Twelve students and recent graduates from the School of Economics have passed Level I of the CFA Program, the certification offered by the C reference letter s in Finance

According to current records, seventeen students and graduates from the School of Economics and Business ( School of Science ) at the University of Navarra passed Level I of the CFA Program— reference letter ’s certification in investment banking, asset management, and financial analysis—during the 2025–26 academic year. This is more than double the number from the previous academic year and brings the total number of graduates who have passed since 2024 to 27. Twelve of them achieved this while studying for the Bachelor of Business Administration ( Degree), including one student in their third year.

Prepare for the CFA Program without leaving the Degree

Most of the students who have been accepted are enrolled in the Finance & Accounting track of the “diploma ” at the “ Degree ” in Business Administration—a four-year bilingual “ pathway ” designed for students with a strong analytical and quantitative background. The program combines accounting, auditing, and taxation with courses on financial markets, such as fixed- and equity- evaluation , mergers and acquisitions, derivatives, alternative investments, and machine learning applied to asset evaluation . The“ subject ” Research Challenge leads students to compete in the CFA Institute Research Challenge,where the School won the national final in 2025 and placed second in 2026 among 17 teams from 10 universities (with IE and CUNEF on the podium) and has ranked among the top five in the last three editions. The five members of the 2026 team ( Andrea Bordera, Daniela Picazo, Tomás Cabrera, Ferran Casanova, and Iñigo Álvarez) are also among those who passed Level I this academic year. Daniela Picazo, who graduated in 2026 with a degree in Business Administration + Finance & Accounting, shares: “I felt very supported by the university, especially by the Finance Department ( department ) and its Finance Program ( diploma), and by the way the courses are structured, which encourages us to take the CFA Program, as well as motivating and supporting me to apply to take the exam.”

In the fourth year, two specialized workshops focus on preparing students for Level I of the CFA Program. The " pathway " includes an international " exchange " and an international " seminar " and promotes internships at companies.

Ranked First in Spain in Accounting and Finance

The 2026 QS Subject Rankings place the University of Navarra first in Spain in Accounting and Finance (58th in the world) and third in Business Management and Administration (36th in the world).

An interest that goes beyond finance

Among those who passed are also students from Economics, including those in the dual-degree programs Degrees in Business Administration and Law and Economics and Law, as well as students in the diploma programs in Data Analytics & AI, General Management & Strategy, International Economics & Finance, and Governance. An increasing number of students from other programs are requesting to take the CFA Program preparation courses.

“At CFA Society Spain, we greatly value our partnership with the University of Navarra and its commitment to the training of future finance professionals. The excellent results achieved by its students on the CFA Program exams reflect both the quality of its training and the students’ hard work and dedication. It is a pleasure to have universities that are so firmly committed to excellence and the development of financial talent,” says Jaime Albella, CFA, Member of the Education of CFA Society Spain.

Certification goes beyond the Degree

Three graduates (Fernando Díez de Rivera, José Antonio Estrella, and Fernando Pérez Vera) have already passed Levels I and II and are preparing for Level III, while others, such as Hodei Migueltorena, have earned their Level III certification through fill in . Five others are already preparing for Level II. In addition, several are already working in the sector: Ferran Casanova (ECO’26) is an analyst at J.P. Morgan in Geneva and shares that: “The CFA Program is a valuable addition—once you’ve passed Level I, you understand how the system works, and it’s easier to motivate yourself to pass the other levels; ultimately, they’re a great asset on your resume. I encourage everyone to put in the extra effort to study, as it’s a way to earn a “ degree scroll ” that’s highly recognized worldwide.”

Students who passed Level I of the CFA Program before graduating, 2025–26 academic year:

• Iñigo Álvarez Romero – Business Administration + Finance & Accounting (ADE'26)
• Ian Barnes – Economics , and International Economics & Finance (ECO'26)
• Andrea Bordera Matarredona – Business Administration + Finance & Accounting (Business Administration '26)
• Tomás Cabrera Alarcón – Business Administration + Finance & Accounting (ADE'26)
• Ferran Casanova Calvet – Business Administration + Finance & Accounting (Business Administration '26)
• Pablo Gutiérrez Ubierna – 6th year of Economics + Law
• Pablo Losantos Parra – Economics , Leadership, and Governance (ECO'26)
• Ignacio Martinavarro – Economics , and International Economics & Finance (ECO'26)
• Daniela Picazo – Business Administration + Finance & Accounting (Business Administration '26)
• Mateo Rojo Alfín – Business Administration + Finance & Accounting (Business Administration '26)
• Xabier Sanz Ruiz – Business Administration + Finance & Accounting (Business Administration '26)
• Alejandro Zúñiga Camacho – 4th year, Business Administration + Finance & Accounting