Updated: September 28, 2004
EFCB
Standard Examination Model (SEM)
1. GENERAL INTRODUCTION
The European Bank Training Network (EBTN) is an Association of leading European Bank
Training Institutes. The Professional Standards Committee of EBTN with support of the
Leonardo Programme of the European Union, developed in close co-operation with 18
members of 16 European countries, the European Foundaton Certificate in Banking (EFCB).
The European Foundation Certificate in Banking is based on a Standard Examination Model
(SEM). The Standard Examination Model is the QUALITY MODEL of the European Foundation
Certificate in Banking.
Bank employees who have passed a qualifying examination can obtain the EFCB.
The EFCB can only be delivered by an Accredited Institute. Accreditation takes place
through the Accreditation Committee of EBTN. The main objective of the Accreditation
Committee is to assure the quality of the examination.
The target group for the EFCB is:


Bank employees with at least secondary (vocational) education and who start their
careers in a bank, and
Bank employees already working in the bank, but without any formal professional
banking education.
Bank employees who have obtained the EFCB have a basic understanding of:



The monetary-economic environment in which European banks operate;
Customer-product/service relationship;
The fundamentals of marketing, management and ethics.
The bank employee gains his/her knowledge through study of a national banking education
programme, of approximate duration of 250-300 notional study hours, provided by the
Accredited Institute.
The examination is organised at the national level by the Accredited Institute whereby:


The method in which the examination is to be organised, is described in Part A of
the SEM: The Exam Format; and
The knowledge to be tested is described in part B of the SEM: The Exam Profile.
The EFCB, based on the national study programme and the qualified national examination,
is recognised by all Accredited Institutes.
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Updated: September 28, 2004
2. THE STANDARD EXAMINATION FORMAT
I.
Type of questions
The EFCB examination is based on an examination consisting of MC-questions.
II.
The number of questions
The number of questions is set at 100.
III.
The number of alternatives per MC-question
The MC-question has four alternatives of which only one is correct.
So questions will look like the example below:
Question 1.
The monetary policy of the ECB is based on...........................................................
................................................................................................................
Which of the following statements is correct?
A. ..............................................
B. ..............................................
C. .............................................. ◄ the only correct answer
D. ..............................................
IV.
The duration of the examination
Based on 100 MC-questions the duration of the examination is set at a maximum of 180
minutes.
V.
The examination procedures
In principle the organisation and physical environment of the examination is left to
best national practices of the Accredited Institute. However minimum standards
such as the following will have to be assured:
a.
b.
c.
d.
Validity: exam should conform with the exam profile.
Reliability: exam should give the same results, if repeated.
Acceptability: exam is fair to examinees.
Transparency: examinee knows what is expected and what the certificate
stands for.
Every Accredited Institute will be asked to describe in a concise way its EFCB
examination procedures.
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Updated: September 28, 2004
VI.
The schedule of the examination
The schedule of the examination is left to best national practices, however every
Accredited Institute will be asked to provide it to the Accreditation Committee.
VII.
The scoring definition
The scoring definition relates to the decision of whether a student has passed
his/her exam. The pass rate is set at 60%. Students should answer at least 60 of the
100 questions correctly in order to pass.
VIII.
The reliability and validity of the MC-questions, and the overall exam
For the validity of the individual exam questions and the exam as a whole at least
the following - or comparable - standards should be applied:
On the question level:


The average score on an exam question should lie between 40% and 80%.
This means that between 40% and 80 % of the participants should score on
this question.
The question should discriminate: this means that the results of the top 30% of
the candidates should be better than the results of the lowest 30% of the
candidates.
Example:
There are 100 participants in total in the examination. The top 30 participants with
the best score are compared with the 30 participants with the lowest score. The
scores are as follows: from the top 30, 25 have answered the question correctly,
from the low 30, 10 have scored the question correctly.
The formula is then: [25 : 30] -/- [10 : 30] = 0,83 -/- 0.33 = 0, 50. This is the
discrimination factor. A question should have a positive discrimination factor.
On the exam level:

The average score on the exam as a whole should be around 65%. This
means that around 65% of the participants should pass the exam.
Validity and reliability are measured after each examination, and can be reasons to:


Adapt the standard scoring definition or pass rate of the individual exam; and
Correct the exam question for future use.
Every Accredited Institute will be asked to describe its exam analysis system.
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Updated: September 28, 2004
3. SEM PROFILE
The SEM profile is based on a division of the exam objectives in three clusters:
 Cluster A: The monetary – economic environment;
 Cluster B: Customer – product relations;
 Cluster C: Behavioural aspects: management, marketing and ethics.
Clusters A and B are divided into bullet points and consequently into exam objectives
related to those bullet points. Cluster C is first divided into 3 areas and then consequently
into exam objectives.
The relative weight of the clusters, and of the exam objectives per exam is:
 Cluster A: 20%
 Cluster B: 60%
 Cluster C: 20 %
The examination based on the SEM profile should test knowledge and competencies:
 On the cluster level, relative to the importance of the cluster level; and
 On the area level (for Cluster C) based on the equality of the three areas;
The 100 questions are divided in the following way over the clusters, bullet points and
areas of cluster C.
SEM PROFILE
Cluster A
A.1
6%
A.2
14%
Total of 20% of
exam questions
Cluster B
B.1
B.2
B.3
B.4
B.5
Cluster C
CI
C II
C III
Total
9%
21%
21%
3%
6%
Total of 60% of
exam questions
6%
7%
7%
Total of 20% of
exam questions
100%
The questions are based on the exam objectives. For the exam objectives to be selected
and tested we refer to the Annex: Exam Objectives.
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Updated: September 28, 2004
ANNEX: EXAM OBJECTIVES
INTRODUCTION TO THE EXAM OBJECTIVES
The exam objectives are divided into three clusters and are related to the target group
mentioned under Point 1 of the Standard Examination Model. When interpreting the exam
objectives it should be understood that the knowledge to be gained by the employee will
be a broad and basic understanding of the elements mentioned in the Clusters, of which
Cluster B should be of primary importance.
The understanding of the elements of Clusters A and C should be oriented and related to
the practical level on which the target group is functioning in the bank.
When introducing best national practices, the institute should make a fair appraisal of best
national practices in relation to both the target group and the exam objectives of the
Standard Examination Model.
CLUSTER A
THE ECONOMIC AND MONETARY ENVIRONMENT
BULLET POINT A.1: ECONOMIC AND FINANCIAL STRUCTURE OF THE
EUROPEAN AREA
A.1.1 KEY CHARACTERISTICS OF THE EUROPEAN ECONOMY
The student is able to summarise the economic process within the European area.
A.1.1.1
He/she can describe the role of the main parties in the macro economic
circulation process like households, companies, financial institutions, the
state and foreign countries.
A.1.1.2
He/she can point out the main features of the European economy such as
the average rates of growth, unemployment, inflation and interest.
A.1.2 ROLE AND STRUCTURE OF THE FINANCIAL SYSTEM
The student is able to interpret the financial system.
A.1.2.1
He/she can describe the economic function of the financial system.
A.1.2.2
He/she can explain the differences between money and capital markets.
A.1.2.3
He/she can describe the role of banks and other financial institutions.
A.1.3 THE BANKING ENVIRONMENT IN THE EUROPEAN AREA
The student is able to describe the context in which European banks operate.
A.1.3.1
He/she can explain the national banking and financial system, its structure
and particularities as well as its relationship with the European banking
market.
A.1.3.2
He/she can identify the impact of EU directives concerning banking
regulation.
A.1.3.3
He/she can explain the role and functions of the supervisory authority or
authorities respectively within the national banking regulatory system.
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A.1.3.4
He/she can explain in general terms what ‘Basel II’ means and predict its
foreseen impact on the European banking sector.
BULLET POINT A.2: MONETARY POLICY IN THE EUROPEAN AREA
A.2.1 THE EURO SYSTEM
The student is able to describe the monetary system related to the euro.
A.2.1.1
He/she can define the three general functions of money and depict at least
one of them.
A.2.1.2
He/she can name in general the functions of central banks.
A.2.1.3
He/she can explain the reasons why the central bank has become
independent from the government.
A.2.1.4
He/she can classify the objectives of the EMU.
A.2.1.5
He/she can point out the relationship between the ECB, the ESCB and the
Eurosystem.
A.2.1.6
He/she can name the two decision making bodies of the ECB and describe
the difference between them.
A.2.1.7
He/she can recite the ECB’s definition of price stability.
A.2.1.8
He/she can describe the difference between the first and the second pillar
of the ECB’s monetary policy strategy.
A.2.1.9
He/she can name the four operational tools of the ECB for monetary policy
implementation.
A.2.1.10
He/she can name the three kinds of interest rates that compose the socalled ‘corridor’ on the money market in the Eurozone.
A.2.1.11
He/she can describe the current state of monetary policy in the Euro Area.
A.2.2 NATIONAL MONETARY SYSTEM
The student is able to relate the position and tasks of the National Central Bank to those of
the ECB.
A.2.2.1
He/she can name the decision-making bodies of the national central bank in
his/her country and compare it with the Eurosystem.
A.2.2.2
He/she can name and describe the monetary policy of his/her national
central bank (if his/her country is not a member of the Eurosystem).
A.2.2.3
He/she can name the instruments of the national central bank for the
monetary policy implementation.
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Updated: September 28, 2004
CLUSTER B
PRODUCT – CUSTOMER RELATIONSHIP
BULLET POINT B.1: PRODUCTS, CUSTOMERS, DISTRIBUTION & COMPETITION
B.1.1 PRODUCTS
The student is able to interpret a bank’s financial statements.
B.1.1.1
He / she can define the items on both the balance sheet and profit & loss
account which appear in the public annual report of a bank.
B.1.1.2
He / she can distinguish the so-called asset and liability products in terms of
liquidity and solvency.
B.1.1.3
He / she can define:

Interest margin products

Fee operations products

Off-balance products
B.1.1.4
He / she can relate any given bank product into the categories mentioned
above both to the balance sheet and to the profit and loss account.
B.1.1.5
He / she can describe the correlation between banks and financial markets.
B.1.1.6
He / she is able to define the intermediary role that a bank plays in relation
to products of the categories mentioned under B.1.1.3.
B.1.1.7
He / she can contrast intermediation with modern technological
development.
B.1.2 CUSTOMERS
The student is able to segment the customer market and relate products to customer
profiles.
B.1.2.1
He / she is able to describe what customer segmentation is and the criteria
used.
B.1.2.2
He / she can associate customer segmentation with the overall strategy of a
bank.
B.1.2.3
He / she can define terms as:

Customer behaviour

Customer decision process

Satisfaction measurement
B.1.2.4
He / she can describe the concept of Customer Relation Management (CRM)
and identify why a bank uses this concept.
B.1.3 DISTRIBUTION & COMPETITION
The student is able to describe how a bank sells its products and what the competition is
from non-bank institutions.
B.1.3.1
He / she can define the distribution channels of a bank.
B.1.3.2
He / she can list the advantages and disadvantages of those channels.
B.1.3.3
He / she can describe how the distribution channel is influenced by

Customer needs

Competition

Technological development
B.1.3.4
He / she can describe the development of the ‘traditional’ branch network
and the on-going need for restructuring.
B.1.3.5
He / she can define terms like:

Financial supermarket

Franchising
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
Cross-selling

Cherry picking
B.1.3.6
He / she can describe the main trends in banking both worldwide and
especially in Europe.
B.1.3.7
He / she explain the appearance of non-bank competitors and their
competitive advantages.
BULLET POINT B.2: THE PRIVATE CUSTOMER
B.2.1 PRIVATE CUSTOMER SEGMENTATION
The student should be able to understand who the private customers are and how they can
be distinguished.
B.2.1.1
He/she can define the private customer.
B.2.1.2
He/she can name the most common ways of segmentation of the private
customer (by age, wealth, and residence).
B.2.1.3
He/she can describe the life cycle of the private customer.
B.2.1.4
He/she can depict why banks segment their private customers (different
needs and potentials).
B.2.1.5
He/she can list the legal aspects involved as a consequence of the differing
legal status of the private customers.
B.2.1.6
He/ she can describe the difference between the private customer and the
self-employed customer.
B.2.2 PRIVATE CUSTOMER PRODUCTS AND SERVICES
The student is able to define what bank products / services can be offered to the private
customer and describe the processes involved.
B.2.2.1
He/she can classify the private customer products and services in interest
margin products and fee services.
B.2.2.2
He/she can relate the cost structure and risks to the classification of the
products and services for the private customer.
B.2.2.3
He/she can divide the interest margin products for the private customer in
liability and asset products.
B.2.2.4
He/she can list the motives why the private customer is interested in saving
products.
B.2.2.5
He/she can make a distinction between the notions of saving and investing.
B.2.2.6
He/she can describe the administrative process involved in saving products
for the private customer.
B.2.2.7
He/she can list the different loan products for the private customer.
B.2.2.8
He/she can describe the notion of collateral and define the several formats
of collateral.
B.2.2.9
He/she can describe the administrative process of non-mortgage loans to the
private customer and the legal aspects involved.
B.2.2.10
He/she can describe the mortgage loan process in the following terms:
 The legal aspects of ownership transfer
 The legal aspects of mortgaging
 Relating income to the price of the house and the mortgage
requested
 The listing of the necessary documents and control of those
documents
 The follow-up process and control
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B.2.2.11
B.2.2.12
B.2.2.13
customer.
B.2.2.14
He/she can describe and differentiate the payment services open to the
private customer.
He/she can define what a current account is and the importance of this
account.
He/she can distinguish the several card services open to the private
He/she can explain why the electronisation of private customer products and
services is both in the interest of the bank and the customer.
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B.2.3 SEGMENTATION AND PRIVATE CUSTOMER PRODUCTS AND SERVICES
The student is able to correlate private customer needs with products and services.
B.2.3.1
He/she can describe the relationship between the life cycle and the need for
private customer products and services.
B.2.3.2
He/she can explain the notion of financial planning.
B.2.3.3
He/she can describe in general terms the activities of the Financial Planner.
BULLET POINT B.3:
THE COMPANY CUSTOMER
B.3.1 COMPANY CUSTOMER SEGMENTATION
The student is able to divide the company customer according to criteria that are of
influence to the bank / customer relationship.
B.3.1.1
He/she can describe why the size of the company is of influence on the
financial instruments offered.
B.3.1.2
He/she can explain in what way the main activities of a company create
different financial needs.
B.3.1.3
He /she can define the differences between profession driven commercial
activities and non-profession driven commercial activities.
B.3.1.4
He /she can list the legal formats in which commercial activities can take
place.
B.3.1.5
He / she can define for:
 The commercial (private) entrepreneur
 The limited company
 The association
 The foundation
The legal aspects related to:
 Ownership
 Responsibility
B.3.1.6
He/she can estimate in general what impact the choice of a legal format
(for a company) has on taxation.
B.3.2 COMPANY CUSTOMER PRODUCTS AND SERVICES
The student is able to understand that company finance is a total concept and that
products and services are embedded in the financial structure of the company.
B.3.2.1
He/she can explain the difference between standard and tailor made
products and services.
B.3.2.2
He/she can describe why and in what way intermediation by banks can differ
according to the size of the company served.
B.3.2.3
He/she can classify the company customer products and services in interest
margin products and fee services.
B.3.2.4
He/she can relate the cost structure and risks to the classification of the
products and services for the company customer.
B.3.2.5
He/she can divide the interest margin products for the company customer in
liability and asset products.
B.3.2.6
He/she can list the several ways a company can deal with a positive cash
flow.
B.3.2.7
He/she can explain the difference between the private and company
customer in relation to the concept of saving and investment.
B.3.2.8
He/she can describe the rule of finance.
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B.3.2.9
B.3.2.10
B.3.2.11
B.3.2.12
B.3.2.13
B.3.2.14
He/she can define the loan products for company customers classified by
term.
He/she can contrast the notions of financial structuring and object related
loans.
He/she can define products such as:
 Factoring
 Leasing
He/she can describe the fee services the bank can offer to the company
customer.
He / she can describe the national and international (documentary) payment
services available to the company customer.
He/she can describe the role of the bank as intermediator for the company
with respect to shares and bonds.
B.3.3 FINANCIAL NEEDS AND PRODUCTS AND SERVICES
B.3.3.1
He/she can describe the lending process and define the following stages:
 Interviewing the customer
 Credit application
 Authorisation
 Credit offering
 Surveillance
 Credit review
 Special surveillance
B.3.3.2
He/she can describe the differences and similarities between the financial
needs of the private and company customer.
BULLET POINT B.4:
THE INSTITUTIONAL CUSTOMER
B.4.1 FINANCIAL NEEDS OF THE INSTITUTIONAL CUSTOMER
The student is able to define the institutional customer and describe the financial needs of
the institutional customer.
B.4.1.1
He/she can define the institutional customer as a commercial entity.
B.4.1.2
He /she can describe the reasons why banks and institutional customers like
to deal with each other and list the areas of co-operation.
B.4.2 FINANCIAL NEEDS AND PRODUCTS AND SERVICES
The student is able to describe the products and processes involved in dealing with
institutional customers.
B.4.2.1
He/ she can describe the interbank market.
B.4.2.2
He/she can show how banks manage their liquidity on the interbank market.
B.4.2.3
He/she can define the notion of derivative products.
BULLET POINT B.5:
MANAGING NEEDS, RISKS AND COSTS
B.5.1 ASSET & LIABILITY MANAGEMENT
The student is able to describe the notion of A&L Management and why banks need A&L
Management.
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B.5.1.1
B.5.1.2
B.5.1.3
B.5.1.4
B.5.1.5
He/she can name the main assets and liabilities of a bank.
He/she can distinguish between liquidity and solvency and can describe the
trade off between liquidity, solvency and earning power.
The student can shortly describe liquidity planning through liquidity position
and Gap analysis.
The student can define the proper tools of ALM.
The student is able to calculate funding requirements on a basic level.
B.5.2
RISK MANAGEMENT
The student is able to define the different risk concepts and to classify the tools to limit
those risks.
B.5.2.1
He/she can define operational risk and write down the major types of
operational risk.
B.5.2.2
The student can define credit risk.
B.5.2.3
The student can define market risk and knows the tools to measure and
control it.
B.5.2.4
The student can describe what effects operational risks have on the bank
and how they can be controlled.
B.5.2.5
The student can define how credit risk is measured and how it can be
controlled through scoring systems.
B.5.2.6
The student can explain why loan classification is an important tool of credit
monitoring.
B.5.3 (DIS)INTERMEDIATION
The student is able to define what (dis)intermediation is.
B.5.3.1
He/she can describe the processes of intermediation and disintermediation and
give examples.
B.5.3.2
He/she can interpret the trend for disintermediation.
B.5.3.3
He/she can explain why disintermediation has a negative effect on the bank's
earnings and what banks can do to avoid that.
B.5.4 COSTS AND PRICING
The student is able to describe the cost and pricing mechanism of banking products.
B.5.4.1
He /she can explain the main principles of pricing, and can describe what
funding costs are and where the different profit categories of the bank derive
from.
B.5.4.2
He /she can differentiate between floating and fixed pricing.
B.5.4.3
He/she can name the main types and examples of reference rates that are
used by banks.
B.5.4.4
He/she can describe the relationship between pricing and customer
profitability.
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Updated: September 28, 2004
CLUSTER C
THE BEHAVIOURAL ASPECTS
C.I
ETHICS
C.I.1 ETHICAL THINKING
The student is able to describe in a broad way what is meant by ethical thinking.
C.I.1.1
He/she can describe the notion ethics.
C.I.1.2
He/she can define what factors influence ethical thinking
C.I.1.3
He/she can relate mission statements with ethical behaviour.
C.I.2
BUSINESS ETHICS
The student is able to interpret how business ethics can be viewed.
C.I.2.1
He/she can define the notion of business ethics.
C.I.2.2
He/she can describe the notion of normative ethics and the factors on which
it is based.
C.I.2.3
He/she can contrast the notions of normative and
analytical ethics.
C.I.2.4
He/she can show how and why notions as duty, rights and interests influence
ethical thinking.
C.I.3 BANKING AND ETHICS
The student is able to describe why ethical behaviour is important in the banking sector.
C.I.3.1
He/she can describe the bank-customer relationship in other terms than
contractual and place codes of conduct/ethics in this context.
C.I.3.2
He/she can define the notions of trust and confidentiality in banking and
describe the tension between these notions and commercial banking
activities.
C.I.3.3
He/she can define terms like:
 Money laundering
 Insider trading
 Chinese walls
C.I.3.4
He/she can describe the notion of compliance.
C.I.3.5
He/she can interpret the impact of change on corporate culture and its
possible effects on ethical behaviour.
C.II
MARKETING
The student is able to describe marketing as a process and relate it to the customer
relationship.
C.II.1
He/she can describe in general terms the importance of marketing for a
bank.
C.II.2
He/she can define market segmentation and describe its relationship to
strategy.
C.II.3
He/she can relate notions such as quality, customer satisfaction and
customer loyalty.
C.II.4
He/she can describe in broad terms the marketing aspects involved in retail
banking and describe how this leads to the private banking concept.
C.II.5
He/she can describe in broad terms the marketing aspects involved in
corporate banking.
C.II.6
He/she can relate the notions of centralised and decentralised marketing in
a bank.
C.II.7
He/she can describe the planning process in marketing.
page 13 of 14
European Bank Training Network,
c/o Chartered Institute of Bankers in Scotland
Drumsheugh House, 38b Drumsheugh Gardens
Edinburgh EH3 7SW SCOTLAND, UNITED KINGDOM
Tel: 44 0131 473 7787, Fax: 44 0131 473 7788, e-mail: [email protected]
Updated: September 28, 2004
C.II.8
C.II.9
C.II.10
C.II.11
C.II.12
He/she can describe the role that a branch plays in the marketing strategy
of a bank.
He/she can describe the monitoring and control process of marketing on the
branch level.
He/she can define what a marketing mix is and mention the variables on
which the marketing mix is based on.
He/she can describe the direct marketing process and relate it to relational
marketing.
He /she can describe the relationship between marketing and the
information systems / data available within the bank.
C.III MANAGEMENT
The student is able to describe the management process and understand the impact of this
process on the working and labour conditions related to his/her job.
C.III.1
He/she can define planning as a management function and mention the
prerequisites for effective planning, as well as describe the hierarchy of
goals in the organisation.
C.III.2
He/she can characterise the two basic forms of organisational structure (i.e.
functional and object-oriented).
C.III.3
He/she can define the notions of authority and delegation in an organisation
as well as the difference between staff and line employment.
C.III.4
He/she can describe what Human Resources Management (HRM) is and relate
HRM to the national legal labour framework.
C.III.5
He/she can define notions such as:

Assessment of performance

Career planning
C.III.6
He/she can relate training and personal development to self employment.
C.III.7
He/she can explain the difference between management and leadership.
C.III.8
He/she can describe the role of communication within the management
process.
C.III.9
He/she can relate management control to management planning.
C.III.10He/she can define the notions corporate culture and corporate identity.
C.III.11He/she can define self management as a tool for personal employment
C.III.12He/she can describe notions as:

Motivation

Verbal and non-verbal communication

Conflict and stress handling
page 14 of 14
European Bank Training Network,
c/o Chartered Institute of Bankers in Scotland
Drumsheugh House, 38b Drumsheugh Gardens
Edinburgh EH3 7SW SCOTLAND, UNITED KINGDOM
Tel: 44 0131 473 7787, Fax: 44 0131 473 7788, e-mail: [email protected]