The Institute of Financial Studies celebrates one year since the establishment of Financial Education Day on April 11. Romania needs to increase the level of financial education inclusion, especially among students and pupils. Such an initiative will, over time, lead to a better understanding of financial concepts, notions, and products, which will contribute to the maturation of local non-banking financial markets.
In this regard, ISF has carried out a series of financial education programs and activities over the past year (April 2022–April 2023).
Projects aimed at pupils and students
SmartFIN@ISF – Vocational training seminars for students
Academic partnerships have been established with 21 universities in Romania to continue supporting financial education efforts by engaging final-year students, bachelor’s or master’s, in the field of financial services.
The “SmartFIN@ISF – Vocational Training Seminars” project aims to enhance the skills and knowledge of students who will become consumers of financial services (upon graduation) and potential employees/investors in financial markets (insurance, banking, private pensions, investments).
Between April 11, 2022, and April 11, 2023, 38 meetings were organized with the participation of 53 experts from the field, from the Institute of Financial Studies, the Financial Supervisory Authority, members of professional associations in the financial sector, and partners of the Institute of Financial Studies. Of these, 9 sessions were organized in partnership with the Academic Laboratory of the Financial Supervisory Authority in the following university centers – Bucharest, Iași, Alba Iulia, Timișoara, Brașov, and Craiova. The seminars in the 2022–2023 period were held online, in-person (Bucharest, Iași, Cluj-Napoca, Alba Iulia, Brașov), or in a hybrid format. A total of 2,354 students participated in the seminars, receiving participation certificates from ISF, which are recognized by institutions active in the non-banking financial market.
Awards for student scientific communication papers
The Institute of Financial Studies – ISF, in partnership with its members, offered the opportunity to win prizes through participation in Scientific Communication Sessions organized within partner universities for students/master’s students who presented the best research initiatives in the fields of Financial Markets/Insurance and Private Pensions/Capital Markets. Between April 2022 and April 2023, awards were granted within 5 faculties (4 university centers) in the country:
- University “Alexandru Ioan Cuza” in Iași – Faculty of Economics and Business Administration, Annual Student Scientific Communication Session, held on April 16, 2022 – 3 awards granted;
- University “1 Decembrie 1918” in Alba Iulia – Faculty of Economic Sciences, Student Scientific Communication Session IN-EXTENSO INNOVATION FOR NEXTGEN EU / STUDENT’S CONFERENCE, held on May 18–19, 2022 – 3 awards granted;
- University of Craiova – Faculty of Economics and Business Administration, “Best Business Idea” Conference, held between May 9–23, 2022 – 3 awards granted;
- Bucharest University of Economic Studies – Faculty of Finance, Insurance, Banking, and Stock Exchanges, Annual Student Scientific Communication Session, held on April 7, 2023 – 3 awards granted;
- Bucharest University of Economic Studies – Faculty of Accounting and Management Information Systems, Annual Student Scientific Communication Session, held on April 7, 2023 – 3 awards granted;
- University “Alexandru Ioan Cuza” in Iași, Annual Student Scientific Communication Session, held on April 7, 2023 – 4 awards granted.
Start2Learn: Personal Finance
Based on the partnership with the Financial Supervisory Authority, the Institute of Financial Studies implemented the national financial education program Start2Learn: Personal Finance between October 3, 2022, and June 11, 2023, aimed at 11th-grade high school students in the 2022–2023 academic year, technological or technical profile. The project was designed to present the basic notions that students need to start planning their financial goals and to help them lay the foundations for a healthy financial life. Through participation in this program, students gained knowledge about: creating and monitoring an income and expense budget to help them identify efficient ways to use financial resources, setting realistic financial goals to better plan their financial resources in the short, medium, and long term, and evaluating their current financial situation and identifying methods to save for achieving specific goals.
The pilot project was launched in 21 high schools, 6 in Bucharest, 6 in Craiova, 3 in Ploiești, 3 in Alba Iulia, and 3 in Iași, involving a total of 542 participating students. The project consisted of 114 in-class sessions delivered by 36 trainers, experts in the non-banking financial sector, members of UNSAR or AAF, joined by academic staff from the Bucharest University of Economic Studies – FABBV and other key players in Romania’s non-banking financial market.
Upon completion of the in-class modules, students had the opportunity to participate in the Start2Learn program competition, which involved analyzing and solving a case study on creating an income and expense budget for 3 months. The best solutions to the case study were awarded (2 awards in Craiova).
Investment Academy (AdI)
The first edition of the Investment Academy was a professional specialization program dedicated to bachelor’s degree students, organized by the Institute of Financial Studies (ISF) with the support of the Financial Supervisory Authority (A.S.F.), the Fund Administration Association (AAF), and the Bucharest Stock Exchange (BVB). The program included 8 training modules delivered by financial sector specialists, as well as a practical module – the Start2INVEST module, which involved opening a trading account on the BVB’s demo platform, ArenaXT, to practice buying and selling financial instruments traded on the BVB. Young participants were able to develop the knowledge necessary to work in the capital market sector. The program offered them the opportunity to enhance their knowledge through a case study, which gave them the chance to win a laptop for each member of the team that took first place.
Through a pre-selection process, out of 35 teams of 3 members each from 13 partner universities, 10 teams were chosen to participate in the training and practical modules.
The modules were delivered by 16 specialists and professionals from the financial sector, and the practical module (ArenaXT) was presented by 3 specialists from the BVB.
Financial Training
The Financial Training program provides the basic notions that athletes need to start planning their financial goals and helps them lay the foundations for a healthy financial life both during their careers and after their completion. This program is aimed at both athletes and coaches, promoted with the help of trainers, managers, and sports clubs.
General objectives of the program
The first event of this kind took place on March 14, 2023, at UNEFS, with 50 students participating.
- Increasing the level of financial education of participants,
- Understanding concepts specific to non-banking financial markets (investments, private pensions, and insurance),
- Providing relevant and useful information, presented in a friendly language, regardless of the level of economic knowledge.
Insurance Academy
This is a professional specialization program dedicated to students, organized by UNSAR in partnership with the Institute of Financial Studies (ISF), consisting of a series of training modules delivered by insurance sector specialists.
The Academy was in its second edition. In this edition, 13 teams of 3 members each registered. Of these, 10 teams advanced. After completing the 8 modules, the 10 teams will have to solve a case study. This will be evaluated by a committee.
The top 3 teams based on the score will be winners.
The prizes offered are as follows:
- 1st Place: a laptop for each team member;
- 2nd Place: a tablet for each team member;
- 3rd Place: a pair of wireless headphones for each team member.
Projects aimed at teachers
Continuous professional training sessions: “Training of pre-university teaching staff in the non-banking financial sector (FinTTT)”
For the second year since obtaining accreditation, ISF has organized continuous professional training sessions aimed at pre-university teaching staff who teach or will teach Economic-Financial Education in secondary education, to comply with continuous professional training requirements. Within the FinTTT program, the training process includes both online training sessions, organized as online meetings (synchronous sessions), and asynchronous training sessions on ISF’s e-learning platform, with ongoing activities for organization, monitoring, technical support, and participant evaluation.
Between April 11, 2022, and April 11, 2023, 16 groups of participants were organized, totaling 433 registered teachers.
The implementation of the course series involved 960 hours of training for the 16 groups that completed the continuous training program.
Continuous professional training sessions: “Training of primary education teaching staff in the financial field (StartFIN)”
Since August 2022, ISF has received accreditation for the Training of primary education teaching staff in the financial field (StartFIN) program, dedicated to pre-university primary education teachers, and launched its first series. The launch of the StartFIN program in early September, through a press release and information sent to County School Inspectorates, generated significant interest among teachers. Thus, by the reporting date, over 1,500 requests and 372 complete registration files were recorded.
To date, 15 groups of participants have been organized, totaling 360 registered teachers and 360 hours of training.
Projects aimed at the business environment
SME Hub – The purpose of the program is to create an interactive consultation platform for entrepreneurs regarding the difficulties they face, to disseminate financial education programs aimed at the entrepreneurial environment and its employees, and to present and ensure a good understanding of concepts from non-banking financial markets. This program aims to address concrete needs identified through ongoing dialogue with entrepreneurs, thus developing and strengthening the financial education initiative jointly carried out by the Institute of Financial Studies and the Financial Supervisory Authority.
Financial education events organized by ISF
ISF has organized a series of traditional events in financial markets and included, based on annual objectives, a series of specific events aimed at supporting financial education efforts.
| Event | Date | Number of views/participants |
|---|---|---|
| International Conference ICMEA 2022, 14th Edition | May 19–20, 2022 | 150 participants |
| Capital Market Conference: Regulations and Facilities Aimed at Developing the Capital Market | June 2, 2022 | 921 views |
| International Education Day – in the Financial Sector | October 5, 2022 | 36 participants |
| Conference on Globalization and Higher Education in Economics and Business Administration, 14th Edition – GEBA 2022 | October 20, 2022 | 120 participants |
| International Conference ISF 2022, 8th Edition – 20 Years of Training and Certification in Romania | November 10, 2022 | 170 participants |
| SME Hub – Bucharest | November 15, 2022 | 30 participants |
| SME Hub – Alba Iulia | November 17, 2022 | 45 participants |
| Conference: Insurance, the Safety Belt in Transportation | November 29, 2022 | 307 views |
| Conference Quo Vadis 2023 – Life Insurance: Stimuli for the Economy, Support for Consumers in Times of Crisis, 5th Edition | February 9, 2023 | 15 participants + 3,000 views |
| European Financial Services Conference – ECFS 2023, 7th Edition – European Reforms for Sustainability and Green Transition in the Financial Sector | March 23–24, 2023 | 24 participants + 30,000 views |
| TOTAL | 34,818 (views/participants) |
Participation in financial education events
| Event | Date | Number of views/participants |
|---|---|---|
| Financial Education Summit: Opportunities Offered in the Capital Market | June 6, 2022 | 150 participants |
| Financial Education Forum | June 9, 2022 | 1,300 views |
| Romania Digital Forum | June 21, 2022 | 20,000 views |
| ZF BANKERS SUMMIT | July 11–13, 2022 | 55,000 views |
| UNSICAR Annual Informal Meeting | September 1, 2022 | 70 participants |
| How Romania’s Capital Market Can Become the Engine of the Economy | September 7, 2022 | 23 participants / 553 views |
| Capital Market Forum, 5th Edition – Financial Intelligence | September 12, 2022 | 29 participants / 919 views |
| Financial Education Marathon – Profit.ro | September 20, 2022 | 12 participants / 203 views |
| Academic FinHUB | October 5, 2022 | 9 participants |
| StudFit4LabourMarket – Bucharest University of Economic Studies – November 23–25, on the occasion of Economist Day | December 13, 2022 | 6 participants |
| Debate “Resilience: The Foundation for a Better Future. How Do We Navigate Troubled Waters?” | December 13, 2022 | 6 participants |
| The Diplomat – Bucharest’s Awards Gala 2022 | December 13, 2022 | 27 participants |
| SME Hub in Cluj-Napoca | February 2, 2023 | 40 participants |
| White Night of Universities | March 21, 2023 | 1,500 participants |
| TOTAL | 79,847 (views/participants) |