The Certified European Financial Analyst Diploma was set up in 1991. It is accredited in 27 European countries as well as in Argentina and Brazil. The CEFA is well recognized by employers and is a benchmarked qualification with challenging exams, ensuring the acquisition of the major professional skills that candidates need. The CEFA is quality controlled by the EFFAS Review Panel. Our Diploma respects local market requirements, conditions and characteristics as well as individual cultures. That is why the CEFA Diploma designation is recognised by the Financial Conduct Authority FCA in the UK, the Regulators of Financial Services in Malta, Greece, Portugal Brazil, and Argentina. This accreditation also meets the current regulatory requirements of the CNMV in Spain with respect to personnel who carry out investment advisory work in financial institutions.

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 marketplace. To date, over 16,000 professionals are CEFA holders.

Step 1:

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


  • University Degree (bachelor’s 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 based on the CEFA syllabus organized by an accredited EFFAS National Member Society.
  • Alternatively pass the CEFA Common Exam organized by EFFAS.

Step 3:

  • Adhere to the EFFAS Code of Ethics or the National Member Society´s equivalent.

Step 4:

  • 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).

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.

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.

The CEFA programme is structured in 10 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.
  • Part 8: European regulation.
  • Part 9: Ethics.
  • Part 10: ESG.
  • Part 11: Mandatory National Components.
  • Part 12: Recomended National Components.

Download the complete CEFA Syllabus HERE (PDF)

Please note that training and exams are locally organized by the EFFAS accredited National Member Societies. Please contact the participating NMS in your country.

The complete list of countries with a participating NMS can be found HERE.

If there is no NMS in your country please contact EFFAS Head Office for support (