Certified European Financial Analyst Diploma (CEFA)

Certified European Financial Analyst Diploma (CEFA)

 Sigla_IBR_2017 logoAAFBR8x8_vectorized EFFAS

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 Corporate Finance
Financial accounting and statement analysis
Equity valuation and analysis
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.

CEFA Schedule 2021

Launching of the 6th  EFFAS-CEFA program:  June 25, 2021


PROGRAM DURATION: one year and six months of enhanced distance learning (June 2021 – November 2022) including a total of 16 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.

Click here for the brochure.


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).

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.

Florin Alexandru Dună, PhD

Florin Alexandru Dună, PhD. is an economist and banker by profession, with accumulated experience in the area of recovery (execution, work-ins and insolvency) as well as in the area of lending and sales, in the area of services and corporate banking products, in banks such as NBR, Leumi Bank or Exim Bank. He is currently Head of Corporate Credit Support and Project Leader in the Corporate & Large Corporate division of OTP BANK Romania. He holds a BEc in Banking Marketing, a Masters Degree in Banking and Insurance and a PhD in Finance from the Academy of Economic Studies, Bucharest

Carmen Lipara, PhD, AAFBR

Carmen is a senior financial markets professional with more than 15 years of experience in business valuation and financial markets analysis. Currently, she is manager within Valuation, Modeling and Economics subservice line of Ernst & Young. Between 2010 and 2017, she was Head of Financial Markets Research of BRD-GSG Financial Markets Division. She holds a PhD in Finance from ASE Bucharest and she is a lecturer in Finance Department of the university since 2002, delivering courses and seminars on corporate finance, capital markets and business valuation. She also is giving lecturers for CEFA qualification offered by EFFAS & AAFBR. Carmen is a member of AAFBR.


Mihai currently holds the position of Expert within NBR, Banking Resolution Dept. He has more than 20 years of professional experience in the banking, finance-accounting and management consulting areas, out of which more than 12 years banking experience with Unicredit, BCR/Erste Group and World Bank, while the rest of experience consisting in auditing, financial analysis reporting & due diligence, valuation, M&A and other management consulting assignments performed with PwC, Rompetrol, as well as an independent consultant for other companies. Mihai holds both international and national professional certifications: ACCA, CECCAR, CAFR. He is a lecturer for: CEFA qualification offered by EFFAS & AAFBR, ACCA papers and other various topics. Mihai is a member of AAFBR.

Nicolae Covrig, PhD, CFA

Nicolae has more than 15 years of experience in applied research in macroeconomics and in financial markets and he currently works within the macroeconomic research division of Raiffeisen Bank Romania. He is also Associate Professor with ASE Bucharest. In the past, he worked as economist with the National Bank of Romania in the macroeconomic forecasting division and as teaching assistant at ASE Bucharest.

Cristian Popa, CFA

Cristian is a member of the Board of the National Bank of Romania. He was previously the Chief Investment Officer at NN Life Insurance SA, where he was responsible for investments at the largest life insurance company in Romania. With over 10 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.


Daniela is the President of AAFBR – The Romanian Association of the Financial and Banking Analysts. She is Senior Associate within Valuation, Modelling and Economics subservice line of PwC Romania, being involved in business valuation, state-aid assistance, independent business review, impact studies and assistance in mergers and acquisitions. She has 16 years of experience in capital market and advisory, most of her experience being in analysis of private and public companies including market-based approach and the income approach in various sectors of activity. Also, starting 2019 she is a lecturer on Corporate Finance within the qualification program Certified European Financial Analyst (CEFA). She is the holder of the Certified International Investment Analyst (CIIA), an advanced professional qualification for individuals working in the finance and investment industry.

For further information and enrollment, please contact:

Emilia Frunză

Training Manager

Romanian Banking Institute

3, Negru Vodă Street, sect.3, Bucharest

Tel: 074 888 68 34; 037.239.4409

e-mail: emilia.frunza@ibr-rbi.ro

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