Qualification details
Title
New Zealand Certificate in Personal Financial Capability and Financial Services
(Level 3)
Version
1
Qualification type
Certificate
Level
3
Credits
60
NZSCED
081199
DAS classification
2124
Management and Commerce > Banking, Finance and Related
Fields > Banking, Finance and Related Fields not elsewhere
classified
Core Generic > Core Generic > Personal Financial Management
Qualification developer
The Skills Organisation
Next review
December 2016
Any person or organisation may contribute to the review of this
qualification by sending feedback to the qualification developer at
reviewcomments@skills.org.nz.
Approval date
20 March 2014
Strategic purpose statement
The purpose of this qualification is to provide individuals with
knowledge and understanding of money management within
personal and financial sector contexts.
It is designed for individuals who wish to advance their skills and
knowledge in personal financial management, and may also
provide a credential to support individuals wishing to enter
employment within financial services and related industries. New
Zealand, individuals, and their communities will benefit from an
increase in participation in quality financial education and
increasing financial literacy.
Graduates will gain knowledge and understanding in financial
management, setting goals and budgeting, managing income,
spending and debt, saving and investing, protecting assets and
wealth and a broad knowledge of financial institutions, services
and products within a New Zealand context.
Outcome Statement
Graduate profile
Qualification Reference 2249
© New Zealand Qualifications Authority 2014
Graduates of this qualification will be able to:
–
Budget and set goals to manage money and review
regularly.
–
Apply knowledge of planning tools and strategies to manage
own income and debt level as life and financial.
circumstances change.
–
Use appropriate money management strategies and tools to
monitor saving and spending.
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Education pathway
–
Identify potential saving and investment opportunities.
–
Apply knowledge of tools and strategies to create and protect
assets and wealth as life and financial circumstances
change.
–
Identify and understand products, services, roles, and
functions of advisers and institutions in the financial services
sector.
This qualification recognises a range of financial capabilities
that provide a foundation for further learning across a range of
Level 4 qualifications, including but not limited to: Business,
Business Administration, Small Business Management and
First Line Management.
On completion of this qualification graduates may progress to
the New Zealand Certificate in Financial Services (Level 4) with
strands in Banking, Family/Personal Budgeting, and Insurance
[Ref: 2247].
Employment pathway
Graduates may be qualified to work in a variety of entry level
roles across a range of financial services and related industries.
Qualification specifications
Qualification award
The candidate shall be awarded the qualification by the
accredited Tertiary Education Organisation (TEO) where the
programme has been completed.
The formal document certifying the award of this qualification
includes the full qualification title, the date of award, and the
logos of The Skills Organisation, the accredited TEO, and
the NZQF.
As the qualification developer, The Skills Organisation will
maintain a list of graduates of this qualification. The TEO
will annually report the names of all graduates awarded the
qualification to The Skills Organisation.
Evidence requirements for assuring
consistency
All TEOs offering this qualification (either arranging training
or delivering programmes) must participate in the
Consistency Review.
TEOs are to seek feedback from the financial capability
sector regarding their graduates meeting the qualification
graduate profile outcomes.
Evidence may come from:
– Regular monitoring of trainee progression within either
the TEO or the workplace including liaising with
employers, teaching staff, training supervisors, and
industry managers about the value of the training,
graduates, and qualification, to the business.
– Feedback from major employers, employers'
associations, and relevant industry bodies to ensure
their members involved in the financial capability sector
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© New Zealand Qualifications Authority 2014
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–
–
–
are satisfied with the qualification graduates.
Regular cross-industry meetings (Industry Advisory
Groups) where the changing training needs of the
industry can be discussed in light of technology
changes, workplace practices, and graduate capabilities.
Surveys of graduates and employers to determine if the
graduates are appropriate for the workplace.
Providing an alignment of programme outcomes or unit
standards against the qualification outcomes.
Guidelines for managing consistency are available and
should be referred to on the NZQA website.
Credit transfer and recognition of
prior learning arrangements
TEOs delivering programmes that lead to the award of this
qualification may transfer credit and recognise prior
learning in accordance with their own credit recognition
policies and procedures.
These policies and procedures, and information about
associated fees, must be available to the applicant prior to
enrolment.
To facilitate credit transfer, education organisations must
clearly demonstrate the equivalency or comparability
between each of the outcomes in the graduate profile, and
the assessment components of their programmes.
Credit transfer will be automatic where standards on the
Directory of Assessment Standards are used for
assessment within programmes of study or training leading
to this qualification.
Minimum standard of achievement
and standards for grade
endorsements
The minimum standard of achievement required for the
award of the qualification will be the achievement of all
graduate outcomes in the graduate profile through
successful completion of an approved programme.
There are no grade endorsements for this qualification.
Entry requirements (including
prerequisites to meet regulatory body
or legislative requirements)
There are no regulatory body or legislative requirements.
Qualification conditions
Overarching conditions relating to the qualification
Conditions for programme
structure
TEOs delivering programmes that lead to the award of this
qualification must maintain current knowledge of the FLCF. This
qualification is aligned to the FLCF advanced knowledge and
expected behaviours, and programmes must reflect this.
Conditions for programme
context
N/A
Qualification Reference 2249
© New Zealand Qualifications Authority 2014
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Other conditions
TEOs using unit standards may find additional literacy, numeracy and
or digital literacy standards useful, or standards in other relevant
domains.
Unit standards in the Personal Financial Management domain listed
on the Directory of Assessment Standards can contribute towards
the completion of each outcome of this qualification.
Additional resources for financial capability are:
http://www.cflri.org.nz/financial-literacy/about-financialliteracy/financial-literacy-competency-framework
https://www.sorted.org.nz/a-z-guides/kiwisaver.
Specific conditions relating to the Graduate profile
Qualification outcomes
Conditions
Mandatory
or Optional
1
Budget and set goals to
manage money and
review regularly.
Programmes may include but are not limited to:
Optional
–
own attitude and habits towards money and the
impact on financial decisions
Level 3 Credit 15
–
short to long-term financial goals are set by
preparing a budget that is reviewed and adjusted
as required
–
external factors that impact on personal finances
Consider:
2
Plan for changing life and
financial circumstances
to manage own income
and debt level and
review regularly.
natural disasters, political
decisions, employment
–
a range of tools to manage money effectively
–
how to evaluate different services and sources
of financial advice to achieve life goals.
Programmes may include but are not limited to:
–
implications associated with home ownership
–
various types of bank accounts and their uses
–
established net worth is regularly reviewed
Level 3 Credit 12
Consider:
–
income, assets, debt
money management systems and strategies to
balance income and spending commitments to
meet changing life circumstances
Consider:
changing life stages, taxation,
balancing spending over time,
spending priorities, servicing debt,
impacts of not servicing debt
–
different taxes and their impact on spending and
income
–
‘good’ and ‘bad’ debt and its impact on different
Qualification Reference 2249
© New Zealand Qualifications Authority 2014
Optional
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situations
–
need for good credit rating and the implications
of moving from bad to good debt
–
strategies to regularly evaluate and balance
financial obligations and to service debt in
relation to a budget
Consider:
-
cost of borrowing from different lenders
comparisions before making decisions
Consider:
3
Use appropriate money
management strategies
and tools to monitor
saving and spending.
Level 3 Credit 8
4
Identify potential saving
and investment
opportunities.
individual, family, cultural, religious
obligations
high interest vs low interest, cost of
debt in relation to original loan,
calculation of interest
–
debt reduction plan to reduce debt - paying off
high-interest debt first
–
sustainable level of debt in relation to a budget
and regularly review
–
dangers of debt security and guarantees
–
forms of personal debt.
Programmes may include but are not limited to:
–
how to plan and budget to allow for variable
income or expenditure throughout changes in life
–
importance of checking all spending options to
make savings before spending
–
need to prioritise spending and keeping track of
all spending by using appropriate money
management strategies/tools
–
money management strategies to plan for a
large expenditure.
Programmes may include but are not limited to:
–
need for retirement planning, the impact of
inflation and key features of New Zealand Super,
KiwiSaver and other superannuation products
–
difference between various asset classes and
the volatility and risks involved
Level 3 Credit 10
Consider:
Optional
bonds, shares, property
–
changing role of individual risk and investment
profile throughout life and the need for
diversification in an investment portfolio
–
historical versus future performance of a
financial product
–
financial institutions
Qualification Reference 2249
© New Zealand Qualifications Authority 2014
Optional
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Consider:
–
different investment products and options
available according to own risk profile
Consider:
a savings plan
–
professional advisers, their roles and
qualifications and complaint process
–
general investment terminology and key
concepts
derivatives, diversification, bull
market, initial public offering.
Apply knowledge of tools
and strategies to create
and protect assets and
wealth as life and
financial circumstances
change
Programmes may include but are not limited to:
Level 3 Credit 10
–
–
Consider:
changing life needs, reviewing
regularly, income level
how local, national and global finances can
influence personal and family finances and plan
appropriately
risk reduction, finance protection,
emergency funds, enduring power
of attorney
–
how to recognise scams through research and
identify ways of avoiding them
–
plan to increase income over time is in place
–
a will is prepared or in place
Consider:
Identify and understand
products, services, roles,
and functions of advisers
and institutions in the
financial services sector.
safe storage, easily accessible,
solicitor’s services
–
tools used to protect and grow assets and wealth
including insurances, trusts, estate planning,
solicitor’s services, home ownership
–
leveraging assets to create wealth.
Programmes may include but are not limited to:
–
Level 3 Credit 5
Qualification Reference 2249
© New Zealand Qualifications Authority 2014
Optional
role of insurance in reducing financial risks and
plan appropriately
Consider:
6
bonds, property, shares, cash,
futures contract, call and put
options, risk, return, interest paid,
access to funds
–
Consider:
5
services, products, investment
opportunities
Optional
key sectors within the Financial Services industry
within New Zealand
Consider:
insurance, banking, building
societies, trustees, investment,
residential property lending,
personal lending, financial advice,
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credit unions, funds management
–
key features of services and products
Consider:
superannuation, KiwiSaver,
insurance, investment, residential
property lending.
Unit standard 28155 is recommended.
Optional
Transition information
Replacement information
This qualification replaced the Certificate in Money Management [AI2070].
For last dates of entry and last dates of award of the replaced qualification please contact Te Wānanga o
Aotearoa.
Republication Information
Version 1 of this qualification was republished June 2015 to update the Evidence requirements for
managing consistency.
Qualification Reference 2249
© New Zealand Qualifications Authority 2014
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