Certified European Financial Analyst (CEFA)

The Certified European Financial Analyst Diploma was set up in 1991. It is accredited in 27 European countries besides Argentina and Brazil and is well recognized by employers. The CEFA is a benchmarked qualification with challenging exams, ensuring the major professional skills that candidates need. The CEFA Quality is controlled by the EFFAS Review Panel. Our Diploma respects local market requirements, conditions and characteristics as well as individual cultures. That´s why the CEFA Diploma designation is recognised by the Financial Conduct Authority FCA in UK, the Regulator of Financial Services in Malta and their counterparts in Greece, Portugal Brazil and Argentina.

The training includes both; relevant material to the investment profession (irrespective of where such professionals are located) and a significant coverage of regulatory and market structure material that is closely related to the European market place. To date, over 14,000 professionals are CEFA holders.

How to become a CEFA Holder

Step 1: Enroll in the CEFA Programme offered by an accredited EFFAS National Member Society. If you are located in a country without a NMS please contact EFFAS Head Office for support.


  • University Degree (bachelor degree) or 3 years of experience in a relevant field to the financial profession.
  • Present a detailed CV properly documented accompanied with an official ID card.

Step 2:

  • Pass the exams on the 7 topics (economics, corporate finance, accounting, equity valuation, derivatives, fixed income & portfolio management) organised by an accredited EFFAS National Member Society.
  • Alternatively pass the CEFA Common Exam 1, 2 & 3 organised by EFFAS.

Step 3:

  • Pass the National Component Exam of an accredited EFFAS National Member Society or the National European Component Common Exam of EFFAS.

Step 4:

  • Adhere to the EFFAS Code of Ethics or its equivalent of the National Member Society

Step 5:

  • Prove 1 year of professional work experience in financial analysis, portfolio management and/or investment in general (accrued before, during, or after participation in the CEFA Programme)

Programme objective

The main objective of the programme as a whole is to provide a uniform high-level standard of training for investment professionals within Europe with a strong focus on advanced investment analysis, portfolio management, ethical standards and decision-making skills.

To whom is it intended (Potential candidates)

The CEFA Diploma Designation is particularly aimed for professionals involved in:

Financial analysts, asset managers with asset management companies, pensions funds, life insurance companies, wealth management companies; financial researchers; corporate finance specialists and treasurers; financial journalists; professionals involved in legislation / regulation of the above mentioned fields; professionals already working in the investment sector but looking for more specific qualification.

Programme overview

The CEFA programme is structured in 7 topic areas:

Part 1: Equity valuation and analysis
Part 2: Financial accounting and statement analysis
Part 3: Corporate Finance
Part 4: Fixed income valuation and analysis
Part 5: Economics
Part 6: Derivative valuation and analysis
Part 7: Portfolio management

National Component/European National Component

The National Component / National European Component is not part of the 7 topic areas of the CEFA Programme but a prerequisite to be awarded the CEFA Diploma.

For those EFFAS National Members Societies (NMS) not yet having an accredited National Component examination for fulfilling the requisites to obtain the CEFA Diploma, the EFFAS Platform will include a European National Component from 2017 on as an alternative for the National Component.

EFFAS will open a call twice a year to register for The European National Component exam, which shall be taking place within the NMS facilities presenting students.

How to register

Please note that training and exams are locally organized by the EFFAS accredited National Member Societies. Please contact us for more information.