolio rebalancing and derivatives usage
• Learn about different fixed-income markets, how capital is raised in each, how they are related, and how they fit into the broader economy
• Put yourself in the role of a fixed-income portfolio manager responding to varying macroeconomic conditions
• Assign credit ratings to companies based on your own credit analysis
• Understand bond indices and the implications of migration in and out of the index for investors
• Explore the growing private credit space and its attendant risks
• Learn about structured products such as collateralized loan obligations (CLOs) and credit default swaps (CDS)

Experience & Impact

Fixed Income and Credit Market Investing will feature a mix of classroom discussion, small-group breakout sessions, individual exercises, and external activities aimed at optimizing the learning experience. Participants will actively engage in a variety of decision-making scenarios including:

• Bond portfolio construction and management at a hedge fund
• Liability-driven management at an insurance company and a pension fund
• Capital-structure planning at a manufacturing firm
• Liquidity management at a tech company
• Private credit investing by an institutional investor
• Managing interest-rate risk at a commercial bank

The emphasis throughout the week is on active learning in which program participants are always engaging with the material, the teaching staff, and one another. Additionally, sessions and candid interactions with industry speakers will bring an insider’s perspective on how the underlying concepts play out in the debt markets.

Convince Your Supervisor

Here’s a justification letter you can edit and send to your supervisor to help you make the case for attending this Wharton program.

Due to our application review period, applications submitted after 12:00 p.m. ET on Friday for programs beginning the following Monday may not be processed in time to grant admission. Applicants will be contacted by a member of our Client Relations Team to discuss options for future programs and dates.