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/Tasks | This 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 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 |
| Assessment | Students will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in January. |
| Topic/Tasks | This 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 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 |
| 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 January. Students will sit a PPE this term. Students will receive the case study for the exam during this term. |
| Topic/Tasks | This 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 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/ |
| Assessment | Students will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in April |
| Topic/Tasks | This 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 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/ |
| 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/Tasks | This 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/ |
| 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 June. Students will receive the case study for the exam during this term. |
| Topic/Tasks | This 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/ |
| 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 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/Tasks | This 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 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://mymoneysense.com/ |
| Assessment | Students will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in January. |
| Topic/Tasks | This 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 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://mymoneysense.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 January. Students will sit a PPE this term. Students will receive the case study for the exam during this term. |
| Topic/Tasks | This 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 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/ https://mymoneysense.com/ |
| Assessment | Students will be assessed by a combination of multiple choice tests and written pieces of work in preparation for the exam in April |
| Topic/Tasks | This 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 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/ |
| 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/Tasks | This 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 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/ |
| 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 June. Students will receive the case study for the exam during this term. |
