← Erudite Africa Center of ExcellenceCapital MarketSchool of Capital Markets and InvestmentFoundational to Advanced
Securities
Shares, T-bills, bonds, funds and derivatives: their rights, pricing and risks in the Ethiopian market
Learn what each Ethiopian security gives its holder and how to price it, from T-bill yields and dividend yields to bond duration and bank share valuation, using one investment bank's files as a running case.
Start the course
0 of 5 modules completed
What you will be able to do
- Describe the main types of securities in Ethiopia and the rights each carries
- Calculate dividend yield, coupon yield, and T-bill discount and investment yields
- Explain the risks of each security type and compare nominal and real returns for an investor
- Price bonds and T-bills, compute yield to maturity, duration and convexity
- Value bank shares with dividend discount and relative multiples
- Analyse rights issues, bonus issues and dividends and their effect on holders
- For
- Staff of capital market service providers, bank treasury and investment staff at the foundational level; analysts, dealers and portfolio staff at the advanced level. Learners should have completed Introduction to Capital Markets (Level 1) and be comfortable with basic finance maths.
- Study time
- About 6 hours online, in 5 modules (48 hours in the classroom version)
- Each module
- Short lessons, animated visuals, Ethiopian examples, decisions to make, the laws and directives that apply and worked calculations, then a quiz
- Assessment
- A 20-question final exam; pass mark 70%
- Certificate
- Erudite Africa Center of Excellence certificate of completion
- Access
- Module 1 free for registered users; the full course, exam and certificate for subscribers
The 5 modules
- Module 01Free previewWhat a security is, and the shares you can holdLearn what makes an instrument a security under Ethiopian law, how it is held and transferred, and what ordinary and preference shares give their owners.6 lessons · 60 min · quiz
- Module 02Fixed income: Treasury bills, government and corporate bondsUnderstand how Ethiopian Treasury bills are auctioned and priced, how bonds pay their holders, and how to judge the credit risk behind a coupon.6 lessons · 65 min · quiz
- Module 03Funds, derivatives, returns and risksAdd fund units and derivatives to the toolkit, measure real returns against inflation, and complete the Level 1 capstone: where Kebede's ETB 100,000 should go.7 lessons · 70 min · quiz
- Module 04Time value, bond pricing, credit spreads and durationMove to the advanced level: discount cash flows, price bonds clean and dirty, solve for yield to maturity, build a yield curve from T-bill auctions, price a credit spread and measure price risk with duration and convexity.7 lessons · 70 min · quiz
- Module 05Valuing shares, corporate actions and the Bank A capstoneValue a listed Ethiopian bank with dividend discount and price-to-book methods, work out what rights and bonus issues do to holders, and defend a buy, hold or sell view.6 lessons · 70 min · quiz
- Officer simulationA month as securities analyst at Bank A CapitalWork as securities analyst, research and fixed income desk: 11 real-life items, decisions with consequences and a hand-over note. Pass with 70% to qualify for the certificate.
- Final examFinal exam and certificate20 applied questions across all 5 modules. Pass with 70% to download your certificate.
Built on
- Erudite Africa training module: Ethiopian Context, topic 2.c Securities, Levels 1 and 2 (October 2026)
- Capital Market Proclamation No. 1248/2021; Commercial Code Proclamation No. 1243/2021; National Bank of Ethiopia Proclamation No. 1359/2025
- ECMA Directives No. 980/2024 and 996/2024; Directive No. 1030/2024 and No. 1009/2024 as reported; ESX Rulebook (December 2024)
- NBE directives as listed in the lessons: SBB/89/2024, SBB/92/2024, SBB/95/2025, SBB/98/2025, SBB/78/2021 (reported), FXD/04/2026
- NBE Monetary Policy Committee release No. 7 (July 2026); Ministry of Finance Public Sector Debt Statistical Bulletin No. 56
Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.