Why Study Finance

Why study the Diploma in Financial Studies? As an Applied General qualification, the Diploma in Financial Studies (DipFS) is primarily designed for students aged 16–19 and provides an in-depth exploration of the key concepts of financial capability and how they are applied to achieve longer-term financial sustainability. Its purpose is to prepare students for further study through the development of the core skills of independent thinking, critical analysis and evaluation, synthesis, verbal communication (through classroom discussion) and written communication. DipFS builds on the skills and knowledge acquired through successful completion of the Certificate in Financial Studies and extends this to include areas such as financial sustainability within the wider financial services system, and 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. DipFS therefore enhances the ability to make informed financial decisions through effective planning to manage the risks and challenges involved in personal finance.

Topic Content

· Importance of financial capability in the immediate, short, medium and long term.

· The impact of external influences at different stages in the personal life cycle

· Risk and reward in managing personal finance

· Personal and external factors that lead to change

· Maintaining financial sustainability and avoiding long-term debt

· The financial services system and financial sustainability (individual and general)

· Marketing techniques


What will I learn?


Learning outcomes


· Understand the value and purposes of money. · Understand the concept of the personal life cycle and the impact of external influences. · Understand the features of different types of financial services product. · Understand the role of key stakeholders in financial services provision. · Understand the characteristics of financial products for managing money. Page 4 of 38 · Understand how to manage finance in the short term and the impact of poor decision-making and unforeseen circumstances. · Understand the impact of legislation and regulations on earnings and the key features of income tax and National Insurance. · Understand an individual’s financial needs through the various life stages.


· Understand the influence of values, needs, wants and aspirations on financial decision-making. · Understand how to budget for future aspirations and life events. · Understand how to plan for medium- and long-term financial needs. · Understand the features of risks and rewards in managing personal finances. · Understand the features of different types of financial services product · Understand how to make informed financial choices in the selection of financial services products. · Understand when, where and how an individual can get financial help and advice.


· Understand the importance of financial sustainability for individuals and the measures in place to support an individual’s sustainability. · Understand the key external financial factors influencing financial performance and the resulting effect on the consumer. · Understand the need to monitor personal budgets and adapt plans in response to changes in circumstances. · Understand the personal implications of debt and borrowing solutions for individuals in different circumstances and from different cultures. · Understand the Impact of global events, developments and ethical considerations upon the financial services industry and ultimately the consumer. · Understand the impact on the consumer of changes that have occurred in the financial services industry in recent years.


· Understand how financial services providers work and the competitive environment in which they operate. · Understand the importance of sustainability for financial services providers and systems. · Understand the influences of external factors upon financial services providers and the impact on the products and services they provide. · Understand the effectiveness of marketing materials produced by financial services providers. · Understand approaches used by financial services providers to attract, retain and satisfy consumers. · Understand how market segmentation and product development are used to meet the needs, wants and aspirations of financial consumers.




Key Facts

• All qualifications are regulated by Ofqual

• CeFS and DipFS can award the maximum available UCAS points

• Develop wider skills in literacy and numeracy, evaluating and developing arguments, presentation skills and a range of writing styles

• Employers highly value Financial Capability skills and qualifications


Is this course suitable for me?

This course is suitable for:

· anyone with an interest in the Financial Services industry

· students who are competent in the basics of real-world application of maths

· students who wish to further their studies within finance and business-related disciplines, with many students going on to study accounting, business, finance and banking


Recognition of prior learning

There are no prior learning requirements for this qualification although students would be expected to have acquired skills and knowledge in English and Mathematics to enable study at Level 3.



Skills developed

· The qualification will encourage students to:

· analyse financial data and information, financial services products and services and make judgements about suitability for people in different circumstances;

· develop an understanding of the concept of financial sustainability and ethics to enhance financial literacy;

· analyse, synthesise, evaluate and reflect;

· demonstrate numeracy skills including the ability to manipulate financial and other numerical data to reflect the conceptual activity of financial maths;

· use appropriate data and information to make arguments;

· structure and communicate ideas logically and coherently; and

· learn independently in preparation for further / higher academic study



Learning resources

Students are provided with the following learning resources: · online access via MyLIBF- to a complete set of learning materials, including course texts, activities to consolidate learning, and to KnowledgeBank (virtual library) · unit syllabuses · study tips · specimen, past papers and exemplars.