Why these VU programs?

You have chosen for an education program that will prepare you for the exam that certifies you as MiFID Compliant. In the most recent MiFID regulation, some requirements have been formulated for the knowledge and professional skills of people in your organisation who work with clients. There are two levels: people who inform and people who advise clients. Ultimately, your organisation should decide if you belong to one of these two groups. It is important to note that there are three distinct groups: advisor, informant, and certificate holders CFA III and VBA.

Please be aware that Vrije Universiteit will stop offering the programs 'Advice Institutional', 'Inform Institutional' or 'Deficiency Institutional'. You can continue to enroll in one of the programs until 1 November 2020. You will get access to the teaching materials and will be able to take the exam until 1 February 2021.

Three programs are offered:

1. VU Deficiency Institutional program. Participants with a CFA III or VBA diploma (RBA): they can follow a deficiency program in order to meet the ESMA requirements. This deficiency program consists of parts of the complete Competency program (knowledge and skills) and includes a DSI accredited exam.

2. VU Advice Institutional program. This includes the components 'knowledge' and 'skills' and includes a DSI accredited exam.

3. VU Inform Institutional program. This includes the components 'knowledge' and 'skills' and includes a DSI accredited exam.

All programs are developed to cover the topics that are included in the DSI/ESMA terms, which you can find on the website of DSI. Each program is entirely in English. The course is fully digital, there are no classroom lessons. After enrollment you find on the website videos, literature and exercise questions arranged along themes (see 'Broad content'). 

Broad content

As a guide for this course, we use a fairly standard (institutional) client investment process. We distinguish between a planning, execution and feedback cycle. Essential parts of the planning cycle are Clients and Client Profile and Asset Allocation. In the execution cycle, we look primarily at the different asset classes and see how securities are selected and valued, put into a portfolio, and traded. Finally, in the feedback cycle, we look at reporting, performance evaluation, and risk management.To understand the clients investment process, you need some basic knowledge of the following issues: quantitative concepts, such as performance indicators; laws and regulation; basic economics and financial markets and investment vehicles.

In total, including the elements of the investment process, we have nine themes. These themes are shown in the table below. The informant has the same courses as the advisor, but within the courses there are differences. For the CFA III and VBA certificate holders there a less courses to study, see the right hand of the next table[1].

Study load

Study load per module depends on the size of the program and prior knowledge of the participant. Based on limited or no prior knowledge, the study load for the 'Advising Institutional' program is approximately 80 hours, for the 'Informing Institutional' program approximately 60 hours and for the Deficiency Program about 10 hours.



The costs for following the program (including online preparation material and the one-time examination) are as follows:

The ‘VBA/CFA deficiency’ program costs € 395.00 (not subject to VAT)
The 'Informing Institutional’ program costs € 579.00 (not subject to VAT)
The program 'Advising Institutional’ program costs € 579.00 (not subject to VAT)

A re-exam costs € 100.00 (not subject to VAT).

If a participant wishes to view his or her completed exam, then this can be done at the VU in Amsterdam after making an appointment. An appointment has to be made via: mifid@vu.nl. The costs are € 100.00 (not subject to VAT). The board has decided not to charge the costs for viewing the exam (EUR 100 per exam view) into the initial cost price for participation in the training program and exam. This is because we are of the opinion that participants who do not wish to make use of a view therefore do not have to bear these costs. Furthermore, we would like to mention that the costs are only calculated to cover the actual costs.


(re) Exam

After registration and payment, a participant will receive an online voucher to take part in the exam in one of Lamark locations (see www.lamark.com). The participant can book an available seat at a date, time and location which suits him or her. Immediately after finishing the exam, a preliminary result wil be provided. If the exam is passed, the participant will receive a digital certificate, which he or she can download from the online learning environment. If a re-exam must be taken, an online payment must be made before access to the re-exam is granted. After payment, the participant can again book an exam with Lamark.

The (re) exam can be taken in both Dutch and English.

The exam for the VBA/CFA Deficiency Program consists of 12 'knowledge'+ 3 'skill' questions. The exam for the program 'Advising Institutional' consists of 48 knowledge questions and 8 skill questions on skills. The exam for the 'Informing Institutional' program consists of 32 knowledge questions and 8 skills questions.