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Aalto University School of Business

Cefa – Certified European Financial Analyst

Available dates

Oct 23, 2019—Apr 24, 2020
25 daysModules info
Helsinki, Finland
EUR 9900 ≈USD 11044
EUR 396 per day


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About the course

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 10 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 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.


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.

Get a comprehensive picture of financial sector dependencies and relationships

Expand, deepen, and renew your professional skills

Earn the right to use the highly regarded CEFA title

Grow your network and share experiences with your financial professional colleagues

Who should attend

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.

Trust the experts

Markku Kaustia

Peer-reviewed scientific articlesJournal article-refereed, Original researchDoes mood affect trading behavior?Kaustia, Markku; Rantapuska, Elias2016 in JOURNAL OF FINANCIAL MARKETS (Elsevier)ISSN: 1386-4181Stock ownership and political behavior Evidence from demutualizationsKaustia, Markku; Knüpf...


Elias Rantapuska

Peer-reviewed scientific articlesJournal article-refereed, Original researchFormative Experiences and Portfolio Choice: Evidence from the Finnish Great DepressionKnüpfer, Samuli; Rantapuska, Elias; Sarvimäki, Matti2017 in JOURNAL OF FINANCE (Wiley-Blackwell)ISSN: 0022-1082Does mood affect trading...


Antti Suhonen

Peer-reviewed scientific articlesJournal article-refereed, Original researchQuantifying Backtest Overfitting in Alternative Beta StrategiesSuhonen, Antti; Lennkh, Matthias; Perez, Fabrice2017 in JOURNAL OF PORTFOLIO MANAGEMENT (Institutional Investor, Inc)ISSN: 0095-4918Publications intended for ...


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