Bachelor of Commerce in Financial Management

Purpose

The purpose of the qualification is to provide learners with graduate-level knowledge, specific skills and applied competence in a number of fields in Financial Management and Accounting. This will provide opportunities for continued personal intellectual growth, enhanced marketability and enhanced employability whilst opening up new access routes to additional education and training opportunities.

The Bachelor of Commerce in Financial Management will provide access to higher education to persons wanting to make careers in the field of commerce and will complement the existing accredited qualifications. The purpose of the qualification is to respond to the needs of the community, industry, private sector and financial sector in the provision of a degree in financial management.

The qualification will enable learners to

• Grasp the concepts and principles that forms the base of financial management.
• Apply financial management theory to a practical context.
• Assess and address corporate financing needs.
• Assess and address the information needs of the organisation, both for internal and external use.
• Assess and address weaknesses in the internal financial controls in the organisation.
• Ensure that the latest techniques and philosophies are assimilated into appropriate practice.

Rationale

While South Africa possesses an 88% basic literacy level, financial literacy is still a concern. The latest data from the annual study of South African financial habits and attitudes shows a high percentage of misunderstanding or no knowledge of key financial management concepts and functions (FinScope). To address this challenge and in keeping with its mission of offering affordable, accessible and accredited management qualifications relevant to the South African market.

The access to higher education could have a significant positive influence on the ability of young businessmen and women to become leaders in their fields and to make positive contributions to the economies of their countries.

Recognition of Prior Learning (RPL)

This qualification may be obtained in whole or in part through the recognition of prior learning.

In the cases where prior learning is to be recognised for purposes of access to the qualification

• It is assumed that the learning derived from work or life experience will be a major element in the profiles of non-standard entrants primarily by means of an examination of their Curriculum Vitae (CV).
• Learners will be selected on the recommendation of a senior manager from their organisations/companies.

Where appropriate, interviews will also be conducted to assess the learners. Some of the key criteria that will be used in evaluating learners include:

• The learners' motivation, maturity and realistic approach to their studies.
• Job description, covering relevant area of work, giving examples of tasks carried out, possibly supplying references.
• The nature and level of life/work experience and prior study, and the learning which has resulted from such experience.
• Details of in-company short courses, length, content of material covered, standard achieved.
• The clarity of the learner's educational goals and objectives.
• The extent to which the learner can provide evidence of the threshold skills and knowledge for the qualification.

Where prior learning is recognised for advanced standing, credit will be given for prior certificated learning in accordance with established practice at South African higher education institutions. The amount of 'specific' credit granted is dependent on the match between prior learning and award towards which the intended qualification leads.

Credits may only be accumulated for modules, which are prescribed within the structure of a named award.

Entry Requirements

Learners are required to have the following in place in order to be considered for admission

• Senior Certificate with endorsement.

Or

• National Senior Certificate (NSC) allowing for entry in to Bachelors' Degree studies.

Or

• Certificate of Exemption from the exemption requirements of HESA.

The qualification consists of 24 modules at NQF Levels 5, 6 and 7 totalling 360 Credits.

NQF Level 5 modules (4 modules totalling 60 Credits)

• Economics 1A, 15 Credits.
• Financial Mathematics 1T, 15 Credits.
• Economics 1B, 15 Credits.
• Business Information Systems1T, 15 Credits.

Total number credits at NQF Level 5 is 60.

NQF Level 6 modules (4 modules totalling 60 Credits)

• Taxation 2A, 15 Credits.
• Commercial Law 2A, 15 Credits.
• Taxation 2B, 15 Credits.
• Commercial Law 2B, 15 Credits.

Total number credits at NQF Level 6 is 60.

NQF Level 7 modules (16 modules totalling 240 Credits)

• Financial Management 1A, 15 Credits.
• Business Management 1A, 15 Credits.
• Financial Management 1B, 15 Credits.
• Business Management 1B, 15 Credits.
• Financial Management 2A, 15 Credits.
• Business Management 2A, 15 Credits.
• Financial Management 2B, 15 Credits.
• Business Management 2B, 15 Credits.
• Financial Management 3A, 15 Credits.
• Business Management 3A, 15 Credits.
• Financial Management 3B, 15 Credits.
• Business Management 3B, 15 Credits.
• Financial Management 3C, 15 Credits.
• Financial Management 3D, 15 Credits.
• Financial Management 3E, 15 Credits.
• Financial Management 3F, 15 Credits.

Total number of credits at NQF Level 7 is 240.

1. Obtain and assimilate knowledge appropriate to the practice of financial management in any organisation.
2. Evaluate financial and accounting concepts and principles and their application in solutions to practical financial problems.
3. Prepare financial statements of entities, including groups of companies, using relevant financial information, accounting techniques and standards; and to analyse and interpret such financial statements.
4. Apply financial management techniques to issues affecting investment, financing, and dividend policy decisions of an organisation.
5. Understand the general legal framework, and apply specific legal principles relating to business, including taxation legislation as applicable to individuals, single companies and groups of companies.

Associated Assessment Criteria for Exit Level Outcome 1

• The rudiments of the South African financial system are provided.
• The important concepts used in financial management are understood.

Associated Assessment Criteria for Exit Level Outcome 2

• A variety of business related problems using a process of differentiation are solved.
• An advice on minimising and/or deferring tax liabilities by the use of standard tax planning measures is provided.

Associated Assessment Criteria for Exit Level Outcome 3

• The role of financial statements in business is explained.
• The composition, structure and content of financial statements is understood.
• Information that can be obtained from financial statements and accounting reports is analysed and interpreted.

Associated Assessment Criteria for Exit Level Outcome 4

• Costing methods applicable to specific requirements are understood.
• A clarification on which methods of capital budgeting in business practice are encountered is given.
• Various methods of forecasting-regression analysis and time series analysis are applied.

Associated Assessment Criteria for Exit Level Outcome 5

• The legal implications of agency in commercial transactions are described.
• The principles of taxation and government policies around taxation are related.
• The legal implications in franchising are outlined.
• The regulatory issues surrounding the South African financial market are discussed.

Integrated Assessment

Assessment centres on

• The extent to which the learner has grasped the concepts and principles that forms the base of financial management.
• The application of financial management theory to a practical context.
• Assessing and addressing corporate financing needs.
• Assessing and addressing the information needs of the organisation, both for internal and external use.
• Assessing and addressing weaknesses in the internal financial controls in the organisation.
• Ensuring that the latest techniques and philosophies are assimilated into appropriate practice.

Assessment methods measure the extent to which the learner has achieved competence in the different areas of study delivered through course modules.

These assessment methods include

• Case studies.
• Report writing.
• Interpretative and analytical problem solving in the written examination.
• Work based assignments.
• Self-assessment activities in the course material.