Advanced Certificate in Financial Planning

Purpose

The qualification will equip learners with the skills and competencies to effectively run their own practice by studying business management and the intricacies of advanced aspects of legislation and taxation. These enabling aspects are imperative for successful application of the principles of Financial Planning and to focus on personal Financial Planning in this specialised qualification. Upon successful completion, qualifying learners will have a detailed understanding of personal and corporate Financial Planning and Taxation principles as well as fundamental legal concepts.

Furthermore, the purpose of this qualification is to

• Promote the development of knowledge and skills that are required in the Financial Planning industry.
• Assist learners to achieve their full potential in the Financial Planning sector.
• Enhance opportunities for both existing and prospective learners' career progression in this sector.
• Provide opportunities for life-long learning for individuals in the Financial Planning industry.

The intended purpose is to empower learners to

• Acquire knowledge, skills, attitudes, and values required to operate confidently and respond to the challenges of the South African economic environment.
• Add value to the qualifying learner in terms of enrichment of person, status, and recognition.
• Provides a framework for learners to develop competencies that will give them insight into Financial Planning which includes personal, corporate, and tax planning.

Furthermore, this qualification introduces a fundamental understanding of the key terms, rules concepts, and principles that will enable learners to be informed workers in the sector. In addition, the qualification provides an opportunity for learners to learn and apply academic skills in relation to the workplace and will allow for multi-skilling. The focus is on information gathering, analysis, evaluation, presentation, and the ability to apply knowledge of Financial Planning to solve problems within a familiar context.

Rationale

The qualification is designed to meet the needs of learners in a variety of positions in the Financial Planning sector. It is a generic qualification with a specialisation in a selected career in Financial Planning and to comply, as required, with the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002).

This qualification will facilitate access to the Board exam set by the Financial Planning Institute and, if passed, to receive the accreditation of "Certified Financial Planner" (CFP�).

Furthermore, the qualification aims to develop informed and skilled qualifying learners and is sufficiently flexible to accommodate learners already employed in the Financial Planning sector. The qualification is a continuation and further development of a career path in the Financial Planning sector. The skills, knowledge, values, and attitudes acquired in the course of completing this qualification are building blocks necessary for employment and advancement in the Financial Planning arena or for further graduate or Postgraduate studies.

This qualification is designed to contribute to the learner's employability and marketability both in the formal, financial services sector as well as related industries thereby contributing to the economic and social up-skilling of the South African workforce. Since the Financial Services and Banking industries are highly specialised, they demand a high work ethic with the specific knowledge, skills, and qualities needed in the Financial Planning sector.

Recognition of Prior Learning (RPL)

The institution will use RPL to provide access to leaners who provide evidence of competence in financial planning.

Evidence can be presented in a variety of forms including international or previous local qualifications, reports, testimonials mentioning functions performed, work records, portfolios of evidence and performance records. Such evidence will be judged according to the general principles of assessment and, where deemed necessary, learners may also be required to complete a contextualised mathematical literacy bridging programme for financial planning, before they may be admitted to the qualification.

Entry Requirements

The minimum entry requirement for this qualification is

• An appropriate, accredited National Qualifications Framework (NQF) Level 5 equivalent.

Or

• An appropriate, accredited Bachelor's Degree NQF Level 6 in, for example, commerce, law etc.

This qualification consists of the compulsory and elective modules at Level 6 totalling 120 Credits.

Compulsory Modules, 120 Credits

• Financial Planning Environment, 20 Credits.
• Business Management, 20 Credits.
• Corporate Financial Planning and Tax, 20 Credits.
• Personal Financial Planning and Tax, 40 Credits.
• Financial Planning Case Study, 20 Credits.

Elective Modules, 20 Credits

• Tax, 20 Credits.

1. Apply knowledge of legislation, compliance, and ethics in a financial planning context in South Africa.
2. Examine the changing nature of the financial planning environment in South Africa in terms on structure and role players, regulation and consumer needs.
3. Apply knowledge of legislation, taxation, economics and accepted financial planning principles to solve the financial dilemmas of an individual.
4. Apply knowledge of legislation, taxation and business principles to advise a business on insurance and investment solutions.

Associated Assessment Criteria for Exit Level Outcome 1

• Analyse legislation that impacts financial planning practice in South Africa to determine the impact and scope of its application to personal and business financial planning.
• Integrate the requirements of the Codes of Conduct of Financial Advisory and Intermediary Services (FAIS) into the business of financial planning.
• Manage own operations within the parameters set by compliance and legislation.
• Demonstrate an understanding of ethical behaviour and the way in which ethics inform a code of conduct in the financial planning sector.
• Examine the relationship between ethics and compliance legislation against the background of client interaction, responsible business practice, and contribution to an ethical business environment in South Africa.

Associated Assessment Criteria for Exit Level Outcome 2

• Identify and categories the role players in the industry, and explain the relationship amongst them.
• Debate the impact that changes to social and moral principles in society have on financial planning principles and legislation.
• Identity the challenges and opportunities in the business environment in South Africa and propose ways of addressing these in a financial planning practice.

Associated Assessment Criteria for Exit Level Outcome 3

• Apply specialist technical knowledge to advise a client on risk, retirement, estate, health and investment scenarios.
• Generate integrated solutions for complex financial planning problems in a manner that is both practical and compliant.
• Communicate financial solutions to the client in a manner that is understandable and clear against the background of the requirements of the FAIS legislation.

Associated Assessment Criteria for Exit Level Outcome 4

• Analyse the financial statements and financial standing of a business to identify needs and risks.
• Apply specialise technical knowledge to propose insurance and investment solutions based on the needs and wants identified.
• Relate financial solutions to the client in a manner that is professional and compliant.

Integrated Assessment

Ongoing Formative Assessment is required so that learners are given feedback on their progress in the achievement of learning outcomes. Summative Assessment is concerned with the judgment of the learning in relation to the Exit Level Outcomes of the qualification, which tests the learner's ability to integrate financial planning, legislation and policy, financial products, communication and skills and service delivery values.

The assessment methods include observation, simulations, case studies and other similar techniques are used to provide a context (e.g. during interaction with clients), product evaluation (e.g. financial products presented to clients) and questioning (oral and/or written) to provide sufficient opportunity to the learner to demonstrate applied competence.