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Financial Studies

Financial Studies

Curriculum Intent

In Financial Studies, our aims are:

  • Enable students to be informed, confident and interested in achieving their lifestyle aspirations
  • For all students to understand the role of financial services and be able to challenge what they offer
  • To increase their flexibility in their choices and understand others choices based on their beliefs, attitudes and values
  • Understand the value of money and how needs, wants and aspirations are dependent on situations beyond your control
  • To understand their own risk tolerance, how this can affect them and why they need to be mindful of others risk tolerance levels
  • Be aware of how different people interact with the diverse range of financial services available
  • Appreciate and be able to consider them impact of external factors on a person’s finances
  • To be able to create discussion and partake in arguments, acknowledging different viewpoints
  • Analyse data and draw key conclusions from this
  • Feel confident reflecting on their strengths and weaknesses in order to improve within the course

Key Stage 5

Financial Studies has been a popular choice amongst students as it allows students to develop a genuine life skill that will benefit them throughout their adult lives. Financial studies is a Level 3 equivalent qualification with the first half (Certificate in Financial Studies) being equivalent to an AS level and then the second half (Diploma in Financial Studies) being equivalent to a full A level.

The qualification encourages students to analyse financial data and use this to make appropriate choices and recommendations to people from a variety of backgrounds and situations. They will be able to consider the need for financial sustainability and the importance of this ethically within the structure of financial services markets.

Students will develop the ability to structure arguments coherently so that the resulting conclusions are understood and followed. The students will begin to develop the skills necessary for success in further education.

LIBF Certificate/Diploma in Financial Studies is the exam board, there is no coursework and the students are examined on the following topics throughout the course.

Unit 1- Financial capability for the immediate and short term

Unit 2- Financial capability for the medium and long term

Unit 3- Sustainability of an individual’s finances

Unit 4-Sustainability of the financial services system

Unit 1 and 3 are examined in January and consist of a multiple choice paper and a seen case study paper.

Unit 2 and 4 are examined in May and consist of a multiple choice paper and a seen case study paper.

Year 12- Certificate in Financial Studies

Term 1 Term 2 Term 3 Term 4 Term 5 Term 6
The purpose of money

 

The personal lifecycle

 

Payment methods

 

Everyday banking

 

Savings products

 

Borrowing products

 

Providers

 

Consumer protection

 

Budgets and forecasts

Dealing with unexpected events

 

Dealing with debt

 

Earnings

 

Case study

Exam- Unit 1

 

Needs, wants and aspirations

 

Savings and investment products

 

Borrowing products

 

Dealing with long-term risks

 

Financial planning

 

Financial planning and informed choices

 

 

Dealing with unforeseen events

 

Ethics and sustainability

 

Sources of information and advice

 

Making an informed choice

 

Case Study

Exam- Unit 2

 

Personal financial sustainability

 

How the state can help?

The impact of external factors

 

Monitoring and adapting personal financial plans

 

Year 13- Diploma in Financial Studies

Term 1 Term 2 Term 3 Term 4 Term 5 Term 6
Personal financial sustainability

 

How the state can help?

 

Dealing with external factors

 

Monitoring and adapting personal financial plans

 

Good debt, bad debt

The impact of global events and ethics

 

The impact of recent changes

 

Case Study

Unit 3 Exam

 

The financial system

 

Competition in the financial services sector

 

Sustainability in the financial services sector

 

The impact of the media on the sustainability of the financial services industry

 

External influences on the financial services providers and their products

The impact of change and uncertainty on financial products

 

Marketing materials and their effectiveness

 

Attracting, retaining and satisfying customers

 

Market segmentation and product development

 

Case Study

Revision

Unit 4 Exam

Revision

Exams

 

Online Learning Support

For this course the students will get access to a textbook for each Unit, they will also have access to the LIBF website (shown below) this website will have all of the material on it required for the course.

https://www.libf.ac.uk/

Careers

This qualification develops knowledge and understanding of the financial services sector and enhances skills that are valued within that sector. For students seeking to continue in education, DipFS provides a foundation for further study in business and finance-related disciplines, as well as a wide range of other commercial or not-for profit sectors. This course will benefit anyone looking to enter a career in finance, management and accountancy.

For students who choose to move straight into employment, DipFS may support access to employment in areas such as in insurance, banking, and office administration, accountancy, or in the voluntary sector such as with Citizens Advice.

British Values

British values feature in many aspects of this course that we deliver within the department.

We consider the background of different people, how their views and political preferences affect their decisions and values. We encourage the students to discuss and challenge each other’s views in order to gain a greater understanding of why people act in the way they do. We look and consider the rule of law within the sustainability of the financial services industry and how providers have to act ethically in the consumer’s best interest. We accept that people will make their own choices and have the option to make their own choices, based on their religion, culture, upbringing and preferences, we take this into consideration when discussing the best decisions, a person could make given their financial situation. As well as that we look at the role the government has in facilitating the financial services industry, whilst also considering the impact that building societies have compared to banks because every customer is a member of the company.