CCM Debt Securities study plan

Map the full Debt Securities blueprint: list every subtopic (bond math, yield measures, spreads, duration/convexity, credit, structured products, money market, issuance/trading) and rate your confidence 1-5 on each to build a priority list

Define the core vocabulary you must be able to use precisely: coupon, price, yield to maturity, yield to worst, current yield, accrued interest, clean vs dirty price, day-count conventions, settlement

Work through the time-value-of-money mechanics of bond pricing by hand: discount each cash flow, compute price from yield and yield from price for a semiannual-pay bond

Set up a personal formula sheet and a calculation scratchpad you will reuse all 8 weeks

Compute and distinguish yield measures: YTM, YTC, YTW, current yield, bank discount yield, money market yield, bond equivalent yield, and effective annual yield

Explain why YTW matters for callable bonds and identify which yield a buyer should quote in a given scenario

Practice converting between discount-basis and add-on/effective yields on Treasury bills and commercial paper

Drill accrued interest and clean/dirty pricing across 30/360 and actual/actual conventions

Master duration and convexity: compute Macaulay duration, modified duration, and estimate price change from duration plus convexity adjustment

Interpret the relationships among coupon, maturity, yield, and duration, and explain which bond is more price-sensitive and why

Apply spread measures: nominal spread, Z-spread, OAS, and the Treasury-Eurodollar (TED) spread, and state when each is appropriate

Compute and interpret DV01/price value of a basis point for a position

Analyze the yield curve: construct spot, forward, and par curves from given data and explain the expectations, liquidity preference, and market segmentation theories

Explain the shape implications of an inverted curve for bank profitability and issuer behavior

Review credit fundamentals: rating scales, default and recovery rates, credit spreads, seniority and subordination, covenants, and secured vs unsecured claims

Rehearse the issuer/regulator landscape: SEC registration, the Trust Indenture Act, and the role of the trustee

Compare the major debt sectors: Treasuries, agency and agency MBS, corporate investment grade and high yield, municipal, and money market instruments, on issuer, credit, tax, and liquidity

Explain securitization structures: pass-through MBS, CMO tranches, ABS and CDO basics, and prepayment risk

Identify the tax treatment of municipal and Treasury interest and how that changes after-tax yield comparisons

Practice after-tax yield and taxable-equivalent yield calculations

Walk through the primary market: underwriting, syndication, book-building, pricing, and the roles of the issuer, lead manager, and selling group

Explain secondary-market mechanics: dealer vs auction markets, bid-ask spreads, settlement cycles, and repurchase agreements

Describe the roles of key market participants and regulators: broker-dealers, clearing firms, MSRB, FINRA, and the Federal Reserve's role in rates

Explain the impact of interest rate changes on bond prices and on a portfolio's duration profile

Take a full-length timed practice exam under test-day conditions and record the time spent per question

Classify every missed question by subtopic and root cause: formula error, concept gap, or misread question

Re-study your three weakest subtopics using targeted re-derivation rather than rereading

Rebuild your formula sheet from memory and check it against the original

Retake the full practice exam and target improvement of at least 10 percentage points over week 7

Drill the calculation types you missed most until you can solve each in under 90 seconds

Review the error log and confirm every previously missed concept is now explainable without notes

Simulate exam pacing and confirm your timing strategy for calculation-heavy questions