WIXLIB

Certified EuropeanFinancial Analyst (CEFA)Programme overview 2021

ContentsWelcome!3The CEFA training programme 42Programme outline5Lecturers6Examinations8Practical information9

Welcome!Dear Finance Professional,We are happy to welcome you aboard the CEFA programme!The CEFA training is a top-level programme that trains youboth within the international as the national context ofthe financial analyst landscape. Professors are high-levelacademics or professionals with an excellent practical and aregulatory background.On top of that, the CEFA training is a European certified EFFAS1programme that is internationally accredited in most of theEuropean countries and recognized by the London FinancialConduct Authority (FCA). As a consequence, only a limitednumber of successful exam results must be obtained beforeyou can work in the London financial City. We also would liketo stress that the CEFA programme is an interactive coursewith real teaching classes, compared to many other coursesthat are exclusively online. The programme also provides youwith direct access to the highest level of the CIIA2 training andexam.123European Federation of Financial Analysts Societies - www.effas.netCertified International Investment Analyst - www.aciia.orgABAF/BVFA is the local EFFAS representative in Belgium.Therefore, we are more than happy to offer you the possibilityto obtain this high-level certificate via our organization.Good luck!Hans BuysseChairman ABAF/BVFA

The CEFA training programme4Objectives & target groupAccreditationThe CEFA training programme is focused on the professionalbackground of portfolio managers, fund managers,CFOs, asset managers and operational banking people. Amultitude of financial organizations enrol their employees inthis professional and interactive programme.EFFAS, the European Federation of Financial AnalystSocieties, has accredited the CEFA designationinternationally. In Belgium, the courses are organised by itsBelgian representative, i.e. ABAF/BVFA. Successful studentsobtain the international EFFAS CEFA accreditation.Ensuring that investment professionals receive the bestpossible training has always been a top priority at ABAF/BVFA.After all, only sound qualification courses backed by ongoingtraining for all capital market experts can guarantee a trulyprofessional advice service and corresponding consumerprotection in a transparent market.The CEFA Quality is controlled by the EFFAS Review Panel. Ourdiploma respects local market requirements, conditionsand characteristics as well as individual cultures. That’swhy the CEFA diploma designation is recognized in theEurozone as well as by the FCA in UK, the Regulator ofFinancial Services in Malta and their counterparts in Greece,Portugal, Brazil and Argentina.

ProgrammeoutlineThe CEFA programme consists of84 hours classroom teaching(physically/Zoom) and 73 hoursonline training, split over 10different modules.Students can also follow this trainingin a modular approach and performthe CEFA exam per module or all inonce through the CEFA examinationplatform. The first block, “FinancialLandscape” teaches you all principlesneeded to operate as a financeprofessional in general. The secondblock, “Main Product Lines” providesyou with the profound knowledgeof portfolio products, the buildingblocks of Equity, Corporate Financeand Debt products. The third blockare the “Advanced Topics” such asportfolio management and the use ofderivatives and structured products.5Block 1: Financial LandscapeModule 1:EconomicsModule 2:Ethics & Market StructureModule 3:Financial Accounting (IFRS) 15 hours online no classroom 10 hours online no classroom Module 5:Corporate FinanceModule 6:Fixed Income Valuation14 hours classroom6 hours onlineProf. S. Pattyn26/2 and 5/3/2021Block 2: Main Product LinesModule 4:Equity Analysis 14 hours classroom6 hours onlineProf. H. Buysse1/4 and 2/4/2021 7 hours classroom8 hours onlineProf. Dr. C. Van Hulle7/5/2021 7 hours classroom8 hours onlineProf. K. Devos14/5/2021Block 3: Advanced Product LinesModule 7:Risk Management 7 hours classroom8 hours onlineProf. H. Buysse3/9/2021Module 8:Derivatives & structurednotes 14 hours classroom6 hours onlineProf. L. Keuleneer16/9 and 23/9/2021Module 9:Portfolio TheoryModule 10:Portfolio Management 7 hours classroom Prof. J. Longeval 1/10/2021 14 hours classroom6 hours onlineProf. J. Longeval8/10 and 15/10/2021

LecturersThe CEFA programme deals both with the international context as well as thenational one. Our lecturers are high-level academics or practitioners with anexcellent field experience and a thorough regulatory background.Prof. Hans BuysseHans Buysse is chairman of ABAF/BVFAsince 2019 and represents the associationinternationally. He was vice-chairman ofthe organization from 2013 to 2019 and chairman from 2004to 2013. He is EFFAS Executive Management Committeemember, vice-chairman of EFRAG, XBRL Europe and ACIIAcouncil member. He has been member of the ConsultativeWorking Group (CWG) of the Corporate Reporting StandardCommittee (CRSC) of ESMA. Hans Buysse is partner atClairfield International and adjunct professor at VlerickBusiness School.6Prof. Serge PattynSerge Pattyn is a former sell-side analystand operates now as an independentfinancial analyst and advisor. He is a formermember of EFRAG’s Technical Expert Group (TEG) in which herepresented the users from 2012-2018. He is still a memberof EFRAG’s User Panel and EFFAS’ Commission on FinancialReporting, two bodies that provide analyst views on financialand corporate reporting. He is also a much sought-after guestlecturer on financial accounting and analysis, IFRS, valuation, .Serge Pattyn is also board member at ABAF/BVFA.

Prof. Jan LongevalJan Longeval has a career in assetmanagement that spans 30 years. Heworked at Bank Degroof (now DegroofPetercam) where he became CEO of Degroof Securities.He later became head of institutional asset managementand joined the group executive committee and the boardof directors of Bank Degroof. He left the bank in 2017 andset up Kounselor Consulting bv. He is the author of twobooks on asset management and an adjunct professor atVlerick Business School, where he co-created the ExecutiveProgramme on Asset Management.Prof. Dr. Cynthia Van HulleCynthia Van Hulle is professor at the Facultyof Economics and Business of KU Leuven.She was a visiting professor at ColumbiaGraduate Business School and at the graduate business schoolof the university of Chicago (USA). During the 2009-2010academic year, she held the Francqui Chair at the Universityof Ghent. Cynthia Van Hulle holds a PhD in applied economicsfrom KU Leuven. She is board member of WDP, Argenta andArgenCo and an independent director at Miko Group.7Prof. Luc KeuleneerLuc Keuleneer is professor in finance atdifferent universities in Belgium and theNetherlands. He is also member of theSupervisory Board and the Audit Committee in differentcompanies (Euronext, SFPI-FPIM, .). Luc Keuleneer is alsoSecretary General of ABAF/BVFA.Prof. Kris DevosKris Devos has built up a considerableexperience across a range of capital marketsactivities in sales, trading and syndicatearea. Kris is head of the Investment Grade Syndicate where hehas worked on all major transactions ING lead-managed in theCorporates, Financials and SSA. Kris Devos is global head ofING’s Debt Syndicate desk and appointed to head of CEE/CIS/Asia origination. Today, Kris oversees all global debt syndicateoperations both in the public and private markets for all ING’scorporate, financial and agency clients.

ExaminationsThe programme is composed of 10 separate modules and assuch of 10 examinations. Those examinations are based on amultiple-choice database. Pass rates are 50% per module andas such also 50% in total. Examinations are corrected withintwo weeks following the examination dates and participantswill be informed whether they pass or not.The CEFA examinations can be trained on beforehand usingthe CEFA learning platform. Every participant will get accessto this platform.Exams will be organized at the premises of Febelfin Academy,Koning Albert II-laan 19, 1210 Brussels. Depending on theCovid-19 measures in force at that time, examinations canalso be organized completely online.All examinations of one single block can be done in 1 day,but there is a possibility to pass the exams per module atdays spread over different examination dates, since theprogramme can be followed per module separately. 2examination dates/sessions are organised per module peryear.8Examination sessions will take place as follows:Block 1: 26/3/21 and 23/4/21Module 1:EconomicsModule 2:Ethics & MarketStructureModule 3:Financial Accounting(IFRS)90 min120 min150 minBlock 2: 28/5/21 and 18/6/2021Module 4:Equity AnalysisModule 5:Corporate FinanceModule 6:Fixed IncomeValuation150 min150 min150 minBlock 3: 12/11/21 and 3/12/21Module 7:Risk ManagementModule 8:Derivatives &structured notesModule 9:Portfolio TheoryModule 10:PortfolioManagement90 min150 min60 min90 min

Practical informationDates and locationAdmission conditions Classroom sessions take mostly place on Friday; somesessions take place on Thursday or are organised purelyonline.Candidates must hold a master degree or an equivalence andhave, at least, one year of relevant professional experience.Exceptions, at the discretion of the organizational committee,can be made for candidates with non-master degrees butwith appropriate experience. All classes are conducted inEnglish. From February, 2021 until December, 2021: 09h00 - 12h30and 13h30 - 17h00 – 7 hours per session. Location: the classroom teaching will take place atFebelfin Academy, Koning Albert II-laan 19, 1210 Brussels.Depending on the Covid-19 situation, classroomteachings can be replaced by online teachings. 984 hours classroom (physically/Zoom) teaching 73hours online trainingSplit over 10 different modules – subscription permodule is possible2 - 3 hours examination per module (online via theEFFAS CEFA platform)

Registration feesWe advise to follow the programme completely or perblock of 3-4 modules. When you subscribe for the completeprogramme you will benefit from a reduction. You can alsochoose to spread the programme over 3 years. Finally, youcan also subscribe per module. We reserve our right to spreadthe programme over more than one year if the minimalrequired number of students has not been attained.How to enrol?Please send us a duly completed registration form viaemail to info@abaf-bvfa.be. You can download the formon our website (Training / CEFA). After evaluation of yoursubscription, we will inform you about your admission to theCEFA programme by mail.For the full programme, the registration and payment haveto be done before 31 January 2021. When you subscribe fora particular module, the registration has to be done 30 daysbefore the start of the module.Detailed terms and conditions can be found on our website.(Training section CEFA)10Block 1: Financial LandscapeHoursClassroomOnlineFee per moduleModule 115015 350Module 210010 300Module 320146 525HoursClassroomOnlineFee per moduleBlock 2: Main Product LinesModule 420146 575Module 51578 475Module 61578 425ClassroomOnlineFee per moduleBlock 3: Advanced Product LinesHoursModule 71578 425Module 820146 525Module 9770 300Module 1020146 525Total1578473Pricing 4.425Per modulePer blockComplete programmeblock 1 1.050block 2 1.300block 3 1.600all blocks 3.950 3.350

CancellationsThe participant may make a written withdrawal of his/her registration to attendthe programme at any time. But any cancellation must be reported in writing 8days before the courses start. In the event of cancellation after this date, the fullattendance fee remains due.Cancellation by people who benefit from a split payment, can result in an extrainvoice sent by ABAF/BVFA in order to pay for training courses that were attendedand to indemnify administrative charges and the reservation for the full programme.11