Table of Contents

1. Introduction and Acceptance
2. Definitions
3. Program Description
4. Eligibility and Registration
5. Fees, Payments, and Refund Policy
6. Program Delivery and Technology Requirements
7. Student Obligations and Code of Conduct
8. AI Involvement and Limitations
9. Academic Integrity and Certification
10. Intellectual Property and Use of Materials
11. Privacy and Data Protection
12. Communications and Notices
13. Limitation of Liability
14. Dispute Resolution and Governing Law
15. Amendments to Terms
16. Acknowledgment and Agreement

1. Introduction and Acceptance

Welcome to the Certificate in Economic and Financial Studies, which can also be referred to as Certificate of Economic and Financial Studies (“CEFS”). CEFS is an academic certification program offered and administered by the Institute for Advancing Education in Business and Management (“IAEBM”), a nonprofit academic organization headquartered in California, United States. The CEFS Program is also academically endorsed by the North American Coalition of Business Schools (“NACB”).

These Terms and Conditions (“Terms”) constitute a binding agreement between you (“the Student,” “you,” or “your”) and IAEBM (“we,” “us,” or “our”) regarding your access to and participation in the CEFS Program. By registering for, accessing, or participating in the CEFS Program, you acknowledge that you have read, understood, and agreed to be legally bound by these Terms.

If you do not agree with any provision of these Terms, you must not register for the CEFS Program or use any related services or materials.

These Terms govern your use of all CEFS-related services, including but not limited to: instructional materials, course modules, online platforms, learning assessments, certification evaluations, communication tools, and faculty or AI-assisted support services.

IAEBM reserves the right to modify or update these Terms at any time, with or without prior notice. Your continued participation in the CEFS Program after any changes to the Terms will constitute your acceptance of the revised Terms. The most current version of the Terms will be made available on the official CEFS or IAEBM website.

2. Definitions

For the purposes of these Terms, the following definitions apply:

• CEFS Program: The Certificate of Economic and Financial Studies, an online academic certification program managed by IAEBM and endorsed by NACB.
• IAEBM: The Institute for Advancing Education in Business and Management, the nonprofit organization responsible for delivering and overseeing the CEFS Program.
• NACB: The North American Coalition of Business Schools, an academic partner and endorser of the CEFS Program.
• Student: Any individual who registers for, participates in, or accesses the CEFS Program.
• Platform: The online learning management system and related digital tools used to deliver CEFS content and services.
• Materials: All course content, study guides, assessments, videos, transcripts, and other educational resources provided through the CEFS Program.
• AI Services: Any features, content, or communications generated or supported by artificial intelligence technologies used in the CEFS Program.

3. Program Description

The Certificate of Economic and Financial Studies (CEFS) is an academic program designed to provide foundational knowledge in economics and finance, and IAEBM’s goal is to try to make it comparable to a minor degree offered at accredited North American business schools. The program is primarily intended for college-level students worldwide.

CEFS is delivered mainly online through IAEBM’s learning platform. The curriculum includes instructional materials, quizzes, and other assessments. To earn the certificate, students must complete all required modules and pass the corresponding evaluations.

While the program includes access to faculty advisors and support staff, a significant portion of content delivery, assistance, and communication may involve artificial intelligence (AI). These AI-supported services are designed to enhance learning efficiency and accessibility but do not replace the authority or responsibility of human academic reviewers.

4. Eligibility and Registration

The CEFS Program is designed primarily for college-level students and recent graduates. While IAEBM aims to make the program broadly accessible, eligibility requirements may evolve over time to reflect changes in academic standards, regional considerations, or institutional policies.

It is the student’s responsibility to review the most current eligibility requirements, which are published on the official CEFS or IAEBM website, or to contact IAEBM staff directly for clarification prior to registration.

In general, applicants are expected to:

• Have completed or be currently enrolled in a post-secondary educational institution;
• Possess sufficient proficiency in English, or use appropriate translation tools as permitted by IAEBM;
• Have reliable access to internet and a compatible device for online learning.

Please note that IAEBM cannot monitor or ensure compliance with every country or region’s regulations regarding participation in foreign or online educational programs. Students are solely responsible for ensuring their registration and participation in CEFS does not violate any local laws, institutional rules, or visa conditions applicable to them.

Completion of registration requires submission of the online application form, accurate personal information, and payment of required fees. Registration is only finalized upon confirmation from IAEBM.

5. Fees, Payments, and Refund Policy

5.1 Program Fees

Participation in the CEFS Program requires payment of applicable fees, which may include registration, enrollment, and other administrative charges. The current fee structure is published on the official IAEBM or CEFS website. IAEBM reserves the right to update fees at any time, but any changes will not affect students who have already completed registration and payment.

5.2 Payment Terms

All payments must be made in U.S. dollars unless otherwise specified in written. Accepted payment methods are listed on the registration platform. Full payment is generally required at the time of registration unless a written exception or payment plan has been granted by IAEBM.

5.3 Refund Policy

Refunds for the CEFS Program are subject to the specific refund terms stated at the time of registration. Students must carefully review the refund policy applicable to their registration package or promotional offer at the time of registration, as terms may vary based on timing, payment method, or region.

All refund requests must be submitted in writing to IAEBM by email. Eligibility for a refund depends on factors such as whether learning materials have been accessed, the time elapsed since payment, and any administrative costs incurred. IAEBM will evaluate each request based on the applicable refund terms and respond within a reasonable timeframe.

IAEBM reserves the right to deny refunds in cases of policy violations, academic misconduct, or misuse of program access.

5.4 Financial Assistance

IAEBM may offer merit-based or need-based financial aid to eligible students, subject to availability and internal review. Eligibility criteria and application procedures are outlined on the CEFS registration page.

6. Program Delivery and Technology Requirements

6.1 Program Delivery

The CEFS Program is delivered primarily online through IAEBM’s designated learning management system (LMS). Upon successful registration, students will receive access credentials to the LMS, where they can view course materials, complete assessments, and track progress.

The program includes a combination of AI-assisted learning tools and human support. While students may receive automated content, feedback, or assistance through AI systems, academic review and final certification decisions are made by qualified faculty or program administrators.

Supplemental support from Academic Advisors and Teaching Assistants may be available upon request, subject to availability and student eligibility.

6.2 Technology Requirements

To participate in the CEFS Program, students must have:

• A reliable internet connection;
• A computer or mobile device capable of running modern web browsers;
• Basic proficiency with online tools and digital communication;
• Access to a personal email account for official communications.

Students are solely responsible for ensuring their devices and internet access meet these requirements. IAEBM is not liable for disruptions caused by student-side technical issues, software incompatibility, or local network restrictions.

7. Student Obligations and Code of Conduct

By enrolling in the CEFS Program, you agree to uphold the academic, ethical, and behavioral standards expected of all IAEBM students. You are responsible for the following:

7.1 Accurate Information

You must provide complete, truthful, and current information during registration and throughout your participation in the program. IAEBM reserves the right to suspend or terminate your access if false or misleading information is discovered.

7.2 Responsible Use of Materials

All CEFS materials and platform access are provided for personal, educational use only. You may not share, copy, sell, or redistribute course content without written permission from IAEBM.

7.3 Academic Honesty

All coursework, quizzes, and assessments must be completed by you, without unauthorized assistance. Plagiarism, cheating, or misrepresentation of work will result in disciplinary action, including possible removal from the program and denial of certification.

7.4 Respectful Conduct

Students are expected to maintain respectful and professional behavior in all interactions with IAEBM staff, faculty, peers, and automated systems. Harassment, abuse, or disruptive behavior—online or otherwise—will not be tolerated.

7.5 Compliance with Laws and Policies

You are responsible for complying with all applicable laws, institutional policies, and these Terms. This includes your local laws regarding participation in international online learning programs.

Failure to comply with this Code of Conduct may result in warnings, suspension, or permanent removal from the CEFS Program at IAEBM’s discretion.

8. AI Involvement and Limitations

The CEFS Program integrates artificial intelligence (AI) technologies to enhance educational delivery, streamline communication, and support student learning. These technologies may be used for tasks such as generating content for our IAEBM’s websites and LMS, providing translations, issuing reminders, responding to student queries, and supporting administrative processes.

8.1 Nature of AI Use

Students may interact with AI-generated content or receive automated responses as part of their learning experience. These tools are designed to increase accessibility and efficiency but are not a substitute for academic judgment, official communications, or final certification decisions.

8.2 Human Oversight

All academic evaluations, certificate approvals, and policy interpretations are ultimately conducted or supervised by IAEBM faculty and administrative staff. If students have concerns about the accuracy or appropriateness of AI-generated content or communication, they should contact IAEBM staff for clarification.

8.3 Limitations and Disclaimers

AI-generated materials may contain errors, omissions, or cultural/linguistic limitations. IAEBM does not guarantee the accuracy or completeness of any information provided solely through AI tools and is not liable for any misunderstandings, actions, or academic decisions made based solely on such content.

Students are encouraged to use AI tools as a supplement—not a replacement—for critical thinking, academic integrity, and human engagement.

9. Academic Integrity and Certification

9.1 Academic Integrity

Maintaining academic integrity is a core expectation of the CEFS Program. Students must complete all assignments, assessments, and quizzes independently unless explicitly permitted to collaborate. The use of unauthorized aids, impersonation, plagiarism, or any form of academic dishonesty is strictly prohibited.

Violations of academic integrity may result in one or more of the following consequences:

• Written warning or formal notice;
• Disqualification from assessments or modules;
• Revocation of access to the CEFS platform;
• Denial or revocation of certification;
• Permanent ban from IAEBM programs.

IAEBM reserves full discretion in investigating and determining violations, with or without prior notice.

9.2 Certification Requirements

To earn the CEFS certificate, students must:

• Successfully complete all required course modules;
• Achieve passing scores on required quizzes and evaluations;
• Fulfill any additional academic or procedural requirements set forth by IAEBM.

Each student’s performance will be reviewed by an assigned Academic Advisor before certification is granted. IAEBM reserves the right to withhold or deny certification based on academic performance, integrity concerns, or violation of these Terms.

Certificates are jointly endorsed by IAEBM and NACB and are issued in both electronic and printed form according to IAEBM’s current distribution policy.

10. Intellectual Property and Use of Materials

10.1 Ownership of Content

All materials provided through the CEFS Program—including but not limited to course content, slides, videos, assessments, transcripts, AI-generated outputs, and platform features—are the intellectual property of IAEBM or its authorized partners, unless otherwise noted.

This content is protected by applicable intellectual property laws, including copyright, trademark, and related rights, both in the United States and internationally.

10.2 Permitted Use

Registered students are granted a limited, non-exclusive, non-transferable license to access and use CEFS materials solely for personal, non-commercial educational purposes. Students may not reproduce, distribute, modify, share, or publish any part of the CEFS content without express written permission from IAEBM.

Any unauthorized use, duplication, or distribution of program materials—including AI-generated outputs—may result in removal from the program and legal action.

10.3 Use of Student Submissions

By submitting any assignments, responses, feedback, or other content through the CEFS platform, you grant IAEBM a non-exclusive, royalty-free license to use, review, evaluate, or reproduce such content for educational, quality assurance, research, and program improvement purposes. IAEBM will not publicly disclose personally identifiable content without your permission.

11. Privacy and Data Protection

11.1 Collection and Use of Personal Data

IAEBM collects and processes personal information from students during registration and throughout participation in the CEFS Program. This may include your name, contact information, academic background, quiz scores, usage data on the learning platform, and communications with staff or AI systems.

This information is used solely for program administration, academic evaluation, certification, support services, and internal research or quality improvement.

11.2 Data Security

IAEBM implements reasonable administrative, technical, and physical safeguards to protect student data against unauthorized access, loss, or misuse. However, no online system can guarantee absolute security, and students agree to use the platform at their own risk.

11.3 Sharing of Information

IAEBM does not sell or share student data with third parties for commercial purposes. Data may be shared with:

• NACB and authorized academic reviewers for certification endorsement;
• Technology service providers under confidentiality agreements;
• Legal authorities, if required by law or to protect the rights and safety of IAEBM and its stakeholders.

11.4 International Use and Consent

As IAEBM operates globally, your data may be processed in jurisdictions outside your country of residence, including the United States. By enrolling in the CEFS Program, you consent to such international data transfers and processing in accordance with applicable data protection laws.

11.5 Student Rights

You may request to access, update, or delete your personal information by contacting IAEBM at the address provided in Section 12. Requests will be reviewed in accordance with legal and operational obligations.

12. Communications and Notices

12.1 Official Communication Channels

All official communications from IAEBM regarding the CEFS Program will be sent via email or posted on the designated learning platform or official website. Students are responsible for maintaining an active and regularly monitored email address and for checking the platform periodically for updates.

IAEBM is not liable for any consequences resulting from missed communications due to outdated or incorrect contact information provided by the student.

12.2 Language and Translation

The official language of the CEFS Program is English. While AI-generated or staff-assisted translations may be provided to support understanding, all official documents, policies, and agreements—including these Terms—are governed by their original English versions. In the event of any discrepancies, the English version shall prevail.

12.3 Student Inquiries

Students may contact IAEBM regarding program-related matters by emailing the designated CEFS support address or through official contact forms. IAEBM aims to respond to inquiries within a reasonable timeframe but does not guarantee immediate replies.

12.4 Notices from Students to IAEBM

Formal notices from students, including withdrawal requests, refund inquiries, or policy appeals, must be submitted in writing to the official contact email: info@iaebm.org or to any specific contact address provided during the registration process.

13. Limitation of Liability

To the fullest extent permitted by applicable law, IAEBM, NACB, and their respective officers, employees, partners, and affiliates shall not be held liable for any direct, indirect, incidental, special, or consequential damages arising out of or in connection with:

• Your access to or use of the CEFS Program or related services;
• Errors, inaccuracies, or omissions in course materials, including AI-generated content;
• Technical interruptions, access delays, or platform unavailability;
• Loss of data or unauthorized access to your account;
• Failure to obtain a certificate due to academic performance or policy violations;
• Legal or institutional restrictions that may limit your ability to participate in the program from your jurisdiction.

All CEFS content and services are provided on an “as is” and “as available” basis, without warranties of any kind, express or implied. IAEBM makes no guarantees regarding academic outcomes, career advancement, or recognition by external institutions or employers.

Your sole remedy for dissatisfaction with the program is to discontinue use and request a refund, subject to the applicable refund policy.

14. Dispute Resolution and Governing Law

14.1 Informal Resolution

Before initiating any formal dispute, you agree to first contact IAEBM in good faith to attempt to resolve the issue informally. Most concerns can be addressed through direct communication with CEFS support staff or program administrators.

14.2 Formal Dispute Resolution

If a dispute cannot be resolved informally, both parties agree to submit the matter to binding arbitration, unless otherwise prohibited by applicable law. Arbitration will be conducted in English and administered by a recognized arbitration service in California, United States, in accordance with its applicable rules.

Each party will bear its own legal fees and costs associated with the arbitration, unless the arbitrator determines otherwise.

By agreeing to arbitration, both you and IAEBM waive the right to bring claims in court or to participate in a class action, except where this waiver is prohibited by law.

14.3 Governing Law

These Terms and any disputes arising under them shall be governed by and construed in accordance with the laws of the State of California, United States, without regard to its conflict of law provisions.

You acknowledge that the CEFS Program is administered from California, and regardless of your location, participation in the program constitutes your agreement to be subject to the jurisdiction and laws of California for the purpose of resolving disputes.

15. Amendments to Terms

IAEBM reserves the right to modify, update, or revise these Terms at any time, in response to institutional changes, technological developments, legal requirements, or programmatic needs.

All changes will be posted on the official CEFS or IAEBM website. When feasible, students will be notified by email of significant updates. Continued participation in the CEFS Program after any changes have been published constitutes your acceptance of the revised Terms.

It is your responsibility to review the Terms periodically to stay informed of any updates.

16. Acknowledgment and Agreement

By submitting your registration and payment for the CEFS Program, you acknowledge that:

• You have read, understood, and agreed to these Terms and Conditions in full;
• You are eligible to participate and accept all obligations and responsibilities outlined herein;
• You consent to the use of your personal data as described in Section 11;
• You understand that program outcomes are not guaranteed and depend on your own effort, conduct, and performance.

If you do not agree to these Terms, you must not pay for, register for, or participate in the CEFS Program.

All above terms and conditions are modified and approved by IAEBM Academic Board on May 15, 2025, and are effective since the next calendar day.