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The Certified European Financial Analyst (CEFA) program provides uniform high-level standardized training for investment and finance professionals leading to the highly respected CEFA qualification, which is accredited in 27 European countries. The program provides a valuable opportunity for all investment and financial professionals who want to develop, supplement, or maintain their analytical skills.
The CEFA syllabus covers ten key topic areas that together enable participants to face the emerging challenges of the profession:
CEFA program is designed to be completed along with the work, and the studies can fit well into the rest of the work schedule. The time investment required is approximately 225 h, of which 60% is considered theoretical and 40% a practical exercise. However, the required number of studies may vary depending on the participant's starting level.
The program is organized by the Finnish Association of Financial Analysts in cooperation with Aalto University Executive Education Ltd. The umbrella organization for the CEFA program is the European Association of Financial Analysts (EFFAS). CEFA programs have been organized in Finland for more than 20 years and have been completed by more than 400 investment professionals.
Participants who pass all the required examinations and have the required work experience will be entitled to use the CEFA title.
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The program provides you with uniform high-level competencies and entitles you to use the well-known CEFA title.
CEFA programs have been organized in Finland for more than 20 years and have been completed by more than 400 investment professionals.
Successful completion of the CEFA program will earn you 13.5 ECTS credits towards our Aalto Executive MBA or Aalto MBA program.
The CEFA program gives you comprehensive and extensive competencies to perform demanding analytical work. The program offers new tools to the financial sector for combining theory and practice and helps ensure the quality of future work.
The CEFA program is designed for investment and financial professionals who wish to develop, supplement, or maintain their analytical skills.
The program is particularly aimed at experts involved in financial analysis, asset management, pension funds, life insurance, wealth management, financial research, corporate finance, financial journalism, and financial legislation/regulation.
The CEFA program consists of four modules with a total of nine training days. The modules are structured according to EFFAS requirements. Each of the first three modules includes pre-readings, three training days, and self-study. The fourth module is implemented as independent study.
Successful completion of the CEFA program will earn you 13,5 European Credits towards our Aalto Executive MBA or Aalto MBA programs.
Individual preparation and pre-readings
Intensive face-to-face sessions with Aalto EE and Aalto University instructors
Post-module period of 4 weeks
Individual preparation and study for exam
Markku Kaustia is the Hannes Gebhard Professor in Finance and Insurance at Aalto University.
His areas of research include finance, investments, financial markets, assets management, investor behavior, and psychology. His research has been published in leading academic journals, like the Journal of Banking and Finance, Journal of Financial Economics, and Journal of Finance.
Professor Kaustia is a regular speaker and teacher for finance professionals and conferences. He has investigated micro-foundations of investment epidemics, dynamics of investors' risk aversion, and behavioral biases of finance professionals.
He has been at Aalto University, School of Business, Department of Finance, since 2008. As a Visiting Professor, he has taught in the USA at the University of Michigan, Ross School of Business (2011-2012), and at the University of Pennsylvania, Wharton School of Business (2012-2013).
In 2014, Aalto University established the position of Hannes Gebhard Professor in Finance & Insurance to acknowledge the support of the OP-Pohjola Group in promoting scientific research in finance. Hannes Gebhard was a Finnish businessman, professor of economic history & economics, member of Parliament & father of the Finnish Cooperative Business.
Markku Kaustia has a Ph.D. in Finance from Aalto University, School of Business.
Dr. Elias Rantapuska is an Associate Professor of Finance and Department chair at Aalto University School of Business Department of Finance and currently visiting Erasmus University Rotterdam, Rotterdam School of Management.
He holds D.Sc. (Econ.) from Helsinki School of Economics. Prior to joining Aalto University, Elias worked for Nordea, J.P. Morgan, and McKinsey & Company. After joining Aalto University in 2010, Elias has worked as a visiting scholar and professor at Bank of Finland, BI Norwegian Business School, HKUST, NYU, and SSE. He also frequently engages with practitioners through consulting engagements.
His current academic research interests include topics such as the role of feelings, experiences, and family relationships in investment decisions.
Sean Seunghun Shin
Dr. Sean Seunghun Shin is an Assistant Professor of Finance at Aalto University School of Business Department of Finance. His research interests include empirical asset pricing, quantitative finance, corporate bonds, and mutual funds.
Areas of teaching are Quantitative Finance, Behavioral Finance, Corporate Finance, Financial Databases and Merger and Acquisition.
He has been at Aalto University, School of Business, Department of Finance, since 2017. Prior to joining Aalto University he has been teaching in Chung-Ang University and KAIST Business College. He has also been teaching in MBA, Finance MBA and Executive MBA programs.
Sean Seunghun Shin has been awarded with Junior Faculty Achievement Award in Aalto University Department of Finance 2018.
Sean Seunghun Shin has a Ph.D. in Finance from Korea Advanced Institute of Science and Technology (KAIST).
Antti Suhonen is a Professor of Practice in Finance at Aalto University School of Business.
He also works as a consultant and adviser to clients in the financial services sector, focusing on financial markets, derivatives, and alternative investments. His teaching and research interests include alternative investments, financial institutions, and fixed-income and credit markets. He is also engaged in financial training for professional audiences.
He previously held various derivatives structuring, product development, sales, and trading roles in investment banking over two decades, most recently as Managing Director at Barclays Capital in London.
Antti Suhonen holds an M.Sc. (Economics) and a Ph.D. (Finance) from Helsinki School of Economics and Business Administration.
Dr. Michael Ungeheuer is an Assistant Professor of Finance at Aalto University School of Business Department of Finance. His research interests include Investor Behavior, Asset Pricing, and Household Finance.
Teaching areas are Capstone Valuation, Corporate Finance, Derivatives, International Asset Management, Investments and Asset Pricing, and Risk Management.
He has been at Aalto University, School of Business, Department of Finance, since 2017. Prior to joining Aalto University, he has been Research and Teaching Assistant in the University of Mannheim, Germany.
Michael Ungeheuer has a Ph.D. in Finance from the University of Mannheim, Germany, M.Sc. in Finance from Illinois Institute of Technology, USA, and a Diplom Business Economics from the University of Mannheim, Germany.