SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Postgraduate Diploma in Financial Planning 
SAQA QUAL ID QUALIFICATION TITLE
76943  Postgraduate Diploma in Financial Planning 
ORIGINATOR
Milpark Education (Pty) Ltd 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Postgraduate Diploma  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  160  Level 7  NQF Level 08  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

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.  

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:

The need to professionalise financial planning has resulted in a need for educational programmes and qualifications that enable people to operate in the financial services sector in a way that ensures higher standards of practice, more effective and meaningful knowledge levels and an appropriate level of professionalism.

The University of the Free State (UFS) obtained approval for just such a programme program in 2000. Presently, the same programme is also offered by the University of Stellenbosch and Nelson Mandela Metropolitan University. Milpark Business School operates in the niche financial services sector and provides several qualifications that address the needs of this sector and thus also the broader societal and economic needs of the country.

The rationale for offering this qualification is therefore still to ensure the production of financial planners of excellence with the knowledge, skills and professionalism to competently transact in the spirit of the legislation. The Financial Advisory and Intermediary Services Act further requires that persons operating in the financial services sector obtain a full qualification within five years of date of first licensing. This qualification is thus available to those wishing to operate in the sector in compliance with the Act. The qualification is also the only recognized qualification in South Africa for the international Certified Financial Planner status.

Rationale:

Given the current emphasis in South African on professionalising the financial planning and associated professions, the qualification addresses a real need for developing high level learners who are professionally competent. Competence in the provision of financial planning services to a wide range of clients in society and business is crucial to the programme. The pressure to professionalise the financial planning advisor exists at both a national and an international level. There is, accordingly, high value placed on the provision of sound financial planning expertise. Qualified and proficient financial planners are in demand across a wide range of sectors. The qualification is also designed potentially to provide access to the coveted CFP status. Certified Financial Planners (CFP) currently operate in over 18 countries around the world. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
  • Knowledge of the legislative framework that governs the South African financial services sector and its operations.
  • An understanding of ethics and liability in the sector.
  • Knowledge of the principles of taxation.
  • The ability to list, explain and discern between the differences, advantages and disadvantages of different forms of business.

    Foreign applicants whose first language is not English may be required to provide proof of proficiency in English to obtain admission to the qualification.

    Recognition of Prior Learning:

    Recognition of Prior Learning access: mature age applicants and applicants with non-South African school-leaving qualifications or previous tertiary education experience, may be considered. However, recognition of prior learning assessment will be considered only on condition that it is assessed as equivalent to a formal 360 credit Bachelor's qualification. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The programme is on NQF Level 8 and comprises 160 Credits (1 600 notional hours), as follows: 

    EXIT LEVEL OUTCOMES 
    1. Students will be able to demonstrate the ability to apply the financial planning skills, expertise and knowledge to the financial planning process for the benefit of their clients and society.

    2. Students will be able and prepared to establish a planning relationship with clients by explaining concepts, services and client/planner responsibilities. The student will conduct him/herself within the parameters of appropriate professional conduct.

    3. Students will be able to assess a client profile, obtain documented personal information and determine the current financial status of a client.

    4. Students will be capable of determining the financial goals (capital risk and investment needs) of a client.

    5. Students will be able to present a plan to a client for approval and agreement.

    6. Students will be capable of implementing, managing and monitoring a plan as devised within the ethical constraints of the profession, testing its effectiveness and recommending change as and when necessary.

    Critical Cross Field Outcomes:

    Qualifying learners will be required to demonstrate competence in the following Critical Cross Field Outcomes:

    1. Identify, systematically examine, critically evaluates and solves problems in which responses demonstrate that responsible decisions have been made, using critical and creative thinking.
  • Solve problems by methodically exploring the issues and reflecting on given data to establish a variety of financial planning scenarios that consider the current and alternative circumstances in which problems should be solved.
  • Interpret the client and other relevant economic data within strict regulations and apply appropriate problem-solving skills (using mathematical, communication and industry specific skills) to provide appropriate solutions.

    2. Organize and manage oneself and one's activities responsibly and effectively.
  • Financial Planning activities require clear planning and logical organisation to achieve the learning outcomes within specified timeframes.
  • A high level of attention to detail is required in carrying out tasks methodically and in a well ordered manner.
  • The deadlines set are met and solutions are reached through the effective use of available and allocated resources.

    3. Collect, analyse, organizes and critically evaluates information.
  • Data and information is accurately evaluated for purpose, clarification and understanding and this is reflected in the responses submitted.
  • Data and information are analysed in order to effectively identify key facts and/or elements.
  • Critical and reflective thinking is used to interpret and organize information and data appropriately.

    4. Demonstrate an understanding of the world as a set of related systems by recognizing that problem-solving contexts do not exist in isolation.
  • Behaviour and actions are sensitive to the various cultures, working environments and sectors.
  • Actions are conducted with honesty and integrity through the adherence of a code of conduct and within the framework of the legislation and ethical provisions relating to financial planning.

    5. Self-manage skills development from the range of experiences and learning opportunities available.
  • Opportunities are maximized to gain learning and understanding from others including tutors, workshops and fellow students.
  • Tasks, assignments, activities and the learning experience are maximized for personal benefit (completion of this qualification).

    6. Transfer skills and continuous learning to organizational setting.
  • Successful application of knowledge, understanding and inference of information into the workplace/practical environment, activities and processes. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:

    a. Legislation that impacts on financial planning practice in South Africa is analysed to determine the impact and scope of its application to personal financial planning.
    b. The requirements of the various Codes of Conduct of FAIS are integrated into the practice of financial planning at both the financial planning and business management levels.
    c. Own operations are managed within the parameters set by compliance and legislation.
    d. An understanding of ethical behaviour is demonstrated in all dealings with clients and regulators in order to ensure fair client interaction, responsible business practice and a contribution to an ethical business environment in South Africa.

    Associated Assessment Criteria for Exit Level Outcome 2:

    a. Client expectations of the financial planning process are established and managed in a clear and professional manner.
    b. The legislative requirements set for the contact stage are met.
    c. A mandate is negotiated and agreed between the planner and the client in a manner that establishes clear roles and responsibilities.

    Associated Assessment Criteria for Exit Level Outcome 3:

    a. All information relevant to the current financial status of a client is obtained, recorded and verified in a structured manner.
    b. The client's knowledge and experience in financial matters is determined in order to inform further interaction/s with the client.
    c. The client's life stage and priorities are determined in order to provide context to the financial planning process.

    Associated Assessment Criteria for Exit Level Outcome 4:

    a. Client objectives and needs are determined and prioritized in order to inform the financial needs analysis.

    Associated Assessment Criteria for Exit Level Outcome 5:

    a. Specialist technical knowledge is applied to advise a client on risk, retirement, estate, health and investment scenarios.
    b. Integrated solutions for complex financial planning problems are proposed in a manner that is both practical and compliant.
    c. Financial solutions are related 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 6:

    a. Full and compliant disclosure is made and the client is assisted in understanding the implications of a selected recommendation.
    b. A plan is devised for the ongoing management and monitoring of the client's financial affairs in a way that clearly sets out the roles and responsibilities of the parties.
    c. Changed circumstances are taken into account in the regular review performed by the financial planner in order to make adjustments where necessary.

    Integrated Assessment:

    The quality of the assessment is vital in order to provide credible certification and recognition of achievement. The institution makes every effort to ensure credibility in assessment through the application of clear and rigorous procedures and practices. These procedures and practices are controlled by the principles of fairness, authenticity, validity, reliability and practicability. By implementing these principles, all parties concerned (including students, employers and learning institutions) may be assured of the credibility of the assessment process. It is in this way that accurate information about the student's performance against the assessment criteria may be provided.

    Integrated assessment is used extensively across the qualification, particularly in the form of case studies. Self- and formative assessment takes place through case studies, assignments, including the writing of proposals and financial plans. Summative assessments are integrated into the learning process in that they take place at the end of each of the constituent modules of the programme. 

    INTERNATIONAL COMPARABILITY 
    Although there are clearly differences between South African financial planning and international financial planning that arise principally from the differences at law, there are sufficient similarities in the underlying principles to enable some comparisons to be made. However, and notwithstanding this, there are numerous recognized and reputable qualifications around the world that focus on developing a certified financial planner CFP as is envisaged in this qualification.

    Certified Financial Planner programmes akin to this one are offered, inter alia in the United States of America, the United Kingdom, India and Australia. At the level at which we are comparing qualifications, all of these are linked to a CFP award. The programme may be compared favourably to the Graduate Diploma in applied Finance, Financial Planning offered by Kaplan Higher Education (Australia); the Graduate Diploma of Financial Planning offered by the Financial Services Institute of Australasia (Finsia) and in England, Northern Ireland and Wales the CII offers the Certificate in Financial Planning for access to the CFP award there. Accordingly, this programme is in line with international CFP standards as is required for it to be accredited as a CFP education programme and it will be submitted to the South African Financial Planning Institute in accordance with the requirements for CFP access. Thus it is our view that the programme is of an international standard and compares favourably to programmes offered in other countries and at other institutions. 

    ARTICULATION OPTIONS 
    This Postgraduate Diploma is at HEQF Level 8 and is similar to an Honour's degree in that it allows or access to several HEQF Level 8 qualifications, including but not limited to:
  • Advanced Postgraduate Diploma in Financial Planning (UFS).
  • Master in Law (offered by several public providers throughout the country including UFS, UJ, Wits, and UNISA).
  • Master in Business Administration (offered by several public and private providers throughout the country including the Milpark Business School, UFS, MANCOSA, Wits, UCT and UNISA. 
    		•

    MODERATION OPTIONS 
    Internal moderation of all assessment is carried out by the academic staff of the institution. Internal moderators are qualified at least one NQF Level higher than that of the learners. External moderation of assessment is performed by suitably qualified persons across the country.


    Examiners and assessors must develop suitable assessment instruments that adhere to the basic principles of assessment, address the assessment criteria and adequately cover the Exit-Level Outcomes in relation to the purpose of the qualification. This is a whole qualification and summative assessment takes the form of a national and written examination as well as a formative assignment. Examinations are scheduled twice a year and new examination and assignment papers are naturally set per examination sitting.
  • Anyone moderating the assessment of a student against this Qualification must be appropriately qualified and hold a qualification at least one NQF level higher.
  • The institution's marking and moderation policy is as follows:

    Formative and Summative Assessment:

    Assignments and examination papers:
  • All assignments and examination papers must be marked centrally.
    > Full-time academic staff must moderate a sample of at least 10% of the marked scripts internally.
    > External moderators are required to assess at least an additional 10% percent of the scripts per module written.
    > Completed external moderator reports are returned for sign-off.
    > The marking and moderation of scripts must be completed within a reasonable period from the date of assessment.
    > Results must be released within a reasonable period from the date of assessment.
    > The marked assignment and a copy of the assignment marking memorandum must be made available to the student at least one week prior to the examination sitting.

    One of the objectives of rigorous external moderation and examination procedures, and of the ongoing interaction with academic staff at other tertiary level institutions and representatives of industry, is to ensure that the content and standard of the curriculum is such that the students will have the opportunity for both vertical and horizontal articulation, both within and outside the institution.

    The final assessments of all modules in the curriculum are moderated by external examiners who are academic staff members of public higher education institutions or appropriately qualified industry practitioners. 
    		•

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015. 

    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.
     
    1. Milpark Education (Pty) Ltd 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.