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Award in Financial Education (AiFE)

Financial Capability

Award in Financial Education (AiFE)

The Award in Financial Education (AiFE) is a Level 2 qualification. As a Technical Award, AiFE is mainly designed for students aged 14-16. It introduces them to personal finance and the economy, financial management skills and enterprise.

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About the qualification

AiFE develops knowledge and a 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 (eg self-employed hairdressers, taxi drivers, garden landscapers). Students can extend the skills and knowledge they develop in AiFE by taking one further unit to form the Certificate in Financial Education (CeFE).

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

What is it really like to teach or take one of our financial education qualifications? Our teachers and students share their journey with us.

Units

AiFE consists of two mandatory units. For the average student to complete the course, the recommended number of guided learning hours is 90 hours. Total qualification time consists of two elements: guided learning hours and all other hours. The AIFE has a total qualification time of 120, split between 90 guided learning hours and 30 other hours.

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

Students learn about the role of citizens in the UK, the values they hold, and the effect of these values on personal finance.

Unit 2 - Practices of Managing Money (PMM)

Students’ gain an understanding of financial planning and personal financial budgets. They also study the effects of spending and borrowing on the individual and society.

Total Qualification Time (TQT) is a prediction of the total time the typical student may need to complete the course. TQT consists of two elements, Guided Learning Hours (GLH) and all other hours. The AiFE (ref 601/6360/4) has a TQT of 120 and is split between GLH of 90 and other hours of 30.

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.

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.

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Frequently Asked Questions

Our Level 2 Certificate in Financial Education (CeFE) and Level 3 Certificate & Diploma in Financial Education (CeFS/DipFS) qualifications are included in Performance Tables and CeFE is counted towards Progress 8. Our Level 2 Certificate in Financial Capability and Careers Development (CeFCCD) is included in Performance Tables in Wales.

All of our Financial Capability qualifications are approved by Ofqual, Qualification Wales and CCEA.

Our Level 3 Certificate in Financial Studies (CeFS) and Level 3 Diploma in Financial Studies (DipFS) are Applied General qualifications that attract the full UCAS tariff and are equivalent to AS and A2 qualifications. Our Level 2 Certificate in Financial Education (CeFE) is the equivalent of a GCSE.

Talk to our exam officers support team for any LIBF e-test queries.

To register as an Approved Centre, you will need to complete the following form:

Once completed, please email both forms to fcexams@libf.ac.uk

Once you’ve receive approval to delivery our qualifications, a member of examinations staff at your centre will be able to register students. This is done using the ‘Bulk register students with The London Institute of Banking & Finance’ link on your MyLIBF account.

Please note, it will take up to 5 working days to process and confirm your registrations.

Once students are registered on to a qualification, your centre will gain access to our learning materials via our online platform, MyLIBF.

Costs that are involved with the delivery of our qualifications include the registration of students, resit examination and any post-result actions (e.g. Script Requests, Result Enquiries). These can be found here. There are no costs to becoming an Approved Centre.

Payments are due at the end of the calendar month.

We are unable to deal with queries directly from Financial Capability students. All communications between Financial Capability students and The London Institute of Banking & Finance must come through the student’s tutors or the centre’s examination staff.

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