A student from The Sixth Form College in Colchester has demonstrated his financial understanding by achieving examination results which put him in the top 1 per cent of students in the country.
Dominic Bacon, 17, gained outstanding marks in the Certificate of Financial Studies qualification (CeFS)
, a specialist personal finance qualification offered by financial education charity, The London Institute of Banking & Finance.
The qualification is taken by more than 20,000 students each year and is designed to provide teenagers with financial skills for life, which include key concepts such as borrowing, saving and budgeting.
Dominic was one of more than 20 students at The Sixth Form College in Colchester to be awarded with particularly high marks in CeFS, making it one of the top-performing centres in the UK. Each year, more than 250 students take the qualification, with more than half gaining A*- B grades.
“Financial capability has been really useful to me, as I think it has given me the breadth of knowledge to succeed in my future career which will hopefully be in the financial sector," Dominic said.
"At my age understanding personal finance is very important, as quite a lot of young people wouldn’t know how to manage their money which these qualifications give. This opens a lot of options later in life, so you would be able to know how to invest money, manage it and how to do this sustainably."
The London Institute of Banking & Finance launched its financial capability qualifications
for schools in 2006. Provided for teenagers at both GCSE and A-level, more than 200,000 have successfully completed a financial capability in the last decade, with many subsequently choosing to continue their studies on completion and pursue careers in the banking and finance industries.
Sarah Bowler, from The Sixth Form College Colchester, said: “We are delighted with the progress of our students; the financial capability qualifications have become an integral part of our college provision. Students enjoy the courses and see them as a valuable addition to their A level studies. Some of our students have secured places on very competitive trainee programmes, with the knowledge and experience they have gained.”
Alison Pask, Managing Director, Financial Capability & Community Outreach
at The London Institute of Banking & Finance, said:
“Being financially capable is one of the most important skills a young person can gain and, in a competitive jobs market, is a skill all employers value highly. We offer our warmest congratulations to the students of Colchester, who have demonstrated their knowledge, understanding and hard work in getting to grips with some very complex concepts.”
You can find out more information about the Financial Capability qualifications we offer here.