Advanced Diploma in Financial Planning

Purpose

The primary purpose of the Advanced Diploma in Financial Planning is to add knowledge and practical (simulated) expertise to learners under the qualification. This qualification is primarily a vocational learning qualification offered over a period of 1-year full time, preparing learners for a career in the fields of finance and training them to be Financial Planning Specialists, Wealth planners; Financial Planners; Portfolio Managers; Pension and Estate Planners, Demand Planners; Stock Brokers; Financial Advisors and Investment Specialists. It also provides learners with a sound understanding of general theoretical principles in the field of finance as well as a combination of general and specific procedures and their application. Learners will have theoretical knowledge, together with practical innovative skills. They will be able to apply knowledge and skills in the entrepreneurial environment or workplace and advise communities on financial related matters. 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 learners will function under the supervision of senior personnel within the scope of practice. The qualification is intended to develop learners who can demonstrate planning and technical skills in the field of finance appropriate to industry needs. This qualification includes an appropriate Work-Integrated Learning (WIL) component simulation. Completion of the qualification meets the minimum entry requirement for admission to a Postgraduate Advanced Diploma in Financial Planning. The completion of this qualification will also meet the minimum entry requirement for admission to Postgraduate Diploma, a Bachelor Honours Degree or a Bachelor's Degree. A qualification may not be awarded for early exit from the Advanced Diploma qualification.

Rationale

The Financial Advisory and Intermediary Services Act, 2002 (the FAIS Act), among others, requires financial services providers to have an appropriate qualification. This lead to skills need in the financial services sector. The need was also noted by FASSET' Sector Skills Plan- 2012 Report, which indicated that financial skills are needed in different financial service environments such as insurance, banking and in the rest of the South African economy. It has been found that consumers are faced with various complexities, uncertainties and confusion on a daily basis with regard to financial planning decisions, therefore financial planning professionals will be able to help consumers through the principles and practice of sound financial planning. According to research done by INSETA, there are still a small number of employees in the industry which implies that there is a need for financial service professionals.

Learners will have theoretical knowledge, together with practical innovative skills. They will be able to apply knowledge and skills in the entrepreneurial environment or workplace and advise communities on financial related matters. 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 learners will function under the supervision of senior personnel within the scope of practice. The qualification is intended to develop learners who can demonstrate planning and technical skills in the field of financial planning appropriate to industry needs. This qualification includes a simulated Work-Integrated Learning (WIL) in Financial Planning component which will be implemented on the campus. Completion of the qualification meets the minimum entry requirement for admission to a Postgraduate Diploma. The development of this qualification is in line with the Tshwane University of Technology's vision and mission statements to provide 21st-century skills within the field of commerce. The completion of this qualification will also meet the minimum entry requirement for admission to an Honours Degree. Accumulated credits may also be presented for admission into a cognate Honours, a qualification which may not be awarded for early exit from this qualification. The planning of the qualification was supported by the departmental advisory committee. The department of Managerial Accounting and Finance together with key parties from the Financial Planning Institute has ensured that each module included in the qualification was aligned with the learning goals and outcomes in order to equip learners in the area of Financial Planning. The qualification will contribute towards the reduction of scarce financial planning skills nationally.

Recognition of Prior Learning (RPL)

Access to this qualification could also be through Recognition of Prior Learning (RPL). Learners who do not meet the entry requirements may gain admission through RPL. In all cases, recognition will be considered under the conditions of the institution policies and approval as per institutional policy, credits towards this qualification may be obtained by means of RPL. It is the policy of the institution to assess for RPL, Equivalence and Status (RES) in accordance with statuary requirements in order to promote access to higher education and in particular to accelerate the redress of past unfair discrimination.

Entry Requirements

The minimum entry requirement for this qualification is

• National diploma, NQF Level 6.

Or

• Diploma, NQF Level 6.

Or

• Bachelor, NQF Level 6 (in the relevant field).

This qualification consists of the following compulsory modules at NQF Level 7 totalling 120 Credits.

Compulsory Modules, Level 7,120 Credits

• WIL in Financial Planning IV (Simulation), 24 Credits.
• Finance IV A, 12 Credits.
• Finance IV B, 12 Credits.
• Asset management IV A, 12 Credits.
• Asset management IV B, 12 Credits.
• Estate and Tax Planning IV B, 12 Credits.
• Advanced Business communication IV A, 12 Credits.
• Risk Management IV B, 12 Credits.
• Retirement Planning IV B, 12 Credits.

1. Understand, apply and evaluate the key terms, concepts, facts, principles, rules and theories of financial planning; and detailed knowledge of Finance, Asset Management, Estate and Tax Planning, Advance Business communication, Risk Management and Retirement Planning and 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 the ability to select and apply a range of Finance, Asset Management, Estate and Tax Planning, Advanced Business Communication, Risk Management and Retirement Planning to resolve problems or introduce change within financial planning.
3. Take decisions and actions ethically and professionally, and the ability to 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 data management techniques; and the ability to independently validate the sources of data and evaluate and manage the information.
5. Develop and communicate financial planning ideas and opinions in well-formed arguments, using business data management techniques relevant to occupational discourse.
6. Identify, evaluate, and address his or her 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 within the asset management, rules: of Estate and tax planning, in Finance, in retirement planning, in advanced business in risk management are explained within the area of business studies.

Associated Assessment Criteria for Exit Level Outcome 2

• Information in Asset Management, Estate and Tax Planning, Retirement Planning, Business Communication and Risk Management is identified, selected, and evaluated to address complex or abstract and real-life problems in a professional manner within the field of business studies.
• Methods and procedures in asset management, estate and tax planning, finance, advanced business communication and risk management are selected and explained 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

• Awareness of the complexity of professional standards and the ethical implications of decisions and actions are explained and applied in a professional manner within the field of business studies.

Associated Assessment Criteria for Exit Level Outcome 4

• Information appropriate to financial planning is selected, analysed, and presented using computer skills.
• Well-developed processes to analyse and synthesise information are applied in financial planning and work-integrated learning practices.

Associated Assessment Criteria for Exit Level Outcome 5

• Complex information in asset management, estate and tax planning, retirement planning, finance, risk management and advanced business communication is reliably and coherently presented and communicated using communication for academic purposes, computer Literacy, Information Literacy in the field of business studies.

Associated Assessment Criteria for Exit Level Outcome 6

• Learning and work performance, specific learning needs, teamwork, responsibility for own actions and actions of others against given criteria are evaluated using work-integrated learning and life skills relevant to the area of financial planning.

Integrated Assessment

Learners will be assessed based on practical scenarios relating to financial planning in two ways

Formative Assessment

• Theoretical assessment in the form of written tests, assignments, that will test the underpinning foundational skills in financial planning.
• Simulated practical assessments.

Summative Assessment

• For the assessment strategy as a whole, evidence must be demonstrated through a variety of options which can include portfolio of learning materials, projects, written examinations and practical exercises.