Frequently Asked Questions

Who can be an APAF member?

All those who exercise the professional activity of financial analyst or other professional and/or academic activity linked to the financial analysis of companies and financial instruments issued by them, the analysis of financial markets, the management of securities, the financial management of companies or, in general, everyone who develops a professional activity related to the financial area.

How do I apply for membership?

Submit your application by filling out the APAF Membership Application form here.

How can I settle my annual membership fee?

By bank transfer to the IBAN corresponding to the APAF account PT50 0018 000009374841001 82

If you want to opt for direct debit or other forms of payment, you can contact us via email

Who can apply for the European Financial Analyst Certificate?

Everyone with a Postgraduate Degree in Financial Analysis taught by Instituto Superior de Economia e Gestão (ISEG) or Porto Business School (PBS)

Why do only these two Post-Graduations qualify CEFA?

Since only the programs of these 2 courses in Portugal are accredited by the European Federation of Financial Analysts Societies (EFFAS).

How can I get my European Financial Analyst Certificate?

You must complete and sign this application here and return it to APAF to

What documents must be submitted to apply for my CEFA?

To the completed form, attach a simple copy of the Postgraduate diploma.

How much does it cost to apply for CEFA and how can I pay for it?

The issuance of the CEFA Diploma is requested to APAF and has a current cost of € 200.00 (two hundred euros).

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

We appreciate that you make the payment with notification to our email (

Where and by whom is my CEFA issued?

The Diploma is issued in Frankfurt and, between your application and receipt, it can take about fifteen days.

Do I have to be an APAF member to apply for my CEFA?

To apply for your CEFA you do not need to be an APAF member, however if you intend to be a member, see “Become a member” section or contact us via e-mail

Currently, APAF has a campaign to offer the 2021 registration fee and membership fee to all those who are holders of the European Financial Analyst Certificate (CEFA) and intend to become APAF members.


What is investment advice?

Financial instruments investment advising is an investment service to which financial intermediaries registered with the CMVM can dedicate themselves.

This service can also be provided by other individuals authorized for this purpose by the CMVM, called investment consultants, and is then restricted to securities.

The investment adviser can also take orders from clients regarding securities and transmit them to financial intermediaries for execution.

However, they cannot be empowered to manage customer accounts with discretion.

Who can be an investment advisor?

Investment advisers (or acting as investment advisers in the form of a legal entity) may be any considered suitable persons that hold appropriate professional aptitude qualifications.

The investment adviser is compensated by the investors for the services provided, and issues a fee note with all the amounts delivered, with a precise indication of the services provided.

Investment consultants authorized by the CMVM may set up companies, or other legal entities, with the aim of exercising investment advisory activity on their own, ensuring transparency in their activity and in the relationship with their clients.

 Can't find the answer to your question? Please contact us.