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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: |
| Bachelor of Commerce in Financial Management |
| SAQA QUAL ID | QUALIFICATION TITLE | |||
| 94677 | Bachelor of Commerce in Financial Management | |||
| ORIGINATOR | ||||
| MANCOSA 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 | ||
| National First Degree | Field 03 - Business, Commerce and Management Studies | Finance, Economics and Accounting | ||
| ABET BAND | MINIMUM CREDITS | PRE-2009 NQF LEVEL | NQF LEVEL | QUAL CLASS |
| Undefined | 360 | Not Applicable | NQF Level 07 | Regular-Provider-ELOAC |
| REGISTRATION STATUS | SAQA DECISION NUMBER | REGISTRATION START DATE | REGISTRATION END DATE | |
| Registered | EXCO 0324/24 | 2024-07-01 | 2027-06-30 | |
| LAST DATE FOR ENROLMENT | LAST DATE FOR ACHIEVEMENT | |||
| 2028-06-30 | 2033-06-30 | |||
| 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 |
| The purpose of the Bachelor of Commerce in Financial Management qualification is to provide learners with essential knowledge, technical skills and professional competencies necessary to excel in the field of financial management in various organisational contexts. Learners will gain an advanced understanding of financial management practices, accounting principles and financial decision-making techniques that are critical for effective financial planning, analysis and control within organisations. Noja (2021) found that high quality financial management practices contribute to improved financial performance of companies which in turn enhances investor confidence. Employers seek employees who can apply mathematical concepts to solve complex financial problems, such as budgeting and investment planning (Valencia-Márquez, Escalera-Chávez, Moreno-García, 2022). The qualification will equip learners with high quality financial management skills as well as mathematical skills required to be successful in a corporate context. The qualification is aimed at aspiring financial and operational managers, analysts, accountants and other professionals who wish to deepen the understanding of financial management principles and their application in a business and corporate context.
qualification will attract learners to enrol and want to complete this qualification to enhance employability, gain specialised skills in financial management and access a broad range of career opportunities in the corporate, public or entrepreneurial sectors. Learners will learn to analyse financial data, manage organisational resources and apply advanced financial techniques to support strategic and operational decision making and improve overall organisational performance. Since the field of finance is evolving and maturing this qualification aim to integrate emerging trends in financial management such as financial technology, risk management and data driven decision making. Learners are also prepared for the complexities of modern finance through exposure to the latest developments in taxation, risk management, corporate finance and capital budgeting. Learners will also be able to navigate the legal and managerial aspects of running a business through the study of business and commercial law, organisational strategy and entrepreneurship. Graduates will be qualified to undertake responsibility for financial planning, budgeting and investment decision making. Furthermore, graduates will develop an understanding of the legal and regulatory environments within which businesses operate. Upon completion graduates will possess a holistic understanding of financial management practices and be capable of evaluating financial performance, managing risks and developing strategies that drive long-term value creation within an organisation. With the current skills need and the scarcity of qualifications in business administration, this qualification aims to produce graduates who are in possession of specific graduate attributes. The below qualification graduate attributes align to the institution's graduate attributes of critical thinking, problem solving proficiency, leadership potential, technological literacy, ethical principles, communication skills, adaptability to change and global perspectives. With this in mind, the qualification's graduate attributes identified below demonstrate the competencies the learner will possess upon completion of the modules and assessments: Commit to continuous learning, professional development and staying current with emerging financial practices. The purpose of the qualification is encapsulated in the qualification's exit-level outcomes, which align to the South African Qualifications Authority National Qualifications Framework competencies for an NQF Level 7 qualification. Upon completion of the qualification graduates will be able to: Upon completion of the qualification, graduates can aspire to the following positions: Rationale: The Bachelor of Commerce in Financial Management qualification has been developed in response to the increasing demand for skilled professionals in financial management, particularly in the context of a dynamic and evolving global economy. Financial management is recognised as one of the most critical components of any business as it directly impacts an organisation's ability to grow, sustain operations and achieve long term success (Suer, 2020). Finkler and Calebrese (2022) suggests that managers and policymakers must possess a working knowledge of financial management to ensure the organisation's mission is achieved without jeopardising its long-term survival. In today's global economy financial management is not just a specialised skill, but a core function that drives business sustainability and growth. The Department of Higher Education and Training (DHET) published the list of Occupations in High Demand which included roles that demanded knowledge of financial management such as Finance Manager, Credit Manager, Corporate Services Manager, Accounts Clerk and Cost Clerk (Department of Higher Education and Training, 2024: 12). Therefore, the Bachelor of Commerce in Financial Management qualification was developed in response to the urgent need for increased financial management skills across all sectors in the country. Forbes online (2023) suggested, "good business financial management is essential for positioning a business for success. Without careful and responsible fiscal control, businesses often find themselves in trouble and heading toward bankruptcy." Nasution, Siti and Sibuea (2024) found that robust financial management practices are integral to achieving corporate sustainability. Gagliordi (2023) suggested that "financial management is crucial for ensuring a company's financial stability, growth, and long-term sustainability. According to the Daily Investor (2024), finance was ranked the second most in-demand job sector. The Institute of Management Accounting and Strategy (2024) also stated the most in-demand jobs in South Africa's accounting and finance sector include finance managers, tax accountants and treasury accountants. This qualification will provide essential and in demand financial management and related skills to the corporate sector in South Africa to increase the chances of successful and sustainable companies. Tuffoar and Amaouke (2020) found that financial literacy significantly influences whether small scale enterprises succeed or fail. Given that almost 90% of businesses operating in South Africa are regarded as Small, Medium and Micro Enterprises which account for over 80% of employment and more than 50% of the country's GDP (Petersen, Bruwer and Mason, 2020), the qualification will address national needs by equipping graduates with essential strategic planning, financial and analytical skills. These skills are indispensable for making informed financial decisions, optimising financial resources and contributing to the broader economy's growth. The Auditor General's 2023 Annual Report on Municipalities revealed that only 34 out of 257 municipalities received clean audits, largely due to poor financial management practices. The qualification can also have a positive effect on the public sector, particularly in local government. By developing professionals with robust financial management skills, the Bachelor of Commerce in Financial Management qualification will address the gaps in financial governance which is critical for improving service delivery and public sector efficiency. Furthermore, Lusardi (2020) highlights that poor financial management and low financial literacy among managers are contributing factors to the failure of many non-profit organisations. Addressing this gap through improved financial management education will have far reaching benefits for both the private and public sectors. The qualification is designed for a broad range of learners interested in pursuing a quality qualification in the field of financial management. The expected learner cohort includes school leavers, working professionals and individuals looking for change or advance the individuals careers in finance. Graduates from the Bachelor of Commerce in Financial Management qualification will be well positioned to enter a variety of professional roles such as: |
| LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING |
| Recognition of Prior Learning (RPL):
RPL Process: Learners are required to submit an RPL application, and the RPL committee shall meet and provide outcomes regarding all RPL applications that are presented before the committee for decisions and recommendations regarding entry into the qualifications which prospective RPL candidates have applied for. The decisions are communicated by the committee to the relevant stakeholders in the enrolment department. The RPL process focuses on establishing whether the learner has acquired competence in the following areas: RPL for access: Assesses whether a candidate's prior experience and learning meet the entry requirements for a qualification, enabling them to be accepted into the qualification. In contrast, RPL for credits and/or exemptions evaluates if this prior learning can be counted towards specific modules within the qualification, potentially shortening the duration or reducing the coursework required. Essentially, RPL for admission determines eligibility for entry, while RPL for credits and exemptions grants academic credit or module exemptions based on previous learning. All RPL applications are subject to evaluation by the RPL committee. No more than 10% of a cohort will be admitted into the qualification based on RPL. It is assumed that the learning derived from work or life experience will be a major element in the profiles of non-standard entrants primarily by means of a portfolio of evidence. Where appropriate, interviews will also be conducted to assess applicants for selection purposes. Entry Requirements: Or Or Or Or |
| RECOGNISE PREVIOUS LEARNING? |
| Y |
| QUALIFICATION RULES |
| This qualification comprises compulsory modules at NQF Levels 5, 6, 7 totalling 360 Credits.
Compulsory Modules, Level 5, 120 Credits: Compulsory Modules, Level 6, 120 Credits: Compulsory Modules, Level 7, 120 Credits: |
| EXIT LEVEL OUTCOMES |
| 1. Describe the organisational context of the financial manager and of the development of financial systems to understand the need for the efficient use of resources within an organisation.
2. Understand the general legal framework, and apply specific legal principles relating to business, including taxation legislation as applicable to individuals, single companies and groups of companies. 3. Explain the process of carrying out the assurance (audit) engagement and its application in the context of the professional (audit) regulatory framework. 4. Obtain and assimilate knowledge appropriate to the practice of financial management in any organisation. 5. Obtain professional and technical skills required in Financial Management. 6. Prepare financial statements of entities, including groups of companies, using relevant financial information, accounting techniques and standards and to analyse and interpret such financial statements. 7. Apply financial management techniques to issues affecting investment, financing, and dividend policy decisions of an organisation. 8. Use relevant financial techniques with cost information, for planning, decision-making, performance evaluation and control, within different business settings. 9. Evaluate financial and accounting concepts and principles and their application in solutions to practical finance problems. |
| ASSOCIATED ASSESSMENT CRITERIA |
| Associated Assessment Criteria for Exit Level Outcome 1:
Associated Assessment Criteria for Exit Level Outcome 2: Associated Assessment Criteria for Exit Level Outcome 3: Associated Assessment Criteria for Exit Level Outcome 4: Associated Assessment Criteria for Exit Level Outcome 5: Associated Assessment Criteria for Exit Level Outcome 6: Associated Assessment Criteria for Exit Level Outcome 7: Associated Assessment Criteria for Exit Level Outcome 8: Associated Assessment Criteria for Exit Level Outcome 9: Integrated Assessment: Integrated assessment requires careful consideration in implementing formative and summative assessment methods, which offer an inclusive and holistic view of learners' learning. Assessments are aligned with the pre-defined learning outcomes per module culminating with the qualification exit level outcomes. Formative and summative assessments are diverse in nature, and these encompass knowledge check questions, case studies, and scenario-based questions. Formative Assessment: Summative assessments evaluate learner learning after a learner's learning journey. Imperative to integrated assessments is the provisioning of feedback to not only learners but also internally, whereby the results of assessments play a critical role in informing the development of future assessments, assessment practices and the continuous improvement of the qualification. Formative Assessment: Formative assessments allow for regular feedback to learners, highlighting areas of success and improvement. Summative Assessment: The final mark is calculated as follows: As such the following is provided as rationale for the assessments at NQF level 6: Formative Assessment: Summative Assessment: The final mark is calculated as follows:¿ Formative Assessment 1 (Knowledge Check Quiz 1) - 10%¿ Formative Assessment 2 (Case Study/Scenario) - 30%¿ Summative Assessment - 60%¿ As such the following is provided as rationale for the assessments at NQF level 7: Formative Assessment: Summative Assessment: The final mark is calculated as follows: |
| INTERNATIONAL COMPARABILITY |
| This qualification compares favourably to similar qualifications in the international arena.
Country: Canada Name of Institution: Athabasca University (AU) Name of Qualification: Bachelor of Commerce (Major in Finance) Purpose of Qualification: At Athabasca University, the online finance degree offers a modern, integrated approach that combines both finance and economics, giving the learner a comprehensive understanding of today's evolving financial services sector. The qualification focuses on key elements such as financial markets, financial instruments, and investment decision-making, offering invaluable insights into how institutions and individuals can effectively manage and use capital. This well-rounded education prepares the learner for a range of career opportunities in the rapidly changing world of finance. Learning Outcomes: Content: Similarities: Differences: Country: Singapore Name of Institution: James Cook University (JCU) Name of Qualification: Bachelor of Commerce (Majoring in Financial Management) Purpose of Qualification: With this qualification, the learner will be equipped with skills and knowledge for a career in the changing business and not for profit environments. The degree qualification will enhance learners critical thinking and problem-solving skills, practice ethical values, adopting a commercial mindset, understanding project management and mastering critical thinking and problem solving. The learner will concentrate on establishing a solid understanding of the business environment via the compulsory subjects. The learner will start to specialise and expand on the major area of study. Learners will also have the opportunity to see and experience business fundamentals in action while working on industry related projects. Learning Outcomes: Content: Core Modules: Financial Management subjects: Similarities: Differences: Conclusion: To conclude, the Bachelor of Commerce in Financial Management qualification offered at MANCOSA demonstrates favourable comparability with international qualifications within the Finance sector. The qualification has been compared to three international institutions, evaluating aspects including modules, mode of learning, admission requirements, experiential and work integrated learning. The comparison revealed both similarities and differences, remained favourable in alignment with the similarities and differences. Notably, the Bachelor of Commerce in Financial Management qualification is distinctively tailored to the needs of South Africa, reflecting its appropriateness for the specific requirements of the country. |
| ARTICULATION OPTIONS |
| This qualification allows possibilities for both vertical, horizontal and Diagonal articulation.
Horizontal Articulation: Vertical Articulation: Diagonal Articulation |
| 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. | MANCOSA 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. |