Enrollment
By September 12, 2025
Delivery mode
Onsite
October 6, 2025 – May 29, 2026
Frequency
Location
Aalto University Töölö, Helsinki, Finland
Language
English
Scope
CEFA – Certified European Financial Analyst
Improve Your Financial and Analytical Competence and Become a CEFA Holder
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:
- Financial Accounting and Financial Statement Analysis
- Equity Valuation and Analysis
- Corporate Finance
- Fixed Income Valuation and Analysis
- Economics
- Derivative Valuation and Analysis
- Portfolio Management
- European Regulations
- Ethics
- National Component
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.
Start
Fee: € 10,790 (+ VAT)
The Early Bird fee of € 10,190 (+VAT) is valid until June 15, 2025. The normal program fee is € 10,790 (+ VAT).
The program fee does not include the examination fee of € 200 (+ VAT) per exam.
Remote participation possibility.
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.
Completing the CEFA program will earn you 13.5 ECTS credits towards the Aalto Executive MBA or Aalto MBA program.
Benefits
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.
For
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.
Contents and Schedule
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.
13,5 ECTS credits can be transferred from this program to the Aalto Executive MBA or Aalto MBA program.
Program Structure
Pre-module period
Individual preparation and pre-readings
Three-day modules
Intensive face-to-face sessions with Aalto EE and Aalto University instructors
Post-module period of 4 weeks
Individual preparation and study for exam
Modules and Examination Days
CEFA 1
Schedule
6–8 October, 2025
Location
Aalto University Töölö, Helsinki, Finland
CEFA 1 module covers the following themes:
- Financial Accounting and Statement Analysis
- Equity Valuation and Analysis
- Corporate Finance
The objective of this module is to familiarize yourself with and refresh your basic understanding and use of financial statements, equity analysis, and corporate finance.
After completing this module, you should:
- Be able to read and analyze income statements, balance sheets, and cash flow statements.
- Have a fluent understanding of top-down equity analysis, starting from macro analysis and ending with cash-flow and relative valuation methods.
- Understand the decisions facing the financial management of a business enterprise, such as investment decisions, payout policy, capital structure decisions, as well as mergers and acquisitions.
Kouluttajat:
Elias Rantapuska, Associate Professor, Aalto University School of Business
Michael Ungeheuer, Assistant Professor, Aalto University School of Business
CEFA 1 Examination Day
Schedule
November 7, 2025
CEFA 1 exam covers topics in CEFA 1 module:
- Financial Accounting and Statement Analysis
- Equity Valuation and Analysis
- Corporate Finance
CEFA 2
Schedule
24–26 November, 2025
Location
Helsinki, Finland
CEFA 2 module covers the following themes:
- Fixed Income Valuation and Analysis
- Economics
The objective of this module is to give participants a solid understanding of fixed income valuation and analysis and emphasizes the development of student's ability to analyze macroeconomic data and differentiate between different macroeconomic policy regimes.
At the end of the module, participants should be able to:
- Understand the practical applications of valuation and risk management
- Describe and analyze the current state of fixed-income markets
- Understand the most important macroeconomic concepts.
- Describe basic macroeconomic models of economic growth, employment, inflation and interest, and exchange rates.
- Use the above-mentioned models to analyze the effects of monetary and fiscal policies on key macroeconomic variables and to evaluate macroeconomic trends and risks.
Instructors:
Antti Suhonen, Professor of Practice, Aalto University School of Business
Niku Määttänen, Professor, University of Helsinki
CEFA 2 Examination Day
Schedule
January 16, 2026
CEFA 2 exam covers topics in CEFA 2 module:
- Fixed Income Valuation and Analysis
- Economics
CEFA 3
Schedule
February 2-4, 2026
Location
Aalto University Töölö, Helsinki, Finland
CEFA 3 module covers the following themes:
- Derivative Valuation and Analysis
- Portfolio Management
The objective of this module is to understand key concepts in derivative valuation and analysis and to bring participants up to date on central issues a portfolio manager faces when formulating and executing an investment policy.
At the end of the module, participants should:
- Be familiar with pricing techniques for analyzing derivatives
- Have knowledge of tools for valuation and analysis of various derivatives such as futures, options, and asset-backed securities
- Understand the key elements of a conceptual structure required for setting up and managing the investment policy for a midsize institutional portfolio
Instructors:
Sean Seughun Shin, Assistant Professor, Aalto University School of Business
Markku Kaustia, Professor of Finance, Aalto University School of Business
CEFA 3 Examination Day
Schedule
March 20, 2026
CEFA 3 exam covers topics in CEFA 3 module:
- Derivative Valuation and Analysis
- Portfolio Management
CEFA 4
Schedule
2026
Location
Self-study
CEFA 4 module covers the following themes:
- European Regulation
- Ethics
- ESG
- National Specific Components
The objective of the module is to give the student knowledge of the European Legal Framework for Financial services and European Supervision of Capital Markets, Ethical Conduct, ESG Investment, and National Regulation of Financial Services.
At the end of the module, participants will:
- Know the basic principles of EU law, the Legislative Acts, the Legislative Procedure, and different ways to harmonize the legislation as well as the Decision Making Bodies in the EU.
- Get acquainted with the detailed content of the Regulation of Capital Markets as well as European Regulatory Bodies.
- Understand self-regulation and different kinds of Ethical Codes in the Financial Market.
- Be familiar with ESG investing, ESG strategies, responsible investing across asset classes and ESG integration in valuation.
- Have knowledge of the National Regulation of Financial Services, liabilities in the breach of Contractual obligations, and the Taxation of Investments.
CEFA 4 Examination Day
Schedule
May 22, 2026
CEFA 4 exam covers topics in CEFA 4 module:
- European Regulation
- Ethics
- ESG
- National Specific Components
Instructors
Markku Kaustia
Markku Kaustia is the Hannes Gebhard Professor in Finance and Insurance at Aalto University School of Business.
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.
Niku Määttänen
Dr. Niku Määttänen is professor of macroeconomics at the University of Helsinki and Helsinki Graduate School of Economics in Helsinki, Finland.
His research interests include Public finance, Housing Markets and Makroeconomics. His areas of teaching are Macroeconomics numerical methods in Economics. His academic articles have been published in well-recognized journals such as Journal of Economic Theory and Review of Economic Dynamics.
Prior to joining University of Helsinki in August 2020, he was a research director at the Research Institute of the Finnish Economy. He has also been teaching at Aalto University and University of Helsinki for several years.
Niku Määttänen has a Ph.D. in Economics from University of Pompeu Fabra, Barcelona, M.Sc. in Economics from University of Pompeu Fabra, and M.Sc. from University of Helsinki, Finland.
Elias Rantapuska
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.
Matthijs Lof
Matthijs Lof is an Associate Professor of Finance at Aalto University School of Business.
He has a PhD in Economics from the University of Helsinki and an MSc in Econometrics from the University of Amsterdam. Prior to joining Aalto, he had worked at the European Central Bank and the Dutch Central Bank.
His research interests include asset pricing, financial markets, and investor behavior. His work is published in leading journals including Management Science, the Journal of Economic Dynamics and Control, and the Journal of Corporate Finance.
Antti Suhonen
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.
Michael Ungeheuer
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.
Featured Insights
Program Fee and Registration
Program Fee
The Early Bird fee of € 10,190 (+ VAT) is valid until June 15, 2025. The normal program fee is € 10,790 (+ VAT).
The program fee does not include the examination fee of € 200 (+ VAT) per exam. Buy exams here.
The fee includes the electronic material provided by EFFAS, the lecture materials, and the loaning of the program literature. If you wish, you can also purchase the literature for yourself for around € 500 (the fee includes five books).
Registration
Register for the program by September 12, 2025.
In addition, applicants are requested to send their CVs by email to Aalto EE: ronja.ikonen@aaltoee.fi.
Prerequisite:
- Bachelor’s degree or equivalent OR
- 3 years of experience in a relevant field to the financial profession
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