General Terms and Conditions of the Certified Financial Engineer

1. Subject matter of the contract  

The present General Terms and Conditions for services by the European Institute of Financial Engineering and Derivatives (hereafter EIFD) regulate the services provided within the context of the program “Certified Financial Engineer”.  

The program is offered by the EIFD which is responsible for its scientific management.  

Contracting parties are the EIFD and the participants admitted to the exam. 

2. Registration, effectiveness of this contract   

The participant can register for the program by completing and then sending the registration form by post, fax or e-mail. The contract becomes effective when the participant receives a confirmation of the registration by the EIFD.

3. Services

(1) The course participant shall receive at least the following benefits from the European Institute of Financial Engineering and Derivatives (EIFD), regardless of whether the "Academic Excellence" or "Professional Excellence" path is taken:

  • Personal supervision by the senior professors- Feedback on learning success
  • Feedback on learning success
  • Access to the Campus of Financial Engineering
  • The case studies "Financial Engineering with Options and Futures and in Risk Management".
  • Excel for the case studies
  • The chapter "Options and Futures" in the course book "Financial Modeling" as ebook
  • The Excel models for the chapter "Options and Futures" in the course book "Financial Modeling
  • The Certified Financial Engineer Toolbox for Options and Futures
  • Further additional material on the topic of "Financial Engineering
  • Certificate: Certified Financial Engineer
  • Award: Representative certificate

Depending on whether the course is "Academic Excellence" or "Professional Excellence", the course participant receives additional the following:

  • Possibility of applying for a EIFD scholarship for non-students (if "Professional Excellence" is chosen).
  • Participation in the initial examination of the respective module (Academic Excellence) or up to three possible submissions per sub module (if "Professional Excellence" is chosen).
  • University certificate, certificate supplement and possibility of submission to the respective authorities for recognition of ECTS recognition in Bachelor's and Master's programmes (if "Academic Excellence" is chosen)

(2) The title “Certified Financial Engineer” is conferred by the EIFD upon successful completion of the three exams (Module 1, Module 2, and Module 3). The EIFD also awards the corresponding certificate.

(3) The title “Certified Financial Engineer“ is awarded by the European Institute of Financial Engineering and Derivatives and modifications to its use may not be made by the holder of the title. In case of infringement, third parties (e.g. other education providers) may file claims against you. EIFD reserves the right to modify the title “Certified Financial Engineer” at any time and to grant a different title upon passing the corresponding examination in the future. The participant who has already been granted the title “Certified Financial Engineer,” shall, in turn, have the right to use the old title or the new title. Further claims against EIFD are hereby excluded.

(4) Repeat examinations are regulated in the examination regulations.

4. Fees

Path 1: If you choose the path "Professional Excellence", the following applies:

1) Course fees for practitioners

You can apply for a scholarship at the EIFD. If you receive a scholarship, the course fees to become a "Certified Financial Engineer" with a scholarship amount to 1.995,00 EUR plus the applicable VAT, currently 19%, thus a total of 2.374,05 EUR. The course fees for the "Certified Financial Engineer" without scholarship amount to 3.995 EUR plus VAT, currently 19%, thus a total of 4.754,05 EUR. These total packages include the course fees, the examination fees and the materials listed under 3 (1).

2) Course fees for students

Students (please enclose a copy of your valid student ID) will receive a discount. The course fees for students amount to 1.256,30 EUR plus the applicable statutory value added tax, currently 19%. Thus a total of 1.495,00 EUR. These total packages include the course fees, the examination fees and the materials listed under 3 (1).

3) Repeat examination

Each module consists of three sub-modules. Each sub-module can be repeated twice. There are no additional costs for a repeat examination.

Path 2: If you choose the "Academic Excellence" path

1) Course fees

The course fees to become a "Certified Financial Engineer" amount to 3,995 EUR plus the applicable statutory value added tax, currently 19%, thus a total of 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 materials listed under 3 (1) as well as the issue of a university certificate and Certificate Supplement for the acquisition of ECTS.

2) Course fees for students

Students (please enclose a copy of your valid student ID) will receive a discount. The course fees for students amount to 1.508,40 EUR plus the applicable statutory value added tax, currently 19%. Thus a total of 1.795,00EUR. This total package includes the course fees for Modules 1 and 2, the examination fees for Modules 1 and 2, the materials listed under 3 (1) as well as the issue of a university certificate and Certificate Supplement for the acquisition of ECTS.

3) Repeat examination

EIFD charges an examination fee of 295 EUR plus the applicable statutory value-added tax, currently 19%, for a repeat examination due to failure to pass the examination. The total fee is 351.05 EUR.

4) Issue of a university certificate

The university certificate and the Certificate Supplement are linked to the acquisition of ECTS. The issue of a university certificate (certificate and certificate supplement) of the HfWU (Nuertinge Geislingen University) is included in the fee for the complete package.

5. Terms of payment, default, cancelations  

(1) The EIFD will send the client the invoice for the exam fees with the registration confirmation. Invoices issued by the EIFD are payable upon receipt without deductions and within two weeks after the due date. 

(2) Only participants who have paid the exam fees will be admitted to the exam. 

(3) In case of late payment of the exam fees, the EIFD is entitled to cancel the contract. 

(4) Not reaching the program’s aim (for example failure to pass the exams) does not entitle the participant to a reduction of the fees. Not receiving expected subsidies by third parties does not constitute a reason for a justified refusal of payment by the participant either.  

(5) In case of default, the EIFD is entitled to charge interest on arrears pursuant to the German law on acceleration of due payments. Further claims for damages remain unaffected. 

(6) The participant may only offset against the EIFD's claims if the counterclaim of the client is not disputed or a final verdict is presented.

6. Cancellation, modifications and postponement of events

(1) The EIFD reserves the right to cancel events due to reasons beyond its control. If the participant has already paid the participation fee to the EIFD, he is reimbursed the paid amount. Further claims by the participant are excluded; in particular, the participant does not have the right to insist that the exam will be held. 

(2) EIFD will immediately inform the participant if the time and location of the exam is changed.

7.  Right of withdrawal/revocation

(1) If the participant is a consumer and not a businessman, they have the right of withdrawal pursuant to section 312b German civil code (BGB) and section 312d BGB in conjunction with section 355 BGB. The contract may be revoked in writing (e.g. by letter, fax, email) within 14 days without giving grounds. The period starts with the receipt of this information in writing, but not before the conclusion of the contract and not before the fulfillment of the information obligation pursuant to art. 246(2) in conjunction with section 1(1) and (3) EGBGB. In order to respect the withdrawal period, the timely sending of the revocation is sufficient. The revocation must be sent to:   

EIFD
European Institute of Financial Engineering and Derivatives GmbH & Co. KG
Neckarsteige 6-10
72622 Nürtingen
Germany
program@eifd.de

The obligation of service by the EIFD only starts after the end of the withdrawal period. The right of withdrawal expires early if the EIFD has started to provide the services with the participant’s explicit approval or the participant has arranged them in person. 

8. Copyright, rights of use   

(1) The EIFD reserves all rights, including the rights to translate, reprint or duplicate the documents – also in electronic form (e.g. in PDF format) – and the rights for learning programs or parts of them. No part of the documents may be duplicated, used, modified, disseminated or presented in any other public reproduction, entirely or partly, without the EIFD’s written authorization.  

9. Liability

(1) EIFD is liable exclusively in the case of intent or gross negligence. Liability for simple negligence is only possible where a material obligation has been breached and where the breach jeopardizes the achievement of the purpose of the contract or on account of personal injury to life, body or health. In this case, EIFD shall only be liable vis-à-vis participants for any typical or foreseeable damage or loss and to the level of the amount of the registration fee.

(2) The EIFD is not liable for the loss, damage or disappearance of the participant’s property during the conduct of the program, unless it is due to the EIFD’s deliberate or grossly negligent behavior.  Furthermore, EIFD is not liable for personal injury or property damage in connection with travel to and from the event and at the event venue.

(3) EIFD is not liable for damages due to force majeure, insurgencies, war and natural disasters as well as other events (e.g., strikes, lock-outs, traffic incidents, orders by domestic or foreign government offices) or as a consequence of technical disruptions not caused by EIFD, for example of the IT system. Force majeure also includes computer viruses and intentional attacks on the IT systems by hackers, provided adequate protection measures were taken. 

(4) With the conclusion of the contract you fully discharge EIFD from liability, claims or damages, which could possibly be asserted against EIFD as a consequence of your registration.

(5) You agree that you are using the services of EIFD at your own risk. EIFD does not guarantee that the services can be used without interruption and/or errors. EIFD negates all other warranties. These include, inter alia, the warranty of applicability for a specific purpose, the warranties of merchantability and the warranty of the non-infringement of the rights of third parties. EIFD does not guarantee the accuracy or completeness of information on the EIFD and the Certified Financial Engineer websites or of information made available in connection with EIFD websites and/or the Certified Financial Engineer websites. EIFD shall not be liable for the errors or omissions and/or results in connection with the usage of this information. The contents of the Certified Financial Engineer is not to be construed as recommendation for action concerning the purchase of specific financial instruments or securities, the partial or complete acquisition of corporations that were analyzed in the context of the program, and the implementation of investment decisions of any kind. EIFD cannot be held liable for actions derived from the program.

(6) The extent of the exclusion or limitation of liability of EIFD also applies to its employees, representatives, and agents.

10. Data protection  

(1) Pursuant to the German Federal Data Protection Act, the participant is hereby informed that the EIFD will store their complete address and other details relevant for the contract in a machine-readable format and automatically process them for tasks resulting from the contract. The EIFD guarantees the confidential use of these data.  

(2) The EIFD commits to treat the personal data given by the participant confidentially and not to make it accessible to third parties. This does not include the data that must be forwarded by the EIFD to the German Stock Exchange in order to complete the registration process for the Certified Financial Engineer exam (see: examination regulations, section 3, paragraph (1) point c)). By means of appropriate measures (section 9 of the Federal Data Protection Act (BDSG)) and the commitment of the employees, the EIFD ensures that this confidentiality remains intact during the use of the services provided by the EIFD and after their termination.  

11. Applicable law and jurisdiction  

(1) This contract is subject to the law of the Federal Republic of Germany. 

(2) The jurisdiction for all disputes resulting from the privity of contract is Frankfurt/Main.

12. Agreements in writing and continuation of the contract  

(1) The parties engage to make modifications or amendments to the contractual conditions exclusively in writing. This also applies to the requirement in writing according to this No. 12 of the General Terms and Conditions.  

(2) In case of invalidity of individual parts of the contract, the continuation of the contract is not affected.   

13. Disclaimer

(1) The "Tools" in the Campus of Financial Engineering were created by the two directors of the EIFD "Prof. Dr. Dr. Dietmar Ernst and Prof. Dr. Dr. Joachim Häcker". The EIFD is an affiliated institute of the Nürtingen University. In cooperation with Deutsche Börse, the EIFD awards the title "Certified Financial Engineer.

(2) Pursuant to art. 1 of the German Intellectual Property and Related Protection Rights Act (Intellectual Property Act, UrhG)), the authors of scientific works benefit from protection for their works. 
Pursuant to section 2(2) UrhG, a work is given provided it is a personal and intellectual creation. For software, such as the present Excel files, section 69a UrhG applies. Thus, the Copyright Act applies to software. Any computer program that is statistically unique is protected. These requirements apply to the tools in the campus of Financial Engineering. Thus, the tools are protected by the German Intellectual Property Act. 

(3) You receive your access to the tools with your registration for the Certified Financial Engineer. The tools are for you and your personal use only. Should you pass on the tools to third parties, use parts or the entire tool without prior authorization without signaling such a use and without referring to the author EIFD, you are in breach of applicable copyright law and liable to prosecution. You then must expect claims derived from the registered trademarks stated under point 1, and prosecution. 

(4)   The unauthorized use of the works protected under the Copyright Act can be punished with three years of imprisonment pursuant to section 106 UrhG. Pursuant to section 108b UrhG, unauthorized interventions in technical protection measures and information required for exercising these rights can be punished with one year of imprisonment. The "removal of the copy protection" is subject to this point. The sentencing can be increased to three years (for unauthorized interventions into technical safety measures) and five years (for unauthorized commercial use) in case of commercial perpetration. 

As of July 2020