Certified Financial Modeler General Terms and Conditions

General Terms and Conditions of the Certified Financial Modeler

1. Subject matter of the contract  

The present General Terms and Conditions for services by the German Institute of Corporate Finance (hereafter GICF) regulate the services provided within the context of the program “Certified Financial Modeler”.  

The program is offered by the GICF which is responsible for its scientific management.  

Contracting parties are the GICF and the participants admitted to the exam. 

2. Registration, effectiveness of this contract   

The participant can register for the program by completing and then sending the registration form by post, fax or e-mail. The contract becomes effective when the participant receives a confirmation of the registration by the GICF.

3. Services

(1) The course participant receives the following services from GICF:

  • The textbook “Financial Modeling” as an e-book

  • The models to accompany the textbook “Financial Modeling”

  • The Certified Financial Modeler Toolbox

  • Participation in the first exam for each module

(2) The title “Certified Financial Modeler” is conferred by the GICF upon successful completion of the three exams (Module 1, Module 2, and Module 3). The GICF also awards the corresponding certificate.

(3) The title “Certified Financial Modeler“ is awarded by the German Institute of Corporate Finance and modifications to its use may not be made by the holder of the title. In case of infringement, third parties (e.g. other education providers) may file claims against you. GICF reserves the right to modify the title “Certified Financial Modeler” at any time and to grant a different title upon passing the corresponding examination in the future. The participant who has already been granted the title “Certified Financial Modeler,” shall, in turn, have the right to use the old title or the new title. Further claims against GICF are hereby excluded.

(4) Should a participant fail to pass the exam for Module 1 or Module 2, the participant can repeat the exam twice. Details are covered in the examination regulations. For the registration for a repeat exam, No. 4 (3) of the General Terms and Conditions applies accordingly.

4. Costs

(1) Course costs

The course cost for the Certified Financial Modeler is 3,995 EUR plus applicable VAT, currently 19%, thus the current total is 4,754.05 EUR. In this complete package, the course fees for the Modules 1-3, the examination fees for modules 1-3, the course book as ebook as well as the issuance of a university certificate and certificate supplement to obtain ECTS are included.

(2) Modules can also be booked individually

The modules 1-3 can also be booked individually. The cost of Module 1, Module 2 as well as Module 3 is 1,595 EUR per module plus applicable VAT, currently 19%, for a current total of 1,898.05 EUR. While Module 1 and Module 2 can be booked independently, Module 3 can only be booked if the exam for Module 1 and Module 2 has been completed successfully.

(3) Repeat examinations

For a repeat examination for Module 1, Module 2 respectively Module 3 due to the failure to pass the exam, the GICF charges an examination fee of 295 EUR plus applicable VAT, currently 19%, for a current total of 351.05 EUR per module.

(4) Issuing a university certificate

The university certificate and certificate supplement are linked to obtaining ECTS. Issuing a university certificate (certificate and certificate supplement) by HfWU is included in the total package.

(5) Students (total offer)

Students (please include a copy of a valid student ID with your registration) get a discount. The course costs for students are 1,495.00 EUR plus applicable VAT, currently 19%, for a current total of 1,779.05 EUR. In this complete package, the course fees for the Modules 1-3, the examination fees for modules 1-3, the course book as ebook as well as the issuance of a university certificate and certificate supplement to obtain ECTS are included.

(6) Students (instalment)

Students can also book and pay for the modules individually. The costs for module 1, module 2 and module 3 are EUR 550.00 per module plus the applicable VAT, currently 19%, thus a total of EUR 654.50.

5. Terms of payment, default, cancelations  

(1) The GICF will send the client the invoice for the exam fees with the registration confirmation. Invoices issued by the GICF are payable upon receipt without deductions and within two weeks after the due date. 

(2) Only participants who have paid the exam fees will be admitted to the exam. 

(3) In case of late payment of the exam fees, the GICF is entitled to cancel the contract. 

(4) Not reaching the program’s aim (for example failure to pass the exams) does not entitle the participant to a reduction of the fees. Not receiving expected subsidies by third parties does not constitute a reason for a justified refusal of payment by the participant either.  

(5) In case of default, the GICF is entitled to charge interest on arrears pursuant to the German law on acceleration of due payments. Further claims for damages remain unaffected. 

(6) The participant may only offset against the GICF's claims if the counterclaim of the client is not disputed or a final verdict is presented.

6. Cancellation, modifications and postponement of events

(1) The GICF reserves the right to cancel events due to reasons beyond its control. If the participant has already paid the participation fee to the GICF, he is reimbursed the paid amount. Further claims by the participant are excluded; in particular, the participant does not have the right to insist that the exam will be held. 

(2) GICF will immediately inform the participant if the time and location of the exam is changed.

7.  Right of withdrawal/revocation

(1) If the participant is a consumer and not a businessman, they have the right of withdrawal pursuant to section 312b German civil code (BGB) and section 312d BGB in conjunction with section 355 BGB. The contract may be revoked in writing (e.g. by letter, fax, email) within 14 days without giving grounds. The period starts with the receipt of this information in writing, but not before the conclusion of the contract and not before the fulfillment of the information obligation pursuant to art. 246(2) in conjunction with section 1(1) and (3) EGBGB. In order to respect the withdrawal period, the timely sending of the revocation is sufficient. The revocation must be sent to:   

Deutsches Institut für Corporate Finance (DICF) GmbH & Co. KG
Neckarsteige 6-10
D-72622 Nürtingen


The obligation of service by the GICF only starts after the end of the withdrawal period. The right of withdrawal expires early if the GICF has started to provide the services with the participant’s explicit approval or the participant has arranged them in person. 

8. Copyright, rights of use   

(1) The GICF reserves all rights, including the rights to translate, reprint or duplicate the documents – also in electronic form (e.g. in PDF format) – and the rights for learning programs or parts of them. No part of the documents may be duplicated, used, modified, disseminated or presented in any other public reproduction, entirely or partly, without the GICF’s written authorization.  

9. Liability

(1) GICF is liable exclusively in the case of intent or gross negligence. Liability for simple negligence is only possible where a material obligation has been breached and where the breach jeopardizes the achievement of the purpose of the contract or on account of personal injury to life, body or health. In this case, GICF shall only be liable vis-à-vis participants for any typical or foreseeable damage or loss and to the level of the amount of the registration fee.

(2) The GICF is not liable for the loss, damage or disappearance of the participant’s property during the conduct of the program, unless it is due to the GICF’s deliberate or grossly negligent behavior.  Furthermore, GICF is not liable for personal injury or property damage in connection with travel to and from the event and at the event venue.

(3) GICF is not liable for damages due to force majeure, insurgencies, war and natural disasters as well as other events (e.g., strikes, lock-outs, traffic incidents, orders by domestic or foreign government offices) or as a consequence of technical disruptions not caused by GICF, for example of the IT system. Force majeure also includes computer viruses and intentional attacks on the IT systems by hackers, provided adequate protection measures were taken. 

(4) With the conclusion of the contract you fully discharge GICF from liability, claims or damages, which could possibly be asserted against GICF as a consequence of your registration.

(5) You agree that you are using the services of GICF at your own risk. GICF does not guarantee that the services can be used without interruption and/or errors. GICF negates all other warranties. These include, inter alia, the warranty of applicability for a specific purpose, the warranties of merchantability and the warranty of the non-infringement of the rights of third parties. GICF does not guarantee the accuracy or completeness of information on the GICF and the Certified Financial Modeler websites or of information made available in connection with GICF websites and/or the Certified Financial Modeler websites. GICF shall not be liable for the errors or omissions and/or results in connection with the usage of this information. The contents of the Certified Financial Modeler is not to be construed as recommendation for action concerning the purchase of specific financial instruments or securities, the partial or complete acquisition of corporations that were analyzed in the context of the program, and the implementation of investment decisions of any kind. GICF cannot be held liable for actions derived from the program.

(6) The extent of the exclusion or limitation of liability of GICF also applies to its employees, representatives, and agents.

10. Data protection  

(1) Pursuant to the German Federal Data Protection Act, the participant is hereby informed that the GICF will store their complete address and other details relevant for the contract in a machine-readable format and automatically process them for tasks resulting from the contract. The GICF guarantees the confidential use of these data.  

(2) The GICF commits to treat the personal data given by the participant confidentially and not to make it accessible to third parties. This does not include the data that must be forwarded by the GICF to the German Stock Exchange in order to complete the registration process for the Certified Financial Modeler exam (see: examination regulations, section 3, paragraph (1) point c)). By means of appropriate measures (section 9 of the Federal Data Protection Act (BDSG)) and the commitment of the employees, the GICF ensures that this confidentiality remains intact during the use of the services provided by the GICF and after their termination.  

11. Applicable law and jurisdiction  

(1) This contract is subject to the law of the Federal Republic of Germany. 

(2) The jurisdiction for all disputes resulting from the privity of contract is Frankfurt/Main.

12. Agreements in writing and continuation of the contract  

(1) The parties engage to make modifications or amendments to the contractual conditions exclusively in writing. This also applies to the requirement in writing according to this No. 12 of the General Terms and Conditions.  

(2) In case of invalidity of individual parts of the contract, the continuation of the contract is not affected.   

13. Disclaimer

(1)   The "tools" of the Center for Financial Modeling (CfFM) were created by the two directors of the German Institute of Corporate Finance (GICF), Professor Dr. Dr. Dietmar Ernst and Professor Dr. Dr. Joachim Häcker. The German Institute of Corporate Finance is an institution belonging to Nürtingen University. The title "Certified Financial Modeler" is conferred by the GICF in cooperation with Deutsche Börse. 

(2) Pursuant to art. 1 of the German Intellectual Property and Related Protection Rights Act (Intellectual Property Act, UrhG)), the authors of scientific works benefit from protection for their works. 
Pursuant to section 2(2) UrhG, a work is given provided it is a personal and intellectual creation. For software, such as the present Excel files, section 69a UrhG applies. Thus, the Copyright Act applies to software. Any computer program that is statistically unique is protected. These requirements apply to the tools of the CfFM. Thus, the tools are protected by the German Intellectual Property Act. 

(3) You receive your access to the tools with your registration for the Certified Financial Modeler. The tools are for you and your personal use only. Should you pass on the tools to third parties, use parts or the entire tool without prior authorization without signaling such a use and without referring to the author GICF, you are in breach of applicable copyright law and liable to prosecution. You then must expect claims derived from the registered trademarks stated under point 1, and prosecution. 

(4)   The unauthorized use of the works protected under the Copyright Act can be punished with three years of imprisonment pursuant to section 106 UrhG. Pursuant to section 108b UrhG, unauthorized interventions in technical protection measures and information required for exercising these rights can be punished with one year of imprisonment. The "removal of the copy protection" applicable in the case of the Certified Financial Modeler Moodle Tool and the Certified Financial Modeler Toolbox is subject to this point. The sentencing can be increased to three years (for unauthorized interventions into technical safety measures) and five years (for unauthorized commercial use) in case of commercial perpetration. 

As of August 2018