Advanced Diploma in Financial Management

Purpose

The Advanced Diploma in Financial Management includes modules such as Financial Management, Business Management, Investment and Portfolio Management that provide accounting and finance skills, strengthen the business acumen, people skills and leadership skills.

The qualification is intended to develop qualifying learners who can demonstrate planning and technical skills in the field of finance appropriate to industry needs. The curriculum for this qualification includes an appropriate simulated Work-Integrated Learning (WIL) component.

The qualification also exposes learners to areas of financial markets such as investments and portfolio management that are in line with the curriculum of Chartered Financial Analyst (CFA). Studying this qualification, learners will be able to increase their knowledge and understanding of financial issues and concepts to help society and the economy at large. The qualification will strengthen the knowledge gained at the Diploma level or any qualification at NQF Level 6.

In addition, the qualification will further provide an opportunity for employed learners to gain more in-depth knowledge of the field of Financial Management. This qualification also exposes learners to areas of financial markets such as investments and portfolio management which are also in line with the curriculum of Chartered Financial Analyst (CFA). Studying the Advanced Diploma in Financial Management, learners will be able to increase their knowledge and understanding of financial issues and concepts to help society and the economy at large.

Rationale

An Advanced Diploma in Financial Management is primarily a vocational qualification on Level 7 of the NQF with the minimum credits of 120 offered over a period of one-year full time. Education and training qualifications for financial services and professional certifications increasingly rely on a competency-based approach, whereby a curriculum's learning outcomes and theoretical knowledge connect to appropriate practice outcomes or competencies for a given job function. The qualification and its modules has been designed in accordance with the 2015 Chartered Institute of Management Accountants (CIMA) Professional Qualification Syllabus. The 2015 CIMA Professional Qualification Syllabus and related assessment ensures that CIMA qualified finance professionals are competent in their accounting, finance and other skills, and they are confident in using them to add value to the many organisations in which they work.

Following comprehensive global research with organisations of various sizes in different sectors, CIMA developed a framework which shows the skills, abilities and competencies that finance professionals need to help drive the success of their organisations. The competency framework is based on what organisations expect finance professionals to do. Finance professionals are expected to perform accounting and finance activities within the context of the business/organisations in which they operate. They are expected to influence the decisions, actions and behaviours of their colleagues within their organisation and outside it, and to provide leadership at all levels.

The significance of this qualification is that it will enable successful learners in the targeted areas to enter a number of career paths and to apply their learning to different financial contexts from the outset. Such qualifying learners will function under the supervision of senior personnel within the scope of practice.

The qualification is designed to provide learners with the practical skills and knowledge to help make them employable within the financial management or management accounting sector or to enhance career prospects if they are already employed within the finance and accounting sector.

Financial Management has become increasingly important due to the greater financial risks businesses are exposed to, including socio-political and increasingly complex legal contexts in which businesses have to operate. This qualification prepares learners for the African and global context. Chartered Institute of Management Accountant (CIMA) has recently revised and launched a revised curriculum for professionals in the management accounting field and the global management accounting principles to govern the profession. The curriculum of the qualification as developed with the involvement of the industry representatives prepares the qualifying learner for employment or to operate their own business.

At present, qualifying learners of the existing National Diplomas: Cost and Management Accounting and Financial Information Systems articulate to Bachelor of Technology (BTech)-Cost and Management Accounting, which will be discontinued from January 2020. Thus, the qualification will provide such qualifying learners with an opportunity to strengthen their knowledge gained at the Diploma level.

Recognition of Prior Learning (RPL)

An applicant may be considered into the Advanced Diploma in Financial Management qualification by way of Recognition of Prior Learning (RPL). Such an applicant will be required to submit evidence of their work experience and comply with the institution's RPL's application procedures before being offered a place to ensure that they have the necessary capacity. The applicant who wants to gain entry on the basis of a RPL will need to first enrol on and pass an NQF Level 5 Business Mathematics and Business Statistics as non-Diploma modules prior to entering the Advanced Diploma in Financial Management.

Entry Requirements

The minimum entry requirement for this qualification is

• Diploma in Financial Management, NQF Level 6.

Or

• Bachelor's Degree, NQF Level 7.

Or

• National Diploma, NQF Level 6.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 7 totalling 120 Credits.

Compulsory Modules, 120 Credits

• Work Integrated Learning (WIL) in Financial Management IV B (Simulation), 12 Credits.
• Performance Strategy IV, 24 Credits.
• Financial Management IV, 24 Credits.
• Business Management IV, 24 Credits.
• Working Capital Management IV A, 12 Credits.
• Investment and Portfolio Management IV, 24 Credits.

1. Demonstrate integrated knowledge of Financial Management, Business Management, Working Capital Management and Investment and Portfolio Management including an understanding of and the ability to apply and evaluate the key terms, concepts, facts, principles, rules and theories of financial management; and detailed knowledge of Financial Management, Business Management and Investment and Portfolio Management as well as how that knowledge relates to economics and management studies.
2. Demonstrate an understanding of a range of methods of enquiry in a field of business studies, and their suitability to specific investigations and select and apply a range of Financial Management, Performance strategy, Working Capital Management, Business Management and Investment and Portfolio Management methods to resolve problems or introduce change within financial planning.
3. Take decisions and actions ethically and professionally, and justify those decisions and actions drawing on appropriate ethical values and approaches within a supported environment.
4. Develop appropriate processes of information gathering through the use of business management techniques and independently validate the sources of data and evaluate and manage the information.
5. Develop and communicate financial management ideas and opinions relevant to occupational discourse.
6. Identify, evaluate and address learning needs in a self-directed manner, and to facilitate collaborative learning processes against given criteria.

Associated Assessment Criteria for Exit Level Outcome 1

• Explain key terms, concepts, facts, principles, in Financial Management within the area of business studies.
• Explain key terms, concepts, facts, principles, rules in Performance Strategy within the area of business studies.
• Explain key terms, concepts, facts, principles, rules in Business Management within the area of business studies.
• Explain key terms, concepts, facts, principles, rules in Investment and Portfolio Management within the area of business studies.

Associated Assessment Criteria for Exit Level Outcome 2

• Identify, select and evaluate information in financial management to address complex or abstract and real life problems in a professional manner within the field of business studies.
• Identify, select and evaluate information in business management to address complex or abstract and real life problems in a professional manner within the field of business studies.
• Identify, select and evaluate information in investments and portfolio management to address complex or abstract and real life problems in a professional manner within the field of business studies.
• Identify, select and evaluate information in Financial Accounting to address complex or abstract and real life problems in a professional manner within the field of business studies.
• Identify, select and evaluate information in Financial Management to address complex or abstract and real life problems in a professional manner within the field of business studies.
• Identify, select and evaluate information in Working Capital Management to address complex or abstract and real life problems in a professional manner within the field of business studies.
• Select and explain methods and procedures in Investment and portfolio Management to address complex or abstract and real life problems in a professional manner within the field of business studies.
• Select and explain methods and procedures in Business Management to address complex or abstract and real life problems in a professional manner within the field of business studies.

Associated Assessment Criteria for Exit Level Outcome 3

• Explain and apply the complexity of professional standards and the ethical implications of decisions and actions in a professional manner within the field of business studies.

Associated Assessment Criteria for Exit Level Outcome 4

• Select, analyse and present information appropriate to financial management using computer skills.
• Apply well-developed processes to analyse and synthesise information in financial management and work integrated learning practices.

Associated Assessment Criteria for Exit Level Outcome 5

• Present and communicate reliably and coherently complex information in financial management using communication for academic purposes, Computer Literacy, Information Literacy in the field of business studies.
• Present and communicate reliably and coherently complex information in Performance strategy using communication for academic purposes, computer Literacy, Information Literacy in the field of business studies.
• Present and communicate reliably and coherently complex information in Working Capital Management using communication for academic purposes, computer Literacy, Information Literacy in the field of business studies.
• Present and communicate reliably and coherently complex information in business management using communication for academic purposes, computer Literacy, Information Literacy in the field of business studies.

Associated Assessment Criteria for Exit Level Outcome 6

• Evaluate learning and work performance, specific learning needs, teamwork, responsibility for own actions and actions of others against given criteria using work integrated learning relevant to the area of financial management.
• Evaluate learning and work performance, specific learning needs, teamwork and show responsibility for own actions and actions of others against given criteria using life skills appropriate to the area of financial management.

Integrated Assessment

In order to achieve the stated Exit Level Outcomes, an integrated assessment will take the form of formative and summative assessments as well as work integrated learning. Formative assessments will be conducted in a form of problem-solving assignments (individual work or group work), presentations, and case studies. Continuous feedback on the assignments or class tests and semester tests. While summative assessment comprises of written examinations. All summative, exit level assessment tasks are externally moderated by suitably qualified experienced subject specialists.

This process will exclude the simulated work integrated learning module as it will take a different form of assessment process. In order to gain much needed practical experience as financial controllers or managers, learners will be required to spend time simulating typical day-to-day financial management and management accounting tasks and duties required of financial controllers or managers as per the learning outcomes of the simulated Work Integrated Learning module. Learners will then be assessed by means of a portfolio of learning material which will be moderated and assessed in-line with institutional policies.