NHH/NFF Sustainable Financial Analysis

This executive programme is aimed for students who seek to understand how to include ESG-issues into financial analysis of companies and investment portfolios. Where traditional finance focuses on financial valuation, this programme investigates risks as well as opportunities related to sustainability.

In 2020, the Norwegian School of Economics (NHH) and The Norwegian Society of Financial Analysts (NFF) launched the Sustainable Financial Analysis programme in the Norwegian market. This year we broaden our scope, and hope to attract a Nordic and international interest.

The programme retains a practical and applied approach, and the student will be equipped with a deeper and more fundamental understanding of the dilemmas that arise where financial analyses meet sustainability.

As a student you will explore methods and skills that enable you to include ESG in well-founded financial analyses. The benefits are many, particularly as this is a field where the need for essential ESG-information faces many challenges due to a general lack of standards and the very speed with which this field has developed.

You will become part of a network of highly professional and experienced students and lecturers, where peer-learning and chared knowledge and experiences are essential tools.

Who is the programme for?

The Sustainable Financial Analysis programme is designed for experienced professionals with an interest in how to integrate sustainability in financial assessments. Relevant professional backgrounds include analysts, portfolio managers, CFOs, accountants, investors, rating analysts as well as advisors, journalists and regulators.

The programme is particularly suitable for Norwegian and Scandinavian applicants but welcomes applicants from outside the Nordic region as well.   

Applicants are required to have at least three years of relevant work experiene as well as a basic knowledge of sustainable finance.

We also offer an introductory course in sustainable finance where needed (in Norwegian). Read more here: NFFs kurs i bærekraftig finans

Who will you meet?

The Sustainable Financial Analysis programme has succeeded to combine excellent resources both from academia and the market. Among others you will meet:

From NHH:

Aksel Mjøs

Ibrahim Pelja

José Albuquerque de Sousa

Lars Jacob Tynes Pedersen

Linda Nøstbakken

Sveinung Jørgensen


Annie Bergsagel, Folketrygdfondet

Are Jansrud, Sparebank1 Østlandet

Christopher Wright, NBIM

Hanne Thornam, EY

Isabelle Juillard Thompsen, DNB

Kjetil Rimstad, EY

Kristin Holth

Laurens Swinkels, Robeco SAM

Melanie Brooks, CARN Capital

Roger Strevens, Wallenius Wilhelmsen

Ulf Erlandsson, Anthropocene Fixed Income Institute

What you learn at Sustainable Financial Analysis

The Sustainable Financial Analysis Programme is organised in three parts. The first part focuses on current challenges and sustainable business models, materiality analysis and reporting.

Part two integrates sustainability in financial valuation using traditional valuation models as a starting point. The third part focuses on how to best include sustainability in Portfolio Management; both on a more general level, and for the most important asset classes.

The last session focuses on discussing group assignments, which is an essential part of the programme.

1st session: 18th to 23rd October 2021, in Oslo

  • Sustainable business models, materiality and reporting
  • Integrated valuation using ESG metrics
  • Portfolio management reflecting ESG
  • Group assignment and additional perspectives

2nd Session: 18th and 19th March 2022

The last session will focus on discussing the group assignments. Sustainable finance is a complex field with a particular need for well-founded and balanced discussions. Each assignment will be presented and discussed by students, lecturers and invited experts and contributors in the field.

Assignment/assessment method

The assessment method is a group based written assignment where the aim is to integrate knowledge and information from lectures, presentations and discussions throughout the programme, and apply this to a valuation of a company or a financial instrument, a portfolio construction, portfolio analysis, or other topics that include sustainability in valuation, or assessment of portfolios. The assignments will be presented and discussed in a separate two-day session at the end of the programme (March 2022).

Practical information

-Application deadline: open for applications

-Part time programme

-The programme will be taught in English

Tuition fees: NOK 70.000 (programme tuition)

Additional costs: travel, accomodation and literature (books)


Session 1: 18th to 23rd October 2021

Session 2: 18th and 19th March 2022

For further information, please contact us at +47 22 12 92 10.


  • Aksel Mjøs, NHH
  • Annie Bergsagel, Folketrygdfondet
  • Are Jansrud, Sparebank1 Østlandet
  • Christopher Wright, NBIM
  • Hanne Thornam, EY
  • Ibrahim Pelja, NHH
  • Isabelle Juillard Thompsen, DNB
  • José Albuquerque de Sousa, NHH
  • Kjetil Rimstad, EY
  • Kristin Holth
  • Lars Jacob Tynes Pedersen, NHH
  • Laurens Swinkels, Robeco SAM
  • Linda Nøstbakken, NHH/SSB
  • Melanie Brooks, CARN Capital
  • Sveinung Jørgensen, NHH
  • Ulf Erlandsson

Assessment method/assignment

The final assignement is a report written in groups of 3-4 persons. The report is to be presented and discussed in the last session in March 2022.

The written assignment is a requirement of the programme.

Grading: Pass/Fail

15 ECTS Credits


Håkon Astrup, Equity Analyst DNB

I participated in the sustainable financial analysis programme by NFF and NHH. It was both interesting and educational and I would highly recommend the programme for those who want to have a deeper insight into sustainability perspectives, particularly in corporate analyses and valuation. The programme is also an excellent arena to meet peers from the industry with and interest in sustainability.

Jørn-Gunnar Kleven, Head of Finance and Controlling, Eidsiva

I have taken both the AFA program and the Corporate Finance program before enrolling in the program on Sustainability. As one of Norway’s largest issuers of green bonds, I hoped to broaden my perspective on sustainability and finance. I experience to have my perspective and my competence expanded, in an area in rapid change. The work with the thesis was very useful, and the lecturers and fellow students were constantly engaged with useful comments on issues and new perspectives.

Sindre Sørbye, Equity Fund Manager, Arctic

The programme (in sustainable financial analysis) is a significant add-on to the toolbox in my profession as an equity fund manager. While covering relevant theoretical concepts and empirical research in the field of sustainability, there is ample emphasis on how to apply and integrate this into company and portfolio analysis. The sessions are very interactive and led by a diverse mix of highly enthusiastic academics and practitioners.

The course digs into the essential field of sustainability while sharpening the ability to differentiate buzzwords and greenwashing from material topics.

Outsourcing ESG-analysis is really no option for active managers. This programme helps me not only to understanding the theoretical framework and lingo but also to identify and integrate important issues into financial analysis.

Kristine K. Timberlid, Head of department, Innovation Norway

The course I took at NHH in Sustainable Financial Analysis gave me a unique insight into the risks and the opportunities when dealing with ESG in finance. What I appreciated the most was still the many interesting discussions we had during the program over the many dilemmas sustainable finance touches upon.