Overview
ANBIMA is the Brazilian association of financial and capital market institutions. It runs professional certification exams for people who work in investment distribution, advisory and fund management. There is no single ANBIMA exam: this page covers its certification families as listed on its ANBIMA Edu platform in 2026. The official pages are in Portuguese.
From 2026, ANBIMA offers a "Y" path for client-facing roles: the entry certificate CPA, then either C-Pro R (relationship) or C-Pro I (investment). A separate family covers managing third-party money: CFG, then CGA or CGE. The older CPA-10, CPA-20 and CEA certificates are being replaced (see below).
Levels or stages
Client-facing path
CPA (Certificado Profissional Anbima): the entry point for sales, client service and support roles in banks, brokers and similar firms. It is also open to people at regulators or public bodies. From 2026, ANBIMA has an agreement with the European association EFPA under which CPA holders can later obtain the European EIP certificate after an extra course on the Spanish market.
C-Pro R (Relacionamento): for people who deal directly with investors, assess an investor's profile and recommend products. An active CPA is required.
C-Pro I (Investimento): for people with a product focus, covering investment structures and building recommended portfolios. An active CPA is required.
Fund-management path
CFG (Certificado Anbima de Fundamentos em Gestão): the fundamentals of managing third-party money. ANBIMA says it is required for CGA and CGE and for no job function by itself.
CGA (Certificação de Gestores Anbima): for managing third-party money in funds and portfolios in fixed income, equities, currency and multimarket, and in index funds. A CFG or the CFA credential is needed.
CGE (Certificação de Gestores Anbima para Fundos Estruturados): for managing structured products such as Fiagro, FIDC, FII, FIP and index funds. A CFG or the CFA credential is needed.
Exam pattern
| Certification | Exam format stated on ANBIMA Edu |
|---|---|
| CPA | 2 h 30 min: 40 contextual multiple-choice questions and 10 decision-tree questions |
| C-Pro R | 2 h 30 min: 30 contextual multiple-choice questions and 15 case and/or decision-tree questions |
| C-Pro I | 2 h 30 min: 30 contextual multiple-choice questions and 10 case-analysis questions |
For all three, the stated difficulty mix is 25 percent easy, 50 percent medium and 25 percent hard. ANBIMA says the new exams use real-life scenarios, case studies and short written answers, and assess behavioural skills such as communication, ethics and decision-making alongside technical knowledge. A feedback report with a study plan follows the exam. The pass mark was not stated on the pages read.
The CFG, CGA and CGE pages show conflicting question counts and pass marks within the same page, so those figures are left out here; read the official edital for each before booking.
Syllabus
CPA has four modules: structure and workings of the national financial system, financial products, client relationship (prospecting, service, support), and innovation and market development.
C-Pro R has four modules: prospecting and relationship with the investor, analysing client information, recommending investments, and portfolio analysis and monitoring.
C-Pro I has four modules: investment products, alternative, digital and overseas investments, supplementary pensions, and risk management, portfolio analysis and performance indicators.
CFG, CGA and CGE detailed programmes are on their ANBIMA Edu pages.
Fees
Exam fees listed on ANBIMA Edu in 2026, payable by card (up to 10 interest-free instalments) or Pix:
| Certification | Exam fee |
|---|---|
| CPA | R$ 225 |
| C-Pro R | R$ 500 |
| C-Pro I | R$ 500 |
| CFG | R$ 475 |
| CGA | R$ 550 |
| CGE | R$ 550 |
How to apply
Register on ANBIMA Edu (if your employer has already registered you, go to booking).
Pay the exam fee.
Book the exam at a test centre using the exam calendar.
Read the edital for the certification first; it covers the process from registration to results.
After the exam
CPA, C-Pro R and C-Pro I use continuous learning with an annual update.
CFG, CGA and CGE are valid for up to five years. They are renewed through an online update course that must be completed in the window from six months to five days before expiry, with at least 70 percent in the assessment. An expired certificate cannot be updated and needs a new exam.
Transition from the old certificates
Holders of CPA-10, CPA-20 or CEA need to complete the transition steps on ANBIMA Edu by December 2026: keep the certificate active, register on the platform, finish the required micro-certifications and pay the annual update. If they do not, the certificate is cancelled and the holder must pass the new exam. CPA-10 moves to CPA, CPA-20 to CPA and C-Pro R, and CEA to CPA, C-Pro R and C-Pro I.
FAQs
Do I need the CPA before C-Pro R or C-Pro I?
Yes. An active CPA is required for both.
Which certification do fund managers need?
The CFG is the base. The CGA and CGE build on it, and the CFA credential is also accepted as the prerequisite for those two.