Certificate in Financial Education

As a KS4 optional subject, Students have the opportunity to study a financial qualification at Level 1 and Level 2.

The Certificate in Financial Education (CeFE) is a new qualification which is included in the 14-16 Technical Awards Performance Tables.

The CeFE introduces the student to the impact of finance on the economy and encourages them to consider how this can affect business and the individual. Through this it develops knowledge and a valuable range of applied and transferable skills and provides a foundation for further study in business and finance-related disciplines.

Units

CeFE consists of three mandatory units. The recommended guided learning hours (GLH) for the average student to complete is 130 hours.

Unit 1 - Finance, the Individual and Society 

Students will understand the role of the citizen in the UK, the values held by citizens, and the impact they have on personal finance.

Unit 2 - Practices of Managing Money 

Students’ will gain an understanding of the concept of financial planning and personal financial budgets. The unit will also provide an understanding of the impact on both the individual and society of spending and borrowing.

Unit 3 - Financial Capability, Work and Enterprise 

This unit provides learners with an understanding of how businesses manage money and the relationship between personal money management and business money management.  It also provides knowledge on the inter-relationship between the individual and business.

Assessment

Unit 1 and Unit 2 are assessed via the LIBF e-test electronic testing system.

Units 1 and 2 are assessed by a single 45 minute test that comprises 35 questions of: 

Unit 1: 20 stand-alone multiple-choice questions and five sets of stimulus material each with three associated questions.

Unit 2: 15 stand-alone multiple-choice questions and five sets of stimulus material each with four associated questions.

Unit 3: Assessed by a pre-release case study requiring written responses to five associated questions. This component of the examination is to be completed in 1 hour. 

Grading

The qualification is graded A*-C. Achievement of a pass in all three units leads to the achievement of the award. When Students pass units 1 and 2 they will gain a Level 1 award in Finance, Graded Pass, Merit or Distinction.

Career Paths

Here are some common career paths you may pursue in the financial-services industry: 

Corporate finance: The functions you may implement while in such a position include: setting up the company’s overall financial strategy; forecasting profits and losses; negotiating lines of credit; preparing financial statements and coordinating with outside auditors.

Commercial banking: Commercial banks, from large entities to local institutions, offer a range of financial services, from checking and savings accounts to IRAs and loans. Career options available in this sector include bank tellers, loan officers, operations, marketing and branch managers. Talented professionals can advance from a local branch job to a position in corporate headquarters. Such a promotion would expose you to a number of other areas, such as international finance. 

Investment banking: Some of the most glamorous–and intense–financial careers are jobs in investment banking. Working in a traditional investment-banking firm would allow you to interact with issuers of securities, mergers and acquisitions professionals or the trading desk, which trades stocks, bonds and other securities in the secondary market. 

Hedge funds: Typical hedge-fund jobs include the following: Financial analyst, trader, regulatory compliance officer, quantitative analyst marketing manager and portfolio manager 

Financial planning: Financial planners help individuals develop plans that will ensure their present and future financial stability. Typically, they review a client’s financial goals and generate an appropriate plan for saving and investing that fits the client’s individual needs. The plan may focus on wealth preservation or investment growth and may even include estate and tax planning. Most financial planners work in either large, nationwide groups or smaller, locally based firms. Some planners charge flat fees, others a percentage of assets under management, receiving commissions on the products they sell (such as mutual funds). 

Insurance: Finance jobs in the insurance industry involve helping businesses and individuals anticipate potential risks and protect themselves from losses. Most insurance jobs are with large insurance companies. You could begin a career in this sector working as a sales rep selling insurance policies, as a customer service rep working with existing clients or as an actuary computing risks and premium rates according to probabilities based on historical, quantitative data sets. 

Public accounting: Accountants generally work in partnerships. Typically, new hires start as a staff accountant, then advance to audit manager, then tax manager and eventually, if they can maintain the tough working schedule for many years, a partner in the firm. 

Financial jobs exist at almost every company in almost every industry. Students can speak to our Careers Advisor for more information if they are interested in careers in this area.