PURPOSE OF THE QUALIFICATION 3

Transcription

1

2 Table of Contents PURPOSE OF THE QUALIFICATION 3 WHY STUDY THE AWARD IN PERSONAL FINANCE? 3 OBJECTIVE 3 KEY CONTENT AREAS 3 LEARNING OUTCOMES 3 KEY SKILLS DEVELOPED 3 ENTRY REQUIREMENTS 4 RECOGNITION OF PRIOR LEARNING 4 PROGRESSION AND PREPARATION FOR FURTHER STUDY 4 APPRENTICESHIPS 4 PREPARATION FOR EMPLOYMENT 4 STRUCTURE 5 TOTAL QUALIFICATION TIME (TQT) 5 LEARNING RESOURCES 6 WHAT TO DO BEFORE THE ASSESSMENT 6 ASSESSMENT 6 QUALIFICATION GRADING 7 RE-SIT ATTEMPTS 7 APPENDICES 8 APPENDIX 1 REGULATION DETAIL 8 APPENDIX 2 QUALIFICATION WEIGHTING DETAIL 9 APPENDIX 3 UNIT 1 PRINCIPLES OF MONEY (POM) 10 APPENDIX 4 UNIT 2 MONEY MANAGEMENT (MOM) 13 Please Note - Uncontrolled document when printed. Please always review the latest document available through the website Page 2 of 16

3 Purpose of the qualification Why study the Award in Personal Finance? The Level 1 Award in Personal Finance (APF1) provides an introduction to basic financial encounters. Through developing this knowledge and a valuable range of applied and transferable skills, you will become equipped with the knowledge and skills to be able to manage your own money confidently and effectively. APF1 develops your knowledge of the influences on how we spend or save money, and of the tools available to become competent at managing your own money. Objective The APF1 will give you a basic understanding and working knowledge of basic personal financial encounters and how to manage your money effectively. Key content areas Where money comes from, who makes it, and what its features are. The features of a current account/ how to access money. Different sources of money including earned income, benefits and exchanging items for money. The key features of savings and borrowing products. How to manage cash. Learning outcomes LO1 LO2 Understand the principles of money Understand how to manage money Key skills developed The qualification will encourage you to: identify and understand information from different financial sources. demonstrate numeracy skills, including the ability to manipulate financial and other numerical data. use appropriate data and information from a range of sources. increase your ability to learn independently. Page 3 of 16

4 Entry requirements There are no specified entry requirements however you need to have IT and numeracy skills relevant to Level 1, and also be able to study in English at Level 1. Recognition of prior learning There is no recognition of prior learning associated with this qualification however; if you have previously studied level 1 courses with a focus on financial capability you will be prepared for this course. Progression and preparation for further study Once you have successfully completed APF1 you will be in a good position to study the LIBF Level 2 Certificate in Personal Finance (CPF2) or the LIBF Level 2 Certificate in Financial Education (CeFE). CPF2 has been designed for people who are or who will shortly be reaching a life stage when they no longer depend on others for their financial provision. CeFE has been designed to prepare you to take your place in society as a responsible citizen by providing you with the skills and knowledge to manage your money well and make sound financial decisions. Apprenticeships APF1 is not available for study through an apprenticeship framework or standard. Preparation for employment This qualification develops initial knowledge, skills and understanding of money management, which are especially valuable to you, but it does not qualify you for direct entry to a particular occupational role. Page 4 of 16

5 Structure APF1 is made up of two mandatory units which need to be successfully completed in order for you to achieve the certificate: Award in Personal Finance (APF1) Unit 1: The Principles of Money (POM) Unit 2: Money Management (MOM) The detailed unit profiles are available at Appendix 2 and 3 to this document and latest versions are always available through our course website. Total Qualification Time (TQT) APF1 is primarily considered as a taught qualification with planned examination sessions. Guided Learning Hours Other hours Total Qualification Time 54 hours 36 hours 90 hours Total Qualification Time (TQT) is a prediction of the total time the typical student may need to complete the course. TQT consists of two elements, Guided Learning Hours (GLH) and all other hours: GLH is time spent studying under the immediate guidance or supervision of a teacher. All other hours include hours spent unsupervised in research, learning, e-learning, e- assessment, completing coursework, completing homework, exam preparation, and formal assessment. Page 5 of 16

6 Learning resources You are provided with the following learning resources: teacher guide and syllabus for each unit specimen examination papers and justifications feedback on objective tests access to MyLIBF - an extensive online student and tutor learning resource providing access to learning materials access to KnowledgeBank, an online information service and e-library What to do before the assessment You must be registered to sit the exam session. This is typically performed by the centre on behalf of the student. To prepare for the assessment, you should make use of all learning resources and study guides as part of your revision for the course exams. Assessment Both units are mandatory and assessed. Each unit is assessed via the following method: i. Unit 1: 21 stand-alone multiple-choice questions and 3 sets of stimulus material each with 3 associated questions (total marks 30); ii. Unit 2: 15 stand-alone multiple-choice questions and 5 sets of stimulus material each with 3 associated questions (total marks 30). For the multiple choice assessment for Unit 1 and Unit 2, each item will require you to choose the correct answer (key) from a choice of four possible answers. Appendix 2 provides detail of component weighting. To achieve a pass for Unit 1 and Unit 2, you are required to achieve 50% (15/30) of the raw marks available in each unit. The structure of the assessment ensures that all aspects of the course content are subject to external examination. No teacher-set or teacher-marked tasks or assignments will contribute to your marks and all assessment will be under strict examination conditions. Page 6 of 16

7 Qualification grading The qualification will be graded Pass / Merit / Distinction. You must pass both units to achieve the award. The overall grade bands (out of a total of 60 marks, across both units) are as follows: APF1 Qualification grade boundaries Grade Raw mark Pass Merit Distinction Re-sit attempts You are allowed two resit attempts for each unit in accordance with the published qualification regulations. You and your teachers should be aware that the resit opportunity will contain different questions and case studies as appropriate. The result that gives you the highest mark is used towards the final grade. Full terms and conditions are available on our website. Page 7 of 16

8 Appendices Appendix 1 Regulation detail This document describes the regulation detail that is applicable to the qualification. Qualification title LIBF Level 1 Award in Personal Finance (APF1) Ofqual qualification number 500/9896/2 Qualification level 1 European Qualifications Framework (EQF) level 2 Regulation start date 1 September 2010 Operational start date 1 September 2010 Offered in Assessment available in English Assessment available in Welsh Assessment available in Irish Sector subject area Purpose Sub-purpose England, Wales and Northern Ireland Yes No No 15.1 Accounting and Finance B. Prepare for further learning or training and / or develop knowledge and / or skills in a subject area B2. Develop knowledge and / or skills in a subject area Total credits 9 Minimum credits at / above level 9 Guided learning hours 54 Total qualification time 90 Overall grading type Assessment methods Qualification description Pass / Merit / Distinction Multiple-choice examination The Award in Personal Finance consists of two mandatory units. A total credit value of 9 must be obtained for achievement of the qualification. Age ranges 14 16; 16+ Page 8 of 16

9 Appendix 2 Qualification weighting detail This document describes the different weighting for units in terms of the specific unit level descriptors. The table below details the assessment criteria that fall into the Regulated Qualifications Framework level descriptors. KS for Assessment Unit assessment criteria testing key skills: Unit 1 Unit 2 Knowledge descriptor (the holder.) / 1.2 / 1.3 Skills descriptor (the holder can.) Page 9 of 16

10 Appendix 3 Unit 1 Principles of Money (POM) A description of Unit 1 (POM) that provides detail on syllabus content, learning outcomes and assessment criteria, and specific unit level descriptors. The Principles of Money (unit 1) Unit narrative In this unit, you will start to understand where money comes from and the features of money. By understanding the origins of money and its features, you will be able to understand where money can be stored and in turn how it can be accessed. You will also gain an understanding of how to open a bank / building society account and the associated features. You will progress to explore how to manage money. Unit profile Unit title Unit 1: The Principles of Money (POM) Ofqual unit reference number R/506/5020 Unit level 1 Unit credit value 4 Typical study hours 40 Page 10 of 16

11 Unit 1 assessment methodology a. The assessment of Unit 1 comprises 21 stand-alone multiple-choice questions and three sets of stimulus material each with 3 associated questions. The examination is to be completed in thirty minutes. b. The examination will be worth a total of 30 marks. Unit 1 learning outcomes / assessment criteria Learning outcome (LO) The learner when awarded credit for this unit will: Understand the principles of money. Assessment criteria (AC) Assessment of the LOs will require a learner to demonstrate that they can: 1.1 Identify the key roles, features, definitions and tools involved in the use of money. 1.2 Outline basic ways of managing money. Unit 1 syllabus UNIT 1 SYLLABUS LOs / ACs LO1: Understand the principles of money AC1.1 What is money (gold, coins, notes, how it is recognised, cash vs electronic balances) Denominations of money Language of money: slang terms (where do slang terms comes from; types of slang terms) Origins of the term money Bartering Who makes money Royal Mint Bank of England / De La Rue Production of bank notes in Scotland and Northern Ireland Tools used to debit money from a current account to make payments ATMs / mini statements PIN include contactless Password / security key / memorable information Debit card / cash card Cheques Mobile phones AC1.2 Where to store money (under your mattress, purse, bank, building society, post office) Page 11 of 16

12 Advantages and disadvantages of using each of the above to store money What is a current account Bank / Building Society Accounts Young person s accounts Current accounts Opening an account ID requirements What ID is acceptable Application forms Paying cash into a current account Concept of credit Physical payment using cash, cheque or deposit slips at a branch. Cheques less of a feature; electronic money; paying in machines; apps Direct payment from employer / parent Features of current accounts Cash card / debit card Statements Account numbers / sort codes Chequebook Overdraft facilities Choosing and comparing accounts Online banking How money can be debited from a current account Direct debits Standing orders Paypal accounts Managing cash How much money do I have and how much do I have to spend Understanding the balance of an account What is a short-term budget (weekly / monthly) How to manage a weekly / monthly budget Use of ATM mini statements to calculate correct balance / plan for weekly expenditures Cash in / cash out Role of debit / credit within a short-term budget Study skills and exam practice Exam techniques Evaluation and analysis skills Page 12 of 16

13 Appendix 4 Unit 2 Money Management (MOM) A description of Unit 2 (MOM) that provides detail on syllabus content, learning outcomes and assessment criteria, and specific unit level descriptors. Money Management (unit 2) Unit narrative In this unit you will start to understand the basic sources of income and will start to explore how income and money can be used in terms of savings, borrowing, spending and selling. You will then start to explore how these impact on a personal financial budget. The aim of this unit is to enable you to gain awareness of the opportunities available to you for managing your money. Unit profile Unit title Unit 2: Money Management (MOM) Ofqual unit reference number Y/506/5021 Unit level 1 Unit credit value 5 Typical study hours 50 Page 13 of 16

14 Unit 2 assessment methodology a. The assessment of Unit 2 comprises 15 stand-alone multiple-choice questions and five sets of stimulus material each with 3 associated questions. The examination is to be completed in thirty minutes. b. The examination will be worth a total of 30 marks. Unit 2 learning outcomes / assessment criteria Learning outcome (LO) The learner when awarded credit for this unit will: Understand how to manage money. Assessment criteria (AC) Assessment of the LOs will require a learner to demonstrate that they can: 1.1 Identify sources of income and features and providers of basic financial products. 1.2 Identify the different ways that items can be exchanged for money. 1.3 Outline the tools used to calculate a personal financial budget. 1.4 Use basic calculations to manage a personal financial budget. Unit 2 syllabus UNIT 2 SYLLABUS LOs / ACs LO1: Understand how to manage money AC1.1 Basic types of income (earnings; benefits) Features of earned income (payslips; gross / net pay; working hours; minimum wage; basic explanation of income tax / NI contributions) Features of benefits as a source of income Job seekers allowance; education maintenance allowance Savings products Instant access accounts Notice accounts ISAs Regular savers accounts Interest How much to deposit When can money be accessed Tax on interest AER Safety of deposited money Page 14 of 16

15 Advantages / disadvantages of different savings products Main providers of savings products (banks; building societies; post office) Alternative providers (NS&I; Saving stamps; Christmas clubs; credit unions) Types of borrowing products Definition of borrowing / debt Overdraft Credit cards Loans In-store credit Features of overdrafts, credit cards, loans and in-store credit APR Associated limits on borrowing Minimum repayments Main providers of borrowing products (banks; building societies) Alternative providers (credit unions, payday loans, loan sharks last resort) Simple interest calculations How to protect items that have been bought or are of value What can be insured Concept of compulsory and voluntary insurance Types of insurance that can be used to protect items / events that have been bought or are of value (moped / car; personal possessions and all risks; home contents; travel; pet) AC1.2 Selling (auctions; ebay; car boot sales; pawnbrokers; cash converters; recycling gold; mobiles for cash; paypal) Security knowing which sites are secure Different types of spending What you must spend (travel bus fare, petrol, moped) What you would like to spend / have (mobile phone) Attitudes to spending savers vs spenders AC1.3 What is a budget Types of tools used (bank statements; balances; online banking / telephone banking keeping track of expenditure; cash flow forecasts) including availability of software to construct a cash flow forecast AC1.4 How the tools identified in LO8 can be used in a budget Basic calculations taking into account income and outgoings (borrowing etc) Keeping track of savings Surplus / deficit Short-term ; long-term Adjusting for next time Taking budgets that bit further Page 15 of 16

16 Study skills and exam practice Exam techniques Evaluation and analysis skills Page 16 of 16