murmur · study · August 2026
What ChatGPT, Claude and Google AI Overview answer when someone asks where to study for Brazilian financial-market certifications.
People preparing for the CPA today do not open ten tabs. They ask ChatGPT and get back three or four school names. That answer has become a shelf, and those on it sell.
This study measured what is on that shelf. Fifty buyer questions were asked across three AI tools in August 2026, written as people type them, and none names a company. What appeared did so because the tool chose to mention it. The 150 responses produced 30 schools.
The picture is a market with one dominant player and a long tail. TopInvest is mentioned in 57% of responses, is named first in 49% of the responses in which it appears, and its site is the page tools read most often to answer on the topic. Visibility drops quickly from second place onward, and from eighth on, no one appears in one response out of ten.
30 schools and teachers, ordered by the number of the 150 responses in which their name appears in writing.
| Brand | Presence | Visibility | Average position | First | Questions |
|---|---|---|---|---|---|
| TopInvest | 57% | 24.7% | 1.9 | 49% | 48 |
| Pró Educacional | 24% | 10.5% | 2.2 | 36% | 20 |
| FK Partners | 22% | 9.6% | 2.2 | 48% | 23 |
| Trader Brasil | 20% | 8.7% | 2.4 | 30% | 20 |
| Academia Rafael Toro | 19% | 8.1% | 3.0 | 29% | 22 |
| T2 Educação | 15% | 6.7% | 2.4 | 30% | 19 |
| Professor Lucas Silva | 14% | 6.1% | 3.4 | 5% | 14 |
| XP Educação | 9% | 3.8% | 2.9 | 23% | 11 |
| Capriata Cursos | 7% | 3.2% | 2.6 | 27% | 9 |
| Edgar Abreu | 7% | 2.9% | 2.7 | 10% | 6 |
| Aprova Bancários | 5% | 2.3% | 2.4 | 12% | 7 |
| B7 Business School | 5% | 2.3% | 3.0 | 25% | 6 |
| Certifiquei | 3% | 1.2% | 3.2 | 0% | 3 |
| IBEMF | 3% | 1.2% | 2.2 | 25% | 4 |
| Meu Certificado | 2% | 0.9% | 2.7 | 33% | 3 |
| Academy4u | 1% | 0.6% | — | — | 2 |
| Acamef | 1% | 0.6% | — | — | 2 |
| CPA Agora | 1% | 0.6% | — | — | 2 |
| CapacitaCoop | 1% | 0.6% | — | — | 2 |
| Clari Certifica | 1% | 0.6% | — | — | 2 |
| Economia do Dia | 1% | 0.6% | — | — | 1 |
| FPS Treinamentos | 1% | 0.6% | — | — | 2 |
| Gama de Ensino | 1% | 0.6% | — | — | 2 |
| Instituto de Formação Bancária | 1% | 0.6% | — | — | 2 |
| Melver | 1% | 0.6% | — | — | 2 |
| Methas Iter | 1% | 0.6% | — | — | 2 |
| Passa na CPA | 1% | 0.6% | — | — | 2 |
| API School | 1% | 0.3% | — | — | 1 |
| ProBancos | 1% | 0.3% | — | — | 1 |
| Treina e-Learning | 1% | 0.3% | — | — | 1 |
Outside the top seven positions, no brand exceeds 9% presence, and 11 of the 30 appeared in just one tool. The tail is long but shallow.
The gap between first and second is the table’s most striking number. TopInvest alone accounts for 24.7% of all school mentions in these 150 responses; second place has 10.5%. In a market of 30 names, one takes a quarter of the space.
Each response mentions 2.3 schools on average. Being named first is another game.
Appearing in many responses is not the same as being named first, and the table shows both cases side by side. TopInvest is mentioned in 57% of responses and is named first in 49% of the responses in which it appears. FK Partners is mentioned in 22%, less than half of that, and is named first 48% of the time: less present, yet selected just as often when it is present.
Two different problems can hide in a low position. Those who appear rarely need to appear more. Those who appear often but are never named first have another problem: they are remembered as an alternative, not as the first choice, and publishing more of the same does not solve it.
Position is also this page’s fairest number, because it does not depend on how many certifications a school covers. A school focused on one certification appears in few questions but can lead every question in which it appears.
The same question, asked on the same day, produces different lists.
The difference is not minor. It is how many schools each tool is willing to mention.
| Tool | Mentions | Per response | Showed source |
|---|---|---|---|
| Google AI Overview | 170 | 3.4 | 3 of 50 |
| Claude | 117 | 2.3 | 39 of 50 |
| ChatGPT | 57 | 1.1 | 38 of 50 |
ChatGPT gives shorter, more closed responses, with fewer names in each. In practice, it is the hardest tool to enter because there is room for fewer names in the answer.
For individual brands, the gap is enormous. Academia Rafael Toro appears in 22 of Google AI Overview’s 50 responses and 1 of ChatGPT’s 50. XP Educação appears in 11 and 1; Capriata Cursos in 5 and 0.
Appearing strongly in one tool says nothing about the other two.
80 of the 150 responses show which pages they drew on. There are 84 different sites.
The most recommended school is also the one feeding answers most often. TopInvest’s site opens this table and, adding its mock-exam subdomain, reaches 32 citations against 19 for the next school. It occupies both sides of the same conversation: it is most mentioned in the text and is the page from which the text comes.
The only presence greater than TopInvest’s is ANBIMA itself, which administers the exam and totals 50 citations across its domains. To answer where to study, the tools basically read two things: who administers the exam and who leads the course market.
| Site cited as a source | Times |
|---|---|
| topinvest.com.br | 29 |
| anbima.com.br | 28 |
| anbimaedu.com.br | 19 |
| traderbrasil.com | 19 |
| fkpartners.com | 11 |
| capriatacursos.com.br | 5 |
| dinheiroevivo.com.br | 5 |
| abecipeducacao.org.br | 4 |
| infomoney.com.br | 4 |
| planejar.org.br | 4 |
| proeducacional.com | 4 |
| professorlucassilva.com.br | 4 |
| spbancarios.com.br | 4 |
| udemy.com | 4 |
| academiarafaeltoro.com.br | 3 |
| divulgacoes-anexos.prd.anbima.com.br | 3 |
| gestaoeconcurso.com.br | 3 |
| simulados.topinvest.com.br | 3 |
| t2.com.br | 3 |
| aneps.org.br | 2 |
Comparing the two metrics reveals two distinct paths to being recommended, not one.
| Brand | Cited | Site used as a source | Ratio |
|---|---|---|---|
| Trader Brasil | 30 | 19 | 0.63 |
| TopInvest | 85 | 32 | 0.38 |
| FK Partners | 33 | 11 | 0.33 |
| T2 Educação | 23 | 3 | 0.13 |
| Pró Educacional | 36 | 4 | 0.11 |
| Academia Rafael Toro | 28 | 3 | 0.11 |
Not everyone arrives by the same path. Trader Brasil and TopInvest are recommended with their own sites open: the tool reads their content and then mentions the brand. Pró Educacional and Academia Rafael Toro, by contrast, are among the most recommended but almost never have their sites read. Their recommendations come from third parties talking about them.
These are two ways of existing in the response, and they require different work. One is built by publishing; the other by being cited by those who publish. There is an uncomfortable detail in between: because school sites are among the most-used sources, material a school publishes may be supporting the response that recommends its competitor.
What was asked, of whom, and what counts as an appearance.
Fifty buyer questions were asked across three AI tools in August 2026, generating 150 responses. They are the questions people deciding where to study type.
As typed, without accents, exactly as entered into each tool.
Original Portuguese research evidence, preserved as recorded.