What is CESGA?
Sustainability issues can affect a company’s competitive position, financial performance and long-term value. Understanding those issues—and knowing how to act on them—is an essential part of investment analysis.
The EFFAS Certified ESG Analyst® (CESGA) is a professional qualification that connects sustainability knowledge with financial practice. Through structured online learning and a certification examination, it develops your ability to interpret ESG information and apply it to research, valuation, engagement and portfolio construction.
CESGA 5.0: European Credibility, Global Standards, Investment Decisions
CESGA 5.0 strengthens the EFFAS Certified ESG Analyst programme with deeper ESRS integration supported by EFRAG, ISSB Standards including IFRS S1 and IFRS S2 under license from the IFRS Foundation, and a stronger focus on applying sustainability information to valuation, engagement and portfolio decisions.
It also expands CESGA’s international coverage, including a new Africa chapter and updated content for North America, Latin America and Asia-Pacific.
*Candidates who became holders in 2026 will receive the CESGA 5.0 IFRS/ISSB update free of charge.
CESGA at a Glance
Explore the programme, plan your study and understand the path to certification.
Programme Overview
CESGA 5.0 provides a structured learning journey through nine core modules and one complementary regional module.
Build your foundations — Modules 1–5
Explore the drivers of ESG integration, the regulatory environment, investment strategies, responsible investing across asset classes and sustainability reporting.
Connect the investment process — Module 6
Understand how ESG considerations inform investment mandates, research, stewardship, portfolio construction and monitoring.
Put your knowledge into practice — Modules 7–9
Develop qualitative research and quantitative valuation skills, then apply them through case studies covering research, engagement and portfolio management.
Broaden your perspective — Module 10
Explore sustainable-finance developments across Asia-Pacific, Africa, Latin America and North America. While this complementary module is not formally examined, it is curated to provide valuable insights into these areas.
The programme is delivered through self-paced online learning, with six months’ platform access. Candidates with no prior ESG experience should allow for approximately 80–120 hours of study.
Programme Objective
The programme prepares you to:
Identify material ESG risks and opportunities and assess their investment implications.
Evaluate corporate sustainability disclosures using European and international reporting frameworks.
Assess business models, governance and companies’ responses to sustainability challenges.
Translate ESG findings into financial forecasts, cash flows and valuation.
Develop engagement objectives, milestones and escalation strategies.
Incorporate ESG considerations into portfolio decisions and communicate your conclusions.
The objective is to develop both analytical skills and the professional judgement needed to turn sustainability information into investment action.
Who is it intended for?
CESGA is designed for professionals who use sustainability information in financial analysis and investment decisions, including:
Financial and investment analysts
Portfolio managers and asset owners
Investment advisers and wealth managers
Banking, credit and risk professionals
Stewardship and engagement specialists
ESG and sustainability professionals
The programme is also relevant to corporate sustainability, reporting and investor-relations professionals who want to understand how investors assess and use ESG information.
There are no formal prerequisites for enrolment. All learning materials and the examination are in English; a minimum CEFR B2 level is recommended.
EFFAS Certification Exam
The CESGA certification exam assesses your knowledge and ability to apply ESG analysis to practical investment situations.
Format
Duration: 150 minutes
Multiple-choice section: 20 questions, representing 50% of the total mark
Practical case study: nine open questions, representing 50% of the total mark
Language: English
To pass, candidates must achieve more than 50% overall, with at least 30% in each section.
The examination is available online with remote proctoring. A computer-based examination option is also available at the CPTTM centre in Macau, subject to availability. Some EFFAS National Member Societies offer local examination arrangements; contact them directly for details.
Module 10 and the Portfolio Management case study specified in the Examination Syllabus are not examined.
Programme Investment
CESGA Online Course & Certification: €1,500 excl. VAT
Your enrolment includes:
Six months’ access to the online learning platform
Recorded e-seminars
Course materials and reference resources
400+ multiple-choice practice questions
Specimen examination material
One certification examination attempt
The certification examination is offered four times each year, allowing participants to choose the session that best fits their professional schedule.
The online programme is designed for self-study and does not include individual tutoring.
Programme Investment
Component | Fee (excl. VAT) |
CESGA Online Course & Certification | €1,500 |
Resit Examination | €250 |
Platform Extension (6 months) | €425 |
Fees through EFFAS National Member Societies and training partners may vary. Some examination centres charge an additional invigilation fee.
How to Become an EFFAS CESGA Holder
1. Enrol and plan your study
Register for the programme and select an available examination session.
2. Prepare for the examination
Complete your learning at your own pace and use the practice questions and specimen examination material to assess your readiness.
3. Pass the certification examination
Demonstrate your knowledge and practical application skills to earn the EFFAS Certified ESG Analyst® designation.
As a CESGA holder, you become part of an international professional community with a shared commitment to integrating sustainability into investment practice.
European Foundations. A Global Investment Perspective.
Investment professionals need to interpret sustainability information across different standards, markets and jurisdictions. CESGA 5.0 connects the European sustainable-finance framework with international reporting standards and their relevance to investment analysis.
ESRS integration is supported by EFRAG. ISSB Standards, including IFRS S1 and IFRS S2, are integrated under licence from the IFRS Foundation.
The programme examines how these frameworks inform materiality assessments, corporate disclosures and the analysis of sustainability-related risks and opportunities—helping you connect what companies report with what investors need to evaluate.
Why Professionals Choose CESGA 5.0
Combine a structured analytical approach with practical applications across the investment process.
1. An Investment-Focused Approach
Learn to assess how sustainability issues affect business models, financial performance and investment value, and use that analysis to support your decisions.
4. Engagement Informed by Analysis
Learn to use ESG research to engage with companies, set clear objectives and assess their progress on material sustainability issues.
2. Application Across Asset Classes
Explore how ESG considerations differ across equities, fixed income, private markets and real assets, and how they inform asset allocation and portfolio construction.
5. Case Studies That Connect the Process
Bring your learning together through research, engagement and portfolio-management cases that require you to assess evidence, weigh trade-offs and explain your conclusions.
3. Climate Risk in Financial Context
Examine physical and transition risks and connect their potential effects with financial forecasts, credit risk, valuation and portfolio decisions.
6. Academic and Practitioner Expertise
Learn from a programme developed with academics and investment professionals, under the academic direction of Prof. Dr. Alexander Bassen.
The Results
Join a Global Community of ESG Investment Professionals
Since 2014
Developing the knowledge and practical skills to integrate sustainability into investment analysis.
120 Countries Represented
Build the expertise to assess what matters, explain your conclusions and put ESG knowledge into practice. Take the next step in your professional development with CESGA 5.0.
Lead the Future of Sustainable Investment
Master the practical application of ESG across investment analysis, valuation and portfolio management. Join a global community of professionals shaping the future of sustainable finance.










