SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

National Diploma: Financial Markets 
SAQA QUAL ID QUALIFICATION TITLE
23653  National Diploma: Financial Markets 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
FASSET - Financial and Accounting Services SETA  OQSF - Occupational Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Advanced Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  240  Level 6  NQF Level 06  Regular-Unit Stds Based 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  SAQA 06120/18  2018-07-01  2023-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2028-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
This qualification would be suited to learners who are practitioners in the fields of Financial Markets, Financial Services, Banking, Insurance or Accounting. Job positions likely to be most relevant for this qualification are Financial Administrators, Junior Portfolio Managers, Trainee Analysts, Junior Dealers, Junior Sales Traders, Junior Equity Salespeople, Junior Accounts Clerks, Settlements Clerks, and Compliance Administrators.

Traditionally the people working in this field are graduates who specialise in aspects of financial markets by studying various American and British post graduate qualifications. This National Diploma in Financial Markets is designed to provide practitioners in the field with a South African qualification that is NQF aligned and which has international credibility and recognition.

This qualification allows learners to develop a practical understanding of the Financial Markets within a broad context. It offers extensive insight into the Financial Markets, allows for specialization in different areas, and provides a basis for further specialization. In this regard. It is intended to create access to post-graduate learning in the workplace.

Practitioners who have earned this qualification will demonstrate competence in a wide range of aspects related to financial markets, which encompass the understanding and execution of Financial Markets practices.

The qualification will enable practitioners to establish themselves as credible participants in the Financial Markets industry through them being knowledgeable and competent practitioners in this specialised field. Successful learners will contribute to the effectiveness, productivity and ethical reputation of practitioners within the Financial Markets sector and provide an impetus for improved global competitiveness.

The qualification will open doors for the learner to advance to more senior positions within the Financial Markets industry.

Rationale for the qualification:

The typical learner identified to benefit from this qualification will be an individual who is either currently working or aspires to working in the Financial Markets sector.

The qualifications currently available, which relate to the Financial Markets sector, belong to specific sub-sectors within the Financial Markets, such as the Johannesburg Securities Exchange, the SA Futures Exchange, the SA Institute of Financial Markets, or are overseas registered qualifications such the CFA and ACI exams. They are very specific in their nature to the sub-sector that they serve. This qualification is intended to supply learners with the broad range of knowledge and skills that are applicable to all sectors in the Financial markets environment.

The Financial Markets field is a highly regulated one in which in the provisions of the Stock Exchange Control Act, the Financial Markets Control Act and Forex regulations have to be strictly adhered to. This qualification will equip learners with the specialised knowledge and skills required by practitioners in the field as well as with the ability to interpret and apply the necessary regulations pertaining to their sphere of operation.

A great deal of the current learning within this sector takes place through on-the-job coaching and mentoring and this qualification will provide a formal qualification to acknowledge the competencies that practitioners in the field need to acquire and master. The National Diploma at level 6 will cater for the majority of practitioners in the field, but a, level 5 diploma will be developed for practitioners who wish to begin their specialised study in the field at a lower level and for those who are new entrants to the field of Financial Markets. A Level 7 qualification will also be designed to provide an avenue for specialised study in various sub-fields of Financial Markets.

The qualification is intended to provide formal recognition of the professionalism in the industry through a South African registered qualification which is applicable to the sector and that will be internationally acceptable. Such a qualification is currently not available. This qualification will equip the graduate to be a practitioner in the true sense, within this field.

This qualification will facilitate national recognition of the skills involved in the Financial Markets at a junior to middle level. It will add value to the sector by recognising the broad range of expertise required to be successful in this field, and should attract many new potential employees.

The qualification supports the objectives of the NQF in that it creates a means for formal recognition of learner achievement in the field. By gaining the qualification, learners will have greater access to employment opportunities and career progression, thus meeting the business sector`s need for a greater skills pool. This in turn will facilitate a higher level of employment of South Africans, which will contribute in a small way to addressing unemployment. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Learners accessing this qualification are assumed to be competent in:
  • Mathematics at NQF level 4
  • Communication skills at NQF level 4
  • Computer Literacy Skills at NQF Level 4
  • Unit Standard entitled: Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 or 2002)




    Recognition of prior learning (RPL):

    This qualification may be achieved in part or whole through the RPL process. The same assessment methods and tools that are used for summative and formative assessment of the unit standards and the exit level outcomes are applicable for RPL purposes. Other methods and tools, which might be more appropriate to RPL, such as portfolios and work actually being done, should also be used. 

  • RECOGNISE PREVIOUS LEARNING? 

    QUALIFICATION RULES 
    The qualification is composed of Fundamental, Core and Elective learning components:
  • Fundamental: 53 credits
  • Core: 144 credits
  • Elective Unit Standards: The learner must select unit standards to a minimum value of 43 credits. Unit standards from other fields may be taken as electives if they suit the learner and the programme.
    Total for the qualification: a minimum of 240 credits 

  • EXIT LEVEL OUTCOMES 
    Exit level outcomes:

    On achieving this qualification, the learner will be able to:
  • Use the computer as a tool in a financial service and the financial markets environment.
  • Analyse and manipulate data relevant to the financial markets through performing appropriate and correct mathematical calculations.
  • Produce spreadsheet documents using information available in the accounting and/or financial service environment.
  • Analyse companies based on their financial statements and use the conclusions to give advice to clients.
  • Apply the concepts and principles relevant to the practical aspects of corporate governance and accountability in a financial markets environment.
  • Operate within the ethical, professional and legal limits of South African and International legislation and codes of practice that regulate the financial markets.
  • Demonstrate an understanding of the functioning of the international financial markets within the South African context.
  • Offer investment advice to clients.
  • Demonstrate an understanding of the settlements processes applicable to financial markets.
  • Operate within the rules and directives of the financial markets exchanges.
  • Explain and apply concepts and principles of business ethics in the professional environment.
  • Demonstrate an understanding of the use of micro- and macro-economic indicators as forecasting and planning tools in the financial markets environment.
  • Identify and control risk within the financial markets.
  • Interpret the causes and effects of economic events and take economic issues into account when furnishing clients with financial information.
  • Recommend and manage non-discretionary investment portfolios based on clients` needs and requirements.
  • Offer equitable deals to clients based on up-to-date knowledge of the structure, functioning and status of the relevant financial markets.
  • Analyse and evaluate the financial markets.
  • Implement and comply with stock broking regulations and standards.

    Critical cross-field outcomes:
  • Identify and solve problems using critical and creative thinking processes.
  • Work effectively with others as a member of a team, group, organisation or community.
  • Organise and manage oneself and one`s activities responsibly and effectively.
  • Collect, analyse, organise and critically evaluate information.
  • Communicate effectively using visual, mathematical and/or language skills in the modes of oral and/or written persuasion.
  • Use science and technology effectively and critically, showing responsibility towards the environment and health of others.
  • Demonstrate an understanding of the world as a set of interrelated systems by recognising that problem-solving contexts do not exist in isolation.
  • Contribute to the full personal development of each learner and the social and economic development of the society at large. 

  • ASSOCIATED ASSESSMENT CRITERIA 
    1. Analyze and manipulate data relevant to the Financial Markets:
  • Computer based word processing and spreadsheet applications are applied to financial markets situations
  • The use of mathematical skills is applied in the context of work relating to financial markets analysis and calculations
  • The investment potential and performance of public companies is evaluated and reported through critical analysis (including ratio analysis) of their financial statements
  • Analysis of macro and micro-economic indicators are applied to planning and forecasting within the financial markets


    2. Apply an understanding of the financial markets in a South African context:
  • Financial markets terminology is used in context with the work being performed
  • The structure and relevance of the international financial markets are related to the South African situation
  • The different financial markets and their performance history is explained in relation to investment recommendations


    3. Operate within the professional and legal limits of the legislation and codes of practice governing the financial markets sector, including the rules and directives of the Exchanges:
  • The relevant statutory information can be located at the workplace
  • Best practice guidelines as defined by company policy and procedures are implemented at all times
  • Behaviour is consistent with the professional and ethical standards and codes of conduct required of participants acting in the financial markets sector.
  • Reports are submitted in the format specified in statutory and company documentation


    4. Manage the implementation of job specific requirements within the financial Markets sector:
  • The different job roles within the financial markets sector are described
  • Back and front office functions are differentiated and the role of positions within each area are explained in the broad context of the sector
  • The selected elective unit standards are applied within the relevant job role


    5. Establish and build relationships for maximum mutual benefit
  • Client relationships are established, built and maintained within the sector
  • Business opportunities are identified, canvassed and concluded to the benefit of both client and the organisation
  • Performance is maximised through effective team behaviour, time management and communication in the work environment


    Integrated assessment:

    Assessors should design assessment tools and conduct assessments against the unit standards specified in the qualification. These should take into account established assessment principles and make use of a range of formative and summative assessment methods.

    The unit standards are strongly geared towards the worlds of work and of professional practice, and assessment should ideally take place in those environments, using naturally occurring evidence as far as possible. Where the learner is not currently employed, the assessor should simulate the work environment as realistically as possible.

    1. Assessors should specifically check for the following:
  • Demonstration of competence of the specific outcomes in the context of the relevant financial markets environment.
  • The meeting of all of the assessment criteria associated with the outcomes.
  • The demonstration of an integrated understanding of the factors at play in the financial markets sectors. In doing so, it may be possible to assess a number of unit standards, outcomes or assessment criteria together.
  • The ability to analyse a given situation using selected financial, statistical and economic tools and methods in order to come to a conclusion and make recommendations appropriate to the findings.
  • The understanding and correct usage of financial markets terminology and language.
  • The relevant parts of the range statements. For example, where the range includes the Securities exchange, the Bond exchange and the Futures exchange, and the learner is only focusing on the Bond market, then only the Bond market should be assessed.
  • The ability to constructively engage with clients in order to build and maintain professional relationships to mutual long-term benefit.
  • Where the various Acts are concerned, it is of greater importance that the learner is able to locate the required information within a reasonable time frame than to know it all verbatim.
  • The integration of the critical cross-field outcomes.

    2. The following formative and summative assessment methods are recommended:
  • Log books
  • Written reports of portfolio management activities and results
  • Written reports of analyses and recommendations
  • Actual work done in relevant areas
  • Work related assignments
  • Verbal presentations
  • Portfolios
  • Projects
  • Practical exercises and demonstrations
  • Observation
  • Simulations
  • Role plays
  • Case studies
  • Oral questioning and/or interviewing
  • Peer assessment
  • Open book examination 

  • INTERNATIONAL COMPARABILITY 
    A number of international and local qualifications were analysed and evaluated during the research undertaken to develop this qualification. These are as follows:
  • The ACI Dealer`s Certificate/Settlements Certificate/Diploma (France)
  • The CFA (Chartered Financial Analysts) programme (USA)
  • The Securities Institute Diploma (UK)
  • The Diploma in Financial Markets

    The above qualifications were analysed in terms of their component headings and content. Important individual and common areas between the qualifications were identified. These areas were then compared with the competencies contained in the unit standards constituting this qualification.

    This diploma in Financial Markets will be equivalent to the American CFA level 2 qualification which is currently taken by practitioners in the South African Financial Markets sector, who wish to have a formal qualification.

    Learners who obtain the qualification are expected to obtain international recognition because of the nature and content of the diploma, contribute to the effectiveness, productivity and ethical reputation of practitioners within the Financial Markets sector and provide an impetus for improved global competitiveness. 

  • ARTICULATION OPTIONS 
    The qualification may be articulated in the fields of the Financial Markets, Financial Services, Banking, Insurance and Accounting, but in particular with the following South African Qualifications:
  • The JSE Traders/Settlements/Compliance exams
  • The JSE Institute of Stockbrokers Membership exam
  • The ACTSA Treasury qualification
  • The Certificate in Compliance Management
  • The SAFEX (SA Futures Exchange) Certificate

    It is anticipated that a total of four qualifications at different levels (from level 4 up to and including level 7) will be registered within the field of Financial Markets, and it is likely that some unit standards will be included in more than one of the qualifications. This is to allow learners to obtain successive qualifications should they desire to do so, and exit at the point they wish. Where this is the case the learner who has achieved competence against such standards should receive due recognition for them should they decide to study further or in a different direction. Clearly the rules of combination applicable to all the qualifications will be met in the construction of these qualifications.

    It will thus ultimately be possible for a learner to gain a series of qualifications in these fields, from entry at NQF Level 4 up to NQF Level 7, selecting their areas of specialization as they progress.

    Exit points for learners who do not complete the qualification:
  • Learners will be credited with unit standards in which they have proved competence.
  • Learners who complete individual unit standards but do not complete this qualification retain their credits. However, should the substance of the unit standard change, the validity of the credit towards the qualification may be reviewed.
  • Learners who change their provider or learning site before completing the qualification may transfer their credits to the new learning site. 

  • MODERATION OPTIONS 
    Moderation options and criteria for the registration of assessors:
  • Anyone assessing a learner or moderating the assessment of a learner against this Qualification must be registered as an assessor with the FASSET ETQA or an ETQA that has a Memorandum of Understanding with the FASSET EQTA.
  • Any institution offering learning that will enable the achievement of this Qualification must be accredited as a provider with the FASSET ETQA.
  • Assessment and moderation of assessment will be overseen by the FASSET ETQA or by an ETQA that has a Memorandum of Understanding with the FASSET EQTA, according to the ETQAs policies and guidelines for assessment and moderation; in terms of agreements reached around assessment and moderation between ETQAs (including professional bodies); and in terms of the moderation guideline detailed immediately below.
  • Moderation must include both internal and external moderation of assessments at exit points of the qualification, unless ETQA policies specify otherwise. Moderation should also encompass achievement of the competence described both in individual unit standards as well as the integrated competence described in the qualification.
  • The relevant NSB and SGB may be notified of any feedback related to this unit standard.
  • Anyone wishing to be assessed against this Qualification may apply to be assessed by any assessment agency, assessor or provider institution that is accredited by the FASSET ETQA or an ETQA that has a Memorandum of Understanding with the FASSET EQTA. 

  • CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015. 

    NOTES 
    N/A 

    UNIT STANDARDS: 
      ID UNIT STANDARD TITLE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
    Core  12884  Establish, build and maintain client relationships within the financial markets sector  Level 5  Level TBA: Pre-2009 was L5 
    Core  12891  Apply concepts and principles of business ethics in the professional environment  Level 6  Level TBA: Pre-2009 was L6 
    Core  12885  Apply concepts and principles relevant to the practical aspects of corporate governance and accountability  Level 6  Level TBA: Pre-2009 was L6  10 
    Core  12887  Demonstrate an understanding of the functioning of the international financial markets within the South African context  Level 6  Level TBA: Pre-2009 was L6  18 
    Core  12889  Demonstrate an understanding of the settlements processes applicable to the financial markets  Level 6  Level TBA: Pre-2009 was L6  15 
    Core  12888  Offer investment advice to clients based on their needs  Level 6  Level TBA: Pre-2009 was L6  15 
    Core  12886  Operate within the ethical, professional and legal limits of the South African and international legislation and codes of practice regulating the financial markets  Level 6  Level TBA: Pre-2009 was L6  20 
    Core  12890  Operate within the rules and directives of the financial markets exchanges  Level 6  Level TBA: Pre-2009 was L6  12 
    Core  12892  Demonstrate an understanding of the use of micro- and macro-economic indicators as forecasting and planning tools within the financial markets  Level 7  Level TBA: Pre-2009 was L7  18 
    Core  12893  Identify and control risk within the financial markets  Level 7  Level TBA: Pre-2009 was L7  15 
    Core  13022  Interpret causes and effects of economic events and take economic issues into account when furnishing clients with financial advice  Level 7  Level TBA: Pre-2009 was L7  10 
    Fundamental  12881  Complete and submit reports within the financial markets sector as required by legislation and by company policy  Level 5  Level TBA: Pre-2009 was L5 
    Fundamental  12998  Produce spreadsheets using accounting related information technology  Level 5  Level TBA: Pre-2009 was L5 
    Fundamental  12883  Evaluate companies based on their financial statements  Level 6  Level TBA: Pre-2009 was L6  15 
    Fundamental  12882  Perform mathematical and statistical calculations relevant to the financial markets  Level 6  Level TBA: Pre-2009 was L6  15 
    Fundamental  13098  Use the computer as a business tool in an accounting environment  Level 6  Level TBA: Pre-2009 was L6 
    Elective  12895  Offer equitable deals to clients based on up-to-date knowledge of the structure, functioning and status of the relevant financial market  Level 6  Level TBA: Pre-2009 was L6  15 
    Elective  12894  Recommend and manage non-discretionary investment portfolios based on the client's needs and requirements  Level 6  Level TBA: Pre-2009 was L6  18 
    Elective  12896  Analyse and evaluate the financial markets  Level 7  Level TBA: Pre-2009 was L7  15 
    Elective  12897  Implement and manage compliance with stock broking regulations and standards  Level 7  Level TBA: Pre-2009 was L7  18 


    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.