CFA Program (Level I & Level II)

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The programs aimed at passing the CFA (Levels I and II) qualifications are specially designed to allow the participants to tackle the self-study phase of the different subjects with a solid theoretical-practical preparation. The participants also acquire skills and understand first hand the pedagogical philosophy behind the certificates which allows them to sit the specific tests (examinations) of each one with greater confidence.

The CFA® Program is a personal study program for investment professionals. The Program requires that three examinations be passed. Once passed, and depending on the completion of a series of professional and ethical requirements, the candidate obtains the CFA® accreditation. A vast number of institutions around the world recognise the value of the CFA® accreditation and the training it requires. The CFA® accreditation is an appropriate step forward for those wishing to develop their professional career in the areas of asset management, analysis and consultancy in investments and investment banking.

The CFA ® accreditation is divided into three levels.

  • Level I focuses on the study of the investment tools and inputs, as well as an introduction to the valuation of assets and the portfolio management techniques. The exam consists of multiple choice questions.
  • Level II is focused on the practical application of the concepts and tools introduced in Level I aimed at the valuation of assets and liabilities thus consolidating the previously acquired knowledge. The examination consists of 20 practical cases of between 1 and 2.5 pages in length with 6 multiple choice questions.

Technical sheet

DurationOne course. Two examination sessions.

  • October session (October to May)
  • February session (February to July)
Study load20 class-based teaching sessions, 60 teaching hours
Aimed at
  • University graduates (graduates or engineering graduates)
  • CUNEF postgraduate students (Masters or Executive Programs specialising in Finance)
  • CUNEF Alumni
  • Active professionals wishing to obtain CFA certification
DedicationPart-time. Compatible with professional commitments.
Class times
  • Saturday mornings (10 am to 1 pm) October session (LEVEL I)
  • Friday evenings (5 pm to 9 pm) February session (LEVEL I)
  • Friday evenings (5 pm to 9 pm) October session (LEVEL II)
Teaching languageSpanish
Working languagesSpanish and English (Participants must be able to actively read and work with documentation written in English). The CFA certification manuals and examination are in English, therefore, the participants must have an advanced level of the language in order to successfully prepare for the examination.
MethodologyThe teaching methodology is based on the comprehension of the different theoretical concepts and their immediate application to resolve the examination questions. The classes will also focus on the participants’ comprehension of the examination mechanics for the CFA® accreditation examination. The CFA® accreditation candidate must also make a significant self-study effort to properly make the most of the content of the training program. In this regard, the candidate must dedicate around 15 to 20 hours a week over 20 weeks to adequately prepare for the examination. This represents an effort of between 200 – 300 hours of personal work. This high level required is what the CFA Institute recommends in order to have a high probability of passing the exam.
Admissions processAnalysis of CV
PriceThe enrolment fee for both the Level I Preparation Program and Level II is 1,450 euros. Furthermore, students can purchase the specific certification preparation material for both levels, with the cost per level as follows:

  • Kaplan full-length materials: 400 Euros
  • Kaplan summarised materials (summaries and standard questions): 200 Euros

CUNEF Alumni and students in the Executive Programs in Finance will benefit from a discount of 20% on the enrolment fees, therefore, the cost of enrolling on the program will total 1,450 euros.

The CFA accreditation preparation program for Level I and II is delivered over 20 three-hour sessions, and the preparation covers the following content blocks:

SESSION NO.Level I (Subjects)
1Study Session 1Ethical and Professional Standards
2Study Session 2Quantitative Methods 1
3Study Session 3Quantitative Methods 2
4Study Session 4Economics 1+ 1er examen presencial
5Study Session 5Economics 2
Exam online  1Examen online 1
6Study Session 6Financial Statement Analysis
7Study Session 7Financial Statement Analysis
8Study Session 8Financial Statement Analysis
9Study Session 9Financial Statement Analysis
10ReviewFinancial Statement Analysis Review
11Study Session 10Corporate Finance+ 2do examen presencial
12Study Session 11Corporate Finance
13Study Session 12Portfolio Management
14Study Session 13Equity Investments
Exam online 2Examen online 2
15Study Session 14Equity Investments
16Study Session 15Fixed Income 1 + 3er examen presencial
17Study Session 16Fixed Income
18Study Session 17Derivative Investments
19Study Session 18Alternative Investments
Exam online  3Examen online  3
20ExamFinal Review + 4º examen

The CFA accreditation preparation program for Level I and II is delivered over 20 three-hour sessions, and the preparation covers the following content blocks:

SESSION NO.Level II (Subjects)
1Study Session 1Ethical and Professional Standards 1
2Study Session 2Ethical and Professional Standards 2
3Study Session 3Quantitative Methods for Valuation
4Study Session 4Economics for Valuation
5Study Session 5Financial Reporting and Analysis:Inventories and Long-lived Assets
6Study Session 6Financial Reporting and Analysis: Intercorporate Investments, Post-Employment and Share-based compensation, and Multinational Operations
7Study Session 7Financial Reporting and Analysis: Earnings Quality Issues an Financial Ratio Analysis
8Study Session 8Corporate Finance
9Study Session 9Corporate Finance: Financing and Control Issues
11Study Session 10Equity Valuation: Valuation Concepts
12Study Session 11Equity Valuation: Industry and Company Analysis in a Global Context
13Study Session 12Equity Investments: Valuation Models
14Study Session 13Alternative Investments
15Study Session 14Fixed Income: Valuation Concepts
16Study Session 15Fixed Income: Structured Securities
17Study Session 16Derivative Investments: Forwards and Futures
18Study Session 17Derivative Investments: Options, Swaps and Interest Rate and Credit Derivatives
19Study Session 18Portfolio Management: Capital Market Theory and the Portfolio Management Process
20ExamReview  Mock examen


The Specialist in Banking and Financial Consultancy program has a study load of 20 credits. This study load is equivalent to 200 learning hours, of which 70% has a theoretical-conceptual focus and the remaining 30% a practical-applied approach. The training program alternates synchronous class-based sessions with online sessions, with “e-Learning” training actions in which the participants interact with the various contents of each subject (technical notes, virtualised content, videos/podcasts, etc.) in a flexible manner using CUNEF’s online learning platform, which allows each participant to adapt their hours of dedication to their particular circumstances. CUNEF’s online pedagogical methodology is based on the schedule for each learning module in which the participants interact with the tools with study hours and individual work. Through different methodologies and learning approaches, participants consolidate their knowledge and competences in relation to the subjects studied.

The training program follows a sequential order allowing students to manage the study sessions (class-based and/online) as well as carry out the practical activities according to a specific schedule.

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CUNEF’s professional certificate program are designed to help participants confidently face the new challenges and demands of the current professional environment, characterised by change and continuous innovation, the inevitable presence of new technologies, and global competition. The current managerial setting requires specially trained professionals, with solid capacities for economic, financial and strategic analysis, with the wisdom to measure, analyse, forecast and control risk in its infinite manifestations. With an international outlook and focus, versatile and with leadership and communication skills to mobilise and form multidisciplinary teams. Committed to the generation of economic value, while remaining involved in satisfying the expectations of their stakeholders. And lastly, with values and principles that are simple, but not always frequent: transparency, honesty, professionalism, dedication, commitment, etc.

Below we offer some of the reasons justifying enrolling on a CUNEF professional certificate program:

  • Theoretical-practical approach.
  • Teaching methodology (blended learning), planning and delivery adapted to the needs of active professionals.
  • Improved employability of certified professionals.
  • Consolidation of the capacity for professional progress and development, as well as versatility and adaptation to new environments, new projects and new challenges.

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