Level 2 Diploma in Personal Finance

Introduction

The overall aim of the qualification is to accredit the knowledge and skills of candidates relevant to the fundamentals of personal financial management.

Within the qualification, candidates have the opportunity to develop their knowledge and skills associated with the key financial skills and tasks necessary for day to day personal financial management. Specifically, they should be able to perform tasks relating to the earning and receiving of money, making payments, keeping records, budgeting, personal taxation, selecting financial products, consumer rights, and financial planning and control.

To be awarded each Unit of the qualification, candidates are required to successfully demonstrate their competence in the satisfactory completion of an externally set and internally assessed assignment. For the full qualification candidates will be required to complete six Unit Assessments, with one being externally moderated. Unit 6 of the qualification is divided into Unit 6A and Unit 6B, in order to give relevance to the particular needs of the candidate.

Being unitised, candidates may decide that they wish to complete and achieve a pass in some but not all of the six units. Upon payment of the relevant published fee, such candidates may apply for a Certificate of Achievement for those Units that they have achieved (passed).

The qualification provides knowledge, understanding and skills relevant to the NVQs in Personal Finance, Accounting and Payroll at Levels 2 and 3

Aims
In summary, the qualification aims to enable candidates to:

1. Develop an understanding of fundamental, personal financial management activities.
2. Develop the skills to perform some of the routine, personal financial record¬keeping tasks.
3. Develop the skills to perform a range of key personal financial management tasks.
4. Understand the importance of accuracy in performing financial record-keeping and management tasks.
5. Upon completion candidates may, if they wish, progress to further develop their knowledge, understanding and skills in the area of accounting payroll and other financial skills.

The Structure Of The Qualification

The qualification is divided into seven units (two are numbered 6A and 6B respectively as they represent a choice), each with identified Learning Topics. To gain the full award, candidates are required to successfully demonstrate their competence in the satisfactory completion of six externally set and internally assessed assignments. Each assignment is linked to one of the seven Units. For those candidates who wish to be awarded the full qualification, passes must be achieved in Units 1 to 5 and also in either Unit 6A or Unit 6B. As the qualification is unitised, candidates may decide that they wish to complete and achieve a Pass in some but not all of the seven units. Upon payment of the relevant published fee, such candidates may apply for a Certificate of Achievement for those Units that they have achieved (passed).

Assessment And Grading

All seven units will have an associated practical assignment set externally by the IAB, which will be marked internally by the centre, in accordance with the published IAB guidelines. An independent assessor, who will have been nominated by the centre and approved by the IAB, will mark one of the core module assignments. This independent assessor will not teach on the course, but will be suitably qualified and experienced. On completion of the marking a sample of the assignments (designated by the IAB) are to be submitted to the awarding body for moderation to ensure that national standards are being applied. The IAB will provide Centres with the assignment briefs upon registration of candidates.

Certification

Candidates who achieve a Pass grade in each of the Assignments of the five mandatory Units together with one of the two option units, will be awarded the IAB Level 2 Diploma in Personal Finance. 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 six Assignments. Candidate registration lasts for up to three years.

Unit Specification

Unit 1 - Earning and Receiving Money

Unit 2 - Spending, and Making Payments

Unit 3 - Keeping Records and Budgeting

Unit 4 - Selecting Financial Products

Unit 5 - Consumer Rights and responsabilities

Unit 6A - Saving and Investing for later life

Unit 6B - Personal financial survival for Further and Higher Education