The Diploma in Financial Studies is a 2 year qualification which requires students to successfully complete the Certificate in Financial Studies (CeFS) taken in the first year of the course. The DipFS builds on the skills and knowledge acquired during the Certificate in Financial Studies and extends this to include areas such as financial sustainability within the wider financial services system, the long-term impact of debt. Within DipFS the student explores the political, economic, social, technological, ethical and legal impacts of personal finance in the short, medium and longer terms. Through this, a greater understanding of the impact that global events can have upon consumers and the wider financial services industry is developed and enhances the ability to make informed financial decisions through effective planning to manage the risks and challenges involved in personal finance.
DipFS consists of four mandatory units:
Unit 1 – Financial Capability for the Immediate and Short Term
• Understand the value and purposes of money.
• Understand the concept of the personal life cycle and the impact of external influences.
• Understand the features of different types of financial services product.
• Understand the role of key stakeholders in financial services provision.
• Understand the characteristics of financial products for managing money.
• Understand how to manage finance in the short term and the impact of poor decision-making and unforeseen circumstances.
• Understand the impact of legislation and regulations on earnings and the key features of income tax and National Insurance.
• Understand an individual’s financial needs through the various life stages.
Unit 2 – Financial Capability for the Medium and Long Term
• Understand the influence of values, needs, wants and aspirations on financial decision-making.
• Understand how to budget for future aspirations and life events.
• Understand how to plan for medium- and long-term financial needs.
• Understand the features of risks and rewards in managing personal finances.
• Understand the features of different types of financial services product
• Understand how to make informed financial choices in the selection of financial services products.
• Understand when, where and how an individual can get financial help and advice.
Unit 3 – Sustainability of an Individual's Finances
• Understand the importance of financial sustainability for individuals and the measures in place to support an individual’s sustainability.
• Understand the key external financial factors influencing financial performance and the resulting effect on the consumer.
• Understand the need to monitor personal budgets and adapt plans in response to changes in circumstances.
• Understand the personal implications of debt and borrowing solutions for individuals in different circumstances and from different cultures.
• Understand the Impact of global events, developments and ethical considerations upon the financial services industry and ultimately the consumer.
• Understand the impact on the consumer of changes that have occurred in the financial services industry in recent years.
Unit 4 – Sustainability of the Financial Services System
• Understand how financial services providers work and the competitive environment in which they operate.
• Understand the importance of sustainability for financial services providers and systems.
• Understand the influences of external factors upon financial services providers and the impact on the products and services they provide.
• Understand the effectiveness of marketing materials produced by financial services providers.
• Understand approaches used by financial services providers to attract, retain and satisfy consumers.
• Understand how market segmentation and product development are used to meet the needs, wants and aspirations of financial consumers.
Mathematics GCSE minimum grade 4
English GCSE minimum Grade 4
An advantage- study at level 2 certificate in personal finance but not essential