Bradford College

Course Overview

The ifs Level 3 Certificate in Financial Studies (CeFS) is an AS level equivalent qualification which has been designed to enable you to meet your lifestyle aspirations. This will be achieved by applying suitable solutions from a wide range of options that are available within the financial services market place. You will learn about managing your money, how it will impact on your life and the choices that you will have to make. Financial services products (such as credit cards, loans and mortgages) will be explained to you along with how they can help you meet your individual lifestyle needs.

This qualification is divided into three Units:

Unit 1: Why Money Matters (WMM)
Unit 2: Risk and Reward (RAR)
Unit 3: Making Personal Financial Judgements (MAJ)

All units are paper-based examinations.

CeFS carries a UCAS tariff of 60 points.

Course Structure

Unit 1: Why Money Matters (WMM)

In Why Money Matters (WMM), learners are expected to gain an appreciation of their individual needs, wants and aspirations as they progress through their personal life cycle and the role that financial services can play in assisting life planning. WMM highlights the importance of money and introduces students to the financial services industry.

On completion of this Unit, you will be able to:
• understand money, its outcomes and its features
• understand what is and is not money
• understand the purpose of money
• under stand the concept of the personal lifecycle
• understand the impact of external influences upon the personal lifecycle
• understand the concept of personal values and the value system
• understand how values impact upon personal decision making
• understand the terms needs, wants and aspirations
• understand how financial services products can meet personal needs, wants and aspirations
• understand the value of money and how it changes over time
• understand the effects of exchange rates
• understand the different types of financial service providers
• understand the different delivery channels available to financial service providers
• understand the need for consumers' personal responsibility for their financial decisions
• understand the need for consumer protection and its limitations.

Unit 2: Risk and Reward in Personal Finance (RAR)

In Risk and Reward in Personal Finance (RAR), you will be expected to gain the ability to plan and manage your money to achieve your needs, wants and aspirations. You will appreciate the need not only for short-term but also for medium and long term planning. You will be able to assess risks and appreciate the implications of decisions taken. You will understand the process of decision-making and become more effective in planning and monitoring your finances. As part of the decision-making process, you will understand the features of different financial services products and the different sources of advice available.

On completion of this Unit, you will:
• understand how to plan finances over different periods of time
• understand how financial plans can achieve realistic lifetime aspirations throughout the life cycle
• understand how to manage money in different situations
• understand the risks involved in achieving financial plans
• understand attitudes to risk
• understand how attitudes to risk impact on financial planning to achieve aspirations
• understand how to make informed, suitable financial choices
• understand when where and how an individual can get financial help and advice
 

Unit 3: Making Personal Financial Judgements (MAJ)

In Making Personal Financial Judgements (MAJ) you will be expected to gain an understanding of the interaction between:
• the external environment
• the financial products on offer
• personal needs, wants and aspirations
This will enable you to make informed, confident and appropriate financial judgements within given situations.

On completion of this Unit, you will be able to:
• understand the advantages and disadvantages of different sources of financial help and advice
• understand the impact on the consumer of the changes that have occurred in the financial services industry in recent years
• understand the key external factors driving financial performance and the resulting effect on the consumer
• understand how to make balanced judgements on the most appropriate financial services product to meet and individuals needs, wants and aspirations 
 

Entry Requirements

Although there are no specific entry requirements, the level of achievement required to obtain the Certificate in Financial Studies (CeFS) is equivalent to that of GCE level/AS Level qualifications.

You therefore need to be satisfied of your ability to study, in English, at this level.

How Will I Learn?

You will be provided with numerous support materials including:

• Specialist Business/Finance qualified teaching staff
• Online access to learning materials, my ifslearning and ifs Knowledgebank (virtual library)
• Online activities to help consolidate their learning
• Unit syllabuses

• Worksheets for each Unit
• Revision guide
• Specimen papers

• Feedback on objective tests

Skills You Will Develop

On completion of this programme, you will be able to:

• Appreciate the benefits that can be derived from financial services products, and how these can contribute to achieving your personal aspirations

• Understand the concept of ‘money’ in all its forms, and how the value is subject to time and circumstance

• Develop an awareness of risk and reward, and the obligations associated with different financial solutions
• Understand the scope of the financial services industry and how it impacts upon the individual

• Appreciate how different external factors impact upon the individual both directly and indirectly

• The qualification will enable you to make informed and confident decisions regarding their finances. It will help you to become a responsible borrower, a sensible saver and have an appreciation of the need for financial planning throughout your life.

Benefits

• This qualification can provide a route to Higher Education and to a career in financial services. Together the Certificate in Financial Studies (CeFS) and the Diploma in Financial Studies (DipFS) can provide up to 120 UCAS points
• Upon completion of the Certificate in Financial Studies (CeFS), learners will be in a good position to study the Diploma in Financial Studies (DipFS)
• The course provides the opportunity for students studying AS/A levels to gain a Level 3 vocational qualification recognised by UCAS as well as the financial services industry
• Many students view this course as good preparation for University, whether studying business, finance or an unrelated subject. It is highly regarded by many Universities and is awarded the same UCAS points as all other AS levels. However, given the unique focus of the course, it has helped many students develop their careers within the financial series sector.
   

Expect Also To

• Use Business books to help you with your studies
• Use the computer in classes and to produce your assignments
• Use the Internet to obtain information for your course
• Use reference books in the library to do research for your course
• Use word-processing and spreadsheets.

How You Will Be Assessed

• All Units will be assessed either by a paper-based examination or via the ifs e-test electronic testing system
• Units 1 and 2 are assessed electronically by multiple choice papers. Unit 3 is externally assessed as a formal written examination and you are required to answer one question from a choice of two case studies
• The assessment of WMM is designed to test your knowledge and understanding of the course material. It will be assessed by a single 60-minute objective test. WMM will comprise 50 one-mark questions. To pass WMM, you must achieve at least 25 out of 50 marks
• RAR is assessed by a single 60-minute objective test that will comprise 35 one-mark questions; these questions consist of five stand-alone multiple-choice questions and 6 case studies each with five associated questions. To pass RAR, you must achieve at least 17 out of 35 marks.

MAJ is a single paper-based written examination based on previously unseen case study material; learners are required to answer one question from a choice of two. You must achieve at least 10 out of 40 marks to pass MAJ.
 

Things You May Need

• A non-programmable calculator is essential to the course
• A course folder will be provided by the IFS School of Finance upon registration for the qualification
• Your lecturer will supply all reading material and you will have access to online learning material throughout your studies.