Training Course: FB03 - Award in Finance and Budgeting

Course Description: The purpose of this course is to introduce learners to concepts of finance, budgeting, and tools relevant to personal and business life. The aim is to develop learners’ knowledge and understanding on how to manage money and basic business finance. In addition, the purpose of the course is to enable learners to understand the financial language of business, finance, and budgeting. The award also introduces students to basic concepts of business finance and budgeting.

EQF/ MQF Level: Level 3                                                       ECTS per course: 3

Mode of Delivery: Traditional/ Face to Face                         Total Hours: 75 hours

Mode of Attendance: Part Time                                           Language: English   

Programme Duration: 1 Month  

Target Audience: 16-18, 25+,

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Target Group: This course is aimed at learners 16+ and can be taken by any candidates in the educational system and is particularly aimed at students, unemployed and job seekers looking to acquire basic knowledge of finance and budgeting. 

Accreditation Category: Further Education Programme

Accredited by: Malta Further & Higher Education Authority. (MFHEA).

Course Structure: This Award is designed to enable a learner to understand different elements in finances and budgets with relevance to their personal and work life. Learners will acquire understanding and knowledge of key factors related to finance and budgets to develop a good understanding of how to manage money. From identifying sources of income as well as expenditure the Award covers basic skills and techniques in managing money, keeping track of finances and being able to plan and budget finances. Learners will be introduced to concepts of business budgeting such as profit and loss, balance sheets and budgeting techniques.

Knowledge

1. Understand concepts of income and expenditure.

2. Understand key financial information on a range of documents such as financial statement’s, receipts, and payslips.

3. Understand a range of financial transactions.

4. Understand different ways of saving and associated benefit.

5. Know how to prepare business budgets.

Skills

1. Work with calculations relevant to personal finance and budgeting.

2. Demonstrate understanding of concept and methods of saving.

3. Undertake several calculations relevant to business finance.

4. Prepare costing information for business.

5. Demonstrate an understanding of credit. 

Competences

1. Understand ways to manage on a limited budget.

2. Use range of tools for effective personal money management.

3. Prepare a business budget.

4. Work with a range of business financial and budgeting elements.

Entry Requirements: Be aged 16 +. Have a basic secondary education /school leaving certificate. Be able to communicate both orally and in written English – evidence includes:

(a) School leaving certificate indicating a pass in English

(b) certificate indicating B1 level of English.

Outline of Course: This unit develops students’ knowledge of key concepts of finance and budgeting. The unit covers four subject areas including: income & expenditure, spending and saving, planning & budgeting and financial transactions and methods of payment.

Learning Outcomes:

Competences: - at the end of the module/unit the learner will have acquired the responsibility and autonomy to:

a) Source and calculate income and expenditure.

b) Identify spending and methods of saving.

c) Understand basic financial planning.

d) Create a monthly budget. 

Knowledge - at the end of the module/unit the learner will have been exposed to the following:

a) Sources of income.

b) Types of outgoings and expenditure.

c) Meaning of spending money.

d) Methods of saving.

e) Concept of budgeting.

f) How to plan budget.

g) Basic elements of a business budget.

h) Different types of financial transactions.

i) Concept of credit.

Skills - at the end of the module/unit the learner will have acquired the following skills: Applying knowledge and understanding. The learner will be able to:

a) Calculate income, expenditure, and disposable income.

b) Identify ways on how to save money.

c) Identify financial priorities and goals and the steps needed to achieve them.

d) Identify strategies to balance budget.

e) Create a personal income and expenditure for a month.

f) Explain various ways of making payments.

Judgment Skills and Critical Abilities

a) Identify and evaluate requisite information on income & expenditure.

b) Demonstrate an understanding of planning & budgeting.

c) Select requisite data and construct a personal monthly budget.

Module-Specific Communication Skills

The learner will be able to:

a) Express his/her personal knowledge of finance & budgeting.

b) Describe benefits and processes for creating a spending plan.

c) Outline how to establish a budget plan.

d) Explain various ways of making payments.

Module-Specific Learner Skills

The learner will be able to:

a) State ways of increasing income.

b) Identify ways of reducing expenses.

c) Compare spending and methods of saving.

d) Draw up a budget plan for a one-month period.

Learning Outcome 1: Outcome Type – Skill

Identify income, expenditure, and disposable income. Outline personal expenditure and income over a given period. Explain range of financial transactions and methods of payment. Use the financial language of business finance and budgeting.

Learning Outcome 2: Outcome Type - Knowledge

Understand concepts of income and expenditure. Create a personal monthly budget plan. Understand a range of business financial statements. Create a range of business budgets.

Assessment: The Award in Finance & Budgeting assessment consists of two parts:
1) Participants will carry out 2 written assignments which include individual research (50%)
2) A one hour written examination which comprises three parts:
Part 1: 10 Multiple choice questions
Part 2: 5 Problem solving questions
Part 3: 1 Mini Case Study
Participants will be examined on their knowledge and understanding of key concepts and tools taught throughout the course. (50%)
The maximum mark for the course is set at 100% and to be awarded a certificate, students will be required to achieve a minimum aggregate of 50% of the maximum mark.

Hours of Total Learning – 75:

Total Contact Hours: 30

Self-Study Hours: 35

Supervised Practice Hours: 0

Assessment Hours: 10

Course Fee: Starting from €2,200