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ECTS credit allocation

The European Credit Transfer System (ECTS) is a system based on allocation and transfer of academic credits.
ECTS was developed as an instrument of improving academic recognition throughout the Europe by means of effective and general mechanisms. ECTS serves as a model of academic recognition, as it provides greater transparency of study programmes and student achievement.

The main characteristics of ECTS are:
•    Credits are allocated to each course unit. The starting point is the normal pattern of courses a student would have to take in an academic year. 60 credits represent the workload of an academic year of study.
•    Each institution produces a course cataloug as a guide to all courses available to ECTS students. The courses are described not only in terms of content but also have credits added to each course.
•    Before the student leaves for the host institution, the home institution, the host institution and the student sign a learning agreement in which the study programme abroad is agreed upon.
•    Upon return students has to bring The transcript of records from the host institution that lists all successfully completed courses together with details on the course, code, content and credits.
•    RRiF College of Financial Management guarantees full academic recognition. The study period abroad replaces a comparable period of study at the home institution.

In order to promote a universal implementation of ECTS as part of ERASMUS, the European Commission respects the right of each institute of higher education, to choose whatever recognition methods or agreements best suit their particular needs.

Grading system

The success of students in exams and other tests is expressed by the following grades: outstanding (5), very good (4), good (3), sufficient (2), insufficient (1).

The lowest passing grade is sufficient (2).

Grade insufficient (1) is a non-passing grade and is registered only in the application form - the test list.


National grading scheme




very good








D, E





Cummulative grade point average represents an average grade of all courses in relation to the ECTS credits. It is determined by adding up products of all passing grades and ECTS credits for each course and then dividing it by the total number of ECTS credits of all graded courses and the final result is rounded off to three decimal places. The Final Examination Paper is also added to the average cummulative grade.