Certification CEFA

Professional certification is a way to check and assess the professional qualification of certain individuals and entities to exercise certain professions.

In Portugal, and in accordance with the regime set out in CMVM Regulation no. 3/2010, individuals wishing to carry out the activity of financial analysis (financial analysts) and investment consultancy (investment consultants) must have a diploma issued by a certifying body of internationally recognized prestige.

Internationally recognized certifying entities are, namely, the European Federation of Financial Analysts Societies (EFFAS) or the Association of Certified International Investment Analysts (ACIIA).

APAF is a member of EFFAS.

So, if you want to obtain your Certificate for the professional practice of the profession of financial analyst or investment consultant, contact APAF and find out.

APAF is the only entity in Portugal authorized to grant the CEFA Certificate.


The CEFA Diploma – Certified European Financial Analyst – is awarded to all those who successfully complete postgraduate programs in Financial Analysis duly recognized by EFFAS and whose national responsibility is the APAF.

Get certification

If you already hold a Certificate for one of the previously mentioned Graduate Studies, please complete the form available for download below and send it to apaf@apaf.org.pt.

For the issuance of the international diploma, a fee will be paid directly to APAF, the current cost of which is €200.00 (two hundred euros).

This amount can be paid by bank transfer to the IBAN corresponding to the APAF account, which is the PT50 0018 000009374841001 82 /Santander.

Please make payment with notification to our email (apaf@apaf.org.pt).

Your CEFA will be requested from EFFAS and within approximately 15 days it will be sent to the postal address provided to APAF for this purpose.

Post-graduation program in Financial Analysis at ISEG/IDEFE

The creation of this Graduate Program is the result of a joint initiative of the Higher Institute of Economics and Management (ISEG), the Portuguese Association of Financial Analysts (APAF) and the Portuguese Institute of Financial Executives (IPEF).

Participants who successfully complete the Post-graduation course receive two diplomas: a diploma awarded by the University of Lisbon, through ISEG, and another diploma of "European Financial Analyst" awarded by EFFAS (European Federation of Financial Analysts Societies), through APAF, being accepted by the CMVM as qualification for the profession of Financial Analyst and Investment Consultant.

After completing this course, obtaining the Certificate has an additional cost of 200€ paid to APAF.

Post-graduation in Financial Analysis at Porto Business School

Porto Business School, in collaboration with the Portuguese Association of Financial Analysts (APAF), launched the 15th edition of the Postgraduate Course in Financial Analysis, starting in February 2017.

The course is aimed at professionals from financial and non-financial companies, as well as recent graduates who wish to obtain advanced training in matters related to financial analysis, investments and financial risk analysis and management.

It provides European-level certification through the Certified European Financial Analyst (CEFA).

The program is also recognized by the CMVM – Securities Market Commission for the exercise of the activities of Financial Analyst and Investment Consultant.

After completing this course, obtaining the Certificate has an additional cost of 200€ paid to APAF.