Certified European Financial Analyst (CEFA) by EFFAS
Improve Your Financial and Analytical Competence and Become a CEFA (by EFFAS) Holder
The Certified European Financial Analyst (CEFA) by EFFAS program offers uniform, high-level, standardized training for investment and finance professionals, culminating in the highly respected CEFA (by EFFAS) qualification, which is accredited in 27 European countries. The program offers a valuable opportunity for all investment and financial professionals seeking to develop, supplement, or enhance their analytical skills.
The program 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
The CEFA (by EFFAS) program is designed to be completed alongside work, and the studies can easily fit 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 program is the European Association of Financial Analysts (EFFAS). CEFA (by EFFAS) 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 (by EFFAS) title.
If the participant successfully completes the program and later enrolls in the Aalto Executive MBA or MBA program, up to 13.5 ECTS credits may be recognized toward MBA studies within five years.
By completing this program, you will be eligible for alumni status and become part of Aalto EE's global alumni community. The alumni community offers valuable benefits that support your professional development and networking:
- Invitations to exclusive alumni events and networking opportunities
- An alumni newsletter that brings together the most important news, events, and content
- The opportunity to participate in most of our programs at a special fee
The program provides you with uniform high-level competencies and entitles you to use the well-known CEFA (by EFFAS) title.
CEFA (by EFFAS) programs have been organized in Finland for more than 20 years and have been completed by more than 400 investment professionals.
Completing the program will earn you 13.5 ECTS credits towards the Aalto Executive MBA or Aalto MBA program.
Benefits
The CEFA (by EFFAS) 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 (by EFFAS) 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 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.
Certified European Financial Analyst (CEFA) by EFFAS is the name of a training program and certification, and NOT a registered trademark. Title holders are permitted to add CEFA (by EFFAS) to their business cards and social media.
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
Instructors
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.
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.
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