Bachelor of Commerce Honours in Financial Management

Purpose

This qualification has the primary purpose of providing a well-rounded focused education that equips graduates with the knowledge base, theory and methodology of finance, investment, banking and financial institutional management. It enables learners to understand risk finance, insurance and research methodology that enables them to demonstrate initiative and responsibility in an academic or professional context.

Students are also prepared for specialised employment. Principles, theory and application are emphasised as a basis for promotion in the graduates' place of work for professional training, for example, to be awarded the Chartered Financial Analyst (CFA) designation.

Rationale

Financial management has become increasingly important due to the greater financial risks to which businesses are exposed including dynamic, volatile local and global economic conditions, as well as the socio-political and increasingly complex legal contexts in which businesses have to operate.

The rationale for the Bachelor of Commerce Honours in Financial Management qualification is to provide in-depth, specialised education, training and scholarship in the field and practice of financial management at Postgraduate level.

The qualification prepares students for the global and African context. The qualification will afford students, who are in need of financial management skills, the opportunity to acquire those skills without full-time study at a university in South Africa and in Africa. The university will fill the gap in the market by offering financial management skills to a wider student population in Africa and beyond.

Research has revealed that some local universities offer a Bachelor of Commerce Honours in Financial Management which focuses on a financial accounting module, for the Chartered Institute of Management Accountants (CIMA) and Chartered Financial Analyst (CFA) designations. This qualification includes modules such as corporate finance, investment, banking and risk management and intends to prepare students from both the public and private sector to specialise in financial management without narrowing their focus, although graduates may choose to pursue CIMA and CFA. The qualification is holistic in nature which is not currently the case compared to similar qualifications offered by universities in Africa. The qualification prepares students to advance to a Master's Degree.

Recognition of Prior Learning (RPL)

All admission through RPL will be in accordance with the principles laid down in the institution's RPL policy.

Lecturers at the institution will act as assessors for RPL purposes. Assessors will assess and give credit for evidence of learning that has already been acquired through formal, informal and non-formal learning and experience.

Evidence of prior learning can be presented in a variety of forms, including international or previous local qualifications, reports, testimonials mentioning functions performed, work records, portfolios, videos of practice and performance records. All such evidence should be judged according to the general principles of assessment which are as follows:

• Focus initial assessment activities on gathering evidence in terms of the main and specific outcomes, or groups of specific outcomes, expressed in each of the modules to ensure that assessment is integrated rather than fragmented. The aim is to declare the person competent in terms of the qualification purpose.
• Make sure evidence is gathered across the entire range, wherever it applies.
• Assessment activities should be as close to the real performance as possible and, where simulations and role plays are used, there should be supporting evidence to show that the candidate is able to perform in the real situation.
• All assessments should be conducted in line with the institution's well-documented principles of assessment as defined below and in its assessment policy.

The principles of assessment are as follows

• Appropriate: The method of assessment is suited to the performance being assessed.
• Fair: The method of assessment does not present any barriers to achievements which are not related to the evidence. In particular, the method of assessment is sensitive to language diversity.
• Manageable: The methods used can be easily arranged and cost-effective that do not unduly interfere with learning.
• Integrated into work or learning: Evidence collection is integrated into the work or learning process where this is appropriate and feasible.
• Valid: The assessment focuses on the requirements laid down in the standard, i.e. the assessment is fit for purpose.
• Direct: The activities in the assessment mirror the conditions of actual performance as closely as possible.
• Authentic: The assessor is satisfied that the work being assessed is attributable to the person being assessed.
• Sufficient: The evidence collected establishes that all criteria have been met and that performance to the required standard can be repeated consistently.
• Systematic: Planning and recording are sufficiently rigorous to ensure that assessment is fair.
• Open: Students can contribute to the planning and accumulation of evidence. Candidates will understand the assessment process and the criteria that apply.
• Consistent: The same assessor would make the same judgement again in similar circumstances. The judgement made is similar to the judgement that would be made by other assessors.

Entry Requirements

The minimum entry requirement is a

• A Bachelor's Degree in Financial Management, Level 8.

This qualification comprises compulsory and elective modules at Level 8 totalling 120 Credits.

Compulsory Modules: 96 Credits

• Research Methodology, 12 Credits.
• Research Project in Financial Management, 36 Credits.
• Advanced Financial Management, 24 Credits.
• International Financial Management, 24 Credits.

Elective Modules (1 elective to be chosen): 24 Credits

• Financial Institute Management, 24 Credits.
• Investments: Portfolio Management, 24 Credits.
• Operational Risk Management, 24 Credits.
• Governance, Risk and Compliance Management, 24 Credits.

1. Demonstrate coherent and critical understanding founded on a comprehensive and systematic knowledge base of quantitative and qualitative methodologies in economic and management sciences, theory and paradigms in the specialised areas of financial management.
2. Think critically about theory and practice, and demonstrate advanced scholarship in the various specialisation areas by critically and systematically reviewing knowledge and processes of knowledge production and interrogating multiple sources of knowledge in the various areas of financial management.
3. Use a range of specialised skills to identify, analyse and address complex, abstract and/or real-life problems, drawing systematically on financial management knowledge, techniques and technologies of the various specialisation areas.
4. Apply knowledge of, and insight into, the theory and practice of financial management to complex and/or real-life problems.
5. Use a range of specialised knowledge, skills, techniques and technologies, and ethical standards relevant to financial management in budgeting.
6. Demonstrate capacity to manage and self-assess learning tasks autonomously, professionally, responsibly and ethically with due consideration of continued academic growth and development.

The following Associated Assessment Criteria will be assessed in an integrated manner across the Exit level Outcomes.

• Review, critique and evaluate current research and multiple sources of scholarly or professional literature in an intellectually independent manner.
• Make sound theoretical judgements by using well-reasoned, theory-driven and evidence-based arguments.
• Identify, critically review, evaluate and interpret risk assessment in an organisational context and other complex problems related to the areas of specialisation by considering economic, socio-political and legal contexts, including governance and ethics.
• Apply standard procedures, processes or techniques appropriately to theoretically deal with, or empirically investigate, unfamiliar complex, abstract or real-life world problems in a particular area of specialisation.
• Conduct independent analysis and interpretation of theoretical, quantitative and qualitative data.
• Demonstrate coherent and critical insight by means of well-rounded, theory-driven and evidence-based arguments and critical self-reflection.
• Make judgements and derive conclusions based on data.
• Communicate judgements and conclusions clearly by using the resources of an academic/professional discourse appropriately, reliably and accurately.
• Critically self-assess and take responsibility for own activities, ethical behaviour and continued personal development in the field of financial management.
• Display, through reasoning, viewpoints, insights and ideas, acceptable social sensitivity in the relationship and interaction with others, and work in the scholarly, financial management and other managerial work environments.
• Make ethical decisions, which affect knowledge production or complex organisational or professional issues, autonomously and with social sensitivity and awareness of consequences.

Integrated Assessment

The outcomes for each of the compulsory modules must be achieved. Evidence of learning competency (knowledge, skills, attitudes and expertise) and the student's ability to achieve the purpose of the qualification as a whole at the time that the qualification is awarded is required by means of comprehensive and integrated assessment constituting a range of formative and summative assessments.

Competence is achieved through continuous assessment. Continuous formative and summative assessment methods are used in the form of written assignments and examinations. Formative and summative assessment will be conducted within the guidelines of the institution's assessment policy.

Formative Assessment

Formative assessment is comprised of two compulsory assignments per module, each contributing a relative percentage weight towards a final year mark of 30%.

Summative Assessment

Summative assessment comprises a three-hour examination.

The summative assessment comprises a year mark (30%) that will be gained from the specified number of compulsory assignments and a written examination in each module (70%).