Postgraduate Diploma in Development Finance

Purpose

The primary purpose of the Postgraduate Diploma in Development Finance is to give qualified learners, with little or no experience in Development Finance a finance background (either a finance qualification of professional experience in a finance-related field), the ability to systematic survey current practice in the specialised Development Finance field, critically interrogate relevant knowledge sources and engage deeply with the Development Finance field, in order to enable them to undertake professional and highly skilled work at Development Finance institutions, Non-Governmental Organisations (NGOs), public bodies or similar workplaces.

Also, the purpose of the qualification at the institution is to prepare qualified learners who can make a significant contribution to the practical and well-managed economic, infrastructural and social development of their countries and regions, with a focus on emerging markets.

Rationale

The Development Finance profession (especially as practised in South Africa and the rest of the African continent) is a nascent field for finance professionals. It provides substantial opportunities to rapidly uplift local and African communities, develop essential infrastructure, and support African countries and institutions in becoming international participants and contributors to the service and knowledge economies globally. At this time, and for the foreseeable future, there is an urgent need to build development finance skills among qualified finance professionals so that they can approach this new field effectively.

After graduating from this qualification, a significant number of these learners will enrol onto the Master of Commerce Development Finance qualification. The Master of Commerce learners is mainly senior managers in government, the private sector, development finance institution and NGOs who want to want to have a better theoretical and practical understanding of development finance to enhance their workplace experiences. The qualification, however, attracts younger qualified learners who want to pursue careers in development finance. This scaffolded approach means that we can meet the growing need of entrants into the development finance field, as well as give them the means to pursue further studies.

Thirdly, while there are several Masters-level qualifications in development finance nationally and globally, there is currently only one offering equivalent to the proposed qualification at postgraduate qualification level (offered by the other institution). The ever-increasing volume of enquiries from NQF level seven qualified learners about a postgraduate qualification in development finance qualification is a clear indicator of the unmet demand in the market. The latter offers both a sustainable new addition to the portfolio of courses (with a clear articulation into the Master of Commerce in Development Finance) as well as an innovative offering in a new and developing field.

In addition to national accreditation, the qualification will be accredited by the Chartered Institute of Development Finance (see www.globalcidef.com for membership categories). Development finance institutions consider this accreditation as a benchmark of learner capability and quality.

Recognition of Prior Learning (RPL)

Learners not meeting the National Qualification Framework (NQF) 7 qualification requirement can apply through the Recognised Prior Learning (RPL) route. The institution is a large institution with multiple forms and sites of academic practice. The institution RPL practices for specific qualifications are context-sensitive and framed to suit those different contexts where RPL is appropriate. The institution RPL model is developmental, not a deficit model of adult learning; it builds on knowledge and skills that adults have already acquired. The choice and use of a given set of RPL methodologies are consistent with the institution principles of assessment more generally. RPL practices should meet critical criteria for validating assessment practices, and in particular: transparency, fairness, legitimacy, attention to unintended negative consequences, and feasibility.

Learners can apply for RPL if they

• Have at least an NQF 6 qualification.
• Can demonstrate a very high level of academic ability, financial/quantitative acumen and suitable personal qualities (such as determination, commitment, right time and workload management, amongst others via a portfolio of evidence.

The RPL assessors and the Academic Faculty members of the Business School review RPL applications following the institution RPL policy.

The institution interviews suitable RPL learners require them to complete a test or assessment based on their specific prior experience and knowledge.

The appropriate faculty committee or dean makes the final decision regarding the admission of the RPL candidate to a particular qualification of study.

Entry Requirements

The minimum entry requirement for this qualification is

• Bachelor of Commerce in Finance, NQF Level 7.

Or

• Bachelor of Commerce in Economics, NQF Level 7.

Or

• Bachelor of Commerce in Accountancy, NQF Level 7.

This qualification consists of the following compulsory and elective modules at National Qualification Framework Level 8 totalling 120 Credits.

Compulsory Modules, 120 Credits.

• Banking and Finance in Emerging Markets, 24 Credits.
• Risk Management and Sustainability of Development Finance Institutions, 24 Credits.
• Environmental Finance and Sustainability Investments, 24 Credits.
• Trade Finance, 24 Credits.
• Public-Private Partnerships for Development Financing, 24 Credits.

1. Conceptualise, analyse and interpret key financial concepts and theories in the Development Finance field, especially on issues relating to the emerging markets.
2. Identify, measure, monitor and control risks in the operations of Development Finance institutions.
3. Manage and implement capital budgeting techniques in Development Finance projects and investments.
4. Build collaborative public-private partnerships in appropriate circumstances in order to strengthen Develop Finance projects that aim to tackle complex societal and development challenges.
5. Manage international trade transactions, including assessing and managing the risks involved.
6. Communicate effectively with peers, partners and other stakeholders in the Development Finance field.

Associated Assessment Criteria for Exit Level Outcome 1

• Analyse the role that market actors play in the banking and financial systems in emerging economies.
• Critique the role of banking and financial systems in the development of emerging economies and compare operational links between developed and Development Finance.
• Examine the operational similarities and differences between banking and financial systems in developed and emerging financial markets.
• Critique corporate finance theories in emerging markets contexts.
• Analyse the impact of financial governance on financial statements of financial institutions in emerging markets.
• Use real emerging markets case studies to systematically and critically apply concepts and theories to analyse and interpret financial statements to aid in making sound and professional judgements in a work environment.

Associated Assessment Criteria for Exit Level Outcome 2

• Dissect and analyse the sources and impact of operational risk inherent in the core business of development financial institutions.
• Evaluate and assess the governance structures, systems and procedures necessary for an organisation to successfully manage operational and oversight risk.
• Apply the main techniques for the measurement, qualification and quantification of operational risk and manage potential deviations from implemented plans identified.

Associated Assessment Criteria for Exit Level Outcome 3

• Evaluate the theoretical and empirical basis for impact investing.
• Evaluate impact evaluation frameworks and explain how these can be integrated into traditional risk and return models.
• Analyse the effectiveness of the range of impact tools and tactics currently available to impact investors.
• Evaluate the role of funds, fund managers and other intermediaries and vehicles in impact investing.
• Survey contemporary impact investment mechanisms, structures and models.

Associated Assessment Criteria for Exit Level Outcome 4

• Evaluate the general properties of public-private partnerships in the Development Finance context.
• Analyse different Public-Private Partnerships (PPP) approaches and types, and their opportunities and challenges.
• Develop frameworks for implementing economic and network opportunities of PPPs.
• Appraise the economic challenges in PPPs in terms of the transaction costs and principal-agent relationships.
• Outline and critique the opportunities and challenges of public-private cooperation in the planning, implementation and management of the PPP projects.
• Determine opportunities and challenges in PPP procurement.

Associated Assessment Criteria for Exit Level Outcome 5

• Apply a structured approach to evaluating the attributes of the key risk exposed by the importers and exporters.
• Uncover the key drivers of cash generation and cash use throughout a company's business cycle.
• Identify and critically evaluate the key challenges impacting negatively in the emerging markets context.
• Examine the accounting, cash flow and capital requirement implications of trade finance products.
• Structure trade finance transactions to meet the client's needs and minimise risk to the bank.

Integrated Assessment

Each course in the qualification will have three assessments to ensure the continuous monitoring of learning: one written test, final exam and one individual written assignment per course. The assignment will seek to test learners understanding of the concepts and theories with practical questions. Summative assessments assess all key learning outcomes of the course (not just one or two of them). External examiners moderates the final exams with admin support from lecturers and qualification coordinators. The institution provides learners with take-home assignment with submission deadlines.