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Level 2 Award in Financial Education

Financial Education

Level 2 Award in Financial Education

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 Level 2 Certificate in Financial Education.

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 (QN601/6360/4) 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) (R/505/4681)

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) (F/505/4689)

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.

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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