Certified European Financial Analyst Diploma (CEFA)

Certified European Financial Analyst Diploma (CEFA)

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The CEFA (Certified European Financial Analyst) Diploma Program is an internationally accredited program offered by the Romanian Banking Institute (RBI), in partnership with AAFBR (Romanian Financial-Banking Analysts Association), built on the educational and exam curriculum of the European Federation for Financial Analysts Societies (EFFAS).

The CEFA designation was introduced in 1992 as a means of providing a high and uniform standard of training for investment professionals within Europe. Since its introduction, the CEFA diploma has become one of the most respected and recognized professional credentials in the European Union.

We know that your time is very precious, divided between job requirements, family and building a successful career. Therefore, the Romanian Banking Institute offers you this specialized training program to maximize using your available time, while developing competencies necessary for being a successful and reliable professional on the financial market.


Recognition and credibility: becoming a CEFA is now a passport for excellence and international mobility, this diploma being recognized by employers, investment professionals and investors, as well.

Enhanced skills & knowledge: the CEFA Program curriculum targets the skills required to make sound investment decisions and develops insight into professional responsibilities. The program curriculum is based on an extensive and ongoing global practice, an analysis process that relies on input, discussions, surveys, and reviews from top active practitioners that will instruct you.

Competitive leverage: earning the CEFA diploma demonstrates a mastery of the analytic and decision-making skills needed in today’s fast-evolving and competitive workplace.

Time management: the CEFA program is especially designed for people who work and hence fits into a busy schedule.

Expanded network: when you earn the CEFA diploma, you join a large and growing network of respected investment professionals from all over the world. This means you will benefit from highly valuable collective expertise, connections, and resources.


The CEFA program is recommended primarily for: financial analysts in commercial banks – treasury, corporate department, financial advisors of private banking; professionals interested in investment banking, investment funds, pension funds, life insurance, wealth management companies; analysts on investment field; treasurers; large portfolio managers, asset managers; corporate finance managers; professionals taking part in legislation or supervision of the above mentioned fields; other professionals intending to make a step forward in the field of investment-analysis and also professionals intending to work in the investment sector, but need specific qualification and experience.


The content comprises seven topic areas based upon the EFFAS syllabus and accreditations of national member societies programs, supervised by the CTQAB (Commission on Training and Qualifications Accreditation Board).

The CEFA examinations consist of a pool of questions that come from all parts of the world, prepared by lecturers and experts from EFFAS partners, in their ongoing competition for excellence.

The examinations have two parts: multiple choice questions (15-20 questions per topic) and open questions (1 or 2 questions per topic).

The table below is a summary of the examinable topic areas for CEFA.

Foundation exam Topics
Exam 1 Equity valuation and analysis
Financial accounting and statement analysis
Corporate Finance
Exam 2 Fixed income valuation and analysis
Exam 3 Derivative valuation and analysis
Portfolio management
National exam Regulation
Financial statements analysis
Market structures and instruments

 Exams are held each April and November, within the deadline granted by EFFAS (2 years of access to the platform and all exams should be passed within 3 years from initial registration).

The participants will receive the European EFFAS Diploma, after successfully completing all exams.

After receiving the EFFAS Diploma, additional exams for the CIIA (Certified International Investment Analyst) Diploma can also be taken.

The table from below presents the schedule for the preparation courses leading to Exam 1 CEFA.

Period Time Topics Foundation exam
3 February 16,00 – 20,00 Equity valuation and analysis (EVA) Exam 1
4 February 9,00 – 17,00
17 February 16,00 – 20,00 Financial accounting and statement analysis (FASA)
18 February 9,00 – 17,00
3 March 16,00 – 20,00 Corporate Finance (CF)
4 March 9,00 – 17,00
24 March 16,00 – 20,00 Equity valuation and analysis (EVA) Revision (REV)
25 March 9.00 – 12.30 Financial accounting and statement analysis (FASA)
13.30 – 17.00 Corporate Finance (CF)

Launching of the 3rd  EFFAS-CEFA program:  February, 2017

APPLICATION DEADLINE: January 25th,   2017

PROGRAM DURATION: one year and three months of enhanced distance learning (February 2017 –April 2018), including a total of 11 weekend days of classroom instruction (Friday and/or Saturday), exam simulations and final tests.

Course registration is made by filling in the registration form; RBI will organise the courses at its premises, providing specialized/accredited lecturers and study materials and catering (coffee breaks & light lunch are provided for the classroom based sessions).

DOCUMENTS REQUIRED: CV in English, legalised copy of the bachelor diploma, bachelor diploma translated into English and copy of the identity card.


Well known experts from the Romanian financial industry constitute the group of lecturers for this program. The lecturers are available during the entire study period (classroom sessions and enhanced distance learning).

Iancu Guda, EMBA, CFA

Iancu is the Chief Economist of COFACE, Director General of Coface Credit Management Services and President of the Romanian Financial-Banking Analysts Association (AAFBR), which offers integrated credit risk management services, being also responsible for the company’s services business line, as Director of Credit Rating Information & Collection department. He has more than 10 yrs. of experience in credit risk management services, working in various positions from departments in charge with securing bank debts, debt purchase portfolio assessment, regional platform service coordinator and Product Development Manager. Iancu has joined RBI lecturers team in 2013.

Adrian Codîrlaşu, CFA, PhD

Adrian is Director of Market and Operational Risk Department within UniCredit Bank  and Vicepresident of the Romanian Financial-Banking Analysts Association (AAFBR). Previously, Adrian has had 5 yrs. of experience in trading and treasury as Senior Options Dealer within ING Bank and more than 5 yrs. of experience in economic research as Senior Economist within Research Department in National Bank of Romania. Adrian is also Associate Professor with ASE where he teaches subjects like econometrics, financial markets, derivatives, fixed income and risk management. He is associate lecturer at RBI from 2013.

Rozália Pál, PhD

Rozália is the Chief Economist at Garanti Bank managing the Macroeconomic Research Department while previously she worked as a strategic planning expert and senior economist at UniCredit Tiriac Bank. She has more than ten-years work experience in banking sector and applied economic research. She conducted also several research projects at the European Central Bank. She holds a Doctoral degree in Economics obtained from Westfälischen Wilhelms-University Münster, Germany. She is vice-president of the Romanian Financial-Banking Analysts Association (AAFBR) (between 2010-2014 and currently for the 2016-2018 mandate). Rozália Pál is also lector at the Romanian Banking Institute since 2013, holding courses on fields of macroeconomics, corporate finance and banking.

Carmen Lipara, Phd.

Carmen is Head of Financial Markets Research at BRD-GSG, having more than 9 yrs. of experience in equity research. Previously, she was Head of Research within an independent brokerage company. Also, she is a lecturer at ASE, where she teaches courses on corporate finance, business valuation and capital markets.


Mihai has been in charge as Head of Methodology/ of Reporting/ of Shareholdings at UniCredit Bank and providing a valuable support for the bank’s IFRS consolidation & financial reporting in over 10 yrs. experience within the banking industry, being also involved in World Bank consulting & the EU Projects investment analysis, and heaving more than 4 yrs. experience working in large multinational corporations and in one of the Big4 companies. Mihai has been member of ACCA Romania Steering Committee and has been teaching IFRS courses in partnership with Exec-Edu since 2004 and ACCA Professional Exams courses. Mihai is also one of the lecturers for the ACCA courses delivered by RBI.

Nicolae Covrig, PhD, CFA

Nicolae has more than 12 years of experience in applied research in macroeconomics and in financial markets and he currently works within the macroeconomic research division Raiffeisen Bank Romania. In the past, he has also worked as economist with the National Bank of Romania in the macroeconomic forecasting division and as teaching assistant at ASE.

Cristian Popa, CFA

Cristian is Chief Investment Officer at NN Life Insurance SA, and he is responsible for investments at the largest life insurance company in Romania. With over 9 years of experience in asset management, capital markets and risk management, he had several roles in mutual fund administration, pension funds, financial and derivative trading. Following the graduation from the Faculty of Economics, Cristian received a master degree in International Risk Management at Bucharest Academy of Economic Studies. In 2013, upon receiving the CFA charter, Cristian joined the largest association of investment professionals in the world. He is currently board member of CFA Society Romania. With excellent skills for financial analysis and corporate finance, he is responsible for voluntary pension investment portfolios, covering fixed income and listed equities in Central and Eastern Europe.

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