Certified European Financial Analyst

EQF Level 7

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 Certified European Financial Analyst programme was set up in 1991. It is accredited in 26 European countries besides Argentina and Brazil and is well recognised by employers. The CEFA is a benchmarked qualification with decentralised-centralised  exams, ensuring the major professional skills that candidates need. The CEFA Quality is controlled by the EFFAS Review Panel. The qualification respects local market requirements, conditions and characteristics as well as individual countries. That's why the CEFA qualification designation is recognized by the regulators in many European countries, Including the Financial Conduct Authority FCA in UK and the Malta Financial Regulatory Authority.


Potential Candidates
This qualification is recognised by the local regulator (MFSA) as  a qualification required for the provision of investment advice and/or portfolio management service.
The CEFA qualification designation is also particularly aimed for professionals involved in:
Financial analysts, asset managers with asset management companies, pensions funds, life insurance companies, wealth management companies, financial researchers, corporate finance specialists and treasurers, financial journalists, professionals involved in legislation/regulation of the above mentioned fields, professional already working in the investment sector but looking for more specific qualification.
Programme Structure
The CEFA includes a 9 topic programme plus a National Component. 
Part 1: Equity and valuation and analysis
Part 2: Financial accounting and statement analysis
Part 3: Corporate Finance
Part 4: Fixed income valuation and analysis
Part 5: Economics
Part 6: Derivative valuation and analysis
Part 7: Portfolio management
Part 8: European regulation
Part 9: Ethics
Part 10: National Component (MFR)

Awarding Body:

The European Federation of Financial Analysts Socities

Study Hours:

70 hours of tuition, 18 months for completion


4 exams plus the National Component module

Additional Info:



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ifs Malta is a not-for-profit professional body.
It is licensed to deliver and award further and higher education programmes
by the National Commission for Further and Higher Education (NCFHE) bearing license No. 2013-FHI-017

Institute of Financial Services – Malta, 60, G’Mangia Hill, Pieta’ PTA 1316
T: 21 240 335 E: info@ifsmalta.org

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