1. Subject matter of the contract
These General Terms and Conditions for services of the European Institute of Quantitative Finance (hereinafter: EIQF) govern the provision of services within the ‘Certified Financial Modeler’ program.
The provider of the programme is EIQF, which is responsible for the academic direction.
The contracting parties are EIQF and the participants admitted to the examination.
2. Registration, conclusion of the contract
Registration to participate in the programme may be made in writing by letter or online by completing and submitting the registration form by the participant. The contract is concluded upon receipt of a registration confirmation from EIQF.
3. Services
(1) The course participant receives from the European Institute of Quantitative Finance (EIQF), regardless of whether the ‘Academic Excellence’ or ‘Professional Excellence’ path is chosen, at least the following services:
- Personal support from the lead professors
- Feedback on learning progress
- The course book “Financial Modeling” as an e-book
- The models for the course book “Financial Modeling”
- The Certified Financial Modeler Toolbox
- Excel Models: Templates Library
- Further additional materials on “Financial Modeling”
- Certified Financial Modeler certificate as a diploma
Depending on whether the “Academic Excellence” or “Professional Excellence” track is chosen, the programme participant will additionally receive:
- Option to apply for an EIQF scholarship for non-students (if the “Professional Excellence” track is chosen).
- Participation in the initial examination of the respective module (Academic Excellence) or up to three possible submissions per sub-module (if the “Professional Excellence” track is chosen)
- University certificate, Certificate Supplement, and the option to submit for recognition of ECTS credits in bachelor’s and master’s degree programmes (if the “Academic Excellence” track is chosen)
(2) Upon successful completion of the examinations listed in the examination regulations, the EIQF awards the title “Certified Financial Modeler” and issues the corresponding certificate.
(3) The title “Certified Financial Modeler” is awarded by the European Institute of Quantitative Finance. The title holder may not make any modifications to the use of the title. In the event of a violation, third parties (e.g., other education providers) could assert claims against you. The European Institute of Quantitative Finance reserves the right to change the title “Certified Financial Modeler” at any time and to award a different title in the future upon successful completion of the corresponding examination achievements. The participant who has already been awarded the title “Certified Financial Modeler” then has the right to continue using the old title or to use the new title. Further claims against the EIQF are excluded in this regard.
(4) Resit examinations are governed by the examination regulations.
4. Fees
Track 1: If you choose the “Professional Excellence” track, the following applies:
1) Course fees for professionals
You can apply for a scholarship at EIQF. If you receive one, the course fees for the “Certified Financial Modeler” are with scholarship 1,995.00 EUR plus the currently applicable statutory value-added tax, currently 19%, thus totaling 2,374.05 EUR. The course fees for the “Certified Financial Modeler” are without scholarship 3,995 EUR plus the currently applicable statutory value-added tax, currently 19%, thus totaling 4,754.05 EUR. These total packages include the course fees, examination fees, and the course book as an e-book.
2) Course fees for students
Students (please enclose a copy of a valid student ID with the registration) receive a discount. The course fees for students are EUR 1,256.30 plus the applicable statutory VAT, currently 19%. Thus, a total of EUR 1,495.00. This total package includes the course fees, examination fees, and the course book as an e-book.
3) Resit examination
Each module consists of three sub-modules. Each sub-module may be repeated twice. No additional costs are incurred for a resit examination.
Track 2: If you choose the “Academic Excellence” track, the following applies:
1) Course fees
The course fees for the “Certified Financial Modeler” are 3,995 EUR plus the currently applicable statutory value-added tax, currently 19%, thus totaling 4,754.05 EUR. This total package includes the course fees for Modules 1 and 2, the examination fees for Modules 1 and 2, the course book as an e-book, and the issuance of a university certificate and Certificate Supplement for the acquisition of ECTS.
2) Course fees for students
Students (please enclose a copy of a valid student ID with the registration) receive a discount. The course fees for students are 1,508.40 EUR plus the currently applicable statutory value-added tax, currently 19%. Thus totaling EUR 1,795.00. This total package includes the course fees, examination fees, and the course book as an e-book.
3) Retake Examination
For a resit examination due to failing the examination, EIQF charges an examination fee of EUR 295 plus the applicable statutory VAT, currently 19%, i.e. a total of EUR 351.05.
4) Issuance of a University Certificate
The university certificate and the Certificate Supplement are associated with the acquisition of ECTS credits. The issuance of a university certificate (certificate and Certificate Supplement) by HfWU is included in the fee for the overall package.
5. Payment terms, default, termination
(1) With the registration confirmation, EIQF will send the customer the invoice for the examination fee. EIQF invoices are due immediately upon receipt without deduction and must be paid within two weeks of the due date.
(2) Only participants who have paid the examination fee will be admitted to the examination.
(3) In the event of non-timely payment of the examination fee, EIQF is entitled to terminate the contract.
(4) Failure to achieve the educational objective (e.g. failing examinations) does not entitle the participant to a reduction of the remuneration. Furthermore, the absence of expected subsidies from third parties for educational expenses is not a reason for a justified refusal to pay by the participant.
(5) In the event of default by the customer, EIQF is entitled to claim default interest in accordance with the Act to Accelerate Due Payments. Further claims for damages remain unaffected.
(6) The participant may only offset claims of EIQF if the customer’s counterclaim is undisputed or has been finally adjudicated.
6. Cancellation, changes and rescheduling of events
(1) EIQF reserves the right to cancel events for reasons beyond its control. Payments already made by the participant to EIQF will be refunded in the amount paid. Further claims by the participant are excluded; in particular, the participant has no right to the conduct of the examination.
(2) EIQF will inform the participant without delay if the time and place of the examination are changed.
7. Cancellation policy / right of withdrawal
The participant—if they are a consumer and not a merchant—has a right of withdrawal pursuant to Sections 312b and 312d of the German Civil Code (BGB) in conjunction with Section 355 BGB. The contractual declaration may be revoked within 14 days without stating reasons in text form (e.g. letter, fax, email). The period begins upon receipt of this notice in text form, but not before the conclusion of the contract and not before fulfilment of the information obligations pursuant to Article 246 Section 2 in conjunction with Section 1 (1) and (2) EGBGB. Timely dispatch of the withdrawal is sufficient to meet the withdrawal deadline. The withdrawal must be addressed to:
EIQF
European Institute of Quantitative Finance (EIQF) GmbH & Co. KG
Neckarsteige 6-10
D-72622 Nürtingen
EIQF’s obligation to perform arises only after expiry of the withdrawal period. The right of withdrawal expires prematurely if, with the participant’s express consent, EIQF has begun performing the service or the participant has initiated this themselves.
8. Copyrights, rights of use
(1) EIQF reserves all rights, including those of translation, reprint and reproduction of the documents—including as electronic documents (e.g. in PDF format)—and learning programmes, or parts thereof. No part of the documents may be reproduced, processed, modified, distributed, or otherwise used for public presentation, even in excerpts, without the written permission of EIQF.
9. Liability
(1) EIQF is liable exclusively in cases of intent or gross negligence on its part. Liability for simple negligence is only possible in the event of a breach of an obligation that is so essential to the contract that achievement of the purpose of the contract is jeopardised, as well as in the event of injury to life, body or health. In this case, EIQF is liable to participants only for compensation of damage that is typical and foreseeable and, in terms of amount, up to the amount of the participant fee.
(2) EIQF is not liable for the loss, damage or destruction of the participant’s property in connection with the conduct of the programme, unless this is due to intentional or grossly negligent conduct by EIQF. Furthermore, EIQF is not liable for personal injury or property damage arising during travel to and from the event or at the event location.
(3) EIQF is not liable for damages caused by force majeure, riots, war and natural events, as well as other incidents beyond its control (e.g. strike, lockout, traffic disruption, orders by domestic or foreign authorities) or by technical disruptions not culpably caused, such as those of the IT system. Force majeure also includes computer viruses or deliberate attacks on IT systems by “hackers”, provided that appropriate protective measures have been taken in each case.
(4) By entering into the contract, you permanently release the EIQF from liability cases, claims, or damages that you might assert against the EIQF due to your registration.
(5) You agree that you use the services of the EIQF at your sole risk. The EIQF does not guarantee that the services will be uninterrupted and error-free. The EIQF disclaims all warranties of any kind. These include, but are not limited to, warranties of fitness for a particular purpose, merchantability, and non-infringement of the rights of others. The EIQF does not warrant the accuracy or completeness of information on the EIQF and Certified Financial Modeler websites or of information provided in connection with the EIQF websites or the Certified Financial Modeler websites. The EIQF is not liable for errors or omissions or for the results obtained from the use of this information. The content of the Certified Financial Modeler is not to be regarded as a recommendation to acquire certain financial instruments and securities, to acquire companies analyzed within the course in whole or in part, or to make investment decisions of any kind. The EIQF cannot assume any liability for actions derived from the course.
(6) To the extent that EIQF’s liability is excluded or limited, this also applies to its employees, representatives and vicarious agents.
10. Data protection
(1) The participant is hereby informed in accordance with the Federal Data Protection Act that EIQF stores their full address as well as other order-specific details in machine-readable form and processes them electronically for tasks arising from the contract. EIQF ensures the confidential handling of these data.
(2) The EIQF undertakes to treat the personal data communicated to it by the participant confidentially and not to make it accessible to third parties (see Examination Regulations Certified Financial Modeler §3 Paragraph (1) c)).
11. Applicable law and place of jurisdiction
(1) This agreement is governed by the law of the Federal Republic of Germany.
(2) The place of jurisdiction for all disputes arising from the contractual relationship is Frankfurt/Main.
12. Written form and continued validity of the contract
(1) The parties undertake to make amendments and supplements to the contractual terms in writing. This also applies to the written-form requirement pursuant to this Clause 12 of the General Terms and Conditions.
(2) If individual parts of the contract are invalid, the continued validity of the remainder of the contract shall remain unaffected.
13. Disclaimer
(1) The “Tools” in the Center for Financial Modeling (CfFM) were created by the two directors of the European Institute of Quantitative Finance (EIQF), “Prof. Dr. Dr. Dietmar Ernst” and “Prof. Dr. Dr. Joachim Häcker”. The European Institute of Quantitative Finance is an affiliated institute of Nürtingen University of Applied Sciences. The EIQF awards the title “Certified Financial Modeler.”
(2) According to § 1 UrhG (Law on Copyright and Related Rights (Copyright Act)), authors of scientific works enjoy protection for their works in accordance with this law. According to § 2 Para. 2 UrhG, a work exists if it is a personal intellectual creation. For software, such as the Excel files presented here, § 69a UrhG is applicable. Thus, copyright law is applicable to software. Every computer program that is statistically unique is protected. All these requirements apply to the CfFM tools, and thus the tools are protected by copyright law.
(3) You gain access to the tools upon registration for the Certified Financial Modeler. The tools are intended solely for your personal use. Should you pass on the tools to third parties, use parts thereof or the entire tool itself without authorization, without identifying this use and without referring to the author EIQF, you will be violating applicable copyright law and committing a criminal offense. You must expect that the EIQF will assert claims against you and take legal action against you.
(4) The unauthorized exploitation of copyrighted works can be punished with a three-year prison sentence according to § 106 UrhG. According to § 108b UrhG, unauthorized interference with technical protection measures and information required for rights management can be punished with a one-year prison sentence. The “removal of copy protection” applicable here in the case of the Certified Financial Modeler Toolbox is subsumed under this. The penalty can increase to 3 years (for unauthorized interference with technical protection measures) and to 5 years (for commercial unauthorized exploitation) in the case of commercial offenses.
As of: May 2025
