Application for UCAS tariff for CeFS & DipFS

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• Background

  The ifs School of Finance has been an accredited awarding body with Ofqual since 1997 and has also recently been granted taught degree awarding powers.  The ifs offers qualifications from level 1 to Master’s degree level.

  The Certificate and Diploma in Financial Studies are level 3 AS and A Level equivalent qualifications. The Certificate in Financial Studies (CeFS) was introduced in 2004 and since then 12,434 students have successfully completed the programme. The Diploma in Financial Studies (DipFS), which requires students to have passed CeFS, was introduced in 2005. Since then 2,513 students have completed the qualification and there are 6,500 registered for CeFS and 1,600 for DipFS in the academic year 2009/10.

  There is an increasing political focus on personal finance, and the importance of ensuring that future generations have a better understanding of managing their finances efficiently. These qualifications provide the academic foundations to ensure that the next generation of young adults have the tools to make informed financial decisions. They aim to help students understand and apply a range of financial concepts and to introduce them to the financial services industry,

  CeFS and DipFS have both been accredited under the Qualifications and Credit Framework (QCF) at level 3 as vocationally-related qualifications and come with recommended guided learning of 150 hours each.  Both qualifications have been developed in conjunction with educationalists, leading figures within the financial services industry and experts in the field of personal finance to ensure that they provide the student with appropriate and relevant content at this level.

  The University of Manchester conducted a longitudinal study on the impact taking these qualifications has on students’ financial behaviour. The study noted shifts from lesser to greater perceived financial self-efficacy in how students talked about their personal financial management, especially:

  • greater confidence to go to the bank and discuss financial options with others;
  • greater confidence with regard to how to research financial products/options;
  • greater confidence in feeling able to guide others.

  If you would like further information on CeFS and DipFS please contact the Financial Capability team.

• The equivalence of CeFS and DipFS to AS and A Levels

  In 2005 the ifs entered the qualifications into the UCAS tariff framework. To achieve this both qualifications were required to be formally compared and benchmarked by the UCAS Expert Group against existing qualifications of a similar level of learning.

  The UCAS Expert Group compared and benchmarked both the Certificate and Diploma in Financial Studies to AS Economics (AQA) and A2 Economics (AQA) respectively, allowing both qualifications entry on to the UCAS tariff.

  Within the Expert Group’s report the following key points were highlighted. 

  • Both qualifications develop a similar range of skills to those against which they are benchmarked, and are appropriate as a basis for entry to HE, FE or further training.
  • CeFS and DipFS are broadly equivalent in size to the AS and A2 qualifications as determined by an analysis of study time and the similarities of timetabling for the two qualifications in practice.
  • The ifs awards, and those that they were benchmarked against, seek to develop the same skills of understanding, explanation, application, analysis and evaluation in a similar amount of time.
  • The modes of assessment place similar demands on the candidates.
  • The levels of performance required by candidates are comparable.
  • And finally, the grades can be aligned with Grades A to E of the AS and A2 in Economics

• How many UCAS points do CeFS and DipFS carry?

  The UCAS website shows the following tariff ratings for CeFS and DipFS.

  CeFS*

  Grade                             A     B     C     D     E
  UCAS Tariff Points      60   50   40   30    20

  DipFS*

  Grade                            A     B     C     D     E
  UCAS Tariff Points     60   50   40   30    20

  *Completion of both qualifications will result in a maximum of 120 UCAS Tariff points.

  Admissions personnel have sought clarification on how to apply the UCAS points when students complete both CeFS and DipFS.
  
  It should be noted that students cannot study the Diploma before they have completed the Certificate, and therefore where a student has achieved grades in both qualifications the UCAS tariff points for each should be added together.  Completing CeFS and DipFS is the equivalent of completing an A-level qualification.

• Formal university acceptance of CeFS and DipFS

  View the PDF below for a list of Institutions who have indicated that they will consider CeFS and DipFS alongside other qualifications in terms of UCAS entry requirements.

  Higher Education Institutions

• Express your position on CeFS and DipFS

  We would be grateful if you would let us know whether you will accept CeFS and DipFS.  To do this, please complete the Acceptance Form.

• Further information

  • The Expert Group Report can be found by clicking here for the CeFS Report or here for the DipFS Report.
  • Information on the ifs School of Finance’s financial capability qualifications can be found at www.financialcapability.com
  • For further information on the role of CeFS and DipFS with in the Higher Education admissions process please email fca@ifslearning.ac.uk.