CESGA study guide
CESGA · Work through your exam, one topic at a time.
The EFFAS Certified ESG Analyst® (CESGA) is a professional certification offered by EFFAS, the European Federation of Financial Analysts Societies. EFFAS describes itself as setting the standard for investment professionals since 1962 and reports 15 national member societies in Europe, more than 18,000 professionals represented, and over 29,000 certificate holders worldwide. The CESGA programme is now branded CESGA 5.0, and EFFAS has announced that version 5.0 integrates ISSB Standards alongside ESRS. The credential is aimed at investment professionals who need to embed environmental, social and governance factors into financial analysis and valuation, including analysts, portfolio managers, risk and compliance staff, and sustainability specialists working with investors. The CESGA study guide has 4 sections and about 1,555 words.
01ESG in the Investment Process and Financial Analysis
This domain tests whether you can move from ESG data to a defensible investment decision: identifying financially material factors, embedding them in forecasts or valuation, and explaining portfolio consequences. It is not a test of sustainability enthusiasm.
395 words, about 2 min02Environmental Factors and Climate Risk
This domain tests climate and environmental risk measurement: distinguishing physical from transition risk, calculating emissions metrics correctly, and applying scenario analysis to investments. Physical risk is acute (flood, wildfire, storm) or chronic (heat stress, sea-level rise, water scarcity).
361 words, about 2 min03Social and Governance Factors
This domain tests whether you can assess social and governance factors as drivers of risk and value, not as compliance checklists. The exam expects sector-specific judgement and evidence of how S and G factors transmit into cash flow, cost of capital and licence to operate.
396 words, about 2 min04ESG Regulation, Reporting Standards and Stewardship
This domain tests the regulatory architecture: who must report, under which standard, on what materiality basis, and how investors exercise stewardship. Expect questions that compare ESRS and ISSB and test SFDR and CSRD scope.
403 words, about 2 min