Finance

Head of Department

Mrs G Glover

Subject Overview

At Cornwallis Academy the Vocational Department provides access to all subjects and an insight into how they operate.  We are an energetic and ambitious team, who seek to provide lessons that enthuse our students and help to develop the skills they need to support future aspirations.  Subjects will be supported by visits and speakers where course appropriate and where topics are not covered but felt important to give a more rounded insight into the qualification being studied.


Key Stage 5

Diploma in Financial Studies (DipFS)

Examining body

LIBF

Overview of the course

The Diploma in Financial Studies is a 2 year qualification which requires students to successfully complete the Certificate in Financial Studies (CeFS) taken in the first year of the course.  The DipFS builds on the skills and knowledge acquired during the Certificate in Financial Studies and extends this to include areas such as financial sustainability within the wider financial services system, the long-term impact of debt. Within DipFS the student explores the political, economic, social, technological, ethical and legal impacts of personal finance in the short, medium and longer terms. Through this, a greater understanding of the impact that global events can have upon consumers and the wider financial services industry is developed and enhances the ability to make informed financial decisions through effective planning to manage the risks and challenges involved in personal finance.

Course Details

DipFS consists of four mandatory units:

Unit 1 – Financial Capability for the Immediate and Short Term

Unit 2 – Financial Capability for the Medium and Long Term

Unit 3 – Sustainability of an Individual’s Finances

Unit 4 – Sustainability of the Financial Services System

Assessment:

All units will be assessed by paper-based examination or by ifs e-test™ electronic testing system. They will be made up of the following components:

  • Year 12 students will undertake and must successfully pass Unit 1 and Unit 2
  • Year 13 Students will undertake and successfully pass Unit 3 and Unit 4

All units consist of the same format:

  • Part A: 35 multiple choice questions in a 45-minute examination (total marks: 35 / 100)
  • Part B: pre-release case study requiring essay responses to 5 questions in a 105-minute examination (total marks: 60 / 100)
  • Part B will also assess spelling, punctuation and grammar (SPAG) through the essay responses (total mark 5 / 100)

Possible Career Paths:

Finance allows students to gain valuable skills including group work, independent working, writing to persuade, and debating. Finance is a good subject for students who are interested in careers in the banking sector or as a tax advisor, financial advisor, investment banker, teacher, or perhaps for anyone looking to become self-employed. It gives a great overview for personal finance as well, where students will become more self-sufficient and independent. 

During Year 12 students will study the Certificate in Financial Studies and focus on:

  • Unit 1 – Financial Capability for the Intermediate and Short Term
  • Unit 2 – Financial Capability for the Medium and Long Term
Topic/TasksThis is the overview of the topics in Term 1

Unit 1 – Financial Capability for the Intermediate and Short Term  
The purpose of Money
The Personal Life Cycle
Payment Methods
Everyday Banking
Savings Products
Borrowing Products Providers  
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.  
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/ 
https://www.youtube.com/user/bankofenglanduk  
AssessmentStudents will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in January.  
Topic/TasksThis is the overview of the topics in Term 2

Unit 1 – Financial Capability for the Intermediate and Short Term  
Consumer Protection
Budgets and Forecasts
Unexpected Events
Dealing with Debt Earnings  
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.  
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/ 
https://www.youtube.com/user/bankofenglanduk  
AssessmentStudents will be assessed by a combination of multiple choice tests and written exam questions based on case studies in preparation for the exam in January.   Students will sit a PPE this term. Students will receive the case study for the exam during this term.  
Topic/TasksThis is the overview of the topics in Term 3

Unit 1 – Financial Capability for the Intermediate and Short Term (examination)  
After the exam Unit 2 –
Financial Capability for the Medium and Long Term  
Needs, wants and aspirations
Savings and Investment
Products Borrowing
Products
Dealing with long-term risks
Financial Planning  
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.  
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/  https://www.youtube.com/user/bankofenglanduk
https://www.barclayslifeskills.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in April  
Topic/TasksThis is the overview of the topics in Term 4  

Unit 2 – Financial Capability for the Medium and Long Term  
Financial Planning and Informed Choices
Dealing with Unforseen Events
Ethics and Sustainability
Sources of Information and Advice Making an Informed Choice  
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.  
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/
https://www.youtube.com/user/bankofenglanduk
https://www.barclayslifeskills.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written exam questions based on case studies in preparation for the exam in April.   Students will sit a PPE this term. Students will receive the case study for the exam during this term.    
Topic/TasksThis is the overview of the topics in Term 5 Examination for 

Unit 2 – Financial Capability for the Medium and Long Term  
Students will then continue revision and examination practice as all students are entered into the re-sit of these exams    
Useful Websites
Students have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.  
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/ 
https://www.youtube.com/user/bankofenglanduk https://www.barclayslifeskills.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written exam questions based on case studies in preparation for the exam in June.     Students will receive the case study for the exam during this term.  
Topic/TasksThis is the overview of the topics in Term 6

Unit 2 – Financial Capability for the Medium and Long Term  
Students will then continue revision and examination practice as all students are entered into the re-sit of these exams    



Useful Websites

Students have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.  
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/  https://www.youtube.com/user/bankofenglanduk https://www.barclayslifeskills.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written exam questions based on case studies in preparation for the exam in June.    

During Year 13 students will be studying the Diploma in Financial Studies and focusing on:

  • Unit 3 – Sustainability of an Individual’s Finances
  • Unit 4 – Sustainability of the Financial Services System
Topic/TasksThis is the overview of the topics in Term 1

Unit 3 – Sustainability of an Individual’s Finances    
Personal Financial Sustainability
How the State can help
The impact of external factors
Monitoring and adapting personal financial plans  
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.
 
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/ 
https://www.youtube.com/user/bankofenglanduk
https://mymoneysense.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in January.  
Topic/TasksThis is the overview of the topics in Term 2

Unit 3 – Sustainability of an Individual’s Finances
Good Debt and Bad Debt
Global events and ethics
The Impact of global events and ethics  
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.

https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/ 
https://www.youtube.com/user/bankofenglanduk
https://mymoneysense.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written exam questions based on case studies in preparation for the exam in January.   Students will sit a PPE this term. Students will receive the case study for the exam during this term.  
Topic/TasksThis is the overview of the topics in Term 3
Unit 3 – Sustainability of an Individual’s Finances  

After the exam Unit 4 – Sustainability of the Financial System  
The financial system
Competition in the financial services
Sustainability in the financial services
Impact of the media
External influences on financial service provides and their products    
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.

https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/  https://www.youtube.com/user/bankofenglanduk https://www.barclayslifeskills.com/
https://mymoneysense.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in April  
Topic/TasksThis is the overview of the topics in Term 4  

Unit 4 – Sustainability of the Financial System  
The impact of changes and uncertainty on financial products
Marketing materials and their effectiveness
Attracting, retaining and satisfying customers
Market segmentation and product development    
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.  
https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/  https://www.youtube.com/user/bankofenglanduk https://www.barclayslifeskills.com/  
Assessment Students will be assessed by a combination of multiple choice tests and written exam questions based on case studies in preparation for the exam in April.   Students will sit a PPE this term. Students will receive the case study for the exam during this term.    
Topic/TasksThis is the overview of the topics in Term 5 Examination for 
Unit 4 – Sustainability of the Financial System    

Students will then continue revision and examination practice as all students are entered into the re-sit of these exams    
Useful WebsitesStudents have access www.mylibf.ac.uk  

https://www.moneyadviceservice.org.uk/  for explanations of key terms, interactive planners, tools and guides.

See http://www.fsa.gov.uk/pubs/other/financial_capability.pdf  for the Financial Services Authority’s report on Towards a national strategy for financial capability.

https://themoneycharity.org.uk/
https://www.nationwideeducation.co.uk/ 
https://www.youtube.com/user/bankofenglanduk
https://www.barclayslifeskills.com/  
AssessmentStudents will be assessed by a combination of multiple choice tests and written exam questions based on case studies in preparation for the exam in June.     Students will receive the case study for the exam during this term.