Certified International Investment Analyst

Marcelo Castro Alves


  • CEFA (Certified European Financial Analyst). Diploma obtained: April 1998.

The CEFA designation was introduced in 1992 as a means of providing a high and uniform standard of training for investment professionals within Europe. The designation comprised seven topic areas based upon the European Federation of Financial Analysts Societies’ (EFFAS) syllabus and accreditations of national member society programs were controlled by the CTQAB (Commission on Training and Qualifications Accreditation Board).

With the development of the EFFAS Governance Model, the CEFA was recognized in 2009 as an EFFAS Diploma program. The common component of the CEFA syllabus is benchmarked against the Foundation level of the CIIA syllabus for the seven common components. The CEFA also includes examinations on national (or country) specific material including regulation, market structure etc. The quality and content of the individual CEFA programs are controlled by a Review panel of the EFFAS Training and Qualifications Commission (TQC). The total number of examination hours should be at least twelve hours and covering material at least at the level as specified in the CIIA Foundation level syllabus. Candidates who successfully pass the CEFA designation within this framework will then be able to proceed to the CIIA Final level examination.

While there are central quality controls operated by EFFAS, the programs themselves are offered through EFFAS national member societies. Mr. Castro Alves’ certification was issued by The European Federation of Financial Analysts Societies, Paris, France, in conjunction with, The Federal Diploma for Financial Analyst and Portfolio Manager, Swiss Federal License issued by: AZEK Swiss Association of Financial Analysts and Portfolio Managers, Zurich, Switzerland.