All official, status, functional and professional titles that appear in masculine form in these Examination Regulations are not limited to the masculine form and also apply equally, for example, to women and non-binary persons. Accordingly, they may also be used, for example, in the corresponding feminine or non-binary form.

(1) The title "Certified Financial Engineer" is awarded by the European Institute of Quantitative Finance. 

(2) The requirements for this title are passing all Certified Financial Engineer examinations. Professional Excellence consists of passing the Case Study comprising Course 1 and 2. Academic Excellence consists of passing the Case Study comprising Course 1 and 2 as well as passing the oral or written examination.

(3) Persons who have passed all examinations will be awarded the Certified Financial Engineer certificate. Upon receipt of the certificate, they are entitled to use the title Certified Financial Engineer.  

(4) Upon the participant’s request, the passed examination "Certified Derivatives Trader" of Deutsche Börse AG will be recognised by the European Institute of Quantitative Finance. In the event of recognition, successfully passing Course 1 of the Case Study, including the three course units 1, 2 and 3, is not required. The candidate therefore no longer needs to complete Course 1 of the Case Study and may begin the Case Study directly with Course 2. Evidence of relevant examinations already completed must be provided in writing as part of the registration process.

(1) The Examination Board of the Certified Financial Engineer programme is responsible for organising the examinations and for the tasks assigned by these Examination Regulations.  

(2) The term "Examination Board" is used as a synonym for the term "Examination Committee".  

(3) The Examination Board consists of the two Directors of the European Institute for Financial Engineering and Derivatives Research.  

(4) The Examination Board ensures that the provisions of the Examination Regulations are complied with and provides suggestions for reforming the examination content and the Examination Regulations. Members of the Examination Board have the right to attend examinations.   

(5) The Examination Board has a quorum when all members of the Examination Board are present. Decisions of the Examination Board are adopted by a majority of the votes of the Directors present. In the event of a tie, the motion is deemed rejected.

Professional Excellence:

1. The candidate has paid the fees listed under §4 of the General Terms and Conditions of the Certified Financial Engineer to the European Institute for Financial Engineering and Derivatives Research.
2. There are no further admission requirements.

Academic Excellence:

The candidate is admitted to take the Certified Financial Engineer examination if all of the following requirements are met:

• (a) The candidate is enrolled as a student or has completed a bachelor’s degree or a higher-level degree;
• (b) The candidate has received the informal registration confirmation for the examination from the European Institute for Financial Engineering and Derivatives Research;
• (c) The candidate has paid the fees listed under §4 of the General Terms and Conditions of the Certified Financial Engineer to the European Institute for Financial Engineering and Derivatives Research;

(1) General principles applicable to both Professional Excellence and Academic Excellence

(a) The examination performance is assessed by the Examination Board. 

(b) After passing the Certified Financial Engineer examination, the candidate receives the certificate authorising the use of the title Certified Financial Engineer in German and English.

(c) If the candidate attempts to influence the result of the examination performance by deception, the relevant examination performance will be assessed as "failed".

(d) A passed examination may not be repeated.

(2) Principles applicable to Professional Excellence

(a) The assessment of the examination is as set out in §5. 

(b) If the candidate has submitted the two courses of the Case Study to the European Institute for Financial Engineering and Derivatives Research, the Examination Board will assess the examination performance.

(c) The examination performance is assessed as "passed" or "failed".

(3) Principles applicable to Academic Excellence

(a) The assessment of the examination is as set out in §6. 

(b) After successful completion, participants receive:

• The "Certified Financial Engineer" certificates issued by the European Institute for Financial Engineering and Derivatives Research in German and English
• A university certificate from HfWU
• A Certificate Supplement showing the achievements and the ECTS credits earned

(c) The candidate receives a university certificate only if both the Case Study and the oral or written examination have been successfully passed.

(d) As part of the "Certified Financial Engineer" certificate programme, 8 ECTS credits are earned. These may be submitted for recognition in bachelor’s and master’s degree programmes.

(e) Within the framework of the HfWU university certificate, after passing the Case Study and the oral or written examination, the candidate may receive the following grades:

1,0          A+          95–100%

1,3          A             89–94%

1,7          A-           83–88%

2,0          B+          77–82%

2,3          B             71–76%

2,7          B-           65–70%

3,0          C+          59–64%

3,3          C             53–58%

3,7          C-           47–52%

4,0          D+          40–46%

n.a.        F               0–39%

(f) An examination performance is deemed to be assessed as "insufficient" if the candidate fails to appear for an examination date without a valid reason, or withdraws without a valid reason during or after the start of the examination. The same applies if a written examination performance is not completed within the specified time.

(g) A candidate who disrupts the proper conduct of the examination may be excluded from continuing the examination performance by the authorised examiner or invigilator. In this case, the relevant examination performance will be assessed as "failed".

Within the framework of Professional Excellence, the objective is to successfully complete a Case Study.

1. Case Studies may be prepared in the following three modules: Financial Engineering with Derivatives, Financial Engineering in Risk Management, and Financial Engineering in Corporate Finance. At the beginning of the programme, the candidate selects the preferred module.  
2. The Case Study for all three modules is divided into two courses (Courses), each of which is further divided into 3 course units (Course units). The specific conditions for the Certified Financial Engineer examination are set out directly in the Case Study document, which is sent to the candidate after payment of the programme fees.  
3. In general, all three course units in Course 1 and Course 2 may be repeated up to two times. A course examination is passed if course units 1, 2 and 3 are passed. A course unit is assessed as either "passed" or "failed". The Case Study of the selected module is therefore passed if course units 1, 2 and 3 of Course 1 and course units 1, 2 and 3 of Course 2 are passed.
4. The Case Study must be completed in Excel. The Excel file must include the following:
   • a) Management Summary
   • b) All top 10 financial modelling standards listed in the textbook must be taken into account
   • c) The model covers all 4 process steps: "Problem definition", "Model structuring and model planning", "Model building" and "Quality assurance". The fifth process step, "Model presentation", is omitted.
   • d) The model is based on the 19 milestones within the 4 process steps.
5. For credit transfer options, see § 1 (4).

The Certified Financial Engineer (Academic Excellence) examination is divided into two stages: 1) Case Study and 2) oral or written examination. In stage 2), the candidate may choose between an oral and a written examination.

(1) Case Study

The conditions set out in §5 apply to the Case Study. In contrast to the "Professional Excellence" route, however, the Case Study is not assessed as "passed" or "failed" but is graded using the scale set out in §4.

(2) Oral examination

(a) The oral examination takes place in the form of a video conference. The Examination Board will provide the candidate with further information on this during stage 1) (Case Study).

(b) The examination is conducted in German or English. The candidate may choose the language before the examination begins.

(c) The oral examination is conducted by two members of the Examination Board. At the beginning of the examination, the participant must prove their identity to the invigilators by presenting their identity card or passport. Before the examination begins, the invigilators will inform the participant about the examination procedure, the time available, and the permitted aids and working materials.

(d) The examination consists of 10 questions to be answered. Upon passing the Case Study, the candidate will be sent by the Examination Board a set of 30 questions. Working through these 30 questions enables the candidate to review the quantitative elements of financial engineering analysed in the Case Study from a qualitative perspective. The purpose of the question set is to understand the overall context of the selected module and the individual interdependencies. The 30 questions are formulated in general terms and may be asked in a case-specific and modified form during the oral examination.

(e) The oral examination lasts 30 minutes.

(f) The oral examination may be repeated a maximum of two times.

(g) The oral examination is graded using the scale set out in §4.

(3) Written examination

(a) The written examination takes place as an in-person examination on the premises of HfWU or Deutsche Börse. The Examination Board will provide the candidate with further information on this during stage 1) (Case Study).

(b) The examination is conducted in German or English. The candidate may choose the language before the examination begins.

(c) At the beginning of the examination, the participant must prove their identity to the invigilator(s) by presenting their identity card or passport. Before the examination begins, the invigilator(s) will inform the participant about the examination procedure, the time available, and the permitted aids and working materials.

(d) The examination consists of 10 questions to be answered. Upon passing the Case Study, the candidate will be sent by the Examination Board a set of 30 questions. Working through these 30 questions enables the candidate to review the quantitative elements of financial engineering analysed in the Case Study from a qualitative perspective. The purpose of the question set is to understand the overall context of the selected module and the individual interdependencies. The 30 questions are formulated in general terms and may be asked in a case-specific and modified form during the written examination.

(e) The written examination lasts 90 minutes.

(f) The written examination may be repeated a maximum of two times.

(g) The written examination is graded using the scale set out in §4.