Certified Economic Financial Analyst

CEFA : Certified Economic Financial Analyst

CEFA is administered by AAIFM (The American Association for Investment and Financial Management); one of the most renowned associations for financial management and investment in the United States. By earning CEFA candidates demonstrate that they have mastered the financial economic and financial analysis body of knowledge, obtained the skills of Financial Economic Analyst, and committed to AAIFM core values and code of ethics.  Earning your CEFA designation not only broadens your skill set, it demonstrates a standardized level of industry knowledge, making you a recognized leader in financial economics.

CEFA Certification Preparation

If you are studying in order to prepare for the CEFA exam; AAIFM provides candidates with training sessions for many of the exam questions. AAIFM also provide thorough training for the exam modules using its learning system through authorized training providers and prometric centers worldwide.

CEFA Recertification

Once you have passed the CEFA exam and received your certification, you will need to stay up to date on developments in forensic accounting practices. To prove you have maintained and updated your forensic accounting knowledge and skills, AAIFM requires that you recertify every 4 years. (please refer to recertification for more info)


  • A passing score on the CEFA Examination.
  • Bachelor Degree in any field OR;
  • A minimum of two years experience in any related economic, business, investments, financial analysis area.
  • A Minimum of 25 hours of forensic accounting approved training.

Exam Format:

The CEFA (Certified Economic Financial Analyst) examination is a 3-hour exam, multiple essay and case study analysis questions examination. The exam is given in booklet form.

Exam Outline:

  1. Markets and Players
  2. Raising Finance
  3. Financial Instruments
  4. Trading Securities
  5. Valuation Techniques
  6. Cost of Capital
  7. Valuing Firms
  8. Measuring Asset Return
  9. Stock Valuation and EMH
  10. Predicting Stock Return
  11. Technical Trading Rules
  12. Money Markets
  13. Bond Markets
  14. Derivative Securities
  15. Private Equity
  16. Performance Mutual Funds
  17. Hedge Funds
  18. Market Risk and Value at Risk



Please e-mail us at info@aaifm.org for any other inquiries. For international candidates; please contact our authorized representatives in your region.


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