CEFA Preparatory Course and Exam

About CEFA

The Certified European Financial Analyst (CEFA) is an internationally accredited programme built on the educational and exam curriculum of the European Federation for Financial Analysts Societies (EFFAS). The programme has been operated by ITCB in association with the accredited EFFAS National Member Society, the Hungarian Capital Market Professionals’s Society (HCMPS) since 1995.


Participants successfully completing all exams obtain the International CEFA Diploma issued by EFFAS committee, as well as a joint Certificate of ITCB and the Hungarian Capital Market Professionals’ Society.

Who should apply?

The CEFA program is particularly recommended for:

  • Professionals with investment funds, pension funds, life insurance, wealth management companies;
  • Analysts in investment field;
  • Corporate finance specialists and treasurers;
  • Large portfolio managers, asset managers;
  • Corporate finance managers;
  • Other professionals intending to make a step forward in the field of investment-analysis;
  • Professionals involved in legislation or supervision of the above-mentioned fields;
  • Professionals intending to work in the investment sector, but looking for specific qualification and experience.

The program also provides insight into the investment sector for investors intending to improve their investing abilities and to evaluate investment possibilities.

Although BA or MSc degree is not a necessity to enroll, however, the program is recommended for students with degrees in associated fields or relevant work experience.

Exams and Lecturers


In order to complete the program and obtain the CEFA Diploma, students have to pass 3 written exams (from 7 modules). The examination papers comprise a mix of multiple-choice questions, problems and calculations.

The EFFAS organises two exam periods annually (in April and in November).

For students taking part in the preparatory course, registration for the given exams is automatic. In case of a failed exam, students can retake the exam a half year later (for an additional fee).


Exam details and contact hours are described below:

Exam Content / Topics Ratio of
Hours of

Date of the exam

Exam 1 Fixed income valuation and analysis 55% 16 Ágnes Vidovics-Dancs 2nd April 2020
Economics 45% 12 Krisztián Németh
Exam 2 Equity valuation and analysis 35% 12 Márton Michaletzky 5th November 2020
Financial accounting and statement analysis 40% 12

Nándor Kaliczka
Gergely Mohl

Corporate Finance 25% 8 Márton Michaletzky
Exam 3 Derivative valuation and analysis 50% 16 Ágnes Vidovics-Dancs 6th November 2020
Portfolio management 50% 16 Sándor Misik


Participants obtain the CEFA Common Exam© learning material through the EFFAS e-learning platform at the beginning of the course. The classes prepare for the given CEFA common exams mentioned in the table.

The primary goal of the programme is to help students to deepening their knowledge and taking successful exams.

IMPORTANT - During the preparatory course, lecturers mostly solve exam-specific questions, assuming the theoretical basics are known. Without strong theoretical basics, please choose the longer programme: CEFA | EFFAS


Well-known experts of the Hungarian financial industry, professors of Corvinus University of Budapest (CUB) and experts of ITCB constitute the group of lecturers teaching in this program.


The characteristics and features of fixed income securities, both plain vanilla and more complex, together with the associated interest rate and risk-related measures that are used in fixed income markets should be known and how they are applied in practical settings understood. The various strategies that are available to the fixed income portfolio manager should also be understood and their application in practical settings known.

The major concepts and variables that underpin macroeconomic analyses should be known and understood. The IS-LM model features in the syllabus and should be well understood due to its linking of the real and financial markets. Important macroeconomic phenomena such as economic output, inflation, growth, labour markets, monetary policy and business cycles should be all assessable in some detail, together with their various interrelationships. Knowledge of international macroeconomic material should be developed via the coverage of foreign exchange rates, interest rates and prices etc. and applications of this material to practical settings achievable. To facilitate a broad economic perspective and understanding, a number of important macroeconomic issues are assessed within a simple economic modelling framework.

The features of equity shares and markets should be well understood. The valuation techniques that are employed in equity markets receive a strong emphasis with coverage of dividend discount models, the free cash flow model, ratio-based valuation models and other model types, such as economic value added; strong and in-depth knowledge of these techniques should be developed. The topic syllabus concludes with a consideration of equity market equilibrium and its practical applications.

The basic principles and standards that underpin the preparation of financial statements should be understood, together with the various features of the income statements and balance sheets. The usage and analysis of financial statement related information receive particular emphasis and candidates should develop strong skills in these dimensions. Candidates should have a good understanding of the important topics of foreign currency translation and the consolidation of financial statements. The important valuation-related topic of financial projections is also covered.

Candidates should understand the fundamental parts of corporate finance, such as objectives, valuation, discounted cash flow and capital budgeting within a corporate setting, together with decision making, both from a short term and long term perspective. The important financial decisions together with the underlying theories associated with capital structure, dividend policy and mergers and acquisitions should be understood in some detail within this topic area together with their applications to practical settings.

The basic characteristics and types of futures and options (including exotic options) should be understood, together with various important features associated with these instruments, such as valuation and pricing, risk management and other investment strategies. The option sensitivities (the “Greeks”) such as delta, gamma, etc., together with volatility-related issues, should also be fully understood and capable of being applied to various investment problems. 

An understanding of the important building blocks associated with portfolio management, such as the risk/return relationship, diversification, pricing models, market efficiency and risk measures should be obtained. The various features of investment strategies (including international assets) and hedging strategies (including dynamic and insurance strategies) and Asset-Liability Management should be understood together with their applications. An understanding of the importance and features of performance measurement and evaluation, together with the choice of an investment manager, should be developed, together with a knowledge of the features and benefits associated with the alternative investment asset class.



The program contains 2 semesters (3 exams within two exam periods; see EXAMS AND LECTURERS) and ends within 1 year. The classes start in February, applications to joining the current program are also accepted.

The classes are held on Wednesdays 16:30-20:00.


Application deadline for the CEFA preparatory course and exam: 20th February 2020


Tuition + exam for only € 1,350 + VAT (27%) / EXAM  (3 exams in total)

The fee covers all costs of consultations and one exam attempt for each exam, as well as the total costs of readings and lecture notes.


INFO HOTLINE  |  +36 1 224 0710

COORDINATOR  |  Réka Révay (rrevay@bankarkepzo.hu)


Tanfolyam dátuma 2020. február 26. 16:30
Jelentkezési határidő 2020. február 20. 23:55
Ár 1 350 EUR + ÁFA / exam
Helyszín Nemzetközi Bankárképző Központ Zrt. - 1011 Budapest, Szalag u. 19.
1 350 EUR + ÁFA / exam