Postgraduate Diploma in Public Finance

Purpose

The Postgraduate Diploma in Public Finance is primarily a vocational learning qualification preparing a learner for a career in the Public Finance domain to become senior finance officials.

The purpose of this qualification is to offer an intensive, focused and applied specialisation, which meets the requirements of a senior financial official specific to the public sector, public entities and in any relevant institutions in the labour market. The learner will have knowledge of an in-depth and systematic understanding of current thinking, practice, theory and methodology in public finance law, auditing, public finance and accounting, public finance management, professional standards and ethics, research in public finance, and office practice and interpersonal relations. The modules in the qualification form part of the theoretical knowledge and skills needed by a learner to meet the minimum requirements identified by Government as indicated in National Treasury Competency framework and the Professional body: Charted Institute of Government Finance, Audit and Risk Officers (CIGFARO) previous know as Institute for Municipal Financial Officers.

The qualification is intensive, and focuses on applied specialisation, which meets the requirements of a financial manager in the public sector and other appropriate industries according to the needs of industry. The learner will be able to critically analyse information and data using technology and innovation skills to ethically apply and report findings in the field of finance. This informed the development of the modules in particular the development of Public Finance Law, Public Finance Management and Professional standards and Ethics in the public sector. The significance of this qualification is that it focuses on the development of a learner's ability to formulate, undertake and resolve more complex theoretical and practice-related problems and tasks through the selection and use of appropriate methods and techniques which will contribute to further development of the local, national and global communities. Qualifying learners will function independently, in consultation with the Chief Financial Officer (CFO) in the workplace.

The Completion of a Postgraduate Diploma in Public Finance may be presented for entry into a Master qualification of Business studies in Public Finance. Accumulated credits may also be presented for entry into a cognate Bachelor's qualification, or Honours qualification.

Rationale

The public finance environment differs from the private sector accounting environment because it requires more than only technical skills. This is as a result of an increased need for skilled people in senior financial and managerial positions in the three spheres of government (National, Provincial and Local Government). These changes have brought new challenges to higher education.

A research survey conducted in 2009 on the need for a dedicated qualification in public financial in South Africa received an overwhelming positive response from stakeholders. The development of this qualification is in line with the government policies to provide the necessary professional career paths for the learners in the public finance domain and covers all three spheres of government. The qualification was benchmarked against international accounting education standards modified for the public sector as well as international skills development in public sector by CIPFA (Chartered in Public Finance and Auditing) United Kingdom (UK).

Qualified and competent financial managers in the public sector have a direct influence on the effective and efficient delivery of public services to the citizens of a country, through the efficient management and accounting of public financial resources. The typical learners that will enrol for this qualification include learners who hold an Advanced Diploma in Public Finance or an Advanced Diploma qualification and seek to further their studies in Public Finance as well as Senior Financial Managers in Government who hold a relevant qualification and only seek to broaden their knowledge in the Public Finance Management field to enable them to perform their duties competently.

The qualifying learner will be able to function independently in a modern economy, and will be able to analyse annual reports of Government, research critical issues in the public finance, and advice and write comprehensive reports on the performance of the Government Sector they will be working in. The qualifying learner will also be presented with an opportunity towards a Master of Business Study in Public Finance and a Doctoral of Business studies. Learners holding the qualification can work in any of the financial areas in the three different spheres of government (National, Provincial and Local Government) at senior level. The skills obtained on this level will correspond with the skills required by Government.

This qualification is a competency based qualification that focusses on theoretical knowledge and practical skills on senior level. Although this is not a professional qualification, it has the recognition of the Professional Body: Chartered Institute of Government Finance, Audit and Risk officers (CIGFARO) previously known as the Institute for Municipal Financial Officers (IMFO).

Recognition of Prior Learning (RPL)

Learners who do not meet the entry requirements may gain admission through Recognition of Prior Learning (RPL). In addition, learners may apply for exemption from certain modules on grounds of prior qualifications and/or study completed formally or informally. In all cases, recognition will be considered and approved under the conditions of the institution's policies.

Entry Requirements

The minimum entry requirement for this qualification is

• Advanced Diploma in Public Finance, Level 7.

Or

• Bachelor of Administration in Public Finance, Level 7.

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

Compulsory Modules

• Public Finance Law V, 12 Credits.
• Public Finance and Accounting V, 12 Credits.
• Auditing V A, 12 Credits.
• Auditing V B, 12 Credits.
• Public Finance Management V, 12 Credits.
• Professional Standards and Ethics in Public Sector V, 24 Credits.
• Office Practice and Interpersonal Relations V, 12 Credits.
• Research in Public Finance V, 24 Credits.

1. Apply knowledge of public finance law, public finance management, professional standards and ethics, research methodologies, public finance and accounting, office practice and interpersonal relations and auditing.
2. Select, apply or transfer appropriate standard procedures, processes or techniques in public finance law, public finance management, professional standards and ethics and research to complex and unfamiliar problems.
3. Identify and analyse abstract problems drawing systematically on public finance management, public accounting, ethics, research and public finance law and methods.
4. Identify different ethical value systems drawing from professional standards and ethics guidelines and apply corrective actions in the field of business studies.
5. Collect financial data, evaluation information, and develop responses to problems in order to manage processes in a public finance domain.
6. Present insightful ideas and interpret texts for a range of audiences in order to find solutions to problems stemming from the public finance domain.
7. Record transactions, prepare ledger and trial balance and compile financial statements within the different accounting related systems used in the public sector.
8. Apply learning strategies in relation to relevant Competency Frameworks.
9. Demonstration full responsibility for one's own work, others actions and full accountability for decision-making and use of resources.

Associated Assessment Criteria for Exit Level Outcome 1

• Policy development principles are demonstrated and applied when developing legislation.
• Knowledge of Public Finance Management is demonstrated by engaging and applying of such knowledge.
• Principles and practices of public finance and accounting on management level are demonstrated and applied.
• Knowledge of research methodology and data collection techniques are applied in an unfamiliar situation/scenario.
• The professional standards and ethics in a complex environment are applied.
• Office practice and interpersonal relations in a complex working environment are implemented.

Associated Assessment Criteria for Exit Level Outcome 2

• Standard procedures related to public finance management that demonstrate the use of complex techniques are applied.
• Development of policy and procedures related to public finance law is demonstrated.
• Knowledge of quantitate and qualitative research methods are applied in public sector contexts.
• Knowledge of professional standards and ethics to solve unfamiliar and complex problems are applied in public sector contexts.

Associated Assessment Criteria for Exit Level Outcome 3

• Public accounting skills are applied to report a range of complex transaction at senior management level.
• Specialised public finance management skills are identified to solve abstract problems in the public sector.
• Public finance laws and ethical principles are identified to record the interpretation of specific legislations, ethical dilemmas and fraud.
• Evidence based solutions are identified through research projects.

Associated Assessment Criteria for Exit Level Outcome 4

• Professional standards and ethical practices are justified and engaged to adhere to the code of conduct as prescribed by the professional body.
• The ability to identify and apply corrective actions on ethical issues based different ethical value systems to specific contexts are demonstrated.

Associated Assessment Criteria for Exit Level Outcome 5

• Broad spectrum of public finance information and a combination of data are gathered and evaluated in order to manage processes in the public finance domain.
• A response after data collection and analysing of information in complex environment is developed.

Associated Assessment Criteria for Exit Level Outcome 6

• Insightful ideas and interpretation of texts are presented to a range of audience effectively.
• Decisions made based on the interpretation of data, information, possible solutions are debated.

Associated Assessment Criteria for Exit Level Outcome 7

• A thorough understanding of the financial system and the operation of it is demonstrated.
• The synergy between the different financial related systems is demonstrated.
• Effective recording of accounting transactions to compile the financial statements as prescribed by National treasury are executed.

Associated Assessment Criteria for Exit Level Outcome 8

• Learning strategies in relation to the National Treasury Competency Framework, Charted Institute for Government Finance Audit and Risk Officers (CIGFARO) and South Africa Local Government Authority (SALGA) are applied in a self-critical manner which effectively talk to one's personal professional and on-going learning needs and those of others.
• The development of new knowledge in a self-critical manner to enhance professional and ongoing learning are applied.

Associated Assessment Criteria for Exit Level Outcome 9

• Being full responsibility of one's own work, decision-making and use of resources are demonstrated.
• Being accountable as manager for the decisions and actions of others in varied or unclear contexts is demonstrated.

Integrated Assessment

For the assessment strategy in its entirety, evidence must be demonstrated through a variety of options which can include formative assessment such as class tests, case studies, problem solving assignments, projects and practical exercises. Learners will be required to compile a portfolio of evidence. Summative Assessment will be continuous assessments that are competency based.

Integrated Assessment will measure applied competence. It will assess whether learners are able to recognise, identify and assess internal and external factors that influence the public finance environment (practical competence), understand the theoretical and practical public finance and managerial principles (foundational competence) and apply these principles in order to make economic and managerial decisions (reflective competence).