LIBF Level 3

LIBF L3 Certificate in Financial Studies

Introduction to Course

As an Applied General qualification, delivered as part of the enrichment suite of courses at Salter Sixth, the Certificate in Financial Studies (CeFS) is primarily designed for students aged 16–19 and provides a comprehensive introduction to personal finance. Its purpose is to prepare students for further study through the development of the core skills of critical analysis and evaluation, synthesis, verbal communication (through classroom discussion) and written communication.

CeFS develops the knowledge and skills required for young people to make informed and confident financial decisions by introducing them to the risks and challenges involved in personal finance and the tools for effective planning. Within this, it provides a solid basis for creating financial inclusion, by exploring social-economic trends and their relationship with an individual’s circumstances and attitudes. The main topics studied are:

  • Importance of financial capability in the immediate, short, medium and long term.
  • Financial services and products, including sources of help and advice.
  • Borrowing, budgeting, financial planning and cash flow forecasting.
  • The impact of external influences at different stages in the personal life cycle.
  • Risk and reward in managing personal finance.

Exam Board/Specification

LIBF – London Institute of Banking & Finance

Level 3 Certificate in Financial Studies (CeFS)

Ofqual qualification number - 600/8537/X

Entry Requirements

  • Grade 5 in GCSE Maths and Grade 5 in GCSE English

Modules/Units

Students will have one double period of this subject per week. The course is very interactive and uses a mixture of front of class teaching combined with flipped learning and online resources from the LIBF website. Students, once registered onto the course, will receive their own unique login account name and password. Support will also be provided via TEAMS.

Unit 1

  1. Understand the value and purposes of money.
  2. Understand the concept of the personal life cycle and the impact of external influences.
  3. Understand the features of different types of financial services product.
  4. Understand the role of key stakeholders in financial services provision.
  5. Understand the characteristics of financial products for managing money.
  6. Understand how to manage finance in the short term and the impact of poor decision making and unforeseen circumstances.
  7. Understand the impact of legislation and regulations on earnings and the key features of income tax and National Insurance.
  8. Understand an individual’s financial needs through the various life stages.

Unit 2

  1. Understand the influence of values, needs, wants and aspirations on financial decision making.
  2. Understand how to budget for future aspirations and life events.
  3. Understand how to plan for medium- and long-term financial needs.
  4. Understand the features of risks and rewards in managing personal finances.
  5. Understand the features of different types of financial services product.
  6. Understand how to make informed financial choices in the selection of financial services products.
  7. Understand when, where and how an individual can get financial help and advice.

Assessment

Level 3 – Equivalent to one A Level. Unit 1: Exam (50%) Unit 2: Exam (50%)

  • All components and units are mandatory and assessed.
  • Each unit is assessed through a combination of Multiple Choice Questions (Part A) and a written paper (Part B).
  • A total of 200 marks are available from both units comprising 100 marks per unit.
  • The pass mark for Part A will be 40% (14/35) of the raw marks.
  • The pass mark for Part B will be set for each session to reflect any small variations in
  • question paper difficulty.
  • To pass a unit, students must achieve the minimum pass mark for both part A and part B. This is 40% of the UMS in both units.

Re-sit attempts- Students are allowed one resit attempt for each component of the unit in accordance with the published qualification regulations. Students should be aware that the resit opportunity will contain different questions and case studies as appropriate. The result that gives students the highest mark in terms of UMS is used.

Progression Routes

For students who wish to develop a wider understanding of the socio-economic impacts of personal finance, the skills and knowledge developed in CeFS can be extended by taking two further units to complete the Diploma in Financial Studies CeFS therefore provides both a valuable qualification in its own right and an early exit point if students wish to gain a foundation for study in financial services without developing or extending this knowledge further to include areas such as financial sustainability and the long-term impact of debt.

As a free-standing qualification, CeFS provides a platform for progression through further or higher education and has letters of support from universities. The financially related content of this qualification provides a foundation for continued study within the finance sector and a wide range of other business-related disciplines; many students go on to study subjects such as accounting, business, finance and banking at university or through further vocational training. This qualification is not a professional qualification and does not constitute a licence to practice.

The transferable skills developed are also valuable for further study in unrelated disciplines. The financial capability content and skills support students in making informed financial decisions about employment and further study options. This qualification carries the maximum UCAS points available. Also this foundation is across a wider range of opportunities than would be found within a single apprenticeship framework.

Contacts

Mrs S Butt – Head of Department:  [email protected]