CEFA

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Ensuring that investment professionals receive the best possible training has always been a top priority for us. After all, only sound qualification courses backed by ongoing training for all capital market experts can guarantee a truly professional advice service and corresponding consumer protection in a transparent market. This is one of the reasons why we set up the CEFA training program in 1991.

The CEFA training programme, Certified European Financial Analyst, is an internationally recognized programme that evaluates the set of banking and financial skills necessary to carry out financial analysis, advisory and investment as well as portfolio management tasks.

CEFA is accredited in 14 European countries, as well as in Argentina and Brazil, and is widely recognised by employers. The CEFA is a benchmarked qualification with challenging exams, ensuring the major professional skills that candidates need. The CEFA quality is controlled by the EFFAS Review Panel, an independent high-level academic body. Our diploma respects local market requirements, conditions and characteristics as well as individual cultures. That’s why the CEFA diploma designation is recognized by the Financial Conduct Authority FCA in UK, the Regulator of Financial Services in Malta and their counterparts in among others Greece, Portugal, Spain and Romania.

New brochure ‘Programme Overview 2026’

Why should you follow the CEFA programme?

The added value of CEFA lies within:

  • a blended training with both classroom teachings and online training (self-study);
  • a solid professional programme in finance;
  • an international recognised qualification;
  • a complete online learning and examination platform;
  • the expertise of highly certified lecturers;
  • a wide range of possibilities for participation in further international top finance programmes and examinations.

The training includes both relevant material to the investment profession (irrespective of where such professionals are located) and a significant coverage of regulatory and market structure material that is closely related to the European market place.

The complete CEFA programme consists of 91 hours classroom training (presential or Teams), split over 11 different modules, and a significant part of self-study per module. The estimated total learning time is 310 hours. The online learning platform provides you with manuals, examination questions and answers, reading material (slides and core books) and on several topics video recordings of life teaching.

Programme overview

Who should attend?

The CEFA training programme is focused on the professional background of analysts, portfolio managers, fund managers, CFOs, asset managers and all other financial professionals.

Practical information

Registration
Please fill in the registration form (or via the 'Apply now' button at the top of this page) and send us your cv via email to [email protected]. After evaluation of your enrolment, we will inform you about your admission to the CEFA programme. To participate in the full programme starting on 9 January 2026, registrations must be completed by 15 December 2025. Students can start the programme four times a year, at the beginning of each block. If you wish to start later in the year, registration must be completed at least 30 days before the start of the block. 

Download Terms and Conditions

Exams
EFFAS has accredited the CEFA degree internationally and is now recognied in 14 countries. In Belgium, the Netherlands and Luxembourg, EFFAS Benelux organises the training and examinations. The organisation of the exams follows the programme, which is structured in four blocks. Students receive all course materials (manuals, lecturer's presentations, examples of previous exams,...) in advance in order to prepare for the exams. 
Exams are organised in person. Examination dates are communicated at the start of the programme and are also mentioned in the brochure. Students who cannot take the written exams in Belgium can also attend the EFFAS online common exams. Each EFFAS common exam is organised twice a year, in April and November.

Certification
The CEFA certificate is awarded only to those who have passed all the exams. Students who obtain the CEFA diploma are entitled to direct admission to the CIIA final level exams. As a member of ACIIA, EFFAS Benelux coordinates the CIIA final exams in Belgium, the Netherlands and Luxembourg.

Questions?

If you have any questions related to the programme or registration procedure, we can help you.

Contact us