Postgraduate Diploma in Financial Planning

Purpose

The purpose of the programme is to broaden the knowledge gained at undergraduate level, in practice and to give a practical application of such knowledge. It will play a major role in preparing students for the CFP (Certificate in Financial Planning) examination.

The Financial Advisers and Investment Services (FAIS) Act will come into operation on 1 August 2004. This will require that all financial advisers in South Africa will have to formally register with the Financial Services Board (FSB) in order to continue as advisers. At the moment there are approximately 30 000 financial advisers active in South Africa. Only 2500 are Certified Financial Planners (CFPS). Although the FAIS Act provides for different levels of adviser (and therefore different levels of Qualification), there is no doubt that the need for the Certificate in Financial Planning Qualification (the highest level recognized by the FAIS Act) will increase significantly.

Rationale

The rationale for this programme is

To provide graduate students with the core knowledge and skills about financial planning as it has become clear that there is a need for a bridging course in financial planning to assist in the preparation for CFP (Certificate in Financial Planning) examinations.

To develop students' appreciation for economic principles underlying business processes and practices with special focus on financial planning.

To provide students with a foundation for the study and the interpretation of business processes and practices related to financial planning.

To improve the unacceptably low pass mark in the distance learning CFP examinations and to assist students to start preparing in a disciplined way well before the CFP examinations are due. Legislation will result in a more professional group of investment advisers in the years to come and the CFP qualification will become more important and popular than it is at the moment.

Any Bachelors degree obtained in a related field and substantial practical experience in the field of financial planning.

Recognition of prior learning

Prospective students without an undergraduate degree, but with extensive practical experience, have the opportunity to enroll based on the completion of the National Certificate in Financial Planning (SAQA ID: 57695) at NQF Level 6.

Access to the Qualification

Any Bachelors degree obtained in a related field and substantial practical experience in the field of financial planning.

This Qualification is made up of a combination of learning outcomes from Core components, totalling 120 credits.

1. The successful student can undertake either independently or as a member of a team, the design of a tax plan for an individual or enterprise.
2. The successful student can either individually or as part of a team design an estate plan for individuals.
3. The successful student can individually or as part of a team formulates an investment plan for an individual or enterprise.
4. The successful student can either individually or as part of a team develops a retirement plan.
5. The successful student can draft either individually or as part of a team a complete insurance plan as well as a health plan for an individual or an enterprise.
6. The successful student can either individually or as part of a team formulates and implement a pension or provident fund for a group of individuals or a company.

Critical Cross-Field Outcomes

This Qualification addresses all the Critical Cross-Field Outcomes. A student who obtains this Qualification can

• Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made.
• Work with others as a member of a team, group, organization, community.
• Organize and manage oneself and one's activities responsibly and effectively.
• Collect, analyze, organize and critically evaluate information.
• Communicate effectively using visual, mathematical and/or language skills in the modes of oral and/or written persuasion.
• Use science and technology effectively and critically, showing responsibility towards the environment and health of others.
• Demonstrate and understand the world as a set of related systems by recognizing that problem-solving contexts do not exist in isolation.
• Contribute to the full personal development of each learner and the social and economic development of society at large, by making it the underlying intention of any programme of learning to make an individual aware of the importance of reflecting on and exploring a variety of strategies to learn more effectively.
• Participate as responsible citizens in the life of local, national and global communities.
• Be culturally and aesthetically sensitive across a range of social contexts.
• Explore education and career opportunities.
• Develop entrepreneurial opportunities.

Associated Assessment Criteria for Exit Level Outcome 1

• The student will present a plan spelling out the tax plan for a particular individual or institution. The plan presented will be judged in terms of all the elements that constitute such a plan and the extent toe which these elements take cognizance of the market, legislation and the practical situation.

Associated Assessment Criteria for Exit Level Outcome 2

• The student will present a plan spelling out a complete estate planning for a particular individual. The plan presented will be judged in terms of all the elements that constitute such a plan and the extent toe which these elements take cognizance of the market, legislation and the practical situation.

Associated Assessment Criteria for Exit Level Outcome 3

• The student will formulate an investment plan that reflects the student's insight in the investment environment. The plan presented will be assessed in terms of the practicality, suitability, meeting of legal requirements and the present as well as the expected market situation.

Associated Assessment Criteria for Exit Level Outcome 4

• The student will formulate and design a retirement plan that reflects the student's insight in retirement planning. The plan presented will be assessed in terms of the practicality, suitability, meeting of legal requirements and the present as well as the expected market situation.

Associated Assessment Criteria for Exit Level Outcome 5

• The student will formulate and design a health and insurance plan that reflects the student's insight. The plan presented will be assessed in terms of the practicality, suitability, meeting of legal requirements and the present as well as the expected market situation.

Associated Assessment Criteria for Exit Level Outcome 6

• The student will formulate and implement a pension or provident fund that meets the needs of the client and takes the regulatory environment into account.

Integrated Assessment

Various components of the programme are designed to draw on knowledge gained in other courses and in practice to address a specific problem or design financial plans. A variety of procedures and methods are employed to undertake the assessments. These include written and oral presentations, tests, examinations, case studies, individual and group assignments. The study culminates in the design of various financial plans. It is compulsory for every student to undertake the compilation of various types of financial plans for prospective clients. The drafting of the plans requires that the student utilizes the knowledge and experience acquired from the study of all the subjects.