Certification in AFSA elevates Financial Statement Analysis to an advanced level, where the candidate tries to decode every number to unravel the story behind a company's financial statements.

Course Brochure

This is a self paced program - where you are given access to the course material and you have to finish and clear the test in 60 days from your date of enrolment. AFSA aims to equip analysts with the knowledge to try and answer the question "Why" when they spot a ratio. The idea is to not just calculate a number, but try and see why the number looks like what it does. This aims to take analysts beyond the realm of what is talk in conventional Financial Statement Analysis. The program aims to cover this through the following topics over 8 online sessions of approximately an hour each.

--Financial Statements & Importance

--Decoding Annual Reports

--Analyzing Cash Flow Statements

--Working Capital Analysis

--Sector and Ratio Analysis

--Earnings Quality and Corporate Governance Analysis

The course will have an online assessment. The final Certification will be an open Online test. The program deadline is 60 days after enrollment.

In addition, the course also has an optional live project, at an additional nominal fee. This will help you apply the concepts learnt into a real world example. You will be asked to analyze an Indian firm's financial statements and annual reports.

Program Fee

Only Certification                                         Rs 4900 all inclusive
Certification + Live Project                    Rs 6400 all inclusive


Peeyush Chitlangia

Peeyush Chitlangia is the founder of FinShiksha. An Alumnus of IIM Calcutta & MNIT Jaipur, Peeyush has been in the financial services industry for the last 11 years & has extensive exposure to Equity Research & Financial Modeling.

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  • peeyush[at]finshiksha.com

-- Video access

-- Excel files used in the sessions

-- Email Query Support

A practical approach to financial statement and decoding the story behind the ratios. These sessions provide the right frame-work to analyze any company in any sector.

Abhinav Sinha , Infosys BPO

1. Explained clearly. 2. Working on what is learnt then and there on Excel. 3. Very minute details were touched which makes the content clear. 4. MOST OF ALL, it helps to think and apply when doing the ratio analysis. 5. Content and TEACHING - EXCELLENT!!

Dr. Meera Raman , Faculty, RVS College of Arts and Science , Coimbatore

It got me an internship offer for investment banking profile in HSBC

Shreyas Shetty , SIBM Pune

better understanding of ratios and their interpretation along with a practical knowledge regarding working capital cycle.

Krishnakali Vaishnav , Student, SIIB Pune

It has made me more confident of my ability to analyse financial statements and developed my interest in the subject which has made me to explore more

Ravi Mishra , Student, Great Lakes Institute of Management