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Award in Financial Education (AiFE)

The Award in Financial Education (AiFE) is a Level 2 qualification. As a Technical Award, AiFE is primarily designed for students aged 14-16 and provides an introduction to personal finance & the economy, financial management skills and enterprise.

About the qualification

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AiFE develops knowledge and valuable range of skills that provide a foundation for further study in business and finance-related disciplines, as well as a wide range of other fields (e.g. self-employed hairdressers, taxi drivers, garden landscapers). The skills and knowledge developed in AiFE can be extended by taking one further unit to form the LIBF Certificate in Financial Education (CeFE).

In England, Wales and Northern Ireland AiFE has been accredited by Ofqual at Level 2 into the Regulation and Qualifications Framework (RQF).

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What progression does our AiFE qualification offer?

Once completed, students will be able to study one further unit to form the LIBF Level 2 Certificate in Financial Education (CeFE)

CeFE has been designed to prepare students to take their place in society as responsible citizens by providing them with the skills and knowledge to manage their money well and make sound financial decisions.

Units

AiFE consists of two mandatory units. The recommended guided learning hours (GL) for the average student to complete is 90 hours.

Unit 1 - Finance, the Individual and Society (FIS)

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 (PMM)

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.

Assessment

Unit 1 and Unit 2 can be assessed either by a paper-based examination or via the LIBF e-test electronic testing system.

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.

Grading

The qualification will be graded by way of Pass/Merit. Students must pass both units to achieve the award.

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