IFC-Milken Institute Capital Markets Program at Georgetown University

The program was designed by IFC, the Milken Institute and Georgetown University’s McDonough School of Business to enhance local capital markets in developing countries.

Since its inception in 2016, the capital markets program has trained 224 participants from 56 countries, representing 98 institutions. Program alumni are empowered to strengthen their countries’ capital markets while developing innovative financial solutions to address pressing social and economic challenges.

IFC-Milken Capital Markets Program Cohort

Related Resources

Impact Report : Shaping the Next Generation of Capital Markets Leaders

Program Components

Coursework

Two-week bootcamp module at Georgetown University to ensure all participants start with the same basic knowledge and to help create a network among the cohort. The bootcamp includes refreshers on core mathematics and statistics as well as soft skills trainings.

Academic semester and graduate certificate at Georgetown University:

Financial instruments and institution.
Financial policy.
Sustainable investing.
Market structure.
Business analytics.
Fintech, blockchain and cryptocurrencies.
Capstone project.

Tailored Workshops

Supplementary hands-on modules further prepare participants for the realities of investment analysis and policy implementation.

Speaker series are delivered weekly by prominent guest practitioners from public and private sectors.

Finance policy trek to New York City and other financial hubs in the US.

Series of regulatory workshops hosted at the U.S. Securities and Exchange Commission (SEC).

Applied workshops and case-studies with IFC practitioners.

Internship

Following the successful completion of the core courses, scholars are placed on a four-month internship in a reputable institution in the financial industry in the US.

Internships are hosted across a range of institutions, including:

Private equity and venture capital firms.
Hedge funds and asset managers.
Banks and other financial services institutions.
Credit rating agencies.
Development finance Institutions.

Alumni Engagement

Upon graduating, participants become part of an international alumni network of policymakers and market practitioners.

In-person alumni knowledge forums featuring leading decision makers in participating countries every two years.

Country chapter engagements to develop local capital markets.

Access to policy roundtables and bespoke events through the year for continued learning and knowledge exchange.

Lifelong mentorship and policy advisory.

Program Timeline

RECRUITMENT

Early Fall: New recruitment announcement.

December: Deadline for nominations, up to five per institution. Women are strongly encouraged.

January: Application submission through the University of Georgetown’s application portal.

February – March: Applications review, shortlisting and candidate interviews.

April – May: Notification of admission sent to the nominated institutions and selected candidates.

PROGRAM STARTS IN WASHINGTON, DC

September – December: Fall semester and weekly speaker series at Georgetown University’s McDonough School of Business.

January – May: Internship

May: Capstone project presentation and graduation ceremony.

Important: All participants must return to their home countries to work on local capital market development in their institutions for at least two years.

Nomination and Eligibility Criteria

This program is by nomination only and targets mid-career professionals from central banks, ministries of economy, ministries of finance, securities and exchange commissions, stock exchanges, and capital markets authorities. The nominees must have at least 5 to 10 years experience
We encourage employers to nominate up to five professionals from their institutions with high potential to contribute effectively to capital markets development in their home countries. Women nominations are strongly encouraged.
The selection process is competitive, and merit based.

Candidate showing their course completion certificate.

Photo: IFC

I was actively involved in drafting the new law on securities. I used the skills and knowledge that I got through the program in the designation of the legal framework or the new financial service.

Tursunboy Makhkamov (Uzbekistan)
2022 IFC-MI CMP graduating class

I am working on introducing inflation-linked bonds in the market. We covered that in class, exactly how you can introduce those, and what factors to consider before introducing them.

Nenguba Chakalisa (Botswana)
2020 IFC-MI CMP graduating class

The program gave me the tools to analyze and anticipate some of the risks of the debt portfolio that we had.

Walter Pacheco (Angola)
2017 IFC-MI CMP graduating class

One of the beauties of the program is leveraging off of each other’s knowledge and skills and bettering our societies — not just through the improvement of our capital markets, but through empowering previously disadvantaged and vulnerable members of our society.

Thabani Vythilingam (South Africa)
2022 IFC-MI CMP graduating class