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Certificate in Personal Finance (CPF2)

The Certificate in Personal Finance (CPF2) has been designed to equip students with the knowledge and skills to be able to manage their own money confidently and effectively.

About the qualification


Students will gain knowledge about the practical and legal constraints on the sources and uses of money, the methods of organising their money through personal budgeting, the considered use of appropriate bank and building society accounts and the concepts and consequences of overspending or payment default.

In England, Wales and Northern Ireland the CPF2 has been accredited by Ofqual at Level 2 into the Regulated Qualifications Framework (RQF).

In Scotland, the CPF5 is credit rated at Level5 in the Scottish Credit and Qualification Framework (SCQF).


What progression does CPF2 offer?

Once completed students will be able to study the LIBF Level 3 Certificate in Financial Studies (CeFS) or the LIBF Level 3 Diploma in Financial Studies (DipFS).

CeFS has been designed to encourage students to be inspired to meet their lifestyle aspirations and teaches students to become responsible borrowers, sensible savers and have an appreciation of the need for financial planning throughout their lives.

DipFS has been designed to inspire students to meet their lifestyle aspirations through applying appropriate solutions from the wide range available within the evolving financial services marketplace.


CPF2 consists of three mandatory units. It is recommended that students spend 140 learning hours of which 102 should be guided learning hours.

Unit 1 - Personal Financial Encounters (PFE)

PFE aims to increase students’ understanding of the sources of money and the importance of budgetary control, enabling them to make informed decisions about their finances. 

Unit 2 - Money Management Solutions (MMS)

The aim of MMS is to develop students’ understanding of the banking systems available to them. This will enable them to make informed choices about their bank accounts and spending decisions.

Unit 3 - Personal Finance Managements (PFM)

The aim of PFM is to increase students’ understanding of personal finance, taking into account affordability, choice and protection.

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 CPF2 (500/9897/4) has a TQT of 140 hours and is split between GLH of 102 hours and other hours of 38.


All units can be assessed either by a paper-based examination or via the LIBF e-test electronic testing system. Passes must be achieved in all three units to gain the qualification.

  • Unit 1 is assessed by a single 30-minute objective test comprising 18 multiple-choice questions and four sets of stimulus material each with three linked questions.
  • Unit 2 is assessed by a single 30 minute objective test comprising 18 multiple-choice questions and four sets of stimulus material each with three linked questions.
  • Unit 3 is assessed by a single 30 minute objective test comprising 10 multiple-choice questions, and two sets of stimulus material each with five linked questions.


The qualification will be graded A*-C. Students must pass each unit to achieve the certificate.



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