Cefa – Certified European Financial Analyst
Aalto University School of Business
How long?
- 13 days
- blended
What are the topics?
Aalto University School of Business
Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.
Full disclaimer.Read more about Business Analytics
Reviews
Comprehensive course analysis
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.
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 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
Experts
Markku Kaustia
Dr. Markku Kaustia is currently working as a Professor in the Department of Finance, aalto university , Finland. His research interests includes Finance. He is serving as an editorial member and reviewer of several international reputed journals. Dr. Markku Kaustia is the member of many internat...
Elias Rantapuska
Dr. Elias Rantapuska is currently working as a Professor in the Department of Finance, aalto university , Finland. His research interests includes Finance. He is serving as an editorial member and reviewer of several international reputed journals. Dr. Elias Rantapuska is the member of many inte...
Antti Suhonen
Antti has worked as an independent consultant and advisor to clients in the financial services sector, with a focus on alternative investments and financial markets. He also holds a position as Professor of Practice in Finance at Aalto University School of Business in Helsinki, Finland. His teach...
Michael Ungeheuer
I am an Assistant Professor of Finance at Aalto University's Department of Finance. In my research, I focus on investor behavior, asset pricing, and household finance. My work is empirical, based both on archival data and experiments. ResearchPublications Advertising, Attention, and Financial Ma...
Niku Maattanen
Niku Määttänen holds a PhD in Economics from University of Pompeu Fabra in Barcelona. He is currently research director at the Research Institute of the Finnish Economy (ETLA) and adjunct professor at Aalto University in Helsinki, where he teaches regularly. Niku’s ambition is to do rigorous res...
Sean Seunghun Shin
Dr. Sean Seunghun Shin is currently working as a Professor in the Department of Finance, aalto university , Finland. His research interests includes Finance. He /she is serving as an editorial member and reviewer of several international reputed journals. Dr. Sean Seunghun Shin is the member of m...
Videos and materials
Cefa – Certified European Financial Analyst at Aalto University School of Business
Read more about Business Analytics
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.