Explore the L-Program

How the TrendUp L-Program works

The L-Program is a three-level applied investment program. L1 develops the foundations of investment analysis, L2 moves into options and derivatives strategy, and L3 adds futures, hedge fund frameworks, portfolio risk, and CFOA preparation. Across all three levels, participants complete practical work, receive feedback from fund professionals, and can join the live Saturday sessions or use the recordings. Optional private one-to-one conversations with the fund manager are available at each level.

Apply for Fall 2026 View the curriculum ↓
94%1CFOA pass rateAmong eligible TrendUp L3 participants who sat the exam
100%2SRP placement to dateEvery SRP participant has secured an investment internship or role
91%3Working in financeWithin six months of graduation

1 ICFDT exam records for eligible L3 participants who sat the CFOA.   2 TrendUp program records across SRP cohorts to date.   3 Self-reported by alumni in post-program surveys, measured six months after graduation.

How the program works

The three levels build on one another.

L1 establishes the analytical foundation used throughout the program. L2 applies that foundation to options and derivatives. L3 extends it into futures, hedge fund strategy, portfolio risk, and the CFOA body of knowledge.

Progression is sequential.L2 requires completion of L1, and L3 requires completion of L2. The three levels can be completed back-to-back in under three months, or participants can pause between levels.
L1

Investment analysis

Fundamental, technical, event-driven, and volatility analysis, followed by a stock pitch and live defense of the investment thesis.

L2

Options & derivatives

Options structures, probability, payoff design, and trade management, with applied strategy work and live fund-manager demonstrations.

L3

Futures, hedge funds & CFOA

Futures, portfolio risk, hedge fund strategies, fund psychology, and preparation for the ICFDT CFOA examination.

After L3

SRP consideration

The strongest L3 performers may be invited to the 10-week Specialization and Recruitment Program at a partner investment firm.

The three levels

Curriculum and applied work by level

Each level combines structured instruction, applied assignments, professional feedback, and live discussion. Recordings remain available throughout, so participation can fit around university or full-time work.

Investment trading floor
Live Saturdays + recordingsDiscussion and demonstrations when live; full recordings afterward.
3 weeks  each3–5 hours/weekFully onlineSaturday live sessions with recordingsOptional private 1-to-1 access
L1
Investment foundations

Foundations of Investment Analysis

Build a repeatable way to analyze an investment from more than one angle. L1 starts from the ground up, then quickly moves into the judgment required to form and defend an actual investment view.

Standard$399L1 enrollment
Student / recent grad$199Subsidized rate

Core curriculum

  • Market structure, instruments, and trading tools
  • Fundamental analysis, valuation, and company research
  • Technical analysis as market context
  • Event-driven catalysts and positioning
  • Volatility analysis and trade development
  • Leverage, position sizing, and risk framing

Applied work

  • Build and present a stock pitch
  • Develop and defend the investment thesis through the course work
  • Complete a leverage and position-sizing exercise
  • Receive feedback on the stock pitch and other course work
  • Access recordings, assessments, and course materials
Prerequisites: ambition, drive, and serious interest in investment strategy.
L2
Options & derivatives

Options & Derivatives Strategy

Move from having a market view to choosing the structure that expresses it. L2 focuses on options, probability, payoff design, and how derivatives positions are built and managed in practice.

Standard$499L2 enrollment
Student / recent grad$299Subsidized rate

Core curriculum

  • Directional and non-directional options strategies
  • Probability assessment and risk/reward comparison
  • Trade construction across different market environments
  • How fund managers structure derivatives positions
  • Research writing and investment communication

Applied work

  • Structure and defend options trades
  • Take part in a live trading session with a fund manager
  • See real fund-strategy demonstrations
  • Develop research for potential external publication
  • Receive feedback on strategy work and research
Prerequisite: L1 completion.
L3
Integration + CFOA

Futures, Hedge Funds & CFOA

L3 extends the derivatives framework into futures, hedge fund strategy, portfolio risk, and decision-making under pressure. CFOA preparation is built directly into the level alongside this applied work.

Standard$599L3 enrollment
Student / recent grad$399Subsidized rate

Core curriculum

  • Futures contracts and options on futures
  • Macro, arbitrage, and event-driven hedge fund strategies
  • Portfolio risk-management frameworks
  • Fund psychology and decision-making under pressure
  • Full CFOA examination preparation

What L3 unlocks

  • Sponsored 60-question CFOA examination route, with the $390 first-attempt fee fully covered
  • Performance tracking and final cohort ranking
  • Optional private one-to-one with the fund manager
  • SRP consideration for the strongest performers
  • CFOA preparation materials and assessments
Prerequisites: L1 and L2 completion.
Fund manager access

Direct access to a hedge fund manager throughout the program

Participants receive feedback on their investment work throughout L1–L3 through assignments, live discussion, and course review. Separately, an optional private one-to-one is available at each level for questions, direction, and a more personal conversation with the fund manager. L1 is primarily an introduction; later conversations can go deeper into strategy, progression, and buy-side fit.

L1 conversation

Your background and goals

A first conversation about your background, what brought you to the program, where you want to go, and any questions you would rather discuss one-to-one.

L2 conversation

Strategy and progression

Use the time to discuss your derivatives thinking, areas you want to improve, or how the course connects with your current role or target path.

L3 conversation

Your trajectory

Discuss CFOA preparation, broader buy-side fit, next steps, and where your strengths have emerged across the program.

The private sessions are available rather than required. Program performance and SRP ranking are based on the work completed and observed across L1–L3.How SRP selection works →
Professional certification
CFOA

Certified Futures and Options Analyst, issued by the International Council for Derivative Trading.

CFOA preparation is built into L3.

The L3 curriculum includes preparation for the Certified Futures and Options Analyst examination alongside its work on futures, hedge fund strategies, portfolio risk, and derivatives decision-making. Eligible L-Program graduates then sit a sponsored, abridged 60-question version of the CFOA exam focused on the options and futures sections covered through the program, rather than the standard 100-question examination. Passing either route awards the same CFOA designation, and TrendUp covers the full $390 fee for the first sponsored attempt.

L-Program exam60 questionsSponsored abridged version focused on options and futures
Standard exam100 questionsThe full ICFDT examination outside the sponsored L-Program route
TrendUp pass rate94%Among eligible L3 participants who sat the examination
First attempt$390 coveredTrendUp sponsors the full exam fee

TrendUp is an ICFDT-authorized training provider. ICFDT administers the examination and awards the CFOA designation; graduates who pass the sponsored abridged route receive the same designation as candidates who pass the standard examination.

About the CFOA at TrendUp →CFOA at ICFDT ↗FINRA database entry ↗

Only looking for the credential?
CFOA Direct provides self-paced exam preparation without the L-Program cohort, optional private fund-manager access, or SRP eligibility.

Explore CFOA Direct →
After L3 · Specialization & Recruitment Program

Strong L3 performers may be invited to the SRP.

The Specialization and Recruitment Program is a 10-week analyst or trader internship at a partner hedge fund, family office, or private investment firm. Selection is based on performance across the L-Program rather than a separate application.

  • 0110-week analyst or trader internship, remote or in person
  • 02Senior mentoring line with a fund professional who can serve as a reference
  • 03Investor Personality Report from a fund-specialist psychologist
  • 04Recruitment support covering resume, LinkedIn, and mock interviews
Explore the SRPWhere alumni landed →
Top 25–33%Typical invitation range

Invitations begin with the top quarter of the L3 cohort and can expand to the top third when additional partner seats are available.

100%Placement to date

Every SRP participant has secured an investment internship or role.

Alumni evidence

What the pathway has looked like in practice.

Coming from a non-target, TrendUp gave me the foundation and professional experience I needed to bridge the gap and land my dream role at a top investment bank.

IkeWinter '24 · L1 to SRP · Investment Banking Analyst at Deutsche Bank, New York

TrendUp, both the L-Program and the SRP, delivered exactly what I needed to jumpstart my career in finance. And recruiters took notice.

Bennett'25 · L1 to SRP · Quantitative finance role secured before SRP completion

I made the transition into a family office, and I have Alex and the TrendUp team to thank for that.

Nathan'22 · L1 to SRP · Senior role at a top family office · USMC veteran

Hired within days of finishing the program. The CFOA and the SRP internship gave me everything I needed to land the role immediately.

Grayson ValenteFall '24 · L1 to SRP · Portfolio Analyst, Private Capital at Lumonic
Read more success stories
Fall 2026 cohort

Fall 2026 schedule

Live sessions are held on Saturday mornings. Recordings are available for participants who cannot attend live, and the expected workload is approximately 3–5 hours per week.

L1

Investment Foundations

September 26, 2026Ends October 17
L2

Options & Derivatives

October 24, 2026Ends November 14 · requires L1
L3

Futures + CFOA

November 21, 2026Ends December 20 · requires L1 and L2
Typical commitment: 3–5 hours per week per level.Apply for Fall 2026
Before you apply

Common questions

View all FAQ & contact →
Do I need a finance background?+
No. L1 starts from the ground up. The prerequisites are ambition, drive, and a serious interest in investment strategy. Participants have joined from finance as well as engineering, law, the military, operations, compliance, and other fields.
How much time does the program take?+
Approximately 3–5 hours per week. Live sessions are held on Saturday mornings and recordings are available when you cannot attend live. Private one-to-one sessions are also optional, so they can be used when they add value rather than as a completion requirement. L1 through L3 can be completed in under three months.
Do I have to commit to all three levels?+
No. Each level is purchased separately. L2 requires L1 and L3 requires L2, but you can stop after a level or pause before continuing.
How does SRP selection work?+
TrendUp tracks performance across the program, including analytical process, investment ideas, risk framing, and decision-making. Invitations begin with the top quarter of the L3 cohort and can extend to the top third when additional partner seats are available.
What is the difference between the L-Program and CFOA Direct?+
The L-Program is the three-level development pathway, with applied work, live cohort sessions, optional one-to-one fund manager access, CFOA preparation, and SRP eligibility. CFOA Direct is self-paced exam preparation for candidates who only want the credential and do not need the broader L-Program experience or SRP route.
Is the program open internationally?+
Yes. The L-Program is fully online and has served participants across the US, UK, UAE, Switzerland, India, Hong Kong, and other markets.
Fall 2026 · Applications open

Applications for Fall 2026 are open.

The next L1 cohort begins September 26. No prior finance background is required for L1, and applications are reviewed on a rolling basis until the cohort is filled.

Apply for Fall 2026Talk to us first
Applications close when the cohort fills.
Registration Form (copy)