Cover sheet Country: Sector: Level: ROMANIA Bank EQF Level: 6 NQF Level: 6 Institution (private/state): AUREL VLAICU- UNIVERSITY OF ARAD Name of the study program: Duration (in years/months): FINANCE AND BANKING 3 YEARS Credits 190 CREDITS 1
1) State of play/ macro level (please provide a short résumé of the macro level grid (1/2 1 page), how could the situation in your country be summarized concerning qualifications at Level 5 &6, what is the national context, (what is considered to be HE, how could the learning culture be characterized, etc.) National Education System in Romania is organized on three cycles: Cycle 1 Bachelor Studies, Cycle 2 Master Studies, Cycle 3 PhD Studies (according to the Bologna system) Access to higher education is based on the baccalaureate certificate (12 years of study) and access to master programmes is based on the BA/BSc degree. PhD studies result in a doctoral research thesis, while successful candidates are awarded a PhD diploma. There is a normal continuity between the general cycle and a following specialized one, whose finality is the Bachelor Studies diploma. The Bachelor Studies diploma is offered by public and private universities, but the Chamber of Commerce and certain professional bodies offer training courses after graduating the 6 level, which are also officially recognized. (e.g. the Expert Accountants Body offer the expert accountant diploma, the Financial Auditors Chamber offers the financial auditor diploma). Within the Chamber of Commerce are organized training courses for the 6 level graduates and their costs are supported by the employees. There is an increasing percentage of the upper secondary students who continue their studies at level 6 and after then 7. The number of qualifications has also an increasing trend because the work force market needs specialized staff on narrow areas. There are not tensions among sectors, institutions and qualifications thanks to the existing accordance between qualifications and the work force market demand. At the Ministry of Education level there is certain debate regarding the NQF. There is a direct proportionally report among the qualifications, the responsibility level and the level of the offered salary. Following implementation of the Treaty of Bologna in Romanian Higher Education has developed a national strategy of education that colleges and post-secondary High Schools, corresponding to level 5 is not organized to make passage from secondary high school studies through the university studies (level 6). 2
2) Short presentation of the institution and the selected program (please provide a short summary about the institution and the background of the selected program you are presenting (origin and history of the selected program, accreditation and building process,etc, core elements of the organisational structure (e-learning, specific modules in the evening, weekend, assessment procedures, etc..) The establishing act of the Aurel Vlaicu University of Arad, the original name of "Institute of Higher Education" was based on Government Decision nr.567 / 18.05.1990 Order of the Minister of National Education no. 7751 / 1990 as set in the academic year 1990 / 1991, the institute include a university, Faculty of Engineering. By note of Government from 04.01.1991 and Minister of National Education no. 4894 / 22.03.1991 has approved the new name of the institution: Aurel Vlaicu University of Arad. Since the academic year 1993 / 1994, based on the Ministry of National Education no. 1346 / 17.09.1993, in the Faculty of Engineering was founded and economic profile of the two modules: Finance and banks with specialization: Finance and insurance; Financial administration, accounting and financial control, specialization: Financial control and accounting expertise. As a result of this expansion has changed the name of the faculty in the Faculty of Engineering and Economics, entitling that worked under until October 1999. According to Government Decision no. 866 / 28.10.1999 was reorganized Faculty of Engineering and Economics and were established two faculties: Faculty of Engineering; Faculty of Economics. Faculty of Economics had authorized the following specializations: Finance and Insurance, course, regular attendance, 4 years; Accounting and Informatics Management, course, regular attendance, 4 years and distance learning 5 years. Following the Government Decision no. 410 / 2002, "Aurel Vlaicu" University from Arad has the following accredited specializations at the Faculty of Economics: Finance and Banking; Accounting and Management Information Systems. Following accreditation of the two specializations, in academic year 2001-2002 was approved Economy Trade, Tourism and Services specialization and from the academic year 2003-2004, Management specialization. Faculty specializations, in the mentioned departments are: Accounting and Management Information Systems; Finance and Banking; Economy Trade, Tourism and Services; Management. Specializations of the Faculty of Economics, is the subject of this case study specialization Finance and Banking. Forms of educational specialization Finance and Banking are the regular attendance and distance learning, both organized under the Treaty of Bologna in a cycle of 3 years. Initial accreditation of the specialization occurred during 2001-2002, was followed by a new accreditation in 2007, included in a new accreditation of the entire university by the visit of ARACIS (Romanian Agency for Quality Assurance in Higher Education). The accreditation process is based on the initial preparation of a dossier prepared by the faculty and department board, in collaboration with teachers, file whose content is reviewed by ARACIS members in the visit to the concerned institution. Accreditation specialization conferred the possibility of master studies in Finance and Banking with the following specializations: Public Budget, Financial Markets and Banking, Taxation, Budget and Treasury and Financial Markets and Stock Exchange, and for the future is going to be developed the field to the doctoral studies. 3
Checking of knowledge acquired by students is made based on various ways such as written examination, elaboration of projects and essays, oral examination and lecture type online examination based on an e-learning platform used especially for distance learning. 3) Access regulations/ recognition of prior learning or prior experiential learning Please describe in full detail Who are the target groups for these programs (traditional students/adults) What access conditions exist (explaining regulations/procedures/agreements with other institutions, also for case by case practices, role of involved ministries, etc.) Standards for validation of prior/experiential learning Specialization Finance and Banking regards the following groups: High school graduates, College graduates and post-secondary High School (former system), graduates of other license specializations, both for regular attendance, and for the distance learning. Admission procedure is relatively uniform, with little differentiation from one institution to another. Ministry of Education, Research and Innovation do not impose uniform standards for admission to all institutions, intervening only partially in this process through the development of general rules. The Faculty of Economics of the "Aurel Vlaicu" University of Arad, for specialization Finance and Banking admission is based on a contest of folders in which the examination of media included in the baccalaureate degree has a share of 100%. Validation of competences of candidates admitted under that program of study prior to admission was based on the baccalaureate exam. There are also institutions of higher education in the procedure for admission to which the media of baccalaureate exam, take into account a certain percentage and written examination held for this purpose. There are for each specialization standards for validation of students perfomances on which based are given the grades. 4
4) Relationships with employers and institutions Please provide detailed information about contributions of companies in programs, equipment, finances participation of professionals in normal courses, together with academics university courses combined with periods in companies, apprenticeship The viewpoint of the employers regarding the described programs (e.g. how is the level of acceptance, attractiveness of the program/the graduates, preferences of certain levels, etc.) In Romania and, at the "Aurel Vlaicu" University of Arad, the relationships of finance companies is very weak and with sporadic nature, materialized through sponsorships or few scholarships. Financing is done far from own sources and from sources obtained from the state budget. Theoretical university courses are followed by periods of practice in the specialized credit institutions, financial or insurance. Banking companies, financial and insurance provides the working environment for the conduct of this training is completed the cooperation between these companies and institutions of higher education in question, implicitly "Aurel Vlaicu" University of Arad. In some situations, along with holders of disciplines, companies and experts from banking, financial and insurance participate in order to optimize the process of learning through a practical character. Expectations of employers have different levels, namely: Bachelor diploma (level 6) for job seeking higher education; Bachelor diploma (level 6) and Master diploma (level 7) for certain positions of leadership in banking companies, financial or insurance. 5
5) Current situation regarding learning outcomes (please describe to which extent and how the presented program is based upon the principals of learning outcomes, meaning the three descriptors of EQF (knowledge, skills and personal and professional competences) and/or how much the design of the program is representing the content based approach) Abilities, structured sets of knowledge and skills acquired through learning, allow the professional practice of a successful trade. Cycle graduates licensed Finance and banks will acquire the following skills: Knowledge Skills: Using economic - financial - banking language Using statistic mathematical instruments specific to the domain Processing management and financial-banking information Using specific methods and techniques for implementing Knowledge of economic concepts used in micro and macroeconomic Using concepts of law and business law knowledge Knowledge of information technology bases and using financial information systems and banking Business Communication in foreign languages (English, French, German) Knowledge, understanding and use of basic concepts of finance, economic statistics, the basic concepts of accounting analysis The ability to understand and develop financial plans (budgets) Functional - action skills: Execution skills generated by the mastery of methods and techniques specific to finance -banks domain Skills to analyze financial position, performance and changes in financial position of the entities Skills of using computer and information systems Skills of interpretation the rules of law Abilities of constructive critical analysis of transactions and events generating revenue flows and payments Recognition and evaluation skills of transactions and similar events Skills of analysis and interpretation of tax operations Specialized Skills: To understand and apply financial management decisions Use IT equipment in the specialized financial and banking work To define and describe the main types of transactions and events in the finance and banking domain To conduct the analysis and interpretation of economic phenomena and processes in a financial view and the possibilities of computerization process of knowledge To be able to determine, calculate and analyze information regarding entities taxes 6
To develop technical skills on Financial Banking work with computer and budgeting in the public and private domain Graduates of this specialization have the capacity to work in a large number of socioeconomic areas from firms to the national economy. Thus, they can work in banks, insurance companies of various sizes, ministries, government agencies, local public institutions, scientific research and education in a wide range of positions: an economist in the finance and banking, officials in public institutions, front-office operator, financial services agent; referent in the domain; management controller, account manager, operator of Treasury; insurance inspector and other possible occupations in the domain, teacher, researcher, professor etc. Also, by going through the licensing program, graduates will be able to operate in the business or the exercise of independent profession in the financial audit and evaluation (companies authorized to operate under the rules CECCAR - Body of Expert Accountants and Authorized Accountants of Romania, CAFR - Chamber of Financial Auditors Romania or ANEVAR - National Association of Assessors in Romania). 6) Links between the subsystems (vocational, general and higher education) Please describe Which kind of links and bridges exist between the different subsystems? Links and bridges existing with other qualifications for access to the programme and for continuity after completion of the programme Are these links and bridges negotiated? Are they only a form of recognition? Are these links and bridges included in a strategy or just happening? What are the obstacles (institutional, legal, pedagogical, cultural, and technical?) In Romania Secondary High Schools Education is organized into three fundamental branches: theoretical, technological and vocational. There is a connection between the Secondary High Schools Education and Higher Education studies. Regardless of branch covered in the school studies, graduates can follow any specialization in higher education, implicitly specialization Finance and Banking. These links between Secondary High School and university education are part of the national strategy for education. The graduates of all kinds/type of Secondary High Schools fall from specialization Finance and Banking without the subjects covered in this specialized field, do not face major obstacles because at the beging of the first year it presents general disciplines, and after specialized disciplines. 7
7) General reflexive section Please state What were the challenges in obtaining all necessary information for the case study? What are your prepositions and recommendations? What hasn t been said? In order to prepare this material was required synthesizing a very wide range of information such as: 1.Analysis of the situation of Higher Education in Romania (legislation, rules, procedures) and customizing it for specialization Finance and Banking of the "Aurel Vlaicu" University of Arad and other universities; 2.Study the rules and procedures regarding the organization of different banking companies, financial and insurance services in Romania and how to involve them in the system of higher education (the Finance and Banking); 3.The study of the methodology development establishing a National Qualifications Framework in Higher Education (ACPART) as a single instrument which establishes the recognition of qualifications and ensure national and international compatibility and comparability of qualifications acquired in the system of higher education. We have National Agency for Qualifications in Higher Education and Partnership with the Economic and Social Council (ACPART) working in the international direction of Descriptors which have been set at European level. 4.Studying the EQF (European Qualification Framework); 5.Study of specific legislation and professional bodies involved analyzing their relationship with higher education in Romania, with specialization implicitly Finance and Banking. Proposal: - Higher Education in Romania must be more linked with the National Qualifications Framework. Ministry of Education, Research and Innovation, National Agency for Qualifications in Higher Education and Partnership with the Economic and Social Council, National Agency for Employment, employers and unions work hardly into this project and we hope that will be harmonized more and more with EQF. The various fields and specializations has moved to establish common core definition of qualifications, as well as elements of general and specific skills. However, in view of the Ministry of Education, Research and Inovation, employability and mobility are extremely important. That means that they must offer students programs of study well-structured to increase employment opportunities after finishing their studies. Thank you! Drawn up: Prof. Univ. Dr. Lucian Cernuşca Revised: Prof. Univ. Dr. Dorin Herlo 8