In 1974 he went for one season at FC Constanța, then moved to Argeș Pitești.[1][2] In the 1977–78 season he scored a personal record of 12 goals in the league as Argeș finished on the second place.[1][4] Iovănescu made his debut in European competitions in the 1978–79 UEFA Cup edition when he helped the team eliminate Panathinaikos in the first round with a 5–1 aggregate victory.[1][5] In the following round they met Valencia led by Mario Kempes, earning a 2–1 win in the first leg, however they lost the second one with 5–2 in which he scored once and provided an assist for Doru Toma's goal, thus the campaign ending.[1][5][6] In the same season he helped Argeș win the title, being used by coach Florin Halagian in 32 games in which he scored seven goals.[1][3][7] In the following season they passed AEK Athens in the first round of the 1979–80 European Cup, the team being eliminated in the following one by title holders and eventual winners, Nottingham Forest.[1][8]
In 1980 he went to play for Olt Scornicești where he worked once again with Halagian.[1][9] After two seasons he made a comeback at Argeș Pitești where he would spend three years and a half, then in the middle of the 1985–86 season he went for a second spell at FC Constanța, this time in Divizia B.[1] Iovănescu helped the team promote to the first league in 1988, then in the following year on 17 June he made his last Divizia A appearance in a 1–0 home win over FC Brașov, having a total of 357 appearances with 56 goals scored in the competition, also he played a total of eight games, scoring once in European competitions.[1][2][3][10]
After he ended his playing career, Iovănescu worked for Farul Constanța in various positions, as assistant coach for the first team, head coach at the satellite team, coach at the team's academy and president of the club.[4][12][13]