The assessment system for this certificate is class-based and through objective testing (examinations). The participants are assessed, in order to obtain the certificate, using the following schema:
- Ordinary examination session: two examinations granting exemption, each corresponding to 50% of the content of the qualification. The examinations held during the ordinary examination session have a duration of 1 hour and have 50 multiple-choice questions with a single correct answer, points are not deducted for answers that are incorrect or left blank.
- Extraordinary examination session: an examination corresponding to 100% of the content of the qualification [1]. The examination held during the extraordinary examination period has a duration of 2 hours and has 100 multiple-choice questions with a single correct answer, points are not deducted for answers that are incorrect or left blank.
In both cases, the ordinary examination session and the extraordinary examination period, a pass will be awarded for an overall grade of 7 (70% correct answers) provided that a pass rate of at least 50% is obtained for each of the planned content blocks..
The ordinary and extraordinary examination periods will be duly announced (date, time, place, etc.). The examination candidates shall be identified (by showing their DNI or equivalent) when entering and exiting the examination. Likewise, it shall be recorded when the candidate finishes the test and submits the examination. CUNEF allows candidates to sit the exam with the official book of formulas (supplied by CUNEF) and their calculator.
The Banking and Professional Advice Certificate Program (own certificate) will be awarded once the test is passed.
The CUNEF Assessment Committee is responsible for preparing the examinations. The grade awarded by the Committee will be PASS or FAIL. The Committee decides the passing score for each exam session in order to receive a PASS grade, and is able to reduce the previously mentioned official 70% by a maximum of 10% depending on the difficulty of each examination, or when more than 90% of the candidates have incorrectly answered any given question.
The decision of the Assessment Committee is final, and candidates do not have the right to review the examination. The candidate will not be informed of the percentage of correct or incorrect answers.
Duration of validity
The Banking and Professional Advice Certificate Program (own certificate) is valid for two years. To maintain the validity of the certificate, it will be necessary to reliably demonstrate that a minimum of 20 hours’ annual training has been received in topics and issues related to the content of the qualification.
System for updating knowledge
CUNEF regularly offers courses, conferences and seminars that allow all certificate holders to update their knowledge, and thus maintain the validity of this certificate. Similarly, CUNEF can also positively assess[2] the participation in or development of other non-regulated conceptual initiatives, but closely related to the final objective of the qualification, as training activities for updating knowledge. For example: preparation of doctoral dissertation, end of course projects for masters, end of course projects for graduates, participation in research projects, participation as speakers in national and international forums, etc.
EEach academic year, or on an annual basis, the Assessment Committee shall publish a list of the most relevant content for certificate holders to update their knowledge accordingly, as well as the minimum number of hours required to demonstrate said process for updating knowledge. This can be through participation in courses, seminars, programs, conferences, etc. organised by CUNEF or by other institutions.
Therefore, any individual holding the certificate must demonstrate that they have participated in some of the activities organised by CUNEF every two years. Likewise, certificate holders may request that CUNEF recognise (as hours necessary to retain the certificate) the participation in other activities provided that they are duly approved by an educational institution (national or international), professional association, company from the financial sector or other equivalent institution.
CUNEF’s academic office will maintain a record of all the recognised professionals, as well as an official record of the activities for updating the knowledge of its members, in which they will be able to record the training activities for updating the knowledge of the certificate holders requesting it. Furthermore, the register also allows the CNMV or other third parties request such information, to be informed of the situation of the knowledge updating process of the professionals holding the certificate.
[1] During the extraordinary examination, participants will be tested on the entirety of the course, or the part failed in either of the two examinations during the ordinary examination session.
[2] Through the recognition process of other training activities or equivalent, not organised by CUNEF, to maintain the Expert in Banking and Financial Products Certificate.
