IFS: Certificate in Financial Education (CeFE)

Students taking this qualification will gain knowledge about the practical and legal constraints on the sources and uses of money, the methods of organising their money through personal budgeting, the considered use of appropriate bank and building society accounts and the concepts and consequences of overspending or payment default. There are three units in this qualification; two are assessed by online exams. One is assessed through a written paper which will be sat on May 7 2018.

Units studied are:

Unit 1: Finance, the Individual and Society – assessed through online exam.

Students will understand:

  1. the role of the citizen in the UK and the relationship between society and the individual
  2. the difference between money and income
  3. tax
  4. the contribution of individuals and organisations to the economy of a country
  5. the external factors that can impact on personal financial plans
  6. the concept of foreign exchange
  7. the concept of the personal life cycle.

Unit 2: Practices of Managing Money- assessed through online exam.

Students will understand:

  1. the concept of financial planning
  2. the key features of, and behaviours associated with, a balanced personal budget
  3. the link between personal financial budgets and spending choices
  4. the tools used in managing money
  5. documentation for pay and pay calculations
  6. the true cost of spending
  7. borrowing products.

Unit 3: Financial Capability, Work and Enterprise- assessed through a written paper. 

Students will understand:

  1. skills for success
  2. how a business manages their money
  3. the impact of an individual on a business
  4. the impact of a business on an individual
  5. how business decisions have an impact on society
  6. the impact of an individual’s employment and consumer choices on society
  7. recognise the characteristics of a successful entrepreneur.