EFFAS Certified ESG Analyst® (CESGA) at a glance

For years EFFAS has had a strong position in developing standards for the reporting of extra-financials. With its Commission on Intellectual Capital (CIC) and its Commission on ESG (CESG) EFFAS has been communicating the needs of investment professionals in capital markets to corporates and has also provided practical advice in the form of Key Performance Indicators and interactive data formats. EFFAS has helped to enhance the integration of extra-financials in classic investment methods and in this respect in 2014 we launched the CESGA as a pioneer programme offering structured ESG training to the financial industry.

Increasing global social and environmental challenges, regulatory and reputational risks, market scandals and new market opportunities make environmental, social and governance information a data source of growing importance.

In this context, the integration of ESG information in the investment process chain and in valuation is essential. So far, only a few approaches and even fewer solutions exist that support investment professionals with the integration of ESG.

The Certified Environmental, Social and Governance Analyst training programme aims to overcome this challenge by providing the necessary training for the efficient Valuation, Measurement, and Integration of ESG issues into investment analysis. The Certified ESG Analyst® (CESGA) combines ESG know-how and fundamental company analysis valuation at both, a basic and an advanced level.

In the second half of 2021 the programme was fully renewed to face a more competitive environment as well as a more developed market and ESG culture. The 2021 update encompasses the syllabus being restructured to incorporate new relevant emerging topics that an ESG expert needs to understand.

EFFAS Certified ESG Analyst® Testimonial

Fritz Mostböck, CEFA, CESGA

Head of Group Research, Erste Group Bank AG
EFFAS Deputy Chairman & CESGA Ambassador

The CESGA is a comprehensive programme structured in 9 Modules. The first eight are dedicated to the theoretical discussion. Module nine presents two case studies requiring the application of the knowledge acquired in the previous modules. Module 10 has complimentary content on the APAC region.

Module 1. Recent Developments in ESG integration

Module 2. Regulatory environment

Module 3. ESG-Strategies

Module 4. Responsible investing across asset classes

Module 5. ESG Reporting (with a more European orientation)

Module 6. ESG Integration in Research 

Module 7. ESG Integration in Valuation

Module 8. Investment decision process

Module 9. Case study – ESG integration in the investment decision

Module 10. ESG Regional Developments: ESG in Asia Pacific – where we stand*

Download the complete EFFAS Certified ESG Analyst® (CESGA) 3.0 Syllabus HERE (PDF)

Download the EFFAS Certified ESG Analyst® (CESGA) Expert Team (PDF) HERE (PDF)

In general, the objective is to make clear to participants the importance of ESG issues in investment processes. On completing the programme students should be able to know and understand:

  • ESG impacts on risk and return from various angles.
  • Systematization of different ESG investment approaches and strategies.
  • Understanding the market drivers for further ESG integration.
  • Embedding ESG across the whole in the investment process chain.
  • Integration of ESG factors in valuation models.
  • Responsible Investing across asset classes.
  • Systematically assessing different ESG Reporting standards.

The EFFAS Certified ESG Analyst® (CESGA) programme is particularly aimed at financial analysts and portfolio managers who want to integrate ESG data in their capital allocation processes, but also, in general, all investment professionals increasingly committed to ESG issues. Other specialists such as corporate sustainability officers, investor relations, auditors and consultants will find this course interesting to develop a better understanding of the needs of capital markets in terms of ESG information. Summing up it is ideal for asset owners, asset managers, corporate consultants, financial planners, and family offices who wish to embrace ESG integration holistically.

Step 1:

Enrol on the EFFAS Certified ESG Analyst® (CESGA) Programme offered by an accredited EFFAS National Member Society (NMS). If you are located in a country without a NMS please visit EFFAS Academy website for registration.

Prerequisites: None, although some knowledge or experience in finance is helpful.

Step 2:

Pass the EFFAS Certified ESG Analyst® (CESGA) exam organised by EFFAS and its accredited National Member Societies.The exam covers the complete Examination Syllabus and has a duration of 150 minutes with the following two-part structure:

•20 Multiple Choice Questions covering module 1 to 8 (50%)

•1 Practical Case Study with 9 open questions covering module 9 (50%)

To pass the examination, students must demonstrate their knowledge by gaining more than 50% of the 120 examination points and in each part have more than 30% of the answers correct.

The qualification results granted by EFFAS will be SUITABLE or NOT SUITABLE and the results are not open to appeal. EFFAS as awarding body does NOT accept requests by candidates to review the examination paper, nor does it provide detailed information on scores and/or percentage of correct answers / failures in the corresponding examination to the candidate.

Contact the accredited National Member Society in your country or visit the EFFAS Academy website.