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Award in Personal Finance (APF1)

Please note this qualification is to be withdrawn and replaced by Lessons in Financial Education. Any new registrations for APF1 must be received by 31 May 2017 and the last date to sit the exam is 14 July 2017. 

The Award in Personal Finance (APF1) has been designed to equip students with the knowledge and skills to be able to manage their own money.

About the qualification

Students will gain knowledge of the influences on how we spend or save money, and of the tools available to become competent at managing their own money.

This will be achieved by learning about:

  • where money comes from, who makes it, and what its features are
  • the features of a current account / how to access money
  • different sources of money including earned income, benefits and exchanging items for money
  • the key features of savings and borrowing products
  • how to manage cash

In England, Wales and Northern Ireland APF1 has been accredited by Ofqual at Level 1 into the Regulated Qualifications Framework (RQF)


What progression does APF1 offer?

Once students have successfully completed APF1 they will be able to study the LIBF Level 2 Certificate in Personal Finance (CPF2) or the LIBF Level 2 Certificate in Financial Education (CeFE)

CPF2 has been designed for people who are or who will shortly be reaching a life stage when they no longer depend on others for their financial provision.

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.


APF1 consists of two mandatory units. It is recommended that students spend 90 learning hours of which 54 should be guided learning hours (GLH).

Unit 1 - The Principles of Money

When studying POM students will start to understand where money comes from and the features of money.

Unit 2 - Money Management

When studying MOM students will start to understand basic sources of income and will start to explore how income and money can be used in terms of savings, borrowing, spending and selling and the impact of these on a personal financial budget.

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 APF1 (ref 500/9896/2) has a TQT of 90 hours and is split between GLH of 54 hours and other hours of 36.


Both units can be assessed by a paper-based examination or via the LIBF e-test electronic testing system.

Unit 1 is assessed by a 30-minute objective test comprising 21-multiple choice questions, and three sets of stimulus material each with three linked questions. 

Unit 2 is assessed by a 30-minute objective test comprising 15-multiple choice questions, and five sets of stimulus material each with three linked questions.


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


You may also be interested in 

Lessons in Financial Education

LiFE Foundation

This non-assessed, e-learning programme guides students through a fundamental knowledge of financial education.

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Financial Capability

Certificate in Personal Finance

Equip your students with the understanding and skills to be able to manage their own money confidently and effectively.

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