IAB Small Business Financial Management Level 3 Diploma

The IAB is the leading professional body in the UK devoted solely to the interests of book-keepers.

The IAB Small Business Financial Management Level 3 Diploma

Within the qualification, candidates have the opportunity to develop their knowledge and skills associated with the key financial management tasks to be performed by those operating small firms. Specifically, they should be able to perform tasks relating to the keeping of records, VAT, payroll, the preparation and interpretation of final accounts, taxation and the Inland Revenue, costing and pricing of products, management of working capital and financial planning and control.

IAB Small Business Financial Management Level 3 Diploma

Courses Overview

The IAB Level 3 Diploma in Small Business Financial Management, is specifically designed to appeal to those who are already, or are aspiring to become, ownermanagers or to those who are responsible for keeping the financial records of a small business.

The qualification is primarily designed for the following candidates:

1. Those who are new to financial management and who wish to acquire the essential skills and knowledge required to perform the key financial tasks involved in operating a small business.
2. Those who are already employed in record-keeping or allied roles in a small business and who wish to ensure that they have a firm foundation to perform financial management tasks.
3. Those preparing for or undertaking NVQ at Level 2, 3 and 4 in Business Planning/Development or Accounting and who wish to underpin these with a thorough grounding in the fundamental knowledge, understanding and skills associated with the record-keeping and financial management inherent in operating a small business.

Pre-requisites

There are no formal entry requirements for this qualification. It is advisable for candidates to have ability in both arithmetic and English at Level 2 prior to embarking on study for this qualification.

Holders of the IAB qualifications identified below, or their equivalents, are granted APL/exemptions from the following Units of the IAB Level 3 Diploma in Small Business Financial Management:

Unit Number IAB qualification allowed APL/exemption

1. IAB Level 2 Certificate in Book-keeping
2. IAB Level 2 Certificate in Book-keeping
3. IAB Level 3 Certificate in Manual Payroll
4. IAB Level 3 Certificate in Book-keeping

Information regarding equivalent qualifications can be found via the IAB web-site or by contacting the IAB directly.

Support

As an AAS Training student you will have your very own personal tutor helping you with your course work and with any questions you may have. Plus you can contact our Student Advisors by email or phone for all the practical advice you may need – so we really are with you 100%.

What's more you'll have access to the AAS Training online Student Community where you can interact with other students, browse our resource library and manage your account.

Assessment

All Units have an associated, practical assignment, each one being externally set by the IAB. Each of the first seven Units will be internally marked by centres. The IAB will provide centres with the assignment briefs upon registration of candidates. The assignment for Unit 8 is to be produced by candidates under time constrained (two hours) and invigilated conditions. Candidates are permitted to have access to books and notes when completing the assignment for Unit 8 (i.e. ‘open book’) but are not permitted to communicate with any other person other than the invigilator. Centres are to mark the assignments for the first seven Units in accordance with the published IAB guidance. After completion of the marking, assignments are to be submitted to the IAB which will then perform a moderation of the marking to ensure that national standards are applied. A minimum of one assignment of each and every candidate will be selected for moderation. Upon payment of the relevant published fee, those candidates whose assignments are assessed and moderated as below the standard required for a pass to be awarded, are able to attempt further (different) assignments and be re-assessed.

All assignments produced by candidates for Unit 8 will be externally marked by the IAB in addition to being externally set. All assignments will be directly related to the learning outcomes of the Units with which they are associated. Over time (i.e. several series of assignments), the assignments will cover all of the learning outcomes of Units. A single series of assignments will explicitly cover at least 75% of the learning outcomes of the
qualification.
In completing their assignments, candidates will be required to carry out all tasks accurately and in keeping with book-keeping and financial management practice in the context of a small business. Assessment criteria will reflect these requirements.

CERTIFICATION

Candidates who achieve a Pass grade in each of the Assignments of the eight mandatory Units, will be awarded the IAB Level 3 Diploma in Small Business Financial Management. Certificates of achievement will be awarded upon request and payment of the appropriate fee, to those candidates who achieve pass grades in less than all eight Assignments. Candidate registration lasts for up to three years.

Your Future Prospects

The survival of all commercial ventures, charitable and public sector agencies depends on tight financial controls. Therefore, there will always be demand for individuals with the skills base to ensure these controls are in place.