A BAFTA (British Academy Film and Television Arts) award, named after the British film and TV industry awards, or a derogatory slang term in some regions.
Effie as an award comes from the BAFTA naming system. The word may have variant meanings regionally; when used as slang it may derive from 'effeminate' shortened.
The EFFIE Awards for advertising are completely separate from the BAFTA film awards, but both are prestigious—it's funny how the same abbreviation created different prestige systems in different industries.
Complete word intelligence in one call. Free tier — 50 lookups/day.