Postgraduate Diploma in Financial Planning

Purpose

The purpose of the Postgraduate Diploma in Financial Planning is to promote the development of the required level of technical knowledge, skills, values, and attitudes required to provide financial planning at a professional level.

This qualification will provide individuals with 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.

Rationale

Opinion research conducted by the institution among its target market revealed that there is sufficient need within the South African context for a qualification of this nature. Since the Financial Services and Banking industries are highly specialised, they demand a strong work ethic with the specific knowledge, skills, and qualities provided by this qualification. This qualification will benefit the Financial Services and Banking sectors, the community at large, and the economy of South Africa as skilled and professional financial planners will be produced.

The qualification follows the standards and guidelines as set by the Financial Planning Institute's (FPI's) Financial Planning Body of Knowledge (FPBoK) and is designed to provide advanced financial planning skills, knowledge, attitudes, and values in the areas of Financial Management, Asset Management and Investment Planning, Risk Management, Tax Planning, Retirement Planning, Estate Planning, and Ethics and Standards and Law to produce qualified learners to meet the growing need for financial planning professionals in South Africa.

The qualification provides a clear pathway for learners who have completed a Bachelor of Commerce in Financial Planning or similar NQF Level 07 qualification to further their studies towards professional financial planning practice. The qualification will provide a pathway for membership with the Financial Planning Institute of Southern Africa as a Certified Financial Planner� and create opportunities for life-long learning and assist learners to achieve their full potential in the financial services sector.

Recognition of Prior Learning (RPL)

Learners may apply for recognition of prior learning if they do not meet the admission requirements but have acquired relevant work experience, and/ or other informal training, in the financial services field. Applicants must complete the required application form and provide supporting evidence that details their work experience and evidence of informal learning. The institution will evaluate submitted evidence against Exit Level Outcomes of the Qualification required for admission. In the instance that the evidence is not sufficient, the applicant may be required to complete a competency examination, to assess competencies.

The institution will use RPL to provide access and award credits to learners who provide evidence of competence in financial planning and who can demonstrate the necessary communication and mathematical literacy.

Evidence can be presented in a variety of forms including reports, testimonials mentioning functions performed, work records, portfolios of evidence, and performance records. Such evidence will be judged according to the general principles of assessment and, where deemed necessary, learners may also be required to complete a contextualised mathematical literacy bridging programme for financial planning, before they may be admitted to the qualification.

Entry Requirements

The minimum entry requirement for this qualification is

• Bachelor of Commerce or equivalent, NQF Level 7.

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

Compulsory Modules, Level 8, 120 Credits.

• Financial Planning Environment, 30 Credits.
• Personal Financial Planning, 30 Credits.
• Corporate Financial Planning, 30 Credits.
• Case Study Module, 30 Credits.

1. Apply the 6-step financial planning process following industry legal standards and accepted ethical practice to meet the financial planning needs of a variety of clients.
2. Demonstrate understanding of the legal/regulatory framework that applies to performing the functions associated with providing financial planning services to clients.
3. Build and maintain professional client relationships by providing clients with appropriate communication, explanation of concepts and financial education to enable informed choices.
4. Demonstrate integrated knowledge, values, skills and attitudes.
5. Draft and present an appropriate financial report based on the developed client financial planning strategies including legal, ethical and professional elements.
6. Demonstrate understanding of the value and importance of regular reviews of client financial needs, goals and strategies.

Associated Assessment Criteria for Exit Level Outcome 1

• Evaluate the financial planning process according to standards and ethical practices.
• Apply the financial planning process in the practice of financial planning to client scenarios.
• Discuss and apply the code of ethics and professional responsibility.
• Adhere to all applicable legal and professional compliance requirements for the practice of financial planning.

Associated Assessment Criteria for Exit Level Outcome 2

• Demonstrate a practical understanding of complying with the requirements set by law and regulatory bodies when providing financial services to clients.

Associated Assessment Criteria for Exit Level Outcome 3

• Communicate clearly and with confidence in given client scenarios when assisting the client to define financial goals and objectives and building rapport to maintain an ongoing relationship.
• Present information clearly and on the client's level of knowledge in given client scenarios relating to financial planning practice.
• Draft the content of a client service level agreement or letter of engagement that sets out the relationship and scope for engagement with the client.

Associated Assessment Criteria for Exit Level Outcome 4

• Identify the information required for the financial plan.
• Collect the information required to develop a suitable financial solution and or a suitable financial plan.
• Explain the purpose of data collection and its value in client relationship management.
• Apply the knowledge and skills necessary for explaining how the information obtained is incorporated in the overall scheme of the client's financial solution.
• Prepare information to enable analysis.

Associated Assessment Criteria for Exit Level Outcome 5

• Assess strategies related to product solutions.
• Create an asset allocation based on the client's needs, risk mentality, domestic and global economic situation and outlook, including the time horizon of the client.
• Assess the advantages and disadvantages of each potential financial solution and determine which financial solution meets the client's needs.
• Recommend a suitable financial solution and/or a suitable financial plan and document a compliant recommendation.
• Develop a prioritised implementation plan, including timeframes and responsibilities.

Associated Assessment Criteria for Exit Level Outcome 6

• Determine the appropriate process and cycle of review for the financial plan.
• Educate clients about financial trends and economic issues to provide a valid and reliable context for gauging plan results during reviews of the financial plan.

Integrated Assessment

Applied competence in this qualification will be achieved if a learner can integrate the various Exit Level Outcomes to be able to perform as a professional financial planner in the South African context, by providing sound financial advice to a range of clients.

Ongoing formative assessment is implemented so that learners are given feedback on their progress in the achievement of learning outcomes. Summative assessment is concerned with the judgment of the learning concerning the exit level outcomes of the qualification, which tests the learner's ability to integrate FPI's Financial Planning Body of Knowledge FPBoK) in the areas of Financial Management, Asset Management and Investment Planning, Risk Management, Tax Planning, Retirement Planning, Estate Planning and Ethics and Standards and Law.

Formative assessment methods include

• Case studies.
• Lecturer-led asynchronous discussion forums.
• Report writing.
• Research and work-based assignments.
• Self-assessment activities in the qualification material.

Summative assessment includes

• Interpretative and analytical problem-solving in the written examination.

Integrated assessment at the level of this qualification provides an opportunity for learners to show they can integrate concepts, ideas, skills, values, and actions across the exit level outcomes to achieve competence that is grounded and coherent concerning the purpose of the qualification.