Postgraduate Diploma in Financial Planning

Purpose

The purpose of the qualification is to develop applied competence and deepen the student's expertise in the analysis, interpretation and application of financial planning principles in the economic environment at an advanced level. Learners are prepared for a career in the practice of financial planning and further learning in a Postgraduate study in this field by developing evaluating and reporting skills. The learners should be able to reflect on their decisions and applications to assess the effect thereof in the holistic context of financial planning as a practice at an advanced level.

Learners that successfully complete the qualification can organise and manage their own finances and more specifically add to the financial literacy of the society by advising and assisting clients with personal and corporate financial planning.

Rationale

This qualification is designed to provide knowledge and skills to learners in order to meet the growing need for financial planners in a modern economy. The need for financial planners has become more evident in Southern Africa due to the general low financial literacy levels of the population. The National Treasury through its Consumer Financial Education Policy Document acknowledges that there is a shortage of Financial Planners in South Africa. Existing qualified learners, on the other hand, fall short of financial planning skills and knowledge required by the Financial Planning Institute of Southern Africa (FPI) for the awarding of their professional designations. As financial markets become more complex than before, the need for financial planners escalates. This qualification enables finance and investment management learners to have an opportunity to enhance their skills and knowledge in financial planning as provided by this FPI accredited qualification.

A large portion of prospective financial planning learners are established financial planners who would like to acquire the Certified Financial Planner (CFP) designation while continuing their day to day work responsivities and without the time constrains of face to face lectures.

Learners that successfully complete the qualification have qualified for one requirement and may apply to enter the competency board exam at the Financial Planning Institute (FPI) to become a Certified Financial Planner.

Recognition of Prior Learning (RPL)

The purpose of the institution's RPL policy is to recognise prior learning in order to provide for access into programmes, grant advanced placement in programmes and grant credits for modules on the principles and processes that serve as basis for Faculty-specific RPL practices.

The Institution accepts Recognition of Prior Learning (RPL) as an integral part of education and academic practice. It is acknowledged that all learning has value and the Institution accepts the challenge to assess prior learning and award credit that is aligned to Faculty programmes to promote lifelong learning.

The Department of Finance and Investment Management will require RPL learners to write an entrance online examination to ensure that learners are at the correct academic level.

The Department follows the institutions RPL Policy, which requires the formation of a departmental RPL Committee to review RPL applications. The Committee compromises at least three appropriate members in a Department, including an Advisor, Assessor and Moderator. An advisor acts as a facilitator between the RPL role players or as an evidence facilitator who may or may not be the Head of Department (HOD) the functions of the committee are to:

• Monitor and review the RPL policy and procedures within the Department.
• Oversee the RPL process and establish quality management in the Department.
• Manage the administration of the RPL process according to the RPL sub-committee guidelines as approved by the Faculty.
• Advise the Faculty RPL sub-committee of the Department's recommendations.

Entry Requirements

The minimum entry requirements are

• NQF Level 7 qualification (including both Advanced Diplomas or Bachelors) with financial planning knowledge.

Or

• 5 years' relevant work experience in financial planning in line with the Recognition of Prior Learning (RPL) policy.

This qualification consists of compulsory modules at Level 8, totalling 120 Credits.

• Personal and Business Tax Planning, 20 Credits.
• Investment and Portfolio Management, 20 Credits.
• Personal and Corporate Risk Planning, 20 Credits.
• Estate Planning and Trusts, 20 Credits.
• Personal and Corporate Retirement Planning, 20 Credits.
• Comprehensive Financial Planning, 20 Credits.

1. Apply theoretical principles of problem identification and solving, in the field of Financial Planning and reflect on the application made on the process of problem solving.
2. Interpret the relevant information correctly and reflect on the financial planning project undertaken.
3. Demonstrate effective communication competence with the different role players in the Financial Planning field and applying the theoretical principles of communication (oral/written) and reflect on the application made.
4. Apply the relevant theoretical aspects and reflect on the application to organise and co-ordinate resources and opportunities in the field of Financial Planning.
5. Utilise appropriate Financial Planning processes and information systems in the environment as a basis for sound decision-making.
6. Explore different effective learning strategies to acquire the different competencies of a financial planner.
7. Use holistic financial planning ethically to promote responsible local and global citizenship through their approach.
8. Apply the appropriate financial planning theoretical principles and reflect on the application made within the context of cultural diversity towards the people of all communities and the community at large.
9. Utilise theoretical principles to acquire acceptable employment seeking skills for entry into the different sectors of the Financial Planning industry.

Associated Assessment Criteria for Exit Level Outcome 1

• Comprehensive and systematic theoretical knowledge in Financial Planning is accurately applied to compile a financial planning report.
• Current research in financial planning is appropriately evaluated and criticised.
• A realistic complex problem or concern is accurately analysed.
• Solutions to a financial concern or problem are proposed.

Associated Assessment Criteria for Exit Level Outcome 2

• Information from the client to get a holistic view of the client's circumstances is independently gathered.
• Gathered information is accurately analysed to identify the risk areas of a client.
• A holistic summary is presented on key aspects that will be addressed.
• Information from the client is accurately analysed and all the different areas in financial planning are accurately synthesised.

Associated Assessment Criteria for Exit Level Outcome 3

• Effective communication with the different role players in Financial Planning is evident.
• Professional academic work is presented by using different genres in appropriate context.
• Risk areas and suitable solutions are appropriately communicated in an effective format; and research-based assignments in the field of Financial Planning is appropriately prepared and finalised.

Associated Assessment Criteria for Exit Level Outcome 4

• Research assignments is managed autonomously, professionally and ethically.
• Resources are organised and co-ordinated by solving case studies.
• Appropriate resources and opportunities in the field of financial planning are identified and the relevant theoretical aspects of financial planning and suitable solutions are appropriately synchronised with the identified need of the client.

Associated Assessment Criteria for Exit Level Outcome 5

• Appropriate financial planning processes are effectively employed for information retrieval.
• Appropriate information systems are effectively used to evaluate the information for sound decision-making.
• The financial planning six step process is applied.
• The rules and regulations in terms of statutes, body and policies are accurately complied with during the financial planning process.

Associated Assessment Criteria for Exit Level Outcome 6

• A variety of learning tasks can be accurately managed by autonomously identifying different learning strategies.
• Different learning strategies can be employed to organise, manage and/or present learning tasks.
• Different presentations of factual information that utilised different learning strategies by the client can be organised, managed and analysed; Different effective learning strategies is used and explore to acquire different skills and competencies as a financial planner.

Associated Assessment Criteria for Exit Level Outcome 7

• Responsible local and global citizenship is promoted by stressing the importance of financial planning.
• Holistic financial planning is used ethically to promote responsible local and global citizenship.
• Areas of concern is identified in all areas of financial planning to promote holistic financial planning.
• Responsible local and global citizenship is promoted by adequately identifying and addressing all financial planning needs.

Associated Assessment Criteria for Exit Level Outcome 8

• In the context of cultural diversity, social, and aesthetic sensitivity towards the people of the different communities and the role players in the Financial Planning is displayed.
• The financial planning theoretical principles are applied and presented to a client in a context of cultural diversity.
• Theoretical financial planning principles is applied to a case study in a real-world scenario where the cultural diversity towards the people of all communities is considered.
• A sensitivity to all the different people of all communities and the community at large is displayed during all the different stages of the financial planning process.

Associated Assessment Criteria for Exit Level Outcome 9

• Theoretical principles in all the areas of financial planning is accurately utilised and presented to acquire acceptable employment seeking skills.
• Theoretical knowledge in financial planning is accurately applied to present solutions to real-word circumstances; and the financial planning process is accurately applied to illustrate theoretical principles.

Integrated Assessment

As per Institutional/Faculty policy

A combination of summative and formative assessment will be done in each of the modules. The assessments comprise of the completion of learning tasks which, when combined, constitute a portfolio and amounts to 80% of the final mark. Learning Tasks form a coherent whole, and are authentic in nature. Assessment tasks comply with institutional requirements. The balance (20%) of the final mark is achieved by completing a series of milestone "mini-tests" or even the achievement of "badges".

Online quizzes and polling will be used for formative assessment. Tools like Socrative or Naiku are online replications of classroom response systems. They enable real-time learning activities that are driven by singular questions, quizzes or polls. It can be used either for real-time formative assessments, or for learning opportunities that are driven by student responses to guiding questions by lecturers or tutors.

Learners will be permitted to complete formative and summative assessments in their own place of work or residence. In this instance, various controls will be in place to ensure that it is the candidate completing the assessment, and not another person. This will include asking candidate-specific questions during the assessment, the use of cameras on computers throughout the assessment, and possibly fingerprinting.