Intent

This qualification provides students with the skills and knowledge to effectively manage their money well and make sound financial decisions. It encourages students to acquire intellectual and study abilities that will help them advance in the Finance industry and in life in general.

As a Technical Award, the Level 2 Award in Financial Education (AiFE) and the Level 2 Certificate in Financial Education (CeFE) are primarily designed for students aged 14 -16 and provides an introduction to public finance and economy, financial management skills, employment and enterprise.

AiFE develops knowledge and a valuable range of applied and transferable skills and provides a foundation for further study in finance-related disciplines, as well as a wide range of other fields that are encapsulated in programmes of study related to social enterprise and vocational professional development (e.g. self-employment businesses). The skills and knowledge developed in AiFE can be extended by taking one further unit to form the CeFE. As part of the CeFE, AiFE therefore provides a valuable qualification, but also early exit point for students wishing to gain a foundation for study in financial education without developing or extending this knowledge further to include areas such as work and enterprise. CeFE introduces the student to the impact of finance on the economy and encourages them to consider how this can affect business and the individual.

This course will provide our students with the necessary information and abilities to improve their employability and recognise financial issues and possibilities. It will enable all pupils to make progress from their individual starting points and to have success in learning underpinned by a focus on developing pupils’ social skills. It will also support all pupils to develop the skills, behaviours and attitudes that will enable them to reintegrate to and be successful in the next phase of their education.

Implementation

The London Institute of Banking & Finance provide learning materials and resources for teaching Finance. It is an online platform which allows each student to gain access to lessons, case study materials, online quizzes as well as activities which help make the course enjoyable. Students engage very well and their progress is saved as they continue with their studies.

Students are provided with the following learning resources:

• online access via MyLIBF- www.myLIBF.com to a complete set of learning materials, including course texts, activities to consolidate learning, and to KnowledgeBank (virtual library);
• unit syllabuses;
• study tips;
• specimen, past papers and exemplars

Key content areas for both AiFE and CeFE

Public finance and the economy, including how these relate to:

• social, political and cultural factors;
• political institutions and processes;
• impacts on individuals, businesses and society.

Financial management, including:

• personal financial planning;
• budgeting and financial management tools for managing money;
• spending and borrowing

The further unit in CeFE content areas

Employability, enterprise and business, including how these relate to:

• business financial management;
• benefits to, and consequences for, businesses, individuals and society.

The Limes College accepts students throughout the year who have major gaps in their knowledge and have often missed years of education. This course is designed to be taken on an individualised basis with every lesson having achievable objectives. This is key for our pupils as it provides the flexibility to enrol new students onto the course throughout the year. Students are provided with their individual logins to access the online course where they are able to pick up and leave wherever they have got to without losing their progress. Teaching staff are able to track each student’s progress, review the results of each topic quiz or assessments completed, as well as provide differentiated feedback to each pupil using the MyLIBF website. As the course is online, students are also able to complete tasks for homework. Learning outcomes are assessed in various ways to ensure each pupil is making progress following the scheme of work provided as guidance.

Other methods such as group discussions, viewing case studies and using relevant resources provided by LIBF are taught and shared by the teacher during the lessons to monitor and track student’s progress and understanding.

Students can achieve either an Award and/or a Certificate by completing the relevant course units which includes e-tests and a formal exam provided by LIBF. Students are given mock assessments throughout the year in preparation for tests and exams.

Impact

AiFE and CeFE has been designed to encourage students to be inspired to meet their lifestyle aspirations and teaches students to become responsible borrowers, sensible borrowers, sensible savers and have an appreciation of the need for financial planning throughout their lives.

Key skills obtained by the end of year 11:

The qualification will enable students to:

• use appropriate tools to manage a personal budget and apply these concepts to business enterprise;
• apply the concept of financial planning and make informed financial decisions to enhance financial literacy;
• demonstrate numeracy skills, including the ability to manipulate financial and other numerical data (such as calculating the costs of borrowing and spending) to reflect the conceptual activity of financial maths;
• communicate ideas and arguments clearly both verbally though classroom discussion and in writing.
• Develop research skills, communication and independent study; and,
• Develop skills of analysis and evaluation through extended written assessment.

The written components support the students in:

• Taking an application-focused approach from the outset
• Integrating knowledge and skills incrementally throughout the course
• Preparing themselves to apply the full range of their skills and understanding in tackling the case study assessment
• Gaining sufficient practice in explaining, justifying and evaluating in clear English.

The content and skills covered in the qualification ensure that it is valuable part of a broad programme of study at Key Stage 4, particularly complementing Functional Skills and GCSE in Mathematics.

This qualification develops initial knowledge, skills and understanding of financial management and enterprise, which are valued in most organisations, particularly the financial services sector, and are especially valuable in terms of self-employment.

Students will learn problem-solving, logical thinking, resilience, and independence, among other transferrable life skills.