National Certificate: Financial Services Management: Qualification ID-48640

PURPOSE AND RATIONALE OF THE QUALIFICATION 
The purpose of the Qualification is to build the knowledge and skills required by employees in management who have either had schooling at or below NQF level 4, including learners who have gaps in Communication in the language of business and/or mathematical literacy that could inhibit progress in a career path in management in financial services. It is also intended for learners in management who are not yet ready to learn at NQF Level 5. The Qualification should empower learners to acquire knowledge, skills, attitudes and values required to operate confidently as managers in the South African financial services community and to respond to the challenges specific to the financial services environment and the changing world of work in the industry.

The Qualification introduces some theoretical concepts, requires the application of knowledge and a well-developed range of specialist skills that will enable learners to be informed workers in the financial services industry. It requires the ability to adjust or amend an application of a common solution within relevant parameters and the ability to motivate the change using relevant evidence. It provides a balanced learning experience that allows flexible access to further education, life long learning, further education and to productive employment in the financial services sector.

The National Certificate in Financial Services: Management: Level 4 is intended for personnel already employed and other learners who intend to follow a career in management in financial services. The focus is on analysis and evaluation skills and application of knowledge.

Rationale for the qualification

The Financial Services sector is highly regulated and the consequences of non-compliance for the industry are far-reaching in terms of both financial and reputational risk. Managers in Financial Services require a sound knowledge of the financial services environment, the capacity to understand broad financial and legal aspects and knowledge of and skills in management. In the Financial Services industry managers are appointed based on technical knowledge, experience and potential managerial ability. It is therefore assumed that learners attempting this Qualification are technically competent in a specific aspect or sub-sector of financial services and have a sound knowledge of the financial services sector as a whole.

The National Certificate in Financial Services: Management: NQF Level 4 is designed to meet the needs of learners in the financial services sector who require management skills including first line managers of business units in medium to large organisations and managers in SMEs that are part of the financial services sector. This Qualification is for learners who work at the first level at which the management function is performed in the financial services sector. The Qualification is intended as a vehicle to fast track learners from previously disadvantaged groups and other learners to acquire the knowledge and skills of management that are required to build a pool of learners with management expertise in the financial services industry and enable the industry to meet Employment Equity targets.

The term business unit in this Qualification implies a cost centre, section, department or SME. Managers at this level may or may not be required to interact with senior management. They are accountable for systems and the implementation of the strategic requirements of an organisation. They may write policies and procedures that in turn impact on supervisors and team leaders. It is envisaged that learners who complete this Qualification will be engaged in work roles in financial services organisations where they can be part of the employment decision-making process and their specialist financial services industry knowledge can impact on recruitment and employment decisions. They therefore need to be familiar with employment trends in the market and current events that could impact on the financial services sector. Managers at this level in the financial services sector have decision-making powers and are involved in counselling.

The move in the financial services sector is to flat management structures and away from traditional pyramiding. The level of the Qualification is therefore not linked to grading levels or an organisation's remuneration structure. Managers at this level are involved in high-level decision-making and high-level reporting. They may be required to do presentations to senior management and are responsible for performance management interaction.

Managers in financial services at this level require extensive technical expertise. They may serve as advisors on committees, boards and focus groups as part of their network function where their technical skill is required to make recommendations. They have input into development issues such as the training strategy of the department and have a broad co-ordination function between other departments in terms of timing, funding and implementation plans of their own business unit and the impact of changes on their business unit.

At this level managers require a wide knowledge and understanding of the financial services industry and their particular sub-sector. They need insight into how events in the financial services environment can impact on business processes and delivery and how the work of other sections or business units can impact on their unit.

At level 4, there is greater specialisation in a particular field and the manager's role may be mainly administrative or may require specialisation in law or other specific industry knowledge. Managers may not always manage people, but may perform a professional or managerial function. This Qualification works from the premise that managers require specialist technical knowledge and skill as well as behavioural skills. Managers engaged in enterprise-wide risk management, who do not necessarily manage people, could elect to do the National Certificate in Risk Management: NQF Level 4.

Management positions at this level include, but are not limited to first line managers and section heads. Queries are inevitably escalated to them and they are expected to act within their level of authority and may be required to refer to a manager at a higher level.

The National Certificate in Financial Services: Management: NQF Level 4 exposes learners to a broad set of Core Competencies covering a number of aspects of management. It is intended for learners who:
  • Have attained a National Certificate in a Financial Services sector: Level 3 and wish to continue on a path of life-long learning in the field of management within a financial services environment.
  • Were previously disadvantaged and were therefore denied access to Further Education and Training or management positions in financial services.
  • Wish to extend their range of skills and knowledge of management so that they progress within the financial services industry.
  • Are first line managers in the financial services industry and wish to improve their management skills.

    The National Certificate in Financial Services: Management: Level 4 allows the individual to work towards a nationally recognised Qualification. It is flexible enough to be offered in formal education and as occupational directed workplace based training for learners already employed in the financial services industry. It aims to develop informed and skilled managers. Skills, knowledge, values and attitudes reflected in the Qualification are building blocks that will be developed further at NQF Level 5. The intention is:
  • To promote the development of knowledge and management skills which are required in the financial services sector.
  • To provide opportunities for people to move up the value chain.
  • To form the basis of learnerships in the financial services sector.

    The National Certificate in Financial Services: Management: NQF Level 4 should assist managers in financial services organisations to contribute to improved productivity, compliance and efficiency within the financial services environment. It should provide the means for current managers to receive recognition of prior learning and to upgrade their skills. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 3.

Reccognition of prior learning
  • The National Certificate in Financial Services: Management: Level 4 allows open access. Provision has been made for prior learning to be recognised if a learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this Qualification. Application for Recognition of Prior Learning (RPL) should be made to a relevant accredited ETQA.
  • Recognition of Prior Learning (RPL) may allow for accelerated access to further learning.
  • Credit towards Unit Standards is subject to quality assurance by a relevant accredited ETQA and is conducted by a workplace assessor.
  • This Qualification can be obtained in part or in whole through Recognition of Prior Learning 

RECOGNISE PREVIOUS LEARNING? 
Y 

QUALIFICATION RULES 
Rules of combination

Level and learning components assigned to the qualification:

The Qualification is made up of a planned combination of learning outcomes that have a defined purpose and will provide qualifying learners with applied competence and a basis for further training. It is a building block for the proposed National Certificate in Financial Services: Management: NQF Level 5.

The Qualification is made up of Unit Standards that are classified as Fundamental, Core and Elective for the purpose of this Qualification. A minimum of 150 credits is required to complete the Qualification.

In this Qualification the credits are allocated as follows

Fundamental: 68 credits
Core: 71 credits
Electives: 11 credits

Total: 150 credits

Note that the Core credits, relate directly to management in the financial services sector. Electives may be selected that are:
  • Directly related to the work done by the learner in an organisation.
  • Relate to legislation that regulates the work done by the learner.
  • Related to personal empowerment that enables the learner to function effectively in the South African society of 21st Century. 

    • EXIT LEVEL OUTCOMES 
    1. The National Certificate in Financial Services: Management: Level 4 is intended for personnel already employed and other learners who intend to follow a career in management within the financial services sector. The focus is on analysis, comparison, choice, interpretation and application of knowledge. Learners should have the capacity to adjust the application of a common solution to meet the needs resulting from small changes in the problem or operating context. They should be able to take the initiative to address problems within their own mandate. As the role of manager cannot be separated from the work role, financial services learners are required to apply management skills in a financial services context. Integrated assessment of the Core Unit Standards is required at exit level.

    Associated Unit Standards
  • Demonstrate an understanding of the role of a business strategy in managing a small business or business unit.
  • Apply technical knowledge and skill to align business unit performance to business goals.
  • Manage risk in own work/business environment.
  • Explain the manager's role in identifying and referring people related risks to productivity, performance, conduct and capacity in the workplace.
  • Mentor a colleague to enhance the individual's knowledge, skills, values and attitudes in a selected career path

    2. Analysing and explaining topical innovations, developments and issues in a selected sub-sector and business enterprise in the Financial Services environment with due regard for the organisation's code of conduct.

    Associated Unit Standard
  • Analyse current events reported in media that could impact on a business sector or industry.
  • nalyse the Financial Services Industry and the role of insurance in a business environment.
  • Explain and apply ethical conduct in a business environment.

    3. Explaining liabilities linked to corporate governance and legislation in the context of a specific business unit.

    Associated Unit Standard
  • Explain and apply ethical conduct in a business environment.
  • Describe issues of compliance and/or non-activity that could result in civil or criminal liability in terms of business law.
  • Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37n of 2002).

    4. Preparing, presenting and monitoring a budget for a business unit.

    Associated Unit Standard
  • Apply the budget function in a business unit.

    5. Applying knowledge of leadership and management to a specific business unit.

    Associated Unit Standard
  • Apply the principles of situational leadership to a business unit.
  • Describe and apply the management functions of an organisation.
  • Mentor a colleague to enhance the individual's knowledge, skills, values and attitudes in a selected career path.
  • Conduct a formal meeting.

    Exit Outcomes for the Critical Cross Field Outcomes

    The learner can demonstrate ability to:
  • Identify and solve problems in familiar contexts in which responses show that responsible decisions have been made, adjust common solutions to meet changes in the problem and motivate the change within own limit of authority.
  • Work effectively with others as a member of a team, group, organisation or community. As a first line manager it is unlikely that the learner would work alone.
  • Organise and manage oneself and one's activities responsibly and effectively in that it is expected that the learner will be responsible for his/her own learning and for organising his/her own work allocated tasks and the tasks of others responsibly in the work environment. S/he is required to complete research assignments timeously and to apply knowledge of different aspects management. He/she should be able to apply the budget function in a business unit or small business.
  • Collect, organise and critically evaluate information. These competencies are built into the assessment criteria in many of the Unit Standards and the learner is required to do research projects and analyse information from the media.
  • Communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations. These competencies are an integral part of all the Unit Standards and are built into the assessment criteria.
  • Demonstrate an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in that the learner is required to be up to date with current affairs that could potentially impact on a business unit, organisation and the financial services sector. Learners are required to have a broad co-ordination function between other departments in terms of timing, funding and implementation plans of their own business unit and the impact of changes on their business unit.

    In addition, this Qualification contributes to the full personal development of each learner and the social and economic development of the society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of:
  • Reflecting on and exploring a variety of strategies to learn more effectively in order to become an informed manager.
  • Being culturally and aesthetically sensitive across a range of social contexts in dealing with diverse people in the workplace including customers, co-workers and people who are surveyed or interviewed.