SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED QUALIFICATION:

Higher Certificate in Financial Planning

SAQA QUAL ID	QUALIFICATION TITLE
102205	Higher Certificate in Financial Planning
ORIGINATOR
Durban University of Technology
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY			NQF SUB-FRAMEWORK
CHE - Council on Higher Education			HEQSF - Higher Education Qualifications Sub-framework
QUALIFICATION TYPE	FIELD		SUBFIELD
Higher Certificate	Field 03 - Business, Commerce and Management Studies		Finance, Economics and Accounting
ABET BAND	MINIMUM CREDITS	PRE-2009 NQF LEVEL	NQF LEVEL	QUAL CLASS
Undefined	120	Not Applicable	NQF Level 05	Regular-Provider-ELOAC
REGISTRATION STATUS		SAQA DECISION NUMBER	REGISTRATION START DATE	REGISTRATION END DATE
Reregistered		EXCO 0821/24	2021-07-01	2027-06-30
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2028-06-30		2031-06-30

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This qualification does not replace any other qualification and is not replaced by any other qualification.

PURPOSE AND RATIONALE OF THE QUALIFICATION

Purpose:
The qualification will be offered by the Department of Financial Accounting.

The overall purpose of this qualification is to:

Promote the development of knowledge and skills that is required in the Financial Planning and Advisory industry.

Assist learners to achieve their full potential in the Financial Planning sector.

Enhance opportunities for both existing and prospective learners' career progression in this sector.

Provide opportunities for life-long learning for individuals in the Financial Planning industry.

Promote the professional development of the Financial Services Industry in ensuring the appropriate levels of qualification of financial advisors in line with the Financial Advisory and Intermediary Services (FAIS) legislation and in line with Professional Development norms of The Financial Planning Institute of Southern Africa.

Rationale:
Within the context of a University of Technology, the existence of an entry level Financial Planning qualification is essential to achieve the goals of an industry where the consequences of non-compliance with legislation are far-reaching.

The qualification attempts to ensure that learners are competent to practice as specialist financial planners in the financial planning environment. The qualification will provide specialist professional financial planning services to a range of clients in business and to apply knowledge, skills and competence for personal advancement and gainful economic activity in a lucrative professional field.

The department has identified a niche in the market for this qualification and the need to be recognised as offering a qualification that is accredited by a professional body, in addition to the requirements of the Council on Higher Education (CHE). The Financial Planning Institute of Southern Africa (FPI) is the independent professional body for financial planners in South Africa.

A motivating factor in the design of this qualification is obtaining FPI accreditation which will allow the graduates to write the professional competency examination for the Registered Financial Planner (RFP) professional designation. To this end, the curriculum has been aligned with the requirements of the FPI.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

Recognition of Prior Learning (RPL):
RPL candidates will be considered for access on an individual, discretionary basis in alignment with the institution alignment criteria.

Entry Requirements:
The minimum admission requirements are:

National Senior Certificate (NSC) allowing entry to Higher Certificate studies and must have achieved a pass in English Language.
Or

Senior Certificate (SC) and must have achieved a pass in English.
Or

National Certificate (Vocational) (NCV) Level 4 allowing entry to Higher Certificate studies and must have achieved a pass in English.

RECOGNISE PREVIOUS LEARNING?

QUALIFICATION RULES

This qualification consists of compulsory and elective modules at Level 5 totalling 128 Credits.

Compulsory Modules at Level 5: 96 Credits:

Legislation for the Financial Planner, 20 Credits.

Personal Financial Planning Practices, 20 Credits.

Investment Planning, 20 Credits.

Taxation for the Financial Planner, 24 Credits.

Durban University of Technology (DUT) General Education (Gen Ed) Cornerstone module, 12 Credits.

Elective Modules: 32 Credits (Choose two):

Entrepreneurial skills, 16 Credits.

Basics of Business Financial Planning, 16 Credits.

Financial Planning for Deceased Estates, 16 Credits.

EXIT LEVEL OUTCOMES

1. Analyse the principles of financial planning, investment planning, planning for deceased estates and the law and taxation considerations applicable to financial planning.
2. Communicate effectively using verbal, non-verbal and written business communication forms in a workplace environment.
3. Apply knowledge of ethics and professional practice by conducting one's self professionally demonstrating ethical behaviour in a workplace environment.
4. Evaluate risk and risk tolerance in the insurance and Financial Planning environment.

ASSOCIATED ASSESSMENT CRITERIA

Associated Assessment Criteria for Exit Level Outcome 1:

Identify and categorise the role players in the industry and explain the relationship between them.

Apply specialist technical knowledge to advise a client on risk, retirement, estate planning, health and investment scenarios.

Associated Assessment Criteria for Exit Level Outcome 2:

Communicate financial solutions to the client in a manner that is understandable and clear against the background of the requirements of the FAIS legislation.

Associated Assessment Criteria for Exit Level Outcome 3:

Demonstrate an understanding of ethical behaviour and the way in which ethics inform a code of conduct in the financial planning sector.

Examine the relationship between ethics and compliance legislation against the background of client interaction, responsible business practice and the contribution to an ethical business environment in South Africa.

Associated Assessment Criteria for Exit Level Outcome 4:

Identify the challenges and opportunities in the business environment in South Africa and propose ways of addressing these in a financial planning practice.

Analyse the financial standing of the client to identify needs and risks.

Propose insurance and investment solutions after applying specialised knowledge to satisfy the needs and wants identified.

Integrated Assessment:
Integrated Assessments will be used to combine the assessment of a range of skills at the same time; assessing a number of outcomes together; assessing a number of assessment criteria together; using a combination of assessment methods and instruments.

This is to ensure that the purpose of the qualification is achieved. Integrated assessments will require students to bring together different sets of outcomes of learning into a demonstration of applied competence. Integrated assessment will be emphasized in the Higher Certificate in Financial Planning because it aligns to applied competencies, which are a central tenet of the National Qualification Framework. Applied competence will be achieved by combining practical competence, foundational competence and reflective competence.

Integrated assessments will:

Assess a number of outcomes together using written classroom tests, practical's, projects, presentations and/or assignments.

Assess a number of assessment criteria together using written classroom tests, practical's, projects, presentations and/or assignments.

In some cases use a number of assessment methods for an outcome.

Integrated assessment will support integrated learning. It will develop and measure students' abilities not only to understand the underpinning theory but also apply it in authentic contexts and to reflect on what they have learnt, what they are doing and why they are doing it.

Formative and summative assessment:
Formative Assessments will be used to support the student developmentally and to feed back into the teaching and learning process. This links the relationship between assessment, learning and teaching and ensures that assessments inform and strengthen both the teaching and learning process, and the student improves from their areas of difficulty.

For summative assessment, especially where more than one marker is involved, internal moderation checks are undertaken to ensure the reliability of the assessment procedures. Summative Assessments will be used to make a judgment about achievement and to provide "snapshot" information about a student's level of competence at a given time. This includes assessment marks that contribute to the final mark.

INTERNATIONAL COMPARABILITY

The purpose of the international comparability exercise is to ensure that this qualification is nationally relevant and internationally comparable.

FAIS represents the financial planning standards in most parts of the world. Delivery of this qualification to the levels of these standards compares this qualification to international best practices.

The Higher Certificate is compared against and designed according to the requirements set by the Board for Certified Financial Planners; accordingly it addresses the required subject areas as required by the Board and the South African recognised institution the Financial Planners Institute (FPI).

The topics cover the major planning areas such as:

General principles of financial planning.

Insurance planning.

Employee benefits planning.

Investment planning.

Income tax planning.

Retirement planning.

Estate planning.

Although education is a fundamental part of achieving Certified Financial Planning (CFP) affiliation, the fulfillment of the education requirement does not automatically equate to the preparedness to the CFP certification examination.

A comparable study of various providers of financial planning qualifications (e.g. Kaplan University, Florida State University), demonstrates that a number of international universities offer certificate and diploma qualification in financial planning and generally focus on the above-mentioned major planning areas.

This qualification will be subject to regular review given the needs of the financial planning industry, which by definition is subject to trends and competition.

The purpose is to ensure that the qualification/s and training offered in South Africa is nationally relevant and internationally comparable.

ARTICULATION OPTIONS

This qualification offers the following articulation possibilities:
Vertical articulation exists via the Advanced Certificate in Financial Planning (NQF Llevel 6) offered at Durban University of Technology (DUT), or any similar offering at other institutions providing the candidate meets the entrance and/or credit articulation rules and requirements of the institution.

Horizontal articulation opportunities exist currently through the Higher Certificate in Information Technology or the Higher Certificate in Public Administration offered at DUT, and in the short term through a range of proposed Higher Certificates in Management and Business related fields being developed at DUT. Qualifying candidates may be able to apply for admission into the 1st year of the Diploma in Accounting or the 1st year of the proposed Diploma in Management Accounting or the 1st year of the proposed Diploma in Taxation at DUT, if all progression and combination rules are met. Candidates may also apply to study in cognate fields and qualifications,qualifications; in particular the RFP associated professional qualifications, offered at other Higher Education providers, if the candidates meetscandidates meet the entrance and/or credit articulation rules and requirements of the institution.

Diagonal articulation opportunities may also exist in cognate and related fields and qualifications at DUT, for example the Diploma in Accounting. Diagonal articulation opportunities may also exist in cognate and related fields and qualifications and the AFP and FSA associated professional qualifications, offered at other Higher Education providers, if the candidates meet the entrance and/or credit articulation rules and requirements of the institution.

MODERATION OPTIONS

N/A

CRITERIA FOR THE REGISTRATION OF ASSESSORS

N/A

NOTES

N/A

LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION:

NONE

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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