Capital markets – opportunities and challenges for companies: a practical guide



Adrian Codirlașu, PhD, CFA Vicepresident of AAFBR, Vicepresident of CFA Society Romania, Member of ACI Romania 
Mihai Purcărea, CFAMember of AAF Board of Directors, Board Member of CFA Society Romania 

The webinar presents in a practical way the specific concepts and mechanisms of investments in the capital market, the benefits of becoming a listed company, criteria taken into account when investing in the capital market, investors’ risk appetite and essential elements in evaluating companies. The course is endorsed by the Association of Financial-Banking Analysts from Romania (AAFBR)


  • Understand how companies use the capital market: advantages and benefits;
  • Know how the decision to invest in the Capital market is taken;
  • Appraise how listed companies are valued;
  • Understand the risk and return characteristics of investments on capital market;
  • Appreciate the impact of ESG on the investment decision


    1. The importance of the Capital Market

  • BSE (BVB): Main market and AERO:
    • Characteristics;
    • Listing requirements;
    • Reporting requirements
  • For companies: benefits of the companies acting on the capital market (shares and bonds)
  • For investors: why to invest in the capital market?

2. How do macro economic evolutions influence the capital market? 

  • Economic cycles
  • Monetary politicy
  • Fiscal politicy
  • Current Account and Public Debt 
  • Exchange Rate

3. Valuation of the listed companies

  • Using Market Multiples
  • Fundamental valuation of a company 
  • Growth vs Value Investing 
  • Company Valuation  vs Market Price 

4. The importance of ESG factors for companies and investors 
5. Risks of investing in capital market 

  • Correlation between Return on investment and the risks of investment 
  • Risk appetite  
  • Market risk vs idiosyncratic risk
  • Price risk
  • Liquidity risk
  • Risk diversification
  • Investment Time Horizon 

6. How to invest?

  • Setting up objectives 
  • Strategic vs Tactical Asset Allocation 
  • Behavioral factors in investors’  financial decisions 
  • Incorporating specific factors  
  • Monitoring implementation and reviewing 


Audience: Risk managers, finance professionals, auditors, accountants, financial advisors, employees in finance and treasury depts in listed companies (or aiming at), lawyers, marketers, IT etc.


Number of participants: limited to maximum 12 
The webinar will be highly interactive based on discussions and examples.


Facilitator: Adrian Codirlașu, PhD, CFA - Vicepresident AAFBR, Vicepresident of the CFA Society Romania , Member of ACI Romania 

Adrian is a senior banker with 20 years of experience in banking and financial markets. He is a CFA charterholder since 2006 and holds a PhD in International Finance. Adrian have 5-year experience as a Senior Options Dealer with ING Bank where he helped started the bank derivatives business in Romania and over 8 years experience in risk management (market, liquidity, operational, reputational and credit risk).

Previously, he has been a Senior Economist in the Research Dept. of the National Bank of Romania for about 6 years. Adrian is also an Associate Professor with DOFIN – Doctoral School of Finance, ASE. Between 2011 - 2013, Adrian was the President of the Association of Financial-Banking Analysts in Romania and for the last 13 years Adrian haas been a member of the CFA Romania Board of Directors, as well as the association’s President for seven years.

Facilitator: Mihai Purcărea, CFA Member in AAF Board of Directors, Board Member of CFA Society Romania

Mihai has a broad experience on capital markets and financial investments, being involved for the past 15 years in managing some of the largest investment funds in Romania. He is a CFA charter holder since 2011 and holds a MBA in Financial Management with City University of Seattle (CityU). He is currently the CEO of BRD Asset Management, a company that manages funds of over 1 billion EUR. Mihai was previously Chief Investment Officer at Erste Asset Management where he was in charge with implementing the strategy of investing over 1.5 billion EUR in assets: shares, bonds and derivatives. He is a Board Member of the CFA Society  Romania, a Member in the Board of Directors of AAF and a Member of Aspen Institute.


When and where:                                                           

  • May 26, 2023 (09:00 – 18:00)                 
  • December 15, 2023 (09:30 – 18:00)     
  • The course will be delivered using Online Platform, allowing the virtual participation, both from home and from work, with no risks associated, using just a browser. After the registration to the course, one day before the online sessions took place, the participants will receive a link to access the virtual classroom.      
  • Duration: 9 hours (3 sessions of 3 hours each)  


  • by May 16, 2023
  • by December 5, 2023

How to enroll

  • If you are purchasing the course for yourself, as an individual, please click on the Buy course button and follow the steps in the form
  • If you are a representative of an organisation and want to purchase this course for your team / colleagues, please click on the Contact us button and follow the steps in the form.


A digital certificate will be issued by Envisia, endorsed by AAFBR, after the course.

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