EFFAS Certified ESG Analyst (CESGA®)


Global social and environmental challenges, regulatory and reputational risks, market scandals and new market opportunities make environmental, social and governance information (ESG) a data source of growing importance.

In this context, the integration of ESG information in the investment process chain and in valuation is essential. So far, only a few approaches and even fewer solutions exist that support investment professionals in the integration of ESG. Although considered increasingly relevant for investment decisions, it is estimated that still less than 15% of investment professionals receive some kind of structured ESG training.

This is confirmed by the World Economic Forum, which considers that inadequate education and valuation models of ESG are one of the most important barriers for integrating ESG variables into the mainstream of investment decisions.

The CESGA® programme aims to overcome this challenge by providing the necessary training for the efficient valuation, measurement and integration of ESG issues into investment analysis.

Download the CESGA® Brochure or check out the Programme Presentation video


  • Step 1: Enrol 1 month before the date on the CESGA® Programme offered by ITCB as an accredited NMS.
    Prerequisite: none
  • Step 2: Pass the CESGA® exam organised by ITCB

Programme objective

In general, the objective is to make clear to participants the importance of ESG issues in investment processes. On completing the program students should be able to know and understand:

  • ESG impacts on risk and return from various angles
  • Systematization of different ESG investment approaches and strategies
  • Understanding the market drivers for further ESG integration
  • Embedding ESG across the whole in the investment process chain
  • Integration of ESG factors in valuation models
  • Responsible Investing across asset classes
  • Systematically assessing different ESG Reporting standards

CESGA® Common Exam

Candidates eligible to take the CESGA® Common Exam are those completing the full CESGA® programme.

The exam is based on the complete CESGA® syllabus and has a duration of 150 minutes with the following two-part structure:

  • Multiple Choice Questions 50%
  • Practical Case Study 50%

The CESGA® Common Exam will be hosted by ITCB three-four times per year, scheduled in

12th March 2021, 11th June 2021, 17th September 2021, 3rd December 2021.

For the Hungarian version of this description click here.

For further information please contact us:
Réka Révay, +36/1 224 0742