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 THAT HAS PASSED THE END DATE: 

Higher Certificate in Investment Administration 
SAQA QUAL ID QUALIFICATION TITLE
93949  Higher Certificate in Investment Administration 
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
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
Passed the End Date -
Status was "Reregistered" 		 SAQA 1141/23  2021-07-01  2024-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2025-06-30   2028-06-30  

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 Higher Certificate in Investment Administration is an entry-level higher education qualification designed to equip the learner with the skills necessary to function effectively in an entry-level investment administration position within the investment administration industry.

The qualification would be suitable for:
  • A school-leaver.
    Or
  • An employed person wishing to enhance, develop or formalise his/her skills and knowledge with a qualification in this area.

    This qualification allows learners to develop an understanding of the environment in which investment administrators operate, namely investment management, and also to gain specific technical knowledge and soft skills needed for day-to-day operations. Finally, learners can deepen their skills in certain areas (i.e. accounting) or gain knowledge in specialist fields that are applicable to investment administration (i.e. performance analysis). Learners who have achieved this Higher Certificate in Investment Administration will demonstrate theoretical and applied competences. The qualification will enable learners to establish themselves as credible specialists in their field, and increase opportunities for those who wish to work in different areas of investment administration or to progress further into an analyst or fund manager role.

    Rationale:
    With this qualification learners will acquire specific skills needed to perform professionally in the investment administration environment at an entry level. The typical learner identified to benefit from this qualification will be an individual who is either currently working or aspires to work in the investment management environment. This new qualification will add value to the sector by recognising the very specific type of skills required to be successful in the highly technical field of investment administration, and should benefit those companies that perform an in-house investment administration function. The qualification also provides learners with the basic introductory knowledge, cognitive and conceptual tools to pursue higher studies in investment, investment management, and finance and/or portfolio management. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    RPL for access will be considered from mature age applicants and applicants with non-South African school-leaving qualifications or previous tertiary education experience, in line with the Milpark Business School RPL Policy.

    Entry Requirements:
    The minimum admission requirements to this qualification are:
  • National Senior Certificate (NSC), at NQF Level 4.
    Or
  • National Certificate (Vocational) NC(V), at NQF Level 4.
    Or
  • Any alternative routes of entry which are comparable to the NSC or NC(V), including the assessment of an adult learner's capacity to benefit through the RPL process.

    Foreign applicants whose first language is not English are required to provide proof of proficiency in English prior to admission to the qualification. Foreign applicants who do not hold a South African NQF Level 4 qualification must have their qualifications verified. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The qualification comprises five compulsory and one elective NQF Level 5 modules.

    Compulsory Modules:
  • Introduction to Investment Management and Instruments, 25 Credits.
  • Technical Aspects of the Investment Cycle, 25 Credits.
  • Custody, Performance and Reporting, 20 Credits.
  • The Regulatory Environment, 15 Credits.
  • Investment Administration Practice, 15 Credits.

    Elective Modules:
    Learners are to choose one of the following modules each worth 20 Credits:
  • Economic Fundamentals.
  • Accounting 1A.
  • Contact Centre Operations.
  • International Investment.
  • Performance Analysis. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Demonstrate knowledge of the background against which investment management operates and be familiar with the nature and workings of different investment instruments.
    2. Demonstrate a basic understanding of technical aspects of the investment cycle such as trading, settlement, corporate actions, etc.
    3. Demonstrate an understanding of the functioning of different securities services areas like custody, performance measurement, reporting, etc.
    4. Demonstrate knowledge of the legal environment in which investment administration as a specialised service finds itself and apply the rules and regulations to the day-to-day job environment.
    5. Demonstrate knowledge general skills required for the investment administrator based on typical soft skills.
    6. Demonstrate knowledge of special fields like accounting, economics, performance analysis, international investment, contact centre operations, etc. that can assist the student to operate more efficiently in an investment administration environment. 

    ASSOCIATED ASSESSMENT CRITERIA 
    The following Assessment Criteria are applied in an integrated way to modules and specialised learning areas, where applicable, to determine competence in the Exit Level Outcomes:
  • Relevant industry players are identified and knowledge of basic concepts of investment management are displayed.
  • Workings of investment instruments and products and their related risk profiles are explained.
  • Knowledge of the different technical issues around administration of various investment instruments and products is demonstrated.
  • The importance of relevant additional concepts as they link to investment administration operations is explained.
  • Knowledge of different securities services areas is demonstrated.
  • Basic knowledge of how different securities services areas apply in different practical work environments is displayed.
  • Various legal topics and how they are applied in investment administration are laid out and relevant solutions to specific problems are presented.
  • Knowledge of appropriate soft skills is applied in the investment administration arena to deal with clients, solve problems, find solutions and manage day-to-day workload.
  • Knowledge of background information and certain principles in investment administration is displayed.
  • Additional appropriate and more detailed knowledge of an area that relates to investment administration is applied at an entry-level.

    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, validity, reliability and practicability. By implementing these principles, all parties concerned (including learners, employers and learning institutions) may be assured of the credibility of the assessment process. It is in this way that accurate information about the learner's performance against the assessment criteria may be provided.

    Integrated assessment is used extensively across the qualification, particularly in the 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 in that they take place at the end of each of the constituent modules of the qualification. 
    		•

    INTERNATIONAL COMPARABILITY 
    The Higher Certificate in Investment Administration aligns well with the following qualifications:
    Investment Administration Qualification (IAQ), also known as the Investment Operations Certificate (IOC), offered by the Chartered Institute for Securities and Investment, United Kingdom (UK).

    This qualification is pegged at level 4 on the European Qualifications Framework (EQF). The IAQ is a modular qualification for staff engaged in administration or operations in the financial services industry. It is suitable for those working on behalf of both wholesale and retail firms. There are no entry requirements for the Introduction to Securities and Investment unit. It is, however, recommended that the adult learner has 18 months' work experience before undertaking all other units. The IAQ qualification can be completed between 4-12 months because learners can sit for examinations depending on their readiness.

    Candidates are required to take two compulsory units and an elective module. This approach ensures you have both a broad understanding of the breadth of the industry, whilst ensuring your qualification is aligned to your career goals.

    Compulsory Modules:
  • Introduction to Securities and Investment.
  • FSA Financial Regulation/Principles of Financial Regulation.

    Electives:
    Learners must choose one of the following:
  • Asset Servicing (Corporate Actions).
  • Collective Investment Schemes Administration.
  • CREST Settlement.
  • Exchange-Traded Derivatives Administration.
  • Global Securities Operations.
  • IT in Investment Operations.
  • ISA Administration.
  • ISA and Child Trust Fund Administration.
  • Operational Risk.
  • OTC Derivatives Administration.
  • Private Client Administration.
  • Risk in Financial Services.

    Claritas Investment Certificate offered by the Chartered Financial Analyst Institute, United States of America (USA):
    The Claritas Investment Certificate is a comprehensive global education qualification designed to give a clear understanding of the essentials of the investment industry. It will benefit employees, organisations and industry as a whole. For every investment decision-maker there are up to ten other professionals working alongside them. This Certificate aims to build their knowledge and skills in order to shape the investment industry for the ultimate benefit of society.

    The Claritas Investment Certificate covers the following compulsory modules across all aspects of the investment industry:
  • Industry overview.
  • Ethics and regulation.
  • Tools and inputs.
  • Investment instruments.
  • Industry structure.
  • Industry controls.
  • Serving clients' needs.

    There is no education or experience requirement to access this qualification, however, candidates should be proficient in English to cope with studies at this level.

    Advanced Certificate and Diploma in Fund Administration offered by CLT International in association with the University of Manchester Business School, Birmingham (UK):
    The Advanced Certificate is an open entry qualification, whereas entrance to the Diploma will only be granted once the Advanced Certificate has been successfully completed. Both qualifications are offered via distance learning.

    Advanced Certificate in Fund Administration:
    This is a nine-month distance qualification. Assessment is by way of a 3500 word assignment and a three hour closed book examination.

    The qualification covers the following modules:
  • Investment objectives.
  • Regulatory objectives.
  • Fund structures and key players in investment.
  • Fund operations.
  • Transfer agency.
  • Fund and fund administration compliance.
  • Offering documents, reporting requirements and problems faced by fund administrators.
  • The future development of fund administration services.

    Diploma in Fund Administration:
    At Diploma level learners can choose two pathways: Retail Funds or Alternative Investment Funds.

    The following modules are covered:
    Retail Funds:
  • Exchange Traded Funds.
  • Islamic Funds.
  • Regulatory Regimes in the Retail Environment.
  • ETFs.
  • UCITS Compliant Funds.
  • Non-UCTIS Compliant Funds.
  • Valuation of Funds.
  • Unit Trusts.
  • International Regulation.
  • Accounting and Net Asset Valuation.

    Alternative Investment Funds:
  • Establishing an Alternative Investment Fund and the Key Players.
  • Hedge Funds.
  • Private Equity and Venture Capital Funds.
  • Property Funds.
  • Accounting and Net Asset Valuation.
  • International Regulation.

    Conclusion:
    Whilst the overall structure of these qualifications varies regarding the modules and credit values, the focus remains the same. All the qualifications aim to ensure that learners acquire the knowledge, skills and techniques intrinsic to Investment Administration within the Financial Services sector. This implies therefore that the Higher Certificate in Investment Administration compares favourably with these international offerings. 
    		•

    ARTICULATION OPTIONS 
    Horizontal Articulation:
    This qualification articulates with other NQF Level 5 qualifications in related fields such as Commerce, Banking or Financial Planning, and Banking Services or Financial Planning. These qualifications include the following:
  • Higher Certificate in Commence in Credit Management.
  • Higher Certificate in Banking Services Advice.
  • Higher Certificate in Accounting and Business Administration.
  • Higher Certificate in Banking and Business Studies.

    Vertical Articulation:
    The Higher Certificate in Investment Administration articulates with other NQF Level 6 qualifications in related fields such as Commerce, Banking or Financial Planning, and Banking Services or Financial Planning. These qualifications include the following:
  • Advanced Certificate in Commerce in Financial Planning.
  • Advanced Certificate in Business Management.
  • Diploma in Business Administration and Management.
  • Diploma in Accounting and Business Administration. 
    		•

    MODERATION OPTIONS 
    N/A 

    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 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.