Postgraduate Diploma in Financial Planning

Purpose

The Postgraduate Diploma in Financial Planning is a vocational learning qualification preparing individuals for a career in the fields of finance and training them to be able to assess the financial needs of individuals and help them with investments (such as stocks and bonds), tax laws, and insurance decisions. They will be able to help clients plan for short-term and long-term goals, such as education expenses and retirement. They recommend investments to match the clients' goals. They invest clients' money based on the clients' decisions. Many also provide tax advice or sell insurance. Qualifying learners will be able to become Portfolio Managers; Pension and Estate Planners, Demand Planners; Stock Brokers; Financial Advisors; Investment Specialists; Insurance Sales Development Managers; Legal Advisors; Life Insurance Managers at a specialised level.

This qualification will provide individuals with a solid and specialised knowledge relating to the principles of financial planning. Sound understanding of general theoretical principles in the field of finance as well as a combination of general and specific procedures and their application. Qualifying learners will have theoretical knowledge of financial planning and advisory services, together with practical innovative skills that will enable them to fill management positions within the financial advisory industry. They will be able to apply knowledge and skills in the entrepreneurial environment or workplace and advice communities and corporate businesses 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 qualifying 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 need. Completion of the qualification meets the minimum entry requirement for admission to a Master's qualification. Accumulated credits may also be presented for admission into a relevant Master's qualification.

Rationale

The need for financial planners within South Africa has been at a rise due to financial illiteracy within emerging economies. Personal finance has become increasingly complex. Tax legislation, health legislation and the products themselves have all exploded in complexity leaving the individual faced with a bewildering array of options and choices. Not even the financially literate have the time or expertise to keep abreast of developments. The main objective of the qualification is to educate, train and assess people in the financial services industry to assure better standards, knowledge levels and professionalism. Learners enrolled in the qualification will be professionally skilled to provide financial planning and investing services to a variety of clients within society and business.

The career opportunities in the financial planning discipline are abundant. The majority of decisions taken by the management of all business concerns have a financial implication. The Financial Advisory and Intermediary Services Act (Act 37 of 2002), among others, requires practitioners who provide financial services to comply with the requirements of the Act. This lead to skills need in the financial services sector. Therefore a strong foundation of the financial discipline is required for people to approach and solve business decisions on a scientific basis. Postgraduate study could make important contribution to this with learners with underlying financial planning knowledge and willing to identify and solve financial planning challenges faced by the financial world. The qualification aims to produce of financial planners with knowledge, skills and professionalism who will competently transact in the spirit of the current financial legislation. The qualification addresses a real need for development of high level learners that will be competent in the provision of financial planning services in society and business.

Recognition of Prior Learning (RPL)

Learners who do not meet the entry requirements may gain admission through Recognition of Prior Learning. In all cases, recognition will be considered under the conditions of the policies and approval as per institutional policy, credits towards this qualification may be obtained by means of recognition of prior learning (RPL).

Entry Requirements

The minimum entry requirement for this qualification is

• Bachelor in Accounting or Finance, NQF Level 7, 360 Credits.

Or

• Advanced Diploma in Accounting or Finance, NQF Level 7, 120 Credits.

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

Compulsory Modules, 120 Credits

• Financial Planning Environment V, 24 Credits.
• Personal Financial Management, 24 Credits.
• Corporate Financial Management, 24 Credits.
• Research Project, 24 Credits.
• Case Studies, 24 Credits.

1. Demonstrate knowledge of and engagement in understanding theories, research methodologies, methods and techniques relevant to financial planning; and an understanding of how to apply such knowledge in a particular context.
2. Demonstrate an understanding of the complexities and uncertainties of financial planning by selecting, applying or transferring appropriate standard procedures, processes or techniques to unfamiliar problems in the field of business studies.
3. Demonstrate the ability to identify and address ethical issues based on critical reflection on the suitability of different ethical value systems to financial planning context by applying professional standards and ethics.
4. Demonstrate the ability to critically review information gathering, synthesis of data, evaluation and management processes utilising business data management skills in financial planning in order to develop creative responses to problems and issues.
5. Demonstrate the ability to research, analyse, present and communicate academic, or occupational ideas and texts effectively to a range of audiences, offering creative insights, rigorous interpretations and solutions to problems and issues appropriate to financial planning.
6. Demonstrate the ability to apply, in a self-critical manner, learning strategies which effectively address his or her professional and ongoing learning needs and the professional and ongoing learning needs of others through research projects.

Associated Assessment Criteria for Exit Level Outcome 1

• Key terms, concepts, facts, principles, in financial planning are explained within the area of business studies.

Associated Assessment Criteria for Exit Level Outcome 2

• Information is identified, selected and evaluated 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 is reliably and coherently presented and communicated using various communication modes in the field of business studies.

Associated Assessment Criteria for Exit Level Outcome 6

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

Integrated Assessment

For the assessment strategy as a whole, evidence must be demonstrated through a variety of options which can include case studies, problem solving assignments and portfolio of learning materials, projects, written examinations and practical exercises. Some strategies will be more suited to access foundational competence, while others are more suited to access practical and reflective competence.

The final Integrated Assessment needs to measure applied competence. It should assess whether learners are able to recognise, identify and assess internal and external factors that influence the accounting environment (practical competence), understand the theoretical and fundamental basis of accounting principles (foundational competence) and apply accounting principles in order to make economic decisions (reflective competence).