Postgraduate Diploma in Financial Planning

Purpose

The purpose of this qualification is to provide learners with advanced financial planning knowledge and skills. A qualified learner will be able to:

• Understand the theoretical framework and practical application of financial management within the context of financial planning.
• Demonstrate critical thinking in decision making that integrates risk management and ethics, financial management, wealth management, tax and estate planning, retirement planning, law of contract, agency and insurance while developing strategies, recommendations and financial plans for clients using real world situations and facts.
• Understand, analyse, research, discuss, evaluate, give correct advice concerning, and generally deal effectively with, issues of contract law, insurance and agency and legal disputes thereof.
• Develop a critical understanding of the value of research in order to build business knowledge and theory that generates new questions as well as providing answers.
• Develop strategies and use techniques for wealth accumulation and withdrawal during retirement years, taking into consideration the structure and impact of public and private retirement plans on the client's financial plan.

Rationale

The Postgraduate Diploma in Financial Planning 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.

Recognition of Prior Learning (RPL)

The university policy on RPL stipulates that RPL may be used to grant access to the qualification for prospective students who do not meet the admission criteria and/or to award credits towards a qualification for learners who have acquired prior relevant learning either formally or informally.

The following are principles on which Prior Learning will be recognised

• Assessment must recognise learning from experience, and not simply experience.
• Assessment of learning must be based on evidence.
• The learning assessed must be related to the purpose for which the recognition is required.
• Learning must be assessed against the learning outcomes (and not primarily the content) of specific qualifications and/or modules.
• The learning must be assessed as sufficient and current.
• Quality assurance procedures must guarantee the integrity and credibility of the assessment.

Using these principles, candidates seeking to enter the post-graduate qualification must demonstrate their Prior Leaning experience:

• In an interview with the qualification director/qualification team.
• By presenting a portfolio of their work experience.
• Writing a formal entrance test.

Entry Requirements

The minimum entry to this qualification is a Bachelors' Degree at NQF Level 7 or comparable qualification.

This qualification consists of compulsory modules at NQF Level 8 totalling 128 Credits.

Modules

• Financial Management, 16 Credits.
• Wealth Management, 16 Credits.
• Integrated Financial Planning, 16 Credits.
• Retirement Planning, 16 Credits.
• Tax and Estate Planning, 16 Credits.
• Law of Contract, Insurance and Agency, 16 Credits.
• Research Methodology, 16 Credits.
• Risk Management and Ethics, 16 Credits.

1. Understand the theoretical framework and practical application of financial management within the context of financial planning.
2. Demonstrate critical thinking in decision making that integrates risk management and ethics, financial management, wealth management, tax and estate planning, retirement planning and law of contract, agency and insurance while developing strategies, recommendations and financial plans for clients using real world situations and facts.
3. Understand, analyse, research, discuss, evaluate, give correct advice concerning, and generally deal effectively with, issues of contract law, insurance and agency and legal disputes thereof.
4. Develop a critical understanding of the value of the research endeavour in order to build business knowledge and theory that generates new questions as well as provide answers.
5. Develop strategies and use techniques for wealth accumulation and withdrawal during retirement years, taking into consideration the structure and impact of public and private retirement plans on the client's financial plan.

Associated Assessment Criteria for Exit Level Outcome 1

• Basic financial planning information and principles are understood.
• Comprehensive understanding of the academic literature relating to various aspects of personal financial management is demonstrated.
• Appropriate techniques to perform quantitative and qualitative analyses required in personal financial management are applied.
• Data is collected, analysed and synthesised accurately, and appropriate quantitative and qualitative methods are used to conduct a meaningful analysis and to reach appropriate financial management conclusions or recommendations.
• Information, ideas, problems and solutions on financial planning matters to both specialist and non-specialist audiences are communicated and presented.

Associated Assessment Criteria for Exit Level Outcome 2

• Appropriate techniques are applied to perform quantitative and qualitative analyses required in financial planning.
• Problematic scenarios are identified and appropriate financial redress strategies are developed.
• Information, ideas, problems and solutions on financial planning matters are communicated and presented to both specialist and non-specialist audiences.
• Financial Planner abilities which include the collection of client information, analysis and synthesis of information are applied.

Associated Assessment Criteria for Exit Level Outcome 3

• Requirements of the South African Law of Contract and Agency are understood.
• The inter-relationship between contract law, insurance and agency principles are understood, explained and evaluated.
• Solutions to factual problems involving contracts are provided and analysed by identifying the issue, determining the relevant principle of contract law, and applying the principle correctly to facts.

Associated Assessment Criteria for Exit Level Outcome 4

• Comprehensive understanding of epistemological underpinnings of research writing is demonstrated.
• The methods of conducting and structuring competent literature review are applied.
• Essential linkages between theory and research findings are identified.

Associated Assessment Criteria for Exit Level Outcome 5

• Comprehensive understanding of the academic literature relating to retirement planning is demonstrated.
• Appropriate techniques to perform quantitative and qualitative analyses required in retirement planning are applied.
• Data is collected, analysed and synthesised accurately, and appropriate quantitative and qualitative methods are used to conduct a meaningful analysis and to reach valid retirement planning conclusions or recommendations.
• Information, ideas, problems and solutions on financial planning matters are communicated and presented to both specialist and non-specialist audiences.

Integrated Assessment

Learning outcomes will be achieved through seminars, presentations, problem solving, case studies, mini projects, tests and examinations. The examination will be summative assessment while the rest will be part of formative assessment. Seminars, presentations, problem solving, case studies and mini-projects will ensure that learners collect, analyse and synthesise information in a manner that allows them to perform financial planning functions while achieving core financial planning competencies. Tests and the final examination will further assess the individual learner's ability to independently solve problems and develop appropriate financial planning strategies and solutions for clients. One of the modules, Integrated Financial Planning, will offer a platform for outcomes to be assessed in an integrated manner as it is a capstone module. This module will enable learners to apply and demonstrate skills and competencies from other modules offered in the qualification.