The London Institute of Banking and Finance is a not-for-profit professional body and registered charity incorporated by Royal Charter in 1987. It is an FCA accredited body and is recognised as an awarding organisation by Ofqual. It has the remit to provide the financial services industry with a skilled and competent workforce while also promoting better understanding of finance amongst consumers.
London Institute of Banking and Finance qualifications bridge the academic and vocational divide to provide students with essential practical skills; as such it is the vocational element of the business IBCP.
Learning to manage money is an essential life skill which will be included in the national curriculum from 2014. The level 3 programme in financial studies is equivalent to AS level and 27 UCAS points and the level 3 diploma in financial studies is equivalent to an A level with a maximum of 56 UCAS points to contribute to university entry. These qualifications can also help prepare students for a career in financial services by providing a thorough grounding in the working of the financial system. There are 4 units to the diploma.
Unit 1: Financial capability for the immediate and short term (CIS) looks at the value and purpose of money throughout a personal life cycle and gives an understanding of the features of different types of financial services provision, stakeholders and the impact of poor decision-making and unforeseen circumstances; in the context of relevant legislation and taxation.
Unit 2: Financial Capability for the medium and long term (CML) considers influences on financial decision making and gives an understanding of how to budget for future aspirations and life events. Students will look at the features of risks and rewards in managing personal finances and understand how to make informed financial product choices, and where to locate help and advice to do so.
Unit 3: Sustainability for an individual's finances (SIF) moves on to a higher level of understanding considering the importance of financial sustainability for individuals and measures in place to support this. This unit considers key influencing external factors, the need to monitor budgets and the personal implications of debt. A global approach is taken to the consideration for borrowing solutions for individuals from different cultures and the impact of global events and ethical considerations upon the financial service industry and ultimately the consumer are investigated.
Unit 4: Sustainability of the financial services system (SFS) is more about preparing students to work in the financial industry. Students gain an understanding of how financial service providers work and the competitive environment in which they operate. The course covers the importance of sustainability for financial services providers and systems, producing effective marketing material and approaches to customer attraction and retention.
General entry requirements:
International Baccalaureate Career-Related Programme: 3 x grade 6 and 2 x grade 5 at GCSE
This course will seek to form connections and networks between school, students and employers in industry. This will include: guest speakers and interview opportunities, work experiences, up-to-date and current business material as case studies and exemplars and visits to appropriate businesses.