TRAINING CURRICULUM
INVESTMENT FUNDS
FONDS
D’INVESTISSEMENT
PROFESSIONAL QUALIFICATION IN
INVESTMENT FUNDS
Luxembourg is recognized as a centre of excellence for the domiciliation and the administration of
investment funds. The ever growing industry and the development of highly sophisticated products
which are administrated in Luxembourg require a continuous sharpening of the technical know-how.
These competences may be acquired through specific training pathways which are flexibly adapting
to the changes in the fund industry. The courses are taught by business experts and organised by the
House of Training in partnership with ALFI.
HOUSE OF TRAINING ALFI
Formally established in 2015, the House of The Association of the Luxembourg Fund
Training brings together, under a single roof, Industry (ALFI) is a non-profit making
the training institutes of both the Chamber association that is the representative body of
of Commerce and the Luxembourg Bankers’ the Luxembourg investment fund community.
Association (ABBL), who are renowned for Created in 1988, ALFI is a member of
their expertise and their vast offerings in European Fund and Asset Management
the field of continued vocational training in Association (EFAMA) and International
Luxembourg. Investment Fund Association (IIFA) and has as
its mission to “lead industry efforts to make
www.houseoftraining.lu
Luxembourg the most attractive international
centre for investment funds”. ALFI has as its
objective to help its members capitalise on
industry trends, shape regulation, encourage
professionalism, integrity and quality and to
promote the Luxembourg investment fund
industry.
www.alfi.lu
Training overview
The training offer proposes 6 certifying paths, each one composed of several training courses.
The duration of a course (or “module”) varies between 4 hours and 3 days. Each module focuses on
specific learning objectives as well as on a precise level of understanding.
To obtain a certification a candidate has to pass all the examinations of the certificate
UCIs Fundamentals Certificate as well as of the chosen certified path.
Candidates who wish to obtain a global certification in addition to a particular career certification can
select a number of courses out of the Senior Fund Specialist offer.
Courses in detail
01 Certified Path FI018PC
UCIs FUNDAMENTALS CERTIFICATE
Prerequisites: None
The Fundamentals Certificate is a prerequisite for all of the certifications in this House of Training /
ALFI training offer and provides a fundamental knowledge of the legal, regulatory and ethical context
of the investment fund industry in Luxembourg as well as the fundamentals of the classic underlying
financial instruments and the standard operational flows.
People wishing to obtain this certification, who are able to provide a recognized examination
certificate proving that they have the required knowledge in the financial products subjects, may
request possible exemptions.
Target Audience
This certified path targets a broad audience, i.e. anyone wishing to acquire a fundamental knowledge in
the investment fund industry in Luxembourg.
Contents
This certified path is composed of a number of training courses which are offered in French and/ or in
English.
Details of each course can be found on our website.
MODULE IN FRENCH MODULE IN ENGLISH DURATION PRICE
Place financière - Not available 8 hours 195 €
Acteurs, activités et atouts in English
Lutte contre le blanchiment Anti Money Laundering 8 hours 195 €
d’argent (AML) et KYC pour (AML) and KYC in Banking -
banques - Fundamentals and Case Studies
Fondamentaux et cas pratiques
Marchés des capitaux - Capital Markets- 8 hours 195 €
Fondamentaux Fundamentals
Marché des changes (Forex) Not available 8 hours 195 €
in English
Taux d’intérêt Not available 8 hours 195 €
in English
Obligations - Fondamentaux Bonds - Fundamentals 8 hours 195 €
Actions - Fondamentaux Shares - Fundamentals 8 hours 195 €
OPC - Fondamentaux des acteurs UCIs : Actors & Legal 8 hours 195 €
et du cadre légal luxembourgeois Environment in Luxemburg
OPC luxembourgeois - UCIs - Actors and Legal 8 hours 195 €
Fondamentaux des flux Environment in Luxembourg -
opérationnels Fundamentals
02 Certified Path FI019PC
UCIs FUND ACCOUNTANT (JUNIOR)
Prerequisites: UCIs Fundamentals Certificate
Setting up an investment fund: The fund accountant books all the transactions and the operations
having an impact on the assets of a fund. His / her role also includes the valuation of funds in order to
determine their net asset value and to prepare financial statements.
People wishing to obtain this certification, who are able to provide a recognized examination
certificate proving that they have the required knowledge in any of the financial products subjects,
may request possible exemptions.
The UCIs Fund Accountant career path is split into two certificates “Junior” and “Senior”.
Target Audience
This certified path targets fund industry professionals wishing to develop their career as a fund
accountant.
Contents
This certified path is composed of a number of training courses which are offered in French and/ or in
English. Details of each course can to be found on our website.
MODULE IN FRENCH MODULE IN ENGLISH DURATION PRICE
Futures Not available 8 hours 195 €
in English
IRS et swaps financiers Not available 8 hours 195 €
in English
Options et warrants Not available 8 hours 195 €
in English
Produits structurés - Not available 8 hours 195 €
Fondamentaux in English
Comptabilité OPC - UCIs Fund Accounting - 8 hours 195 €
Fondamentaux Fundamentals
Comptabilité OPC – UCIs Fund Accounting - 12 hours 295 €
Valorisation des investissements Investment Valuation
Comptabilité OPC - Opérations UCIs Fund Accounting - 12 hours 385 €
classiques en pratique Standard Transactions
Comptabilité OPC - Opérations UCIs Fund Accounting - 8 hours 255 €
complexes en pratique Advanced
Examinations are available for each of the individual modules above. The pass mark is 50% and they are all multiple
choice exams.
Any candidate who has successfully passed all examinations for a certification may request the delivery of a formal
certificate using the appropriate request form, available on our website.
03 Certified Path FI020PC
UCIs FUND ACCOUNTANT (SENIOR)
Prerequisites: UCIs Fundamentals Certificate and Fund Accountant (Junior)
Target Audience
This certified path targets fund industry professionals who have already obtained the UCIs Fund
Accountant (Junior) and / or wish to develop their career further as a fund accountant.
Contents
This certified path is composed of a number of training courses which are offered in part in French and/
or in English. Details of each course can to be found on our website.
MODULE IN FRENCH MODULE IN ENGLISH DURATION PRICE
N’existe pas European Fund Taxation and 8 hours 195 €
en français Reporting
Net Asset Value (NAV) Errors Net Asset Value (NAV) Errors 8 hours 255 €
and Breaches - Circulaire and Breaches - Circular 02/77
02/77
Comptabilité OPC - Contrôler Not available 12 hours 385 €
une valeur nette d’inventaire in English
(VNI)
Comptabilité OPC - Maîtriser Not available 8 hours 320 €
le calcul et le contrôle in English
des commissions de
performance
N’existe pas IFRS Principles applied 8 hours 195 €
en français to UCIs
Examinations are available for each of the individual modules above (except for the optional module). The pass mark
is 50%.
Any candidate who has successfully passed all examinations for a certification may request the delivery of a formal
certificate using the appropriate request form, available on our website.
04 Certified Path FI021PC
TRANSFER AGENT
Prerequisites: UCIs Fundamentals Certificate
Setting up an investment fund: The transfer agent is the intermediary between investors,
distributors and the investment fund. Transfer agency professionals handle subscriptions,
redemptions, switches and manage cash. They manage investor documentation whilst performing
the necessary controls required within the regulatory framework of anti money laundering and watch
over fund events related to the funds’ portfolios.
Target Audience
This certified path targets fund industry professionals wishing to develop their career within a transfer
agency.
Contents
This certified path is composed of a number of training courses which are offered in French and/ or in
English. Details of each course are to be found on our website.
MODULE IN FRENCH MODULE IN ENGLISH DURATION PRICE
N’existe pas Anti Money Laundering 8 hours 195 €
en français (AML) for Funds -
Implementation
Registrar and Transfer Agency (FR) Registrar and Transfer 8 hours 195 €
Agency (EN)
Examinations are available for each of the individual modules above. The pass mark is 50% and they are all multiple
choice exams.
Any candidate who has successfully passed all examinations for a certification may request the delivery of a formal
certificate using the appropriate request form, available on our website.
05 Certified Path FI022PC
DEPOSITARY BANK AGENT
Prerequisites: UCIs Fundamentals Certificate
Setting up an investment fund: Custodian and depositary bank professionals are tasked with the
monitoring of investments and ensuring the availability of the assets of the funds. They ensure that
investments are made in conformity with the policies and restrictions of the funds and manage the
corporate actions of the shares that the funds are invested in.
People wishing to obtain this certification, who are able to provide a recognized examination
certificate proving that they have the required knowledge in any of the financial products subjects,
may request possible exemptions.
Target Audience
This certified path targets fund industry professionals wishing to develop their career within a
depositary or custodian bank.
Contents
This certified path is composed of a number of training courses which are offered in French and/ or in
English. Details of each course are to be found on our website.
MODULE IN FRENCH MODULE IN ENGLISH DURATION PRICE
N’existe pas UCITS/non-UCITS Management 8 hours 195 €
en français Companies and AIFMs
Politique et restrictions Investment Policies and 8 hours 195 €
d’investissement des UCITS - Restrictions in UCITS-
Fondamentaux Fundamentals
Depositary Bank Agent - Role, Depositary Bank - Role, 8 hours 195 €
Responsabilities and Key Responsibilities and Key Functions
Functions - Fondamentaux - Fundamentals
Futures Not available 8 hours 195 €
in English
IRS et swaps financiers Not available 8 hours 195 €
in English
Options et warrants Not available 8 hours 195 €
in English
Produits structurés - Not available 8 hours 195 €
Fondamentaux in English
N’existe pas Depositary Bank cus- Role and 8 hours 255 €
en français Responsibilities in Practice
Back-Office - Opérations Back-Office - Custody Operations 16 hours 385 €
Custody
Back-Office - Règlement et Not available 8 hours 255 €
livraison titres in English
Back-Office - Opérations sur Not available 16 hours 635 €
titres (OST) in English
06 Certified Path FI023PC
FUND LAWYER
Prerequisites: UCIs Fundamentals Certificate
Fund lawyers define the legal form of the fund, create its component documents and prepare files
for other service providers and the authorities. They follow the evolution of legislation relative to
investment funds.
Target Audience
This certified path targets lawyers and fund industry professionals wishing to develop their career as a
fund lawyer.
Contents
This certified path is composed of a number of training courses which are offered in French and/ or in
English. Details of each course are to be found on our website.
MODULE IN FRENCH MODULE IN ENGLISH DURATION PRICE
N’existe pas International Fund 8 hours 195 €
en français Registrations
Fiscalité des OPC luxembourgeois Not available 4 hours 100 €
in English
Constitution et vie sociale des OPC UCIs - Incorporation and 8 hours 195 €
luxembourgeois Legal Life
Politiques et restrictions Investment Policies and 8 hours 195 €
d’investissement des OPCVM - Restrictions in UCITS -
Fondamentaux Fundamentals
Produits dérivés pour juristes Not available 8 hours 195 €
OPC in English
N’existe pas UCITS/non-UCITS 8 hours 195 €
en français Management Companies and
AIFMs
Admettre Not available 4 hours 130 €
un OPC à la cotation in English
OPTIONAL
N’existe pas Governance - Roles and 16 hours 1.475 €
en français Responsibilities of Funds
Directors
Examinations are available for each of the individual modules above (except for the optional module). The pass mark is
50% and they are all multiple choice exams.
Any candidate who has successfully passed all examinations for a certification may request the delivery of a formal
certificate using the appropriate request form, available on our website.
07 Certified Path FI024PC
FUND COMPLIANCE OFFICER
Prerequisites: UCIs Fundamentals Certificate (recommended)
The Compliance Officer has the mission to protect the fund against damage that could result from the
failure to respect the statutory and ethical legislative standards.
Target Audience
This certified path targets fund industry professionals wishing to develop their career as a compliance
officer within the fund industry.
Contents
This certified path is composed of a number of training courses which are offered in French and/ or in
English. Details of each course are to be found on our website.
MODULE IN FRENCH MODULE IN ENGLISH DURATION PRICE
Compliance Fondamentaux (FR) Compliance - 8 hours 195 €
(cours enseigné en français avec un Fondamentals (EN)
support en anglais)
N’existe pas Compliance in Funds-In- 8 hours 195 €
en français troduction to the Rules of
Conduct and Management
Companies/AIFMs
Politique et restrictions d’inves- Investment Policies and 8 hours 195 €
tissement des UCITS - Restrictions in UCITS-Funda-
Fondamentaux mentals
Risk Management - Fondamentaux Risk Management - Funda- 8 hours 195 €
mentals
NAV Errors & Breaches – UCIs: NAV Errors 8 hours 255 €
Circ. 02/77 (FR) & Breaches –
(cours enseigné en français avec un Circ. 02/77 (EN)
support en anglais) (cours enseigné en français avec un
support en anglais)
N’existe pas Risk Management in 16 hours 665 €
en français Investment Funds -
Mastering it
Restrictions d’investissement Not available 24 hours 760 €
complexes - La pratique in English
OPTIONAL
N’existe pas Governance-Roles and 16 hours 1.475 €
en français Responsibilities of Fund
Directors
Examinations are available for each of the individual modules above (except for the optional module). The pass mark is
50%.
This career path does not offer a certification at this time. For more information regarding certification in compliance
please refer to Certifications in Compliance on our website or contact our customer service team.
08 Certified Path FI025PC
SENIOR FUND SPECIALIST
For those seeking a more versatile and transversal qualification in funds, not just specializing in one
particular domain, the House of Training also offers a more comprehensive certificate for which the
eligibility criteria are indicated below. Alongside traditional funds, this certificate also includes a
fundamental knowledge of alternative investment funds (Real Estate, Private Equity and Hedge funds).
Due to the constant evolution of the fund industry, the composition of this certification has been
regularly updated. Upon request, candidates having worked towards this certification over an extended
period and based upon previous requirements, may also be considered for eligibility.
To obtain this particular certification the candidate who fulfils the conditions listed below must submit
an application. The application form can be downloaded from our website.
Conditions
• Having obtained the “UCIs Fundamentals Certificate”.
• Having obtained one of the following career path certifications:
• UCIs Fund Accountant (Senior)
• Depositary Bank Agent
• Fund Lawyer
• Having passed the examinations of each module:
• Comptabilité OPC - Fondamentaux/ UCIs Fund Accounting - Fundamentals
• Registrar and Transfer Agency (FR) / Registrar and Transfer Agency (EN)
• Politiques et restrictions d’investissement des OPCVM - Fondamentaux / Investment Policies and
Restrictions of UCITS - Fundamentals
• Compliance in Funds - Introduction to the Rules of Conduct and Management Companies/AIFMs
• Risk Management - Fondamentaux / Risk Management - Fundamentals
• Depositary Bank Agent - Role, Responsabilities and Key Functions - Fondamentaux / Depositary
Bank - Role, Responsibilities and Key Functions - Fundamentals
• Having passed the examinations of 2 of the modules listed hereunder:
• Hedge Funds - Fundamentals
• Both REIF Fundamentals - Understanding the commercial design of Real Estate investment
products and REIF Fundamentals - Tax & legal structuring of Real Estate investment products
• Private Equity - Fundamentals
• UCITS/non-UCITS Management Companies and AIFMs
• Funds of Hedge Funds - Understanding the Specifics of Accounting and Custody
• Constitution et vie sociale des OPC luxembourgeois / UCIs - Incorporation and Legal Life
• Anti Money Laundering (AML) for Funds - Implementation
• Comptabilité OPC - Maîtriser le calcul et le contrôle des commissions de performance
• Risk Management (Funds) - UCITS Funds
More information
More information about the course content and objectives, the target audience,
the exact schedule, etc. can be found on our website www.houseoftraining.lu
Registrations
Registrations for the training modules and/or exams are to be made online via our
website. They have to be made at least 5 days before the beginning of the training
course/exam.
Registration fees
The fees indicated in this flyer represent the basic fees. These can vary, depending
on several options chosen by the participant (training material, exam fees, etc.).
All prices are indicated without VAT (3%).
Exams
Exam sessions take place every Tuesday and every last Thursday of each month,
except on school holidays.
Training location
Unless otherwise indicated in the registration confirmation, all courses take place
at the: Contact
Training Centre in the Chamber of Commerce House of Training - Customer
7, rue Alcide de Gasperi Service
L-1615 Luxembourg customer@houseoftraining.lu
BP 490 L- 2014 Luxembourg
Terms and conditions as stated on our website www.houseoftraining.lu are Tel.: +352 46 50 16 – 1
applicable. www.houseoftraining.lu
