Level
The ifs Award in Personal Finance (APF1) is incorporated at Level 1into the Qualifications and Credit Framework (QCF) and is listed as such in the Register of Regulated Qualifications.
Duration
The ifs Award in Personal Finance (APF1) has been designed to be delivered during 1 academic year.
Next course start date
The next intake for the ifs Award in Personal Finance (APF1) is currently underway.
The ifs Award in Personal Finance (APF1) has been designed to equip learners with the knowledge and skills to be able to cope confidently and effectively with basic financial encounters they are likely to meet.
Learners will gain knowledge of the influences on how we spend or save money, and of the tools available to become competent at managing their own money.
Career relevance
The APF1 qualification gives learners the opportunity to develop skills that are relevant to everyday life and situations. It can also provide a route to higher education and a career in financial services.
Routes through our qualifications
Upon completion of the ifs Award in Personal Finance (APF1), learners will be in a good position to study the ifs Level 2 Certificate in Personal Finance (CPF2).
Qualification details
The ifs Award in Personal Finance (APF1) consists of 2 core units:
Unit 1: The Principles of Money (POM) - H/501/8705
Unit 2: Money Management - (MOM) - K/501/8706
A pass must be achieved in both units to gain the qualification.
View overall information about this qualification.
Qualification learning outcomes
On completion of this qualification learners will be able to:
- identify where money comes from, who makes it, and what its features are
- understand the features of a current accountand how to access money
- identify different sources of money including earned income, benefits and exchanging items for money
- understand the key features of saving and borrowing products
- understand how to manage a personal financial budget
Entry requirements
Although there are no specified entry requirements, the level of achievement required to obtain the ifs Award in Personal Finance (APF1) is equivalent to that of GCSE qualifications at grade D-G. Applicants need to be satisfied of their ability to study, in English, at this level.
Studying for this qualification
How do I study?
The ifs Award in Personal Finance (APF1) is delivered within centres across the UK. The recommended guided learning hours for APF1 is 70 hours.
Learning support
The ifs runs tutor development days, providing advice, guidance and an opportunity to share best practice and expertise.
Learning resources
The ifs provides a comprehensive learning support package for tutors and learners including:
- access to extensive online learner and tutor resources via the information gateway my ifslearning
- specimen examination papers and justifications
- on-demand assessment
- ifs KnowledgeBank, an online information service and e-library, giving you access to a wide range of resources including databases, full-text journals, reference sources and books to support your learners’ studies
Assessment
Both units can be assessed either by a paper-based examination or via the ifs e-test™ electronic testing system. View further information about ifs e-test™. A breakdown of the examinations can be found below.
POM is assessed by a single 30-minute objective test that will comprise 30 questions: 21 stand-alone multiple-choice questions and 3 sets of stimulus material, each with 3 associated questions.
MOM is also assessed by a single 30-minute objective test that will comprise 30 questions: 15 stand-alone multiple-choice questions and 5 sets of stimulus material, each with 3 associated questions.
To pass each unit learners must achieve at least 15 out of 30 marks.
For the ifs Award in Personal Finance (APF1) the grades are as follows:
30 - 39 marks = Pass
40 - 49 marks = Merit
50 - 60 marks = Distinction
There are 60 marks available for the whole qualification. A pass must be achieved in both units to gain the qualification ie 15 marks in each unit.
Further details
Sample material
View sample learning material for Unit 1 - Topic 1 (a): Know what money is.
View a specimen paper for Unit 1: The Principles of Money (POM).
View a justification and answer sheet for Unit 1: The Principles of Money (POM).
Registering
If you are from a centre that is interested in delivering the ifs Award in Personal Finance (APF1), please register your interest and our Further Education Customer Support Team will contact you.
Regulations applicable to this qualification
Benchmarking
Performance/equivalency for the ifs Award in Personal Finance (APF1) can be shown through the performance measures set by Ofqual:
‘Performance figures are calculated by Ofqual and applied to all eligible approved qualifications for use in compiling the school achievement and attainment table. They are designed to provide an indication of the degree of successful attainment for a qualification in relation to other qualifications within the existing national framework.’ (National database of accredited qualifications: www.accreditedqualifications.org.uk).
The ifs Student Investor Challenge
The ifs Student Investor Challenge is a business competition for UK students aged 14-19. It helps teach the practical and theoretical processes involved in successful share trading. Running from November to April, the ifs Student Investor Challenge is an enjoyable way to introduce students aged between 14 and 19 to financial investment. It will also enable them to develop their key skills in teamwork, communication, decision making, problem solving and time management. View further information about the ifs Student Investor Challenge.
Additional information
View additional information about studying with the ifs.
Contact us
Call Further Education Customer Support on +44 (0) 1227 818609 (option 3) or email fca@ifslearning.ac.uk