Guidelines for applying for CEFA Diploma Scholarships and Grants
The Objectives and Amounts
One of the main foundational purposes of the EFFAS is the development of initiatives to promote and encourage professional training and international certification in the areas of activity and financial knowledge.
The specific objective of the Scholarships and Grants Program is to promote the quality of candidates and the equality of the opportunities, so that no student or researcher of high quality refrains from enrolling or participating in the preparation of the CEFA Diploma programs due to a lack of sufficient financial resources.
Per candidate the amount is limited to 425 (125 euros which represent the cost for the CEFA Diploma plus 300 euros for the ILPIP Manuals or other National Materials). The candidate may choose a local learning program offered by the National Member Associations for the preparation of the CEFA examinations.
The EFFAS reserves the right to establish the number or Scholarships and Grants and the amount of each annually. Additionally the EFFAS may asses to give the total amount requested or a percentage of the Scholarship.
Conditions
The selection of candidates is arranged by the National Member Association that will have to rank the candidates that they submit for the awards.
Candidates should at least meet the following selection criteria:
- Have a university degree in Finance, Economics, Business Administration or similar
- Have a minimum of 2 years of professional experience
The National Association shall assure the existence of the following documents for the selected candidates:
- Curriculum Vitae
- Copy of the university degree
- Copy of the identity card, passport, etc.
In addition, the National Association shall indicate the call for the exams the candidates want to sit as well as the CEFA training program for which they request the Scholarship.
The EFFAS will assess the possibility that individuals who live in regions without an EFFAS Member may also apply for Scholarships and Grants. In this case the candidate shall be directed to the EFFAS office.
Allotment
National Associations are limited to nominating 10 candidates per year. The allotment process considers in the first round three nominations of each Member Society. Residual nominations are accounted for in the second/third rounds until the budgeted amount is fully used. The EMC is entitled to give developing and/or small association’s priority in the allotment, as the primary purpose of the program is to assist small societies in attracting candidates and developing the CEFA in their region/home market.
The EFFAS Scholarship Committee, elected by the EMC for a 2-years term, is composed of 2 Council Member, the Chairman and Deputy Chair of the EFAS TQC and the Academic Advisor. Decisions are taken with the majority of votes.
Before the payment of the Scholarship, the candidate must be enrolled in the National Program. Then the National Association will receive the amount of the Scholarship. Thus EFFAS ensures that the Scholarship is used for the preparation of the candidate for the CEFA Diploma.
If finally, after two years from the awarding of the Scholarship the candidate does not sit for the CEFA Exams, he loses the right for the grant (125 examination fees).
Application Process
National Associations should complete an application form for each nominated candidate. The period for applications to be received by the Head Office is from February 1th to March 15th each year. After the deadline no applications will be considered. Only National Associations that fulfill their obligations to the EFFAS can access this program for their candidates.
Once the applications have been received, the EFFAS Scholarship Committee will select the applications and submit them to the EFFAS Council for approval. Once approved the National Associations will be informed and the result will be published on the EFFAS website.