Certified European Financial Analyst (CEFA) Certification

Register for the European Financial Analyst (CEFA) certification

Certified European Financial Analyst (CEFA) Training + Exams

How to become an EFFAS Certified European Financial Analyst (CEFA) Holder:

1- Enroll in the EFFAS Certified European Analyst (CEFA) Programme. You will receive your credentials to our e-learning platform.

2- Once you have purchased the training, you can then return to the product page and view the exam dates. You can choose to purchase each exam individually or all the exams at once depending on how and when you want to study for them.

3- On passing all the relevant exams and having the required work experience you will become a CEFA holder.

Download EFFAS Certified European Financial Analyst (CEFA) programme brochure.

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The Certified European Financial Analyst Diploma (CEFA) is the gold standard for the investment profession. Established in 1991, it has become one of the most respected and recognized international credentials among financial industry professionals in Europe and beyond. Accredited in 13 European countries, Argentina, Brazil, and Peru the CEFA title holds significant value in the financial market.

The CEFA programme offers a globally recognized and respected qualification that equips investment professionals with the skills and knowledge to excel in the financial industry. With its comprehensive coverage, ethical emphasis, and flexibility, CEFA stands as the leading choice for professionals seeking career advancement recognition in this dynamic industry.

Distinctive Features:

  • The CEFA programme evaluates a comprehensive set of banking and financial skills essential for financial analysis, advisory, investment work, and portfolio management.
  • Compliant with regulatory requirements set by the European Securities and Markets Authority (ESMA) for investment advisors in financial institutions.
  • Equivalent to a master’s degree, pitched at level 7 on the European Qualifications Framework (EQF).
  • Quality control ensured by the EFFAS Review Panel, an independent, high-level academic body.

Main Advantages:

  • Globally recognized and respected qualification with over 16,500 holders.
  • Tailored training covering European regulatory aspects and market structure.
  • Flexible 100% online self-study with online examinations.
  • Extensive coverage of ethical standards and responsible investing (ESG).

Who is the Certified European Financial Analyst (CEFA) programme for?

The CEFA programme is ideal for investment professionals seeking to enhance their skills in advanced investment analysis, portfolio management, ethical standards, and decision-making. It can also benefit auditors, consultants, analysts, and financial planners committed to ethical investing and responsible financial practices. Applicants need to prove they hold a degree level or higher qualification, preferably in finance or a related area to be awarded the CEFA certification.

View the Certified European Financial Analyst (CEFA) Holder list here.


The CEFA programme aims to provide a comprehensive and rigorous training focusing on the following key objectives:

  • Advanced Financial Analysis: Equip participants with advanced financial analysis skills, enabling them to analyze complex financial data and make informed investment decisions.
  • Portfolio Management Excellence: Develop expertise in portfolio management techniques, allowing professionals to create and manage diversified investment portfolios effectively.
  • Ethical Leadership: Foster a strong sense of ethical standards and responsible investing principles, fostering a commitment to ethical financial practices throughout their careers.
  • Enhanced Decision-Making: Cultivate critical decision-making abilities, empowering graduates to navigate the challenges and uncertainties of the financial industry with confidence.

Programme Structure:

The CEFA programme is structured in the following nine areas:

  1. Economics
  2. Corporate Finance
  3. Financial Accounting and Financial Statement Analysis
  4. Equity Valuation and Analysis
  5. Derivative Valuation and Analysis
  6. Fixed Income Valuation and Analysis
  7. Portfolio Management
  8. European Regulation and Ethics
  9. Environmental, Social and Governance (ESG)

Examination Structure:

Candidates eligible to take the CEFA Common Exam are those registered to any of our accredited local programmes or enrolled to the e-CEFA programme.
The CEFA Common Exam has a four-block structure with an overall duration of 12.5 hours.


Block Content / Topics Duration
Common Exam 1 Economics 120 minutes
European Regulation
Common Exam 2 Financial accounting and statement analysis 210 minutes
Corporate Finance
Common Exam 3 Portfolio management 210 minutes
Equity valuation and analysis
Common Exam 4 Fixed income valuation and analysis 210 minutes
Derivative valuation and analysis

Study Time

We recommend you plan a schedule of approximately 310 hours when you enrol in the e-CEFA programme.


Self-study and online


Being 100%, self-study and online the e-CEFA gives you the freedom to adapt your study of the comprehensive materials -manuals, video recorded lectures, practical exercises, self-assessment centre questions and specimen examination papers- around how it best fits into your lifestyle.


Online training & certification package:


€ 4,000 (excl. VAT)

Start the training today! Receive the CEFA certification on completing the programme, passing the 4 related exams and accruing one year’s work experience*.

The price covers 24 months of access to the e-CEFA programme on the EFFAS online platform. The online training fee does not include examination costs. The four certification exams covering the complete CEFA syllabus must be taken within 24 months of buying the Online training programme.

*See Terms and Conditions clause 3.10.


The e-CEFA programme is a fully online training course hosted by EFFAS and its accredited National Member Societies.


All training materials are in English and designed for candidates with a CEFR English language level of B2 and above. Candidates who do not have this level of English enrol to the programme at their own risk.

There are two exam sessions each year in April and November. The exam right can be used up to one year following the expiry of your access to the online learning platform. Where necessary, access to the online learning platform can be extended at an additional cost.

Registration & Exams calendar


Registration: 11th February 2024

Reg. deadline: 11th March 2024

Exam 1: 11th April 2024
Exam 2: 12th April 2024
Exam 3: 18th April 2024
Exam 4: 19th April 2024


Registration: 21st September 2024

Reg. deadline: 21st October 2024

Exam 1: 21st November 2024
Exam 2: 22nd November 2024
Exam 3: 28th November 2024
Exam 4: 29th November 2024

Our certifications increase your visibility in networks and with employers worldwide.

EFFAS Certified European Financial Analyst (CEFA) Programme Download Brochure

Download our EFFAS Certified European Financial Analyst (CEFA) Programme overview here.

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