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 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 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 European Credits towards our Aalto Executive MBA or Aalto MBA programs.

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.

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

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.

Successful completion of the CEFA program will earn you 13,5 European Credits towards our Aalto Executive MBA or Aalto MBA programs.

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 weeksIndividual preparation and study for exam

Modules and Examination Days

CEFA 1

CEFA 1 module covers following themes:

• Financial Accounting and Statement Analysis
• Equity Valuation and Analysis
• Corporate Finance

The objective of this module is to familiarize with and refresh basic understanding and use of financial statements, equity analysis and corporate finance.

After completing this module, participant should:

• Be able to read and analyze income statement, balance sheet, and cash flow statement.
• Have a fluent understanding on a top-down equity analysis starting from macro analysis and ending up 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.   ### CEFA 1 Examination Day

CEFA 1 exam covers topics in CEFA 1 module: * Financial Accounting and Statement Analysis * Equity Valuation and Analysis * Corporate Finance

CEFA 2

CEFA 2 module covers 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 students' ability to analyse macroeconomic data and to 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 analyse 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 analyse the effects monetary and fiscal policies on key macroeconomic variables and to evaluate macroeconomic trends and risks.

CEFA 2 Examination Day

CEFA 2 exam covers topics in CEFA 2 module: * Fixed Income Valuation and Analysis * Economics

CEFA 3

• CEFA 3 module covers 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 participanrs 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

CEFA 3 Examination Day

• CEFA 3 exam covers topics in CEFA 3 module:
• Derivative Valuation and Analysis
• Portfolio Management

CEFA 4

Self-study

CEFA 4 module covers following themes:

• European Regulation
• Ethics
• 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 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 EU.
• Get acquainted with the detailed content of the Regulation of Capital Markets as well as European Regulatory Bodies.
• Understand Selfregulation and different kinds of Ethical Codes in Financial Market.
• Have knowledge of of National Regulation of Financial Services, liabilities in the breach of Contractual obligations and about the Taxation of Investments.

CEFA 4 Examination Day

CEFA 4 exam covers topics in CEFA 4 module:

• European Regulation
• Ethics
• National Specific Components