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.

WHY CHOOSE THE CEFA PROGRAM

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.

TARGET GROUP

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.

CEFA EXAMINATION TOPIC AREAS

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
Economics
Exam 3 Derivative valuation and analysis
Portfolio management
National exam Regulation
Ethics
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
19 January 16,00 – 20,00 Corporate Finance (CF) Exam 1
20 January 9,00 – 17,00
16 February 16,00 – 20,00 Financial accounting and statement analysis (FASA)
17 February 9,00 – 17,00
9 March 16,00 – 20,00 Equity valuation and analysis (EVA)
10 March 9,00 – 17,00
23 March 16,00 – 20,00 Corporate Finance (CF) Revision (REV)
24 March 9.00 – 12.30 Financial accounting and statement analysis (FASA)
13.30 – 17.00 Equity valuation and analysis (EVA)

Launching of the 4th  EFFAS-CEFA program:  January, 2018

APPLICATION DEADLINE: December  31st,   2017

PROGRAM DURATION: one year and four months of enhanced distance learning (January 2018 –April 2019), 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.

LECTURERS

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

Rozalia is teaching at the Babes-Bolyai University from Cluj at the faculty of Economics and Business Administration. Rozália worked more than ten years in the banking sector as the Chief Economist of the Garanti Bank and before as a strategic planning expert and senior economist at UniCredit Tiriac Bank. 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). Rozália is also lectorer 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.

Mihail-Dan Stan, FCCA, AAFBR, CAFR, CECCAR

Mihai has an overall 15 years banking experience with Banca Comerciala Romana and UniCredit Bank, being involved as in many areas as budgeting, IFRS reporting, consolidation, managing set up of subsidiaries, liquidating of equity investments, M&A projects, etc. respectively including projects performed for World Bank in Romania, cost-benefit and investment analysis for EU Projects implemented by local authorities. The Rompetrol Group experience in the finance area and investment project analysis has been invaluable as well as the prior auditor experience with PricewaterhouseCoopers. This mix of professional practical experiences will ensure insights of various industries bringing views of all stakeholders from investors to the government authorities. He has been teaching IFRS courses in partnership with Exec-Edu since 2004 and ACCA Professional Exams courses since 2007. Mihai has been member of ACCA Romania Steering Committee since 2004 and Vice-President of AAFBR since 2016.

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 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.

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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