CESGA study plan

Map the ESG integration spectrum (negative screening, best-in-class, thematic, full integration) to concrete portfolio construction decisions and explain the trade-offs of each approach

Calculate the effect of an exclusion screen on a benchmark's sector weights, tracking error, and active share using a hypothetical 50-stock universe

Distinguish materiality from financial materiality and apply the SASB-style materiality lens to at least three sectors

Build a one-page ESG integration memo for a fictional equity fund that states the objective, constraints, data sources, and escalation path for breaches

Decompose an issuer's ESG score into its underlying pillars and identify which inputs drive the final rating, then critique the methodology's subjective choices

Compute a carbon intensity metric (tCO2e per EUR million revenue) for a five-company portfolio and compare it with a weighted average carbon intensity benchmark

Explain how ESG factors enter a discounted cash flow model through revenue growth, margins, capex, and cost of capital, and quantify one sensitivity

Interpret the main findings of the major ESG-return meta-studies (e.g., direction of correlation between ESG and financial performance, and the role of materiality) without overstating causality

Classify physical and transition risks using the TCFD risk taxonomy and give two sector-specific examples of each

Distinguish Scope 1, 2, and 3 emissions and explain why Scope 3 dominates for many sectors and why data quality is weaker there

Translate a 1.5°C and a 2°C scenario into different carbon price paths and describe how each affects a high-emitting company's cash flows

Identify the main climate data providers and rating agencies and compare their coverage and methodological differences at a high level

Explain the physical risk transmission channels (chronic and acute) for real assets, supply chains, and sovereign exposure

Apply the concept of stranded assets to a fossil-fuel-heavy portfolio and estimate exposure using reserves and carbon budgets

Describe the main social factors (labour standards, health and safety, human rights, community relations, product safety) and give one material example per factor

Explain governance mechanisms (board independence, dual-class shares, say-on-pay, audit quality) and how each can affect shareholder value

Analyse a real proxy contest or say-on-pay vote and explain the governance failures and investor responses involved

Distinguish controversy-based exclusions from norms-based screening and describe when each is appropriate

Evaluate how board diversity and independence metrics differ across markets and what that means for engagement priorities

Assess the link between tax transparency, corruption risk, and long-term shareholder value using at least two sector examples

Outline the structure of the ESRS (environmental, social, governance, and cross-cutting standards) and explain the double materiality principle

Compare the ISSB standards (IFRS S1 and S2) with ESRS on scope, materiality, and interoperability

Explain the SFDR classification (Article 6, 8, 9) and the principal adverse impact indicators, and identify the main compliance obligations for a fund manager

Summarise the EU Taxonomy's technical screening criteria and the 'do no significant harm' principle with one worked example

Explain the UK Stewardship Code and the Shareholder Rights Directive II engagement and voting disclosure requirements

Draft an escalation strategy for a company that fails to meet an engagement objective, including timelines and possible actions

Describe how ESG data is used in reporting and assurance, and identify the main challenges of greenwashing and data quality

Connect regulatory disclosure requirements back to the investment process, showing where reported data feeds into valuation and risk models

Synthesise the four domains into an integrated ESG investment thesis for one company, covering material factors, data, valuation impact, and engagement plan

Complete a timed mock exam and review every incorrect answer against the syllabus

Identify and close the three weakest knowledge areas using targeted revision and practice questions

Rehearse explaining key concepts aloud (e.g., double materiality, carbon intensity, stewardship) to test recall under exam conditions