CERTIFIED EUROPEAN FINANCIAL ANALYST DIPLOMA
CEFA PROGRAM
WELCOME TO THE WORLD OF FINANCE PROFESSIONALS!
The CEFA (Certified European Financial Analyst) Diploma Program is an internationally accredited program
offered by the Romanian Banking Institute, in partnership with AAFBR, 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 world, known as the "gold standard" among financial
industry professionals.
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 training program to maximize 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,
but also 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 society
programs, controlled by the CTQAB (Commission on Training
and Qualifications Accreditation Board).
The CEFA examinations consist of questions that come from all parts of the world, prepared by lecturers and experts from
EFFAS partners, in competition for excellence.
The examinations have two parts: multiple choice questions (15/20 questions per topic) and open questions (1 or 2 topics).
The examinations are held in two sessions: first exam and the national one in November 2014 and the exams 2 and 3 in
April 2015.
The table below is a summary of 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
Economics
Exam 3
Derivative valuation and analysis
Portfolio management
National exam
Regulation
Ethics
Financial statements analysis
Market structures and instruments
The participants will receive a 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.
LECTURERS
Well known experts from the Romanian financial industry constitute the group of lecturers teaching in this program. The
lecturers are directly available as reliable and competent contacts for course participants.
Adrian Codîrlaşu, CFA, PhD
Adrian is Director of Market and Operational Risk Department within UniCredit Tiriac Bank.
Previously, Adrian has had five years of experience in trading and treasury as Senior Options Dealer
within ING Bank and more than five years of experience in economic research as Senior Economist
within Research Department in National Bank of Romania. Adrian is also Associate Professor with the
Doctoral School of Finance and Banking – DOFIN and with the master program Management of
Banking Systems, Academy of Economic Studies, Bucharest, where he teaches subjects like
econometrics, financial markets, derivatives, fixed income and risk management.
Rozália Pál, PhD
Rozália is Chief Economist at an important bank while previously she has worked as a Strategic
Planning Expert, managing the Macroeconomic Research Department at another major bank. She has
six-years of work experience in the banking sector and applied economic research and she has also
conducted several research projects at the European Central Bank. She was also vice-president of the
Romanian Financial-Banking Analysts Association (AAFBR) between 2010-2014. Rozália Pál has
recently started her activity as a lecturer at the Romanian Banking Institute, delivering courses on
topics of macroeconomics, corporate finance and banking.
Iancu Guda, CFA cand.
Iancu is the Chief Economist of a leading company, which offers integrated credit risk management
services, being also responsible for the company’s services business line, as Director of Credit Rating
Information & Collection departments. He has more than 8 years of experience in credit risk
management services, working in a number of positions from departments in charge with securing
bank debts, debt purchase portfolio assessment, regional platform service coordinator and Product
Development Manager.
Radu Crăciun, MBA
Radu is Chief Economist and Director of Analysis at a top Romanian bank. He has over 16 years of
experience in national and international financial markets, a sector in which he has held various
managerial positions. He graduated from the Executive MBA program of the University of Washington
and ASE Bucharest and attended the training programs of the Amsterdam Institute of Finance,
Euromoney and Ashridge Business School. He has made presentations as guest speaker for the students
from IMD, Kenesaw University, ASE, Wirtschaftsuniversität Wien and other educational institutions.
Carmen Lipara, Phd.
Carmen is Head of Financial Markets Research within a major local bank, having nine years of
experience in equity research. Previously, she was Head of Research within an independent brokerage
company. Also, she is a lecturer at the Academy of Economic Studies, Finance Department, where she
teaches courses on corporate finance, business valuation and capital markets.
Adrian Mitroi, PhD, CFA, MBA
Adrian has a Finance MBA from the Canadian Graduate School of Management and a PhD. in Applied
Behavioral Finance from ASE Bucharest. He attended the Harvard Business School / CFA Institute
Investment Management Program. Adrian has experience in commercial banking: Investment Banking
and Private Equity, Technology and Financial Advisory. He is a Master’s Program instructor for:
Behavioral Finance, International Finance, Portfolio Management and Investment Analysis. He is also
a member of the Index Committee of BSE, a member of CFA Institute and of the CFA Romania and
the Romanian Association of Financial Analysts.
Mihai Stan, FCCA, CAFR, CECCAR
Mihai has been in charge as Head of Methodology/ of Reporting/ of Shareholdings at UniCredit Tiriac
Bank and providing a valuable support for the bank’s IFRS consolidation & financial reporting in over
10 years’ experience within the banking industry, plus World Bank consulting & the EU Projects
investment analysis expertise, and more than 4 years’ 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.
Nicolae Covrig, PhD, CFA
Nicolae has more than twelve years of experience in applied research in macroeconomics and in
financial markets and he currently works within the macroeconomic research division of a major bank
in 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 the Academy of Economic Studies in
Bucharest.
Launching EFFAS-CEFA program: September 2014
APPLICATION DEADLINE: September 1st 2014
PROGRAM DURATION: 9 months of enhanced distance learning, including 16 weekend days of classroom instruction
(Friday, Saturday or Sunday), exam simulation and final test.
Course registration is made by completing the registration form RBI will hold the course at its premises, providing
specialized lecturers, study materials and catering.
DOCUMENTS REQUIRED: CV in English, legalised copy of the bachelor diploma, bachelor diploma translated into
English and copy of the identity card
FEE: 2400 euro / participant, payable in 3 installments: 990 euro for the first one and 705 euro for each of the following
two.
This fee covers the costs of consultations and one exam
opportunity, as well as the total cost of the readings and lecture
notes (including on line platform).
If the candidate does not take an exam, he/she can re-take it
covering the additional cost of 100 euro / exam.
DISCOUNTS
10% discount from the total fee (240 euro), will be provided by
the Romanian Banking Institute, if the application is received
and the total fee is paid by the 8th of August.
The payment will be made to the Romanian Banking Institute
account number RO93BTRLRONCRT0261315401 opened
at Banca Transilvania, at least four days before the course starts
(please specify the name of the delegates and the course title on
the payment order).
If a participant announces his/her withdrawal 1-2 days before the
start of the course, a percentage of 17% from the fee shall be
retained.
If a participant announces withdrawal from the course at the starting date, the registration fee cannot be refunded. Any
participant may be replaced by a colleague from the same company, in which case there is no penalty.
For further information and enrollment, please contact:
Cristina Cincă
Training Manager
Romanian Banking Institute
3, Negru Vodă Street, sect.3, Bucharest
Tel: 0748.886.806
e-mail: [email protected]

as one of RBI’s administrative staff involved in the CEFA program is an authorized translator, your bachelor diploma will be translated into English free of
charge