The Institute of Financial Studies (ISF), in collaboration with the Financial Supervisory Authority (ASF), the Association of Fund Managers in Romania (AAF), the National Union of Insurance and Reinsurance Companies in Romania (UNSAR), and the Bucharest Stock Exchange (BVB), participated in the International Conference "Ongoing Social, Economic, and Environmental Challenges" (OSEEC 2024), held on 11 and 12 October at “Aurel Vlaicu” University in Arad. The second edition of this conference brought together financial market specialists, regulatory authority representatives, professors, and students to discuss critical topics impacting society, ranging from digital transformation to the need to adapt academic curricula to new demands.
The conference aimed to unite researchers from national and international partner institutions in economic fields and establish a working group to promote sustainable measures for developing economic skills through financial education.
Key objectives included fostering collaboration between academia and the business sector to support:
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transforming financial education through digital innovation and advanced research;
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strengthening the role of scientific research in developing economic skills;
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facilitating dialogue between academia, the financial industry, and public authorities;
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encouraging the development of new academic curricula for financial education.
The event opened with remarks from Conf. univ. dr. Teodor Cilan, Rector of “Aurel Vlaicu” University in Arad, who expressed support for financial education programs and thanked partners for their involvement.
Valentin Ionescu, President of ISF, emphasized the importance of collaboration with the academic sector:
“As technology advances and humanity evolves, challenges are becoming increasingly complex. Crises no longer occur sequentially; they overlap. The intervals between crises have gradually decreased due to human activity, new inventions, and, in the last decade, digitalization and globalization. Therefore, the purpose of today’s discussion is to learn how to manage these new challenges. ISF is present in all university centers, we have a journal where you can publish, and, of course, for those interested in pursuing a career in insurance or the capital market, we offer professional training programs.”
Marian Siminică, Executive Director of ISF, spoke about the projects run by ISF, which expose students to real-world market scenarios:
“Our role is to contribute to increasing the financial education level of the population. We have developed programs tailored to socio-professional categories and age groups. ‘Aurel Vlaicu’ University in Arad is a long-standing partner. Today, we are holding a meeting with students as part of the SmartFIN & ASF Academic Laboratory project, where financial market specialists discuss real market situations with students. Another significant project for students is the Investment Academy, now in its third edition, which focuses on deepening knowledge in the field of investments.”
Roxana Băluță, Program Coordinator and Life and Health Insurance Specialist at UNSAR, highlighted the substantial evolution of the insurance market in Romania since 1990 and the critical role of financial education:
“For UNSAR, financial education is a strategic development objective. Looking at the last 30 years in Romania and the insurance industry, we started with a gross written premium of approximately $150 million, or 0.5% of GDP, with Romanians spending about $6 per year on insurance. In 2023, we reached $4.5 billion, representing 1.85% of GDP, with an average of €220 spent on insurance. We are still far from the European average of 7.4% of GDP and €2,100 per capita. Thanks to initiatives like this, driven by both insurance professionals and our host partners, we see growing interest in insurance.”
Prof. univ. dr. Adrian Micu, Scientific Director of ISF, discussed other projects managed by the institute:
“ISF has taken its first steps to begin activities in the Republic of Moldova. We have established partnerships with supervisory institutions and the Academy of Economic Studies of Moldova (ASEM) following negotiations in which we participated. Together with the team, we conducted quantitative and qualitative studies in the business environment and identified variables and challenges we need to address. Based on these studies, we organized the Business Smart Education event in Brașov, dedicated to the business sector, which was a great success. This experience is helping us prepare for the next event we plan to organize in Galați.”
Approximately 150 students from “Aurel Vlaicu” University in Arad participated in the SmartFIN@ISF Vocational Training Seminar & ASF Academic Laboratory, which covered four topics:
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BVB and the Romanian capital market. Financing the economy – Lecturer: Ștefan Mușgociu, BVB;
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The capital market. Investment funds – Lecturer: Laurențiu Riviș, Lion Capital;
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The insurance market – Lecturer: Roxana Băluță, UNSAR;
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Next-gen finance. Artificial intelligence and machine learning are rewriting the rules of the financial game – Lecturer: Paul Dumitru, ASF.
“Aurel Vlaicu” University in Arad is a long-standing partner of ISF in efforts to enhance financial education. As a comprehensive higher education institution with over 30 years of existence, it has provided young people with opportunities to grow and develop in a high-performing academic environment. Conf. univ. dr. Teodor Cilan, Rector of the University, stated:
“We must take responsibility for our students to ensure high-quality education and a sustainable future in this rapidly changing and challenging social context, to which today’s and future generations must respond. We need solidarity and engagement to achieve the highest educational standards, fostering our university in a spirit of respect, dignity, integrity, and hard work.”
