ifs Certificate in Personal Finance (CPF5) - SQA
Level
In England, Wales and Northern Ireland the ifs Certificate in Personal Finance (CPF2) is accredited at Level 2 into the Qualifications and Credit Framework (QCF) and is listed as such in the Register of Regulated Qualifications. In Scotland the ifs Certificate in Personal Finance (CPF5) is credit rated at Level 5 in the Scottish Credit and Qualification Framework (SCQF) - SQA credit rating details.
Duration
The ifs Certificate in Personal Finance has been designed to be delivered during 1 academic year.
Next course start date
The next intake for the ifs Certificate in Personal Finance is currently underway.
The ifs Certificate in Personal Finance has been designed for people who are, or who will shortly be, starting on a period of life when they can no longer depend on others for their financial provision. In particular, learners will gain knowledge about the legal and practical constraints on the sources and uses of money; the methods of organising their money through detailed personal budgeting; the considered use of appropriate bank and building society accounts and the concept and consequences of overspending or payment default.
Career relevance
The ifs Certificate in Personal Finance gives individuals 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 Certificate in Personal Finance, learners will be in a good position to study the ifs Level 3 Certificate in Financial Studies (CeFS).
Qualification details
The ifs Certificate in Personal Finance consists of 3 units:
Unit 1: Personal Financial Encounters (PFE)
Unit 2: Money Management Solutions (MMS)
Unit 3: Personal Finance Management (PFMA)
A pass must be achieved in all 3 examinations to gain the qualification.
View overall information about this qualification.
Qualification learning outcomes
On completion of this qualification learners will be able to:
- understand the various sources of money, including earned income , inheritance, benefits and borrowing
- understand banking, including saving, banking and automated banking tools
- understand budgeting
- recognise who the key people and organisations are in personal finance
Entry requirements
Although there are no specified entry requirements, the level of achievement required to obtain the ifs Certificate in Personal Finance is equivalent to that of GCSE qualifications at grade A*-C or Credit Standard Grade at grades 1-2. 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 Certificate in Personal Finance is delivered within centres across the UK, with 115 recommended guided learning 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
All 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.
PFE and MMS comprise of 18 stand-alone multiple-choice questions and 4 sets of stimulus material each with 3 associated questions. The pass mark for both the PFE and MMS objective test is 50% (15 marks from the 30 marks available).
PFMA comprises of 10 stand-alone multiple-choice questions and 2 sets of stimulus material each with 5 associated questions. The pass mark for the PFMA objective test is 50% (10 marks from the 20 marks available).
To achieve a pass, learners are required to achieve a pass of 50% in each unit. The overall grade bands (out of a total of 80 marks, across the 3 units) for the ifs Certificate in Personal Finance are as follows:
40 - 47 marks = C
48 - 55 marks = B
56 - 63 marks = A
64 - 80 marks = A*
Further details
Sample material
View sample learning material: Unit 2 - Topic 1: Understand the Tools Used in Managing Money
View a specimen paper for Unit 1: Personal Financial Encounters.
View a justification and answer sheet for Unit 1: Personal Financial Encounters.
Registering
If you are from a centre that is interested in delivering the ifs level 2 Certificate in Personal Finance, please register your interest and our Further Education Customer Support Team will contact you.
Regulations applicable to this qualification
View the regulations for the Certificate in Personal Finance.
Benchmarking
Performance/equivalency for the ifs Certificate in Personal Finance 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.’ (Register of Regulated Qualifications).
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