The CESGA exam lasts 150 minutes and carries 120 points: 20 multiple-choice questions worth 60 points and one practical company due-diligence case study worth 60 points. You pass with more than 50% overall and more than 30% in each part. Prepare by pairing every concept with the decision it drives — a strategy with its selection rule, a regulation with the disclosure it forces, a research finding with its valuation effect — then rehearse written case answers that stay consistent with a mandate.
How the exam is structured and scored
The CESGA Common Exam runs 150 minutes for 120 points: 20 multiple-choice questions worth 60 points and one practical case study worth 60 points. Passing requires more than 50% overall and more than 30% in each part.
The exam is a single 150-minute assessment based on the complete syllabus. Half the marks come from 20 multiple-choice questions drawn randomly from across the syllabus topics. The other half is one practical case study: a due-diligence task in which you assess a company and explain the steps for integrating ESG information into the investment decision.
The passing rule has two separate conditions, and both matter. You need more than 50% of the total 120 points and more than 30% in each part. A strong case study cannot rescue a multiple-choice section that falls below the 30% floor, so every examined module needs at least working coverage.
The online exam and the venue exam in the same session are the same exam, one typed and one handwritten. Results arrive within eight weeks and are reported only as SUITABLE or NOT SUITABLE, with no score breakdown and no appeal route. EFFAS Academy reports that around 70% of candidates who have taken the exam have passed; treat that as the issuer's own figure for past sessions, not a prediction for you.
- Format: 150 minutes, 20 MCQs (60 points), one case study (60 points).
- Passing: more than 50% of 120 points AND more than 30% per part.
- Results: within 8 weeks, SUITABLE or NOT SUITABLE, no appeals.
Official sources: CESGA Online Exam Guide — Before, during and after the exam; EFFAS Academy FAQs — Programme, exam structure, results and retake questions
What the CESGA 4.1 covers and who it suits
A ten-module programme on valuing, measuring and integrating ESG issues in investment analysis; version 4.1 is accredited by EFRAG as compliant with the European Sustainability Reporting Standards and adds a climate change chapter and new due-diligence tools.
The programme comprises ten modules. The first five build foundations for candidates new to ESG, covering integration drivers, regulation, strategies, asset classes and reporting. The second five move into advanced work: ESG integration across the investment process chain, qualitative and quantitative fundamental research, and applied case study work.
Version 4.1, revised in October 2024, is accredited by EFRAG as compliant with the European Sustainability Reporting Standards (ESRS) — the first certification to receive that accreditation. It adds a dedicated asset-class module, deeper ESG data integration, and a climate change chapter on risks, opportunities, measurement and strategy.
EFFAS positions the programme at financial analysts and portfolio managers embedding ESG in capital allocation, and also at ESG consultants, assurance and audit professionals, corporate sustainability officers and investor relations managers. Training is fully online and self-study in English, with EFFAS recommending at least CEFR level B2 (C1 preferable). All materials come on the platform; there are no tutorial services.
Module 10, covering ESG regional developments in Asia-Pacific, Latin America and North America, is complementary material only: it does not enter the exam.
Official sources: EFFAS Academy FAQs — Programme, exam structure, results and retake questions; EFFAS Certified ESG Analyst (CESGA) 4.1 Brochure (October 2024) — Programme structure, pages 6–10; EFFAS CESGA 4.1 Certification (EFFAS Academy product page) — Product description, pricing, venues and registration calendar
The nine examined modules
Modules 1–8 build the knowledge base; Module 9 applies it through case studies in research and portfolio management plus a climate change chapter. Multiple-choice questions come from the whole syllabus, so all nine examined modules matter.
Use this compact map to organize your reading. The official brochure gives the fuller module descriptions; multiple-choice questions can draw from across the examined syllabus.
Module 9 deserves particular attention: it synthesises the preceding modules through tangible case examples in research and portfolio management, and its climate change chapter covers carbon costs, the dual nature of physical and transition risks, climate metrics and targets, and climate strategy in the investment process. The exam's practical case study mirrors this applied due-diligence work.
Module 10 on regional developments is explicitly complementary and does not enter the exam, so do not spend exam-preparation time memorising regional detail.
- Module 1: Recent developments in ESG integration — market drivers and empirical evidence.
- Module 2: Regulatory environment — EU rules for companies and the financial sector, international trends.
- Module 3: ESG strategies — landscape, definitions and distinct strategies.
- Module 4: Responsible investing across asset classes.
- Module 5: ESG reporting — frameworks, EU sustainability reporting under the ESRS, convergence.
- Module 6: ESG integration in the investment process, from guidelines to stewardship and reporting.
- Module 7: Fundamental research, qualitative analysis — value drivers, governance, controversies, sovereigns.
- Module 8: Fundamental research, quantitative analysis — ESG data and forecasts in valuation models.
- Module 9: Case study — ESG integration in research and portfolio management, plus climate change in investment decisions.
Official sources: EFFAS Certified ESG Analyst (CESGA) 4.1 Brochure (October 2024) — Programme structure, pages 6–10; CESGA Online Exam Guide — Before, during and after the exam
How to study regulation and reporting
Build a comparison sheet for the instruments named in Modules 2 and 5, then check the version taught in your current course.
For the EU Taxonomy, SFDR, CSRD and ESRS, record the instrument’s purpose, the parties within scope, the information involved and the applicable dates. Add the GRI and ISSB standards where the course compares global reporting approaches. These are study topics; an older syllabus alone does not establish current legal obligations.
When working a practice scenario, identify the reporting party and the requested disclosure before choosing an instrument. Check scope conditions and effective dates in the current material instead of matching only a familiar abbreviation.
Official sources: EFFAS Certified ESG Analyst (CESGA) 4.1 Brochure (October 2024) — Programme structure, pages 6–10
How to connect strategies, research and valuation
Use Modules 3–8 to connect the strategy in a mandate with the research and analysis needed to apply it.
Make a comparison card for each strategy covered in your course: its definition, selection criteria, required evidence and limits. Then test whether you can explain the difference between exclusion, best-in-class, integration, thematic approaches, impact investing and stewardship using the course definitions.
For an ESG finding, write down the supporting evidence and the model assumption it could affect. Explain the expected direction and time horizon, then check for double counting. These are review questions, not a rule that every finding requires a valuation adjustment.
Repeat that exercise across the asset classes in Module 4. Ask which data, valuation method and investor rights change. Use Modules 7 and 8 to check the qualitative reasoning and quantitative assumptions separately.
Official sources: EFFAS Certified ESG Analyst (CESGA) 4.1 Brochure (October 2024) — Programme structure, pages 6–10
How to review the climate chapter
Connect climate risks, measurement and investment analysis using the chapter’s own examples.
The brochure lists physical and transition risks, mitigation and adaptation, climate metrics and targets, carbon costs and climate strategy. Turn that list into a checklist: identify the risk, the evidence, the relevant metric, the scenario assumption and the possible consequence for the analysis.
For each worked example in the course, ask what changes if one assumption changes. Keep the distinction between a measured emissions figure and a claim about risk or valuation explicit; use the supplied case evidence to justify each step.
Official sources: EFFAS Certified ESG Analyst (CESGA) 4.1 Brochure (October 2024) — Programme structure, pages 6–10
Case-study practice: mandate-consistent decisions
Practice applying the case’s stated constraints and showing your reasoning. The original exercise below is a simplified rule-checking task, not an official EFFAS case or marking scheme.
Read the constraints before proposing an action. A proposal can satisfy one rule and fail another; state which evidence or calculation supports each conclusion. For full preparation, use the more detailed research and portfolio cases in Module 9.
Worked exercise
For this original exercise, a mandate has exactly two constraints: no holding may derive more than 25% of its revenue from thermal coal, and total portfolio tracking error must be no more than 2%. Assume the supplied measurements are verified and all holdings other than the one described have zero coal revenue. Proposal A has one holding at 27% coal revenue and tracking error of 1.5%. Proposal B has one holding at 18% coal revenue and tracking error of 2.3%. Proposal C has one holding at 18% coal revenue and tracking error of 1.8%. Which proposals satisfy both stated constraints?
Show answer
Only Proposal C satisfies both constraints.
A fails the holding-level coal limit because 27% is greater than 25%, even though its tracking error is below 2%. B satisfies the coal limit but fails the tracking-error limit because 2.3% is greater than 2%. C satisfies both: 18% is below 25% and 1.8% is below 2%. This conclusion follows only from the two supplied rules and verified figures; it is not an investment recommendation or a forecast.
Official sources: CESGA Online Exam Guide — Before, during and after the exam; EFFAS Academy FAQs — Programme, exam structure, results and retake questions
Sitting the exam: setup and rules
Whether online or at a venue, it is the same exam. Online, you need a compatible PC or laptop with camera, microphone and speakers, the Chrome or Firefox browser, and a completed mock exam; the proctoring software records you and restricts your computer for the session.
EFFAS requires you to read the online exam guide in full, run the system compatibility check, and complete the mock exam before your session — the guide warns that skipping these steps has caused past technical problems. The mock is 10 minutes long, contains five multiple-choice questions and one example case question, opens for 72 hours, and is offered only once per exam session.
During the online exam the proctor monitors your camera and microphone, aided by software that flags movement away from the desk or looking away for extended periods. After a second warning the exam can be terminated. If your connection drops, the clock stops and answers are saved; log back in to continue. Do not press F5 or refresh the browser, as that terminates the exam.
Case-study answers are typed into the platform. There is one case study, the same text appears in each of its questions, and there is no copy-paste, no highlighting, no spellcheck and no translator, so practise writing clearly under those conditions.
- Computer: PC or laptop only; no tablets or smartphones; single monitor.
- Browsers: Chrome (63+) or Firefox; Safari does not work on Macs.
- Audio: built-in or attached camera, microphone and speakers; no headphones.
- Desk: clear of papers and devices; no written notes during the exam; water allowed.
- ID: passport preferred; verification takes 15–20 minutes and does not count against exam time.
- Connection: use a stable, tested connection with a backup such as a hotspot.
Official sources: CESGA Online Exam Guide — Before, during and after the exam; EFFAS Academy FAQs — Programme, exam structure, results and retake questions
Fees, dates and how to register
The online training course costs €1,250 excluding VAT for six months' access and the certification exam €250 excluding VAT; they are purchased together with one exam venue selected. Some venues add a €100 invigilation fee.
You register for the exam only after enrolling in the programme, and the training and exam right are purchased together. The exam right you buy is valid only for the date, venue or online format you selected; changing your date after the registration deadline costs the same as a new exam right. The exact time of day is communicated three weeks before the exam, and some venues charge an additional €100 invigilation fee.
EFFAS states that sessions are normally held four times a year, in March, June, September and December. The currently listed sessions and dates are below; confirm the latest calendar, venues and any venue-specific charges on the EFFAS Academy product page before you buy.
Funding schemes apply in some markets. Under Hong Kong's Pilot Green and Sustainable Finance Capacity Building Support Scheme, eligible applicants can claim up to 80% of exam registration fees, with full-time students able to claim up to 100%. In Malaysia, the programme is claimable under the HRDC scheme. Check the conditions for your own situation before relying on either.
- Online training: €1,250 excluding VAT, six months' platform access.
- Certification exam: €250 excluding VAT; extension access €425 excluding VAT.
- Some venues: additional €100 invigilation fee.
- Missed exam: fees are not refunded; you register again at your own expense.
| Session | Registration opens | Registration deadline | Exam date |
|---|---|---|---|
| December 2026 | 1 June 2026 | 2 November 2026 | 11 December 2026 |
| March 2027 | 20 September 2026 | 5 February 2027 | 19 March 2027 |
| June 2027 | 27 December 2026 | 14 May 2027 | 25 June 2027 |
Official sources: EFFAS CESGA 4.1 Certification (EFFAS Academy product page) — Product description, pricing, venues and registration calendar; EFFAS Academy FAQs — Programme, exam structure, results and retake questions
A study order that matches the exam
Cover all nine examined modules, connect each comparison to the current course material, and finish with timed practice for both the multiple-choice and case-study parts. EFFAS recommends 80–120 study hours for someone without prior ESG knowledge.
The programme platform provides around ten hours of recorded e-seminars, course slides, supplementary references and self-assessment questions. EFFAS recommends 80 to 120 hours for candidates without prior ESG knowledge, and suggests using your self-assessment results to decide where to spend extra time.
A workable order: build the regulatory one-liners from Module 2 and the reporting comparison from Module 5 first, since later modules reference them. Then learn Module 3 strategies as selection rules and Module 4 transmissions by asset class. Drill Modules 7 and 8 as channel-mapping practice. Finish with Module 9 case work, writing short memos and portfolio actions weekly, since the exam's practical half is exactly this kind of applied due diligence.
Note that the module multiple-choice quizzes on the platform are sample questions, not exam questions, although the programme includes one specimen exam as training material. EFFAS also sells a separate specimen exam product if you want additional formal practice. Once your session's mock exam email arrives, use it — it is your only mock for that session.
Next steps: run a diagnostic against the nine examined modules using the free CESGA practice materials, and set a weekly case-writing slot in the final third of your schedule. Broader revision resources are in the study guides library. For enrolment, dates and official programme documents, rely on EFFAS Academy and the CESGA 4.1 brochure rather than third-party summaries.
- Weeks 1–2: regulatory one-liners (Module 2) and reporting comparison (Module 5).
- Weeks 3–4: strategies as selection rules (Module 3) and asset-class transmissions (Module 4).
- Weeks 5–6: valuation channel mapping (Modules 7–8) and investment process (Module 6).
- Final weeks: written case-study practice and the climate chapter (Module 9), plus the mock exam.
Official sources: EFFAS Academy FAQs — Programme, exam structure, results and retake questions; EFFAS Certified ESG Analyst (CESGA) 4.1 Brochure (October 2024) — Programme structure, pages 6–10; CESGA Online Exam Guide — Before, during and after the exam; EFFAS CESGA 4.1 Certification (EFFAS Academy product page) — Product description, pricing, venues and registration calendar
Official sources
Facts checked: