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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Higher Certificate in Wealth Management 
SAQA QUAL ID QUALIFICATION TITLE
109175  Higher Certificate in Wealth Management 
ORIGINATOR
Moonstone Business School of Excellence (PTY) Ltd (previously known as PSG Konsult Academy) 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Higher 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  120  Not Applicable  NQF Level 05  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  EXCO 0821/24  2019-03-08  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

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 replaces: 
Qual ID Qualification Title Pre-2009 NQF Level NQF Level Min Credits Replacement Status
83346  Higher Certificate in Wealth Management  Not Applicable  NQF Level 05  120  Complete 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The purpose of the Higher Certificate in Wealth Management: Level 5 is to build the knowledge and skills required by employees in Wealth Management who have achieved a Qualification equivalent to Level 4, preferably in a Financial Services related field, and are ready to study at Level 5. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate ethically and responsibly in the highly regulated Financial Services environment and to respond to the challenges posed by the changing nature of the Financial Services Industry. It should add value to the qualifying learner in terms of enrichment of the person, status, licensing and recognition.

As a qualification in Wealth Management, it provides a framework for learners to develop competencies related to the Long Term Insurance Sub-Sector, which includes Life Benefits, Retirement Funds and Medical Scheme Administration, as well as the Collective Investment Sub-Sector, Wealth Creation and Wealth Management. It provides a balanced learning experience and an opportunity for learners to apply academic skills in relation to the workplace. The Qualification is structured in such a way that it exposes learners to generic competencies required in the Financial Services Sector at Level 5 and allows for specialisation to meet the needs of different work roles.

The Higher Certificate in Wealth Management: Level 5 is a building block for learners who wish to follow a career path in Financial Services within Long-Term Insurance and Investment. The skills, knowledge, values and attitudes reflected in the Qualification are building blocks that can be developed further at Level 6.

Rationale:
The Higher Certificate in Wealth Management: Level 5 is designed to meet the needs of learners in a variety of positions in the Financial Services industry. It is a holistic qualification which combines Long Term Insurance, Collective Investments, Retirement Funds, Medical Scheme Administration, Short Term Insurance and other aspects of Wealth Creation and Wealth Management.

The Qualification has relevance for learners in Retirement Funds and Medical Schemes, Intermediaries including, but not limited to, Financial Advisors, Personal Financial Planners, Financial Services Call Centre Agents, Client Service Providers, Brokers, Broker Consultants, Retirement Fund Consultants, Retirement Fund Administrators, Trust Fund Officers, Product Developers, Consultants who advise on product structure of Retirement Funds, Principal Officers, Trustees, Medical Scheme Consultants, Senior Administrators, Retail Mangers who support Advisors and have a back office function, Collective Investment Scheme Managers, Account Executives and Compliance Officers. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Recognition of Prior Learning (RPL):
The institution will use RPL to provide access to a limited (10% of cohort) number of learners who do not meet the access requirements for the qualification. Evidence can be presented in a variety of forms including international or previous local qualifications, reports, testimonials mentioning functions performed, work records, portfolios of evidence and performance records. Such evidence will be judged according to the general principles of assessment and, where deemed necessary, students may also be required to complete a contextualised mathematical literacy bridging programme for financial planning, before they may be admitted to the qualification.

Entry Requirements:
Access to the Higher Certificate in Wealth Management is granted to all applicants who meet the following minimum requirement:
  • National Senior Certificate (NSC): An achievement rating of 3 (40-49%) or better in four subjects. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification consists of compulsory and elective modules at Level 5, totalling 120 Credits.

    Compulsory Modules:
  • Financial Planning Environment Fundamentals, 30 Credits.
  • Risk Planning Fundamentals, 30 Credits.
  • Investment and Retirement Planning Fundamentals, 30 Credits.
  • Introduction to Tax in Financial Planning, 15 Credits.

    Elective Modules (Choose one):
  • Business Assurance Fundamentals, 15 Credits.
  • Retirement Funds Fundamentals, 15 Credits.
  • Healthcare Benefits Fundamentals, 15 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Demonstrate knowledge and understanding of legislation, ethics, and compliance in the context of the financial services sector in South Africa.
    2. Demonstrate knowledge and understanding of the financial planning process in terms of collecting, analysing and synthesising appropriate data to develop solutions and make judgments and recommendations that take into consideration client needs and attitudes.
    3. Apply a fundamental knowledge of insurance, economics, investment practices, tax and other financial information to match the financial requirements of clients to financial products.
    4. Communicate and present information, in writing and verbally, to demonstrate insight into current issues in the Financial Services Sector. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Identify the main role-players in the financial services industry and explain their roles.
  • Demonstrate a basic understanding of the regulatory landscape and main legislation governing the financial services industry.
  • Demonstrate a basic understanding of the importance of ethics in the financial planning environment.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Demonstrate a basic understanding of client life-cycle stages and related personal risk, investment and retirement financial needs.
  • Demonstrate a basic understanding of the financial planning process.
  • Demonstrate a basic understanding of the budgeting process for an individual client.
  • Complete a basic capital needs analysis to analyse a client's personal risk needs.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • Demonstrate a basic understanding of economic concepts and their impact on investment and retirement planning financial products.
  • Demonstrate a basic understanding of asset classes and how these are used in financial planning.
  • Apply the main features, benefits and tax implications of a range of investment and retirement financial planning products and be able to match these products with financial needs.
  • Demonstrate a basic understanding of the South African tax system and different direct and indirect taxes applicable to individuals and businesses.
  • Demonstrate a basic understanding of the different forms of business ownership and implications for taxation of the business.
  • Apply relevant sections of the Income Tax Act to complete basic income tax and capital gains tax calculations for individuals and various business entities.
  • Explain the tax implications (current and future) of different financial products.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Examine new trends in the financial services sector.
  • Communicate and present information, in writing and verbally, to demonstrate insight into current issues in the Financial Services Sector.

    Integrated Assessment:
    Learning, teaching and assessment are inextricably linked. Where appropriate, assessment of knowledge, skills, attitudes and values indicated in the various modules is integrated. Assessment takes place in an authentic context as far as is possible. A variety of methods is used in assessment and tools and activities are appropriate to the context in which the learner is working. Case studies and other similar techniques are used to provide a context appropriate to the assessment.

    Integration implies that theoretical and practical components should, where possible, be assessed together. Integrative techniques are used to assess applied competence. Learners are required to demonstrate that they can perform the outcomes with understanding and insight.

    Assessment ensures that all Specific Outcomes, embedded knowledge and Critical Cross-Field Outcomes are evaluated. Assessment of the Critical Cross-Field Outcomes is integrated with the assessment of the Specific Outcomes. Before the Higher Certificate in Wealth Management: Level 5, is awarded, learners are required to demonstrate competence in the required modules and complete Summative Assessments in these modules, which are based on the exit outcomes of the qualification. 
    		•

    INTERNATIONAL COMPARABILITY 
    South Africa has a highly regulated and sophisticated financial services sector. In comparing this Qualification to those of other countries it is necessary to select countries where the financial services sector is comparable to that of South Africa. It is not possible to use an African country for the comparison, but research has shown that learners from the African Continent use the Insurance Institute of South Africa or British Based institutions for accreditation through distance learning. The United Kingdom was therefore an obvious choice for the comparison. Australia has been used for comparison of previous insurance and investment Qualifications and was therefore a logical choice for consistency.

    The Higher Certificate in Wealth Management Level 5 has also been compared to the ISO22222:2005 standard which has been adopted by 18 member countries and is therefore internationally relevant. International Standard - IS022222:2005: The ISO22222:2005 is pegged at Level 8 on the Scottish Credit and Qualifications Framework (SCQF). South Africa is the only African country that is a signatory to ISO22222:2005 for Personal Financial Planning Requirements for Personal Financial planners and the South African version of the international standard SANS22222:2006 is currently under discussion. As part of the review process, subject matter experts worked through the ISO and draft SANS documentation to ensure that the all the knowledge and competencies indicated in the international standard are included as fundamental, core or in the cluster of Unit Standards recommended as electives for Financial Advisers, Financial Planners and Intermediaries. The international standard covers the six-step financial planning process for personal financial planners and all aspects of the process are adequately dealt with in the Higher Certificate in Wealth Management: Level 5.

    Comparison: United Kingdom:
    Qualifications offered by the Chartered Insurance Institute are recognised throughout the insurance industry in the United Kingdom. They underpin job-specific and at-work training. The Higher Certificate in Wealth Management: Level 5.was compared to the Diploma in Insurance as the level is equivalent to the Level 5. The Diploma in Insurance appears to be technical and supervisory in nature and is not aimed at learners in a client advisory role. It was therefore considered more appropriate to compare the South African qualification to the Chartered Insurance Institute's Advanced Diploma in Insurance.

    Advanced Diploma in Insurance: Chartered Insurance Institute: United Kingdom:
    The Advanced Diploma provides an enhanced understanding of insurance practice, both in terms of technical subject matter and overall management skills. It is a Degree level course that leads to a professional qualification of 290 Credits for insurance staff working across all sectors of the insurance industry. The units that make up the diploma each require a recommended minimum of 120 hours' study and require candidates to apply knowledge and skills to practical situations and to synthesise different aspects of the syllabus and apply them to given scenarios. These requirements reflect those of the Higher Certificate in Wealth Management: Level 5. Although the breadth and depth of knowledge required for the Advanced Diploma may be greater than that required for the Higher Certificate in Wealth Management: Level 5.

    The Advanced Diploma in Insurance is a professional qualification for insurance staff working across all sectors of the industry. It provides an enhanced understanding of insurance practice, both in terms of technical subject matter and overall management skills and is a comprehensive assessment of market knowledge and understanding. It includes the full range of insurance topics, ranging from the fundamentals of insurance practice and legislation to specialist aspects such as Lloyd's market supervision, aviation, marine and the North American market. As such it reflects the holistic nature of the South African Qualification.

    The Advanced Diploma is modular in structure. Each unit has a credit value and the accumulation of the stipulated number of credits leads to the award of the Advanced Diploma in Insurance. Advanced Diploma candidates select study units from across the entire Chartered Insurance Institute qualifications framework, which means that they currently have access to the 46 units. The Advanced Diploma therefore offers something for everyone, whatever sector of the insurance industry they work in and whatever their particular specialisation or preferred career path. This mirrors to some extent the scope of the Higher Certificate in Wealth Management: Level 5.

    Successful completion of the Advanced Diploma entitles candidates to apply to use the universally recognised designation 'ACII®' - Associate Chartered Insurance Institute' (Chartered Insurance Institute membership and Continuing Professional Development requirements apply).

    The current focus on raising standards and the emphasis upon staff being 'fit' for the role they perform is important in the United Kingdom. The Advanced Diploma has been developed to assist staff and employers to comply with regulatory training and competence requirements. The Financial Services Authority (FSA) has stated that it requires employees to demonstrate that they are competent in the work they do, and thereafter to maintain this competence. This approach is designed to ensure that employees have the appropriate knowledge and skills to perform their jobs effectively. In this respect the Advanced Diploma has similarities with the Higher Certificate in Wealth Management: Level 5. which is intended to meet the qualification requirements of the Financial Advisory and Intermediary Services Act and the Accompanying Fit and Proper requirements of the South African Financial Services Board (FSB) for licensing purposes.

    Comparison: Australia:
    The National Training Packages are integrated sets of nationally endorsed competency.

    Standards, assessment guidelines and Qualifications registered on the Australian Qualifications Framework (AQF) for a specific industry, industry sector or enterprise. The following Training packages were selected for the purposes of this comparison: FNB50802 Diploma of Financial Services (Financial Planning) and FNB50903 Diploma of Financial Services (Superannuation).

    The diploma level has been selected for comparison.

    Characteristics of Learning Outcomes:
  • Breadth, depth and complexity covering planning and initiation of alternative approaches to skills or knowledge applications across a broad range of technical and/or management requirements, evaluation and coordination.
  • The self-directed application of knowledge and skills, with substantial depth in some areas where judgement is required in planning and selecting appropriate equipment, services and techniques for self and others.
  • Applications involve participation in development of strategic initiatives as well as personal.
  • Responsibility and autonomy in performing complex technical operations or organising others. It may include participation in teams including teams concerned with planning and evaluation functions. Group or team coordination may be involved.
  • The Degree of emphasis on breadth as against depth of knowledge and skills may vary between Qualifications granted at this level.

    FNB50802 Diploma of Financial Services (Financial Planning). This is the industry recommended competency pathway for Financial Planners who provide a range of standard Financial Planning services and for individuals providing specialist Paraplanning services. The Qualification pathway is determined by elective choices. Depending on choice of electives, the Qualification meets Australian Securities and Investment Commission requirements for Authorised Representatives. To gain a Diploma of Financial Services (Financial Planning) 8 units must be achieved:

    The Higher Certificate in Wealth Management: Level 5 includes ethics in the core. Ethics and professionalism as well as compliance with South African legislation, and the consequences of non-compliance are integrated into the modules in both the core and elective components, where appropriate. These aspects are similar to those described in the f Australian modules.

    In the Australian package there are modules that focus on communication competencies. These have synergies with the core (compulsory) module in the Higher Certificate in Wealth.

    Management: Level 5: Financial Planning Environment Fundamentals.

    The Qualifications used for comparison were the closest match to the Higher Certificate in Wealth Management: Level 5, but it is not possible to compare the South African Qualifications directly with the Australian Qualifications. The Australian Qualifications are Specialist Diplomas for Financial Planners and learners who specialise in superannuation or retirement funds as they are known in South Africa. The South African Qualification is a certificate, a holistic Qualification which has a generic core and scope for wide specialisation in Long Term Insurance, Collective Investments, Retirement Funds, Medical Scheme Administration, and other aspects of Wealth Creation and Wealth Management. It allows for specialisation in Retirement Funds or Financial Planning as well as Medical Schemes, Collective Investment Scheme Managers. While the scope of the South African Qualification is broad the type of Qualification implies less depth at a similar level of cognitive complexity to the Australian Qualifications. As the South African Qualification views the client holistically, it does not separate retirement planning from healthcare needs and other aspects of wealth creation and wealth management.

    The South African Qualification, the Chartered Insurance Institute qualifications and the Australian modules all meet knowledge requirements of ISO22222:2005 and lead to the same competencies that are required internationally of a Personal Financial Planner. All three countries regulate the financial services sector and have legislation regarding money laundering and legislated standards for financial advisors. The qualifications in the three countries all meet the requirements of their Financial Services Regulators. 
    		•

    ARTICULATION OPTIONS 
    This qualification articulates horizontally with:
  • Higher Certificate in Financial Management, Level 5.
  • National Diploma: Financial Services: Long-Term Risk Assessment, Level 5.

    Vertical articulation is possible with the following Qualifications:
  • Advanced Certificate in Financial Planning, Level 6. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
    When qualifications are replaced, some (but not all) of their learning programmes are moved to the replacement qualifications. If a learning programme appears to be missing from here, please check the replaced 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.
     
    1. Moonstone Business School of Excellence (PTY) Ltd (previously known as PSG Konsult Academy) 


    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.