All official, status, functional, and professional titles appearing in these examination regulations in the masculine form are not restricted to the masculine gender and apply equally to women and diverse individuals. Consequently, these titles may also be used in the corresponding feminine or diverse forms.

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

(2) The prerequisites for this title are the successful completion of all Certified Financial Modeler examinations. Professional Excellence requires passing the case study consisting of Courses 1 and 2. Academic Excellence requires passing the case study consisting of Courses 1 and 2, as well as passing the oral or written examination.

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

(1) The Examination Board of the Certified Financial Modeler program is responsible for the organization of examinations and the tasks assigned by these examination regulations. 

(2) The term "Examination Board" is used synonymously with the term "Examination Commission." 

(3) The Examination Board consists of the two directors of the European Institute of Quantitative Finance. 

(4) The Examination Board ensures that the provisions of the examination regulations are observed and provides suggestions for the reform of the examination content and the regulations. Members of the Examination Board have the right to attend the administration of examinations.   

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

Professional Excellence:

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

Academic Excellence:

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

• (a) The candidate is enrolled as a student or holds a completed bachelor's degree or a higher-level degree;
• (b) The candidate has received informal confirmation of registration for the examination from the European Institute of Quantitative Finance;
• (c) The candidate has paid the fees specified under § 4 of the General Terms and Conditions of the Certified Financial Modeler to the German Institute for Corporate Finance;

(1) General principles concerning both Professional Excellence and Academic Excellence

(a) The assessment of examination performance is carried out by the Examination Board.

(b) After passing the Certified Financial Modeler examination, the candidate receives the certificate entitling them to use the title Certified Financial Modeler in German and English.

(c) If a candidate attempts to influence the result of the examination through deception, the examination performance in question will be graded as "failed."

(d) Examinations that have been passed cannot be repeated.

(2) Principles concerning Professional Excellence

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

(b) Once the candidate has submitted both courses of the case study to the European Institute of Quantitative Finance, the Examination Board will assess the examination performance.

(c) The examination performance is graded as "pass" or "fail."

(3) Principles concerning Academic Excellence

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

(b) Upon successful completion, participants receive:

• The "Certified Financial Modeler" certificates from the European Institute of Quantitative Finance in German and English
• A university certificate from the HfWU
• A Certificate Supplement detailing the performance and the ECTS credits earned

(c) The candidate will only receive a university certificate if both the case study and the oral or written examination have been successfully passed.

(d) Within the framework of the "Certified Financial Modeler" certificate course, 8 ECTS credits are earned. These can be submitted for recognition in bachelor's and master's degree programs.

(e) Within the framework of the HfWU university certificate, the candidate can receive the following grades after passing the case study and the oral or written examination:

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 graded as "insufficient" if the candidate fails to appear for an examination date without a valid reason or if they withdraw after the start of the examination without a valid reason. 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 by the examiner or supervisor. In this case, the examination performance in question will be graded as "failed."

Within the framework of Professional Excellence, the objective is to successfully complete a case study.

1. In the context of a case study, a sample company is examined from various financial perspectives. The final result is a holistic financial model, which the candidate must create step-by-step under guidance.
2. The case study is divided into two courses, each of which is further subdivided into 3 course units. The specific framework conditions for the Certified Financial Modeler examination are listed directly in the case study document, which is sent to the candidate after payment of the course fees.  
3. In general, all three course units in Course 1 and Course 2 can be repeated up to two times. A course examination is passed when course units 1, 2, and 3 are passed. A course unit is graded as either "pass" or "fail." The case study of the chosen module is therefore passed when 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 solved in Excel. The Excel file must include the following points:
   • a) Management Summary
   • b) All Top 10 Financial Modeling Standards listed in the textbook must be taken into account
   • c) The model includes all 4 process steps: "Problem Definition," "Model Structuring and Model Planning," "Model Construction," and "Quality Assurance." The fifth process step, "Model Presentation," is omitted.
   • d) The model is based on the 19 milestones located within the 4 process steps.

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

(1) Case Study

The framework conditions set out in § 5 apply to the case study. However, unlike the "Professional Excellence" path, the case study is not graded as "pass" or "fail" but according to the grading 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 can choose the language before the start of the examination.

(c) The oral examination is conducted by two members of the Examination Board. At the beginning of the examination, the participant must identify themselves to the supervisors using their identity card or passport. The supervisors will inform the participant about the examination procedure, the time available, and the permitted aids and materials before the start of the examination.

(d) In the examination, 10 questions must be answered. Upon passing the case study, the candidate will receive a 30-question catalog from the Examination Board. Engaging with these 30 questions allows the candidate to understand the quantitative elements of financial engineering, which they analyzed during the case study, from a qualitative perspective. The aim of the question catalog is to understand the overall context of the chosen module and the individual interdependencies. The 30 questions are formulated generally and may be asked in a case-related and modified manner during the oral examination.

(e) The oral examination lasts 30 minutes.

(f) The oral examination can be repeated a maximum of twice.

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

(3) Written Examination

(a) The written examination takes place as an in-person exam at the premises of the HfWU or the 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 can choose the language before the start of the examination.

(c) At the beginning of the examination, the participant must identify themselves to the supervisor(s) using their identity card or passport. The supervisor(s) will inform the participant about the examination procedure, the time available, and the permitted aids and materials before the start of the examination.

(d) In the examination, 10 questions must be answered. Upon passing the case study, the candidate will receive a 30-question catalog from the Examination Board. Engaging with these 30 questions allows the candidate to understand the quantitative elements of financial engineering, which they analyzed during the case study, from a qualitative perspective. The aim of the question catalog is to understand the overall context of the chosen module and the individual interdependencies. The 30 questions are formulated generally and may be asked in a case-related and modified manner during the written examination.

(e) The written examination lasts 90 minutes.

(f) The written examination can be repeated a maximum of twice.

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