Learning and development must never stop once the qualification is obtained and proved by successful examination. From the 2019, the BFAA is implementing mandatory Continuous Professional Development (CPD) for all employees of the Affiliated companies.

CPD is the Continuous Professional Development upon meeting initial competence requirements (e.g. passing benchmark qualifications). License Holders should maintain their knowledge and skills required to undertake their daily role by completing CPD, it should include technical knowledge and its application, skills and expertise and changes in the market and products, legislation and regulation in the area or their work. CPD is verifiable, where an individual obtains a verification that they have undertaken the CPD activity.

Starting from 2019 the BFAA produces and offers e-training and pdf format CPD courses. Depending on the license type the license holder can choose the courses he/she is more interested in.

Have an idea which course can be helpful for you? Please leave your suggestions about future CPDs here!

DATA PROTECTION LAW 

(refreshed part of BFAA workbook)

BFAA Syllabus: 2.3.3. Data protection law
Licenses: IIA, LIA, NLIA
CPD hours: 2
Author: workbook material refreshed by Virginija Poškaitienė
Published: October, 2021


Learning outcome:

  • Understand the key principles of personal data processing.

  • Distinguish between data processing for different purposes.

  • Explain to the client his rights as data subject and how the personal data will be processed.

  • Know about the applicable sanctions and powers of the enforcement authority in cases of violation of data protection rules.

2021`s ETHICS CASE.

BFAA Syllabus: 2. ETHICS & REGULATION
Licenses: IA, IIP, IIA, LIA, NLIA
CPD hours: 2
Author: Pavils Misins, Tomas Talutis
Published: October, 2021

Learning outcome: 

  • Strengthen ability to make sound decisions in ethical dilemma.

  • Know the importance of keeping bank internal information in dealings with clients.

  • Understand the six principles that help act professionally and in the best interest of clients.

INFLATION AND ITS IMPACT ON AN INVESTOR

(Inflation, Module 1)

BFAA Syllabus: 1.1. MACROECONOMIC ENVIRONMENT
Licenses: IA, IIP, IIA, LIA, NLIA
CPD hours: 0.75
Author: Martin Kress
Published: September, 2021

Learning outcome: 

  • Definition of inflation and what causes the inflation.

  • Impact on purchasing power, nominal vs real rate of return.

  • Impact on value of bonds, and business.

INFLATION AND FINANCIAL MARKETS

(Inflation, Module 2)


BFAA Syllabus: 1.1. Macroeconomic Environment
Licenses: IA, IIP, IIA
CPD hours: 0.5
Author: Martin Kress
Published: September, 2021

Learning outcome: 

  • Definition of expected and unexpected inflation.

  • The impact of inflation on real returns of assets classes during different inflationary periods.

BUSINESS CYCLE AND MAIN ECONOMIC INDICATORS (Business cycle, Module 1)

BFAA Syllabus: 1.1. MACROECONOMIC ENVIRONMENT
Licenses: IA, IIP, IIA, LIA, NLIA
CPD hours: 3
Author: Anton Skvortsov
Published: July, 2021

Learning outcome: 

  • Know about different measures of economic activity, the business cycle and main economic indicators.

  • Understand why business cycles happen.

  • Know how Central Banks and Governments can impact business cycles.

MAIN ASSET CLASSES AND THEIR VALUE AND RETURN DRIVERS

(Business cycle, Module 2)

BFAA Syllabus: 1.1. MACROECONOMIC ENVIRONMENT
Licenses: IA, IIP, IIA
CPD hours: 3.5
Author: Anton Skvortsov
Published: July, 2021 

Learning outcome: 

  • Know more about factors that determine value and expected return of major asset classes.

  • Understand behavior of asset classes during business cycle.

INSURANCE CLAIMS

BFAA Syllabus: 2.3.5. Claims Handling
Licenses: IIA, LIA, NLIA
CPD hours: 3
Author: Kaido Kepp 
Published: July, 2021

Learning outcome: 

  • Understand the main legal aspects that arise for the customer in claims handling.

  • Know how to explain the general claims processes from the consumer point of view for both life and non-life contracts.

BIOMETRIC RISKS IN INSURANCE

BFAA Syllabus: 1.3. INSURANCE MARKET
Licences: IIA, LIA, NLIA
CPD hours: 2.5
Author: Kadri Rumm
Published: November, 2020

Learning outcome:

  • Learn what biometric risks are.

  • Get to know more about biometric risk products.

  • Learn more about the four core risks – mortality, disability, morbidity and longevity.

  • Get to know more about underwriting, exclusions and premiums.

2020's ETHICS CASE. PRINCIPLES BEHIND INVESTMENT OR INSURANCE ADVICE

BFAA Syllabus: 2. ETHICS & REGULATION
Licences: IA, IIP, IIA, LIA, NLIA
CPD hours: 2.25
Author: adapted from Swedsec case by Irma Lazickienė, Karolina Kriščiukaitytė, Pavils Misins
Published: November, 2020

Learning outcome: 

  • Know why ethics is especially important for financial advisors.

  • Understand, how to differ between advice and mismatched sales.

  • Know, what are the requirements to match the product with client's needs.

  • Know, what are the investment recommendations.

INDEX FUNDS AND EXCHANGE TRADED FUNDS IN THEORY AND PRACTICE

BFAA Syllabus: 5.2. INVESTMENT FUNDS
Licences: IA, IIP, IIA, LIA
CPD hours: 3.5
Author: Marten Kress
Published: September, 2020

Learning outcome: 

  • Comprehend the specific terminology of index funds and ETFs.

  • Have a clear overview of how index fund and ETF work and are created.

  • Know where to look for information related to ETFs.

  • Know the main risks related to investing into index funds and ETFs.

  • Know how to use tools to compare index funds and ETFs with one another.

TAXATION OF AN INDIVIDUAL`S INVESTMENTS AND INSURANCE AGREEMENTS 

BFAA Syllabus: 2.2. RERUGALTION OF INVESTMENTS & 6.1.4 & 6.2.7 TAX LAW
Licences: IA, IIP, IIA, LIA, NLIA
CPD hours: 4.5
Author: Marija Černoštana, Violeta Tumkienė
Published: September, 2020

Learning outcome: 

  • Know the basics of taxation.

  • Understand taxation of dividends, interest income, capital gains.

  • Know about investment account.

  • Understand taxation of pension contributions and payments, and taxation of insurance agreements.

FX IMPLICATIONS

BFAA Syllabus: 1.2.1. FOREIGN EXCHANGE MARKETS
Licences: IA, IIP, IIA
CPD hours: 4
Author: Maris Rambaks
Published: October, 2019

Learning outcome: 

  • Know the history of the foreign exchange market.

  • Understand, how the FX market is organised.

  • Know the definitions, conventions and calculations used and the key market participants.

  • Understand an overview of basic exchange rate economics.

  • Know and understand different ways of how currencies can be exchanged or traded against each other.

  • Understand basic FX related risks in investment products and how to reduce risk.

PRINCIPLES OF PERSONAL FINANCE MANAGEMENT

BFAA Syllabus: 3.1. INVESTMEN ADVICE
Licences: IA, IIP, IIA, LIA
CPD hours: 3
Author: Janis Rozenfelds, Dr Tadas Gudaitis
Published: October, 2019

Learning outcome: 

  • Recall the process of financial planning and why financial planning is important.

  • Understand how to make a comprehensive budget and how to calculate a client‘s disposable income available for savings and investment.

  • Apply the concept of Time Value of Money, calculate the value of an investment, when a compound or simple interest is used, and understand the benefits of periodic investment.

  • Understand the characteristics of life-cycle investment strategies, know the differences between lifecycle funds and static allocation funds, and know how life-cycle investment can help in retirement planning.

  • Understand the cost of borrowing and what is the effect of interest rates in borrowing. Also, the licence holder should be able to recall what factors determine the need for borrowing, savings, and investment.

  • Understand how life insurance products are incorporated in financial planning.

PRINCIPLES OF ESTABLISHING THE INSURANCE PREMIUM

BFAA Syllabus: 1.4. Financial basics
Licenses: IA, IIA, LIA, NLIA
CPD hours: 3
Author: Kaido Kepp
Published: June, 2019

Learning outcome: 

  • Understand the principle of insurance through pooling of risks.

  • Explain the role of the insurer in managing the pool of insured risks and establishing equitable premium.

  • Explain different sources of data for calculating risk premium.

  • Explain components of insurance premium.

  • Understand the pricing process and the specific steps for pricing Personal Accident Insurance.