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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: 

Higher Certificate in Financial Planning 
SAQA QUAL ID QUALIFICATION TITLE
120380  Higher Certificate in Financial Planning 
ORIGINATOR
Boston City Campus (Pty) Ltd 
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 0638/26  2026-02-02  2029-02-02 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2030-02-02   2033-02-02  

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 
Purpose:
The purpose of the Higher Certificate in Financial Planning is to equip learners with foundational knowledge and relevant skills to become effective in the field of financial planning environment. The qualification will ensure that learners are competent to practice as financial advisors and provide professional financial advisory services to a range of clients in the financial planning field. The qualification will provide the industry with a pool of capable and qualified financial advisors who will be knowledgeable and innovative across the financial services environment.

The qualification has been developed as an entry-level qualification for learners who would like to specialise within the Financial Planning or broader Financial Services Sector. The qualification will equip learners with the knowledge and skills they need to operate ethically and responsibly as financial advisors. Learners will be able to collect the appropriate and available information to analyse a client's financial situation and to recommend the best suitable financial solutions that align with the needs of the client. Learners will gain insight into the economic trends that have an influence on the financial services sector, the regulations governing the environment and how it impacts financial decision-making.

Rationale:
South Africa continues to face devastating levels of unemployment, coupled with concerns over the availability of suitably qualified and skilled workers. Skills shortages and unemployment are regarded as factors contributing to South Africa's constrained economic growth and development. The importance of identifying the skills needs in South Africa is becoming increasingly important and the need to ensure that education and training are available to address these needs is critical for the stability and growth of the economy (National List of Occupations in High Demand, Government Gazette No: 43837, 2020).

Research conducted by DNA Economics for the Department of Higher Education (A Technical Report for the 2020 Critical Skills List, 2020), has identified the Financial Services Sector as a sector that is impacted by the shortage of critical and professional skills within various job categories. The sector is further impacted by globalisation and rapid digital transformation which leads to further skills gaps. The research is supported by the findings presented in the Insurance Sector for Education and Training Authority (INSETA) Sector Skills plan for 2020-2025 (INSETA Sector Skills Plan 2020-2025).

Certain job categories/skills in the sector have been highlighted as critical skills that need to be addressed to restore the shortage (National List of Occupations in High Demand, Government Gazette No: 43837, 2020). The job categories identified in relation to the Financial Services Sector as critical skills jobs are as follows:
  • Financial Investment Advisor.
  • Finance.
  • Investments.

    The qualification has been developed as an entry-level qualification, to equip learners with the necessary knowledge and skills to address the critical skills shortage for Financial Advisors (OFO Code: 341301001) as a sub-specialisation for Financial Investment Advisors (OFO Code: 241301) in South Africa, at NQF Level 5. The qualification has been aligned with the Financial Advisor Competency Profile and Curriculum as set out by the Financial Planning Institute of Southern Africa. The qualification provides learners with the basic introductory knowledge, cognitive tools, and practical techniques to function effectively within this environment. The financial services environment is highly regulated. As such the qualification was developed to meet the fit and proper requirements as per the Financial Advisory and Intermediary Services Act, 2002 (Act No 37 of 2002) and Board Notice 194 of 2017. The knowledge and skills that learners will acquire through this qualification will equip them to enter the sector as professionals with a good understanding of what is required of them to render advice ethically and professionally.

    The qualification allows learners to register as Registered Financial Practitioners (RFP") with the Financial Planning Institute of Southern Africa (FPI) upon fulfilling the Institute's competency exam requirements. Learners will be able to apply for registration with the Financial Services Conduct Authority as Category 1 key individuals or intermediaries, in terms of Board Notice 194 of 2017, with Continuous Professional Development (CPD) training as a further requirement to remain Financial Advisory and Intermediary Services (FAIS) Compliant. The institution supports the notion that education, in particular higher education, is a major contributor to the growth of South Africa's economy to provide quality education, upskilling the youth and providing opportunities to address unemployment in South Africa (South Africa Economic Update, 2019. World Bank). For higher education institutions to successfully contribute to the economic growth of the country and respond to unemployment it is essential to develop qualifications that are aligned with the critical skills shortages identified. By developing qualifications to address these needs, institutions demonstrate their commitment to achieving the goals and addressing the key focus areas highlighted in the White Paper for Post-School Education and Training (2013), for the development of qualifications to address the scarce and critical skills needed for South Africa's economic development.

    The institution recognises that education has the potential to transform the lives of learners and, consequently, the communities and families they represent. Providing access, broadly understood to encompass both formal and epistemological notions of access to higher education is a starting point for initiating the process of transformation, which has the learners' identity, understanding of the world, and academic knowledge as the focus. Higher education institutions are confronted with the ongoing challenge to ensure that graduates find meaningful employment and that their education serves that end. The growth of the financial services industry is dependent on the training and education of staff that will be able to provide professional financial services to people across the nation. The qualification will supply qualified graduates to the growing industry demand. This qualification will therefore support the National Development Plan and will contribute towards job creation and social harmony.

    The qualification offers the following work opportunities on completion:
  • Administrators in financial planning practices.
  • Administrators in insurance/retirement companies and banks.
  • Self-employed Financial Advisors or Brokers.
  • Tied Agents.
  • Intermediaries working within various roles in the financial services environment.

    The qualification is an entry-level qualification into the Financial Planning environment. The qualification provides access to learners who passed matric with a Higher Certificate endorsement to enter higher education, thereby widening access, and providing opportunities to learners to enter a professional qualification which they previously might not have been able to do. The Financial Planning Institute of Southern Africa, together with international professional bodies, and professionalised professions within the financial planning field, offers learners the opportunity to follow a rewarding career path, with the option to further learning which will enable them to register for higher professional designation memberships, such as Certified Financial Planner.

    On completion of the qualification, learners will meet the minimum entry requirements for admission to appropriate NQF Level 6 qualifications. Accumulated credits may contribute towards admission into a cognate Diploma. The qualification may also allow for access to an appropriate bachelor's degree in accordance with the entry criteria of respective institutions. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    The institution has an approved Recognition of Prior Learning (RPL) policy applicable to equivalent qualifications for admission into the qualification. RPL will be applied to accommodate applicants who qualify. RPL thus provides alternative access and admission to qualifications, as well as advancement within qualifications.

    RPL for access:
  • Learners who do not meet the minimum entrance requirements or the required qualification that is at the same NQF level as the qualification required for admission may be considered for admission through RPL.
  • To be considered for admission in the qualification based on RPL, applicants should provide evidence in the form of a portfolio that demonstrates that they have acquired the relevant knowledge, skills, and competencies through formal, non-formal and/or informal learning to cope with the qualification expectations.

    RPL for exemption of modules:
  • Learners may apply for RPL to be exempted from modules that form part of the qualification. For a learner to be exempted from a module, the learner needs to provide sufficient evidence in the form of a portfolio that demonstrates that competency was achieved for the learning outcomes that are equivalent to the learning outcomes of the module.

    RPL for credit:
  • Learners may also apply for RPL for credit for or towards the qualification, in which they must provide evidence in the form of a portfolio that demonstrates prior learning through formal, non-formal and/or informal learning to obtain credits towards the qualification.
  • Credit shall be appropriate to the context in which it is awarded and accepted.

    Entry Requirements:
    The minimum entry requirement for this qualification is:
  • A National Senior Certificate, NQF Level 4 granting access to Higher Certificate studies.
    Or
  • National Certificate Vocational, NQF Level 4 granting access to Higher Certificate studies.
    Or
  • Senior Certificate, NQF Level 4 without endorsement. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification consists of the following compulsory and elective modules at National Qualifications Framework Level 5, totalling 130 Credits.

    Compulsory Modules, Level 5, 100 Credits:
  • Academic Literacy, 14 Credits.
  • Computer Literacy (Introduction to PC, Windows, Word, Outlook), 16 Credits.
  • Introduction to the Financial Services Environment, 10 Credits.
  • Introduction to Law for Financial Advisors, 16 Credits.
  • Economics for Financial Advisors, 20 Credits.
  • Principles of Insurance, 16 Credits.
  • Ethics and Professional Standards for Financial Advisors, 8 Credits.

    Elective Modules, Level 5, 30 Credits (Select two of the following Modules):
  • Retirement Planning, 15 Credits.
  • Wills and Administration of Deceased Estates, 15 Credits.
  • Healthcare Planning, 15 Credits.
  • Investments and Investment Risks, 15 Credits.
  • Introduction to Taxation for Financial Advisors, 15 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Demonstrate the ability to compile and write professional proposals for clients relating to financial decision-making recommendations that suit the needs of clients.
    2. Demonstrate an understanding of Information and Communication Technology (ICT) and identify and discuss the latest digital transformation trends within the financial services environment.
    3. Demonstrate an integrative and contextualised understanding of the financial services environment and the impact that macro-and microeconomic systems have on the environment.
    4. Apply knowledge of legislation and regulations governing the financial planning environment and demonstrate an understanding of the implications that legislation has on the financial planning environment, services, and products.
    5. Advise clients on potential financial solutions based on the collection of information, identification of client needs and analyses of information.
    6. Demonstrate an understanding of insurance and the financial planning environment and discuss the ethical and professional standards that financial advisors are required to adhere to when operating as professionals within the environment. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Apply knowledge of the financial terminology in the financial services environment.
  • Summarise the client's financial position and needs within the context of financial planning.
  • Illustrate and outline recommendations for financial decision-making professionally and concisely.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Utilise Information and Communication Technology (ICT) to effectively collect, analyse, organise, and communicate information.
  • Identify and discuss the trends in digital transformation and the impact thereof on the financial services environment.
  • Discuss the impact of RegTech on digital transformation within the context of the financial services environment.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • Discuss the role that the financial services environment, as an ecosystem, plays in the economy.
  • Identify and describe the types of risks that have an impact on the financial services environment.
  • Define economics and differentiate between micro and macroeconomics.
  • Identify the factors that impact a country's economic system and discuss the effect thereof on the financial services environment.
  • Identify and summarise key regulations governing the financial services environment.
  • Explain the concepts of demand, supply, and equilibrium within the context of financial services and discuss the effect of a shift in demand and/or supply.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Identify and summarise key legislation governing the financial planning and insurance environments.
  • Discuss the status of legal capacity within the context of the financial planning environment.
  • Discuss the requirements of a valid contract and explain the formation of a contract.
  • Explain testate and intestate law of succession within the context of a deceased estate.
  • Discuss the Law of Delict within the context of insurance.
  • Examine and explain the taxation of long-term insurance policies.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • Outline and discuss the financial planning six-step process.
  • Analyse and interpret a client's financial information according to the first four steps of the financial planning process.
  • Describe the lifecycle of a client within the context of financial planning.
  • Evaluate a client's propensity to risk according to the various life stages of the client.
  • Summarise and present proposed recommendations that meet the needs of a client.

    Associated Assessment Criteria for Exit Level Outcome 6:
  • Identify the various classes of insurance in South Africa as defined in the FAIS Act.
  • Define reinsurance and discuss the importance thereof for insurers.
  • Identify the branches of Insurance Law and discuss the relevance of the law of insurance.
  • Outline and discuss the professional competencies and skills of financial advisors.
  • Explain the value and importance of ethics and professional standards within the financial planning environment.
  • Identify and discuss the codes of ethics that outline the requirements for professional conduct within the financial planning environment.
  • Outline and summarise the principles of ethical behaviour for financial advisors. 
    		•

    INTERNATIONAL COMPARABILITY 
    Since the qualification is developed to meet FAIS Fit and Proper requirements in South Africa as per the FAIS Act (Act 37 of 2002), there is not an exact international qualification for comparability purposes from a South African legislative compliance perspective.

    Country: United Kingdom
    Institution: The Chartered Institute for Securities and Investment
    Qualification Title: Certificate in Paraplanning
    NQF Level: 4
    Credits: 80
    Duration: 12-month enrolment period.

    Purpose:
    The level 4 Certificate in Paraplanning offers a dedicated qualification route, developing paraplanning skills, expertise, and advanced technical knowledge in several key advisory areas. The qualification is an entry-level qualification into the financial planning sector in Europe and upon completion, learners are certified as Accredited Paraplanners. The Certificate in Paraplanning was developed in conjunction with Paraplanners, Financial Planners and trainers to test the application of skills and the technical knowledge needed by Paraplanners.

    The qualification is intended for mid-level and senior paraplanners looking to further their knowledge, new industry entrants, graduates or otherwise aspiring to become paraplanners or looking for an entry route into financial planning.

    Qualification structure:
    The Certificate comprises four core units from a choice of five, providing a total of 80 credits on successful completion.

    Assessment:
    Some modules are assessed by multiple choice question (MCQ) exams. For online MCQ exams, results notification is immediate on completion. For paper-based MCQ exams, results are released five weeks following the exam sitting. Unit J09 Module is assessed by written coursework assignments.

    Similarities:
  • The Chartered Institute for Securities and Investment (CISI) and the South African (SA) qualifications take one-year full-time study.
  • Although the CISI qualification is registered at Level 4, both qualifications are registered at NQF Level 5 since CISI qualification equates to level 5 on the European Qualifications Framework and can be viewed as a comparative professional qualification.
  • Both qualifications offer an entry-level into the financial planning environment and create a learning pathway for learners who would like to become Certified Financial Planners (CFP®) and/or Accredited Paraplanners.
  • Both qualifications are assessed through formative and summative assessment methods.
  • Both qualifications consist of compulsory and elective modules.
  • The following CISI compulsory modules are comparable with the SA qualification.
  • Financial services, regulation, and ethics, 20 Credits compares with Ethics and Professional Standards for Financial Advisors and Introduction to the Financial Services Environment.
  • United Kingdom financial services, regulation, and ethics, 15 Credits.
  • Investment principles and risk, 20 Credits compares with Investments and Investment Risks.
  • Personal taxation, 10 Credits compares with Taxation and Economics for Financial Advisors.
  • Paraplanning, 30 Credits compares with Introduction to the Financial Services Environment.

    Differences:
  • The CISI qualification is weighted 80 credits whereas the SA qualification carries a weighting of 130 credits.

    Country: New Zealand
    Institution: Open Polytechnic
    Qualification Title: Certificate in Financial Services (General Insurance)
    NQF Level: Level 5 qualification on the NZQF
    Credits: 65

    Duration: One year
    Entry Requirements:
    To enter this qualification learners must be over 16 years of age and have a minimum of eight National Certificate in Educational Achievement (NCEA) Level 2 credits in English.

    Purpose:
    The qualification is presented as an online course and is open to international learners. The qualification provides learners with the required competencies, knowledge, and skills to operate as financial advisors under the Financial Advice Regulations of New Zealand. Learners have the option to specialise in investment, life, disability and health insurance and general insurance, and residential property lending.

    Depending on the specialisation field, learners have the following career opportunities:
  • Investment.
  • Investment advisor.
  • Paraplanner.
  • Investment advisor support.
  • Business development manager.
  • Life, disability, health insurance, and general insurance.
  • Insurance advisor.
  • Technical specialist.
  • Advisor support.
  • Residential property lending.
  • Mortgage broker.
  • Technical specialist.
  • Broker support.
  • Business development manager.

    Qualification structure:
    The qualification consists of the following compulsory and elective modules.
    Compulsory Modules, 35 Credits:
  • The Financial Services Industry, 15 Credits compares with Introduction to the Financial Services Environment.
  • The Regulatory Framework, 20 Credits compares with Ethics and Professional Standards for Financial Advisors.

    Electives Modules, 30 Credits (Select one module from the following):
  • Investments, 30 Credits compares with Investments and Investment Risks.
  • Life, disability, and health insurance, 30 Credits compares with Healthcare Planning.
  • General insurance, 30 Credits compares with Principles of Insurance.
  • Residential property lending, 30 Credits compares with Introduction to Law for Financial Advisors.

    Similarities:
  • The Open Polytechnic (OP) and the South African (SA) qualifications are registered at NQF/NZQF Level 5.
  • The OP and SA qualifications require applicants who completed the secondary school qualification or equivalent since the NCEA Level 2 is comparable to the United Kingdom General Certificate of Secondary Education (GCSE).
  • Both qualifications are suitable for people working in or who wish to work in the financial services industry.

    Differences:
    The OP qualification is weighted 65 credits whereas the SA qualification carries a weighting of 130 credits. 
    		•

    ARTICULATION OPTIONS 
    This qualification allows possibilities for both vertical and horizontal articulation.

    Horizontal Articulation:
  • Higher Certificate in Wealth Management, NQF Level 5.
  • Higher Certificate in Financial Management, NQF Level 5.
  • Higher Certificate in Financial Products, NQF Level 5.

    Vertical Articulation:
  • Advanced Certificate in Financial Planning, NQF Level 6.
  • Diploma in Financial Accounting, NQF Level 6.
  • Diploma in Financial Management, NQF Level 6.
  • Diploma in Financial Services Operations, NQF Level 6.
  • Bachelor of Commerce in Financial Planning, NQF Level 7.
  • Bachelor of Commerce in Financial Management, NQF Level 7.

    Diagonal articulation > Occupational Certificate: Financial Advisor, NQF Level 6.
  • Occupational Certificate: Investment Advisor, NQF Level 6. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    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.
     
    1. Boston City Campus (Pty) Ltd 


    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.