CEFA Common Exam
The CEFA Common Exams are organised in the participating NMS on the dates given by EFFAS. The examination is structured in four blocks covering the topic areas of the CEFA syllabus. The examination has a duration of minimum 3 hours to maximum 4 hours per block. Each exam block is structured in two parts: Multiple Choice Questions (MCQ) (15/20 questions per topic) and Open Questions (OQ) (1 or 2 per topic). The minimum requirement to pass the exam is to obtain more than 50% of the total possible points, with a minimum of 20% in each part (MCQ and OQ).
The complete details are described in the table below:
| CEFA Common Exam | |||||
| Exam | Content / Topics | 2019 | 2020 | ||
| Exam 1 | Equity valuation and analysis. | 12th Apr | 7th Nov | 2th Apr | 5th Nov |
| Financial accounting and statement analysis | |||||
| Corporate Finance | |||||
| Exam 2 | Fixed income valuation and analysis | 12th Apr | 7th Nov | 2th Apr | 5th Nov |
| Economics | |||||
| Exam 3 | Derivative valuation and analysis | 13th Apr | 8th Nov | 3th Apr | 6th Nov |
| Portfolio management | |||||
| Exam 4 | Ethics European regulation | 13th Apr | 8th Nov | 3th Apr | 6th Nov |
CESGA Common Exam
Candidates eligible to take the CESGA© Common Exam are those completing the full CESGA© programme (Part I & Part II).
The exam has a duration of 2-hours with the following structure:
- Multiple Choice Questions 60%
- Practical Case study 40%
To pass the exam students must demonstrate their knowledge by gaining a higher score than 50% of the 100 examination points and have a minimum of 20% in each part (MCQ and case study).
| CESGA Common Exam |
| Examination Dates |
| 18th October 2019 |
| 13th March 2020 |
| 12th June 2020 |
| 13th November 2020 |
EFFAS as awarding body does not accept requests by the candidates to review the examination paper. Nor does it provide detailed information on scores and/or percentage of correct answers / failures in the corresponding examination to the candidate. The qualification results granted by EFFAS will be SUITABLE or NOT SUITABLE and results are not open to appeal.