CCFA study guide
CCFA · Work through your exam, one topic at a time.
The Certified Corporate Financial Analyst (CCFA) is an independent professional credential aimed at people who analyse companies from the inside out: corporate finance staff, FP&A analysts, credit and equity research associates, and accounting professionals moving toward a finance-heavy role. Its syllabus is broad rather than boutique, spanning financial accounting and reporting, financial statement analysis, corporate finance and capital structure, investment analysis and valuation, financial modelling and forecasting, risk management and derivatives, economics and capital markets, and ethics and professional standards. The CCFA study guide has 8 sections and about 3,067 words.
01Financial Accounting and Reporting
The Financial Accounting and Reporting domain tests whether you can build and read the four primary statements under accrual accounting and adjust reported numbers for analysis. Questions target revenue recognition, expense matching, asset measurement, and the classification choices that move cash flow between operating, investing, and financing sections.
436 words, about 2 min02Financial Statement Analysis
Financial Statement Analysis tests your ability to convert statements into comparable ratios, decompose return on equity, and judge earnings quality. Expect common-size analysis, trend analysis, liquidity and solvency ratios, and the adjustments needed when accounting policies differ across peers.
378 words, about 2 min03Corporate Finance and Capital Structure
Corporate Finance and Capital Structure tests capital budgeting, cost of capital, leverage effects, and payout decisions. The exam favors WACC construction, NPV versus IRR conflicts, Modigliani-Miller intuition, and the trade-off between tax shields and financial distress.
401 words, about 2 min04Investment Analysis and Valuation
Investment Analysis and Valuation tests intrinsic value estimation, required-return logic, and relative valuation. Expect DCF, dividend discount models, free cash flow to firm and equity, terminal value, and multiples discipline.
384 words, about 2 min05Financial Modeling and Forecasting
Financial Modeling and Forecasting tests whether you can build a coherent three-statement model, drive forecasts from operating assumptions, and keep the balance sheet balanced. Expect revenue builds, working capital schedules, debt and interest circularity, and scenario analysis.
376 words, about 2 min06Risk Management and Derivatives
Risk Management and Derivatives tests hedging rationale, derivative payoffs, and risk measures. Expect forwards, futures, options, swaps, duration, value at risk, and the distinction between market, credit, and liquidity risk.
366 words, about 2 min07Economics and Capital Markets
Economics and Capital Markets tests how macro forces set discount rates, inflation, currency values, and business-cycle conditions that flow into financial forecasts. Expect monetary and fiscal policy, GDP accounting, inflation measures, exchange-rate regimes, and market structure.
373 words, about 2 min08Ethics and Professional Standards
Ethics and Professional Standards tests the code of ethics and standards of practice: integrity, objectivity, competence, confidentiality, and professional behavior. Questions are situational, asking what a member must do when conflicts, material nonpublic information, or performance reporting pressures appear.
353 words, about 2 min