Financier is a specialist in the sphere of finance who has high-quality theoretical and practical experience for implementing of legal, financial and managing activity. Profession of “financier” is regulated in Ukraine that is confirmed by legislation of Ukraine. UKRAINE SUPREME LEGAL COUNCIL is the national registration authority that regulates the procedures for access to the profession. At the moment, both registration in USLC and obtaining of financial education are required for several professions: financial analyst, financial consultant, financial controller, corporate governance professional, financial and economic security analyst, tax inspector, securities broker etc.
Financial education is a part of specialized education regulated by the country that provides preparation for financiers (Specialists for financial departments and services of leading enterprises in different spheres and branches, banks, insurance companies, financial market organizations etc).
System of financial education in Ukraine includes higher financial education, complete higher financial education, postgraduate financial education. Ukraine’s higher education system is based on Constitution of Ukraine, the Laws of Ukraine:
“On education”, “On higher education”, “On financial services and State regulation of financial service markets”, “On Banks and Banking”, on the Commercial Code of Ukraine, on international agreements of Ukraine. Obtaining of a higher university degree is realized basing on several levels, which are relevant to levels of National Qualifications Framework (NQF):
Graduation (obtaining higher financial education) means that person has successfully completed appropriate educational programme. It provides receiving of specific qualification level, degree: Junior Bachelor, Bachelor; Master; PhD; Doctor.
Junior Bachelor is an educational and professional degree that is gained at the initial level (short cycle); a higher education institution can award the academic degree if a person has completed educational and professional programme successfully; this educational and professional programme includes 120-150 ECTS credits.
Bachelor of Law is an educational degree that is acquired at the first level of higher l education and is award by a higher education institution to a degree-seek student after successful completion of the educational and professional programme the scope of which is 180-240 ECTS credits.
Master is an educational degree that is acquired at the second level of higher education and is awarded by a higher education institution to a degree-seeking student after successful completion of the relevant educational program. The Master’s degree is acquired according to educational and professional or educational-and-scientific programmes. The scope of educational and professional Master’s training programme makes 90-120 ECTS credits, whereas the scope of educational and scientific programme makes up 120 ECTS credits.
PhD is an educational and at the same time the first academic degree which is acquired at the third level of higher education based on the Master’s degree. Ph.D. degree is awarded by a specialized Academic Board of a higher education institution or research institution as a result of the successful completion by a degree-seeking student of the relevant educational-and-scientific programme and public defense of the thesis at the specialized Academic Board.
A person has the right to acquire Ph.D. while studying at the graduate training (postgraduate training). The scope of the educational component of the educational and scientific training programme for Ph.D. is 30-60 ECTS credits.
Doctor is the second degree which is acquired by a person on a scientific level of higher education based on the degree of Doctor of Philosophy and provides the acquisition of the highest competences in the area of development and implementation of the research methodology, carrying-out original research. Ph.D. is awarded by the specialized Academic Board of the Higher Education Institution or academic institution based on the results of public defense of scientific achievements in the form of a thesis or published monograph.
The document on higher education (academic degree) is issued to a person who successfully completed the appropriate educational (academic) programme and has been certified. An integral part of the diploma of Bachelor, Master and Ph.D. is the annex to the diploma according to the European model containing structured information about completed training.
Financial education quality assurance (LECA) consists of:
For detailed information about national system of higher education, please, visit website of Ministry of Education and Science of Ukraine.
Verkhovna Rada of Ukraine, the Cabinet of Ministers of Ukraine represented by the relevant ministries, namely the Ministry of Education and Science of Ukraine, the Ministry of Finance of Ukraine, the national registration authority represented by Ukrainian Supreme Legal Council, unions and independent self-governing organizations are working to ensure the proper functioning of a financier as a profession. In addition, the financial profession is regulated by specialized laws, the regulatory bodies which are Federation of Auditors, Accountants and Financiers of AIC of Ukraine, Financial Institutions Association of Ukraine and regional integrations etc.
USLC functions as a national registration body that carries out activities aimed at registering financiers in Ukraine.
Registration in the USLC is a procedure according to which a person, who has successfully completed an educational program and mastered the key criteria for the profession, has the right to apply to the registration authority for official registration of their professional status in Ukraine.
USLC, as a registration body, conducts a relevant inspection of the documents submitted by a person for their compliance with applicable law and establishes a fact that has legal significance, namely, provides REGISTRATION OF PROFESSIONAL STATUS.
Starting with 2016, there was no single registration body in Ukraine that would have provided a proper service in terms of confirmation of professional competence in the relevant professional field, completion of a proper legal registration of relevant rights and reflecting the disciplinary status of the person against whom a decision should be made.
Functions’ execution of the registration body is provided by formation of the unified structured base (Register) on a professional direction for the purpose of establishment of a universal confirmation way of the declared information during employment, studying, internship, etc.
The data of the register reflects information about the candidate, obtained qualification, registered right to execute professional activity in Ukraine, form of activity, as well as other important information. The path of a person who has expressed a desire to become a financier is quite difficult and consists of a number of STEPS. Let’s consider it in details.
The first step
Graduation. A complete secondary education may be acquired in general and specialized secondary schools, boarding schools, lyceums, gymnasiums, colleges, and other institutions of general secondary education of the ІІІ grade. A complete secondary education may also be obtained in a vocational educational institution, or institution of higher learning of the I-II accreditation levels. Graduates who have high academic results are awarded the gold medal “For High Academic Achievements” or the silver medal “For Academic Achievements” and receive а certificate of complete general secondary education with distinction. This certificate comes with a supplement specifying the scores earned for educational achievements. Graduates of the 11th grade who fail the examination in at least one subject receive school report cards in which the mark of “failed” is placed against each such subject. Secondary school graduates are required to pass the independent external knowledge assessment test in the subjects required for the enrollment in a chosen institution of higher learning. This higher educational institution may change the list of such subjects following its enrollment requirements.
Registration and independent external knowledge assessment test. Provision of external evaluation carried out by the Ukrainian Center for Educational Quality Assessment in partnership with local education authorities, Regional Institute of Postgraduate Education, educational institutions. Person who has a certificate of complete secondary education or will have got it by the end of a year has a right to take independent external knowledge assessment test. To be successfully registered for an external independent evaluation, you must create and issue a registration card, create a set of registration documents and submit it to the person responsible for registration in the educational institution (for school leavers, students of vocational schools and colleges who are graduating this year) or send it to the relevant regional center for the evaluation of the quality of education (for graduates of previous years). The set of registration documents must contain:
The registration card must be generated using a special service ” to be Registered”. To enter the law faculties of higher educational institutions, it is necessary to pass an external examination in such subjects as Ukrainian language and literature, English language, history of Ukraine. For more information on conducting an external independent evaluation, see the link.
Getting results. The result of the external examination is showed in the standard-issue certificate, which provides information about the completed subjects and points obtained. External evaluation results are credited as admission tests to a higher education institution. The average score of the certificate of Secondary Education is also taken into account during the competition to the university.
The second step
Principles of admission process. The admission campaign in Ukraine starts every year in June with an external independent evaluation of school leavers. Admission process is based on available rating points, which are defined as the sum of points obtained by tests of external independent assessment, the average score of the certificate and additional points for outstanding academic achievements (winners of All-Ukrainian Olympiads, competitions of the Small Academy of Sciences, international competitions, etc.). Ukrainian entrants have the right to apply for admission to higher education institutions in paper or electronic form. Documents’ acceptance from applicants usually lasts during July.
Collecting and submitting documents. After the person has decided on the educational institution, it is necessary to submit a package of documents for obtaining the appropriate education and qualification level, namely:
Enrollment. Enrollment of entrants for studying at the state budget’s expense and at the personal’s expense takes place in the first half of August. The conditions of admission to higher education institutions approved by the Ministry of Education and Science can be viewed at the following link.
The third step
Studying and internship. While studying at a higher education institution, a person may have an internship in private or public organizations.
The fourth step
Obtaining a diploma. A person who has successfully completed the relevant educational program and passed the certification is issued a document on higher legal education at the appropriate level. An integral part of the bachelor’s and master’s degree is the appendix to the European diploma, which contains structured information about the completed studies.
Registration in USLC. The person fills in standard-issue registration application and the questionnaire. After that, USLC provides a list of documents that should be scanned. The application is processed by specialists within 10 working days, as a result the conformity and authenticity of the submitted documents are provided by the Department of Registers, which provides assistance in order to include the person to the relevant Register in the appropriate professional field.
Inclusion in the register and creation of an office. Confirmation of registration of a Financier is Registration Authority Certificate. The next step is to include a person in the Register and to create an electronic account of a professional, with the keys for access. The result of the inclusion of a financier to the register is Certificate of Registration Professional Status.
The fifth step
In-service training. Financial courses and in-service training contribute to the development of professional skills in the field of Finance for future financial analyst, financial consultant, financial controller, corporate governance professional, financial and economic security analyst, tax inspector, securities broker and many others. At the courses for financiers you can get a diploma, certificate of in-service training.
The sixth step. An access to specialized occupation.
HOW TO GET THE STATUS OF A FINANCIER ABROAD?
List of documents to be submitted to the verification body:
In order to carry out a comprehensive examination and to establish the equivalence of educational programs, verification body makes a request to Image Center to determine the fact of studying, university status and accreditation, average score, comparison of educational programs etc.
Other requirements may include: an examination of knowledge of the the country’s legislation, the availability of practical experience for a specified period, a certain number of working hours, the presence of a license to operate in the country of origin of the candidate, and so on.
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