Training Course: FB02 - Award in Introduction to 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.

MQF Level: Level 2                                                            ECTS: 1

Mode of Delivery: Traditional/ Face to Face                    Total Hours: 25 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 to students, graduates, 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 Leaner to understand different elements in finances and budgets with relevance to their personal and work life. Leaners will acquire understanding and knowledge of key factors rel 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 skills and techniques in managing money, keeping track of finances and being able to plan and budget finances.

Entry Requirements: Candidates should have basic fluency in both spoken and written English.

Outline of Course: The Award consists of 1 mandatory unit which introduces students to 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.

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

a) Identify and calculate sources of income and expenditure.

b) Identify spending and methods of saving.

c) Interpret the skills of basic financial planning.

d) Prepare 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) Prepare a personal income and expenditure plan for a month.

f)  Explain various ways of making payments.

Judgment Skills and Critical Abilities

This section has been made sufficiently open to accommodate both vocational and academic orientations. Applicants can refer to Judgement Skills, or Critical Abilities (critical skills, dispositions, values, and actions), or both. The learner will be able to:

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) Develop a budget plan for a one-month period.

Module-Specific Digital Skills and Competences

The learner will be able to:

a) Use Internet to identify sources of information, advice, or guidance for budgeting. 

Assessment: The Award in introduction to Finance & Budgeting assessment consists of two parts.

1) Written assignment where candidates will have to research and prepare a personal monthly budget outlining their income, expenditure, and disposable income (50%).

(2) A Written examination in which candidates have 60' minutes to read the examination instructions and answer the three parts:

Part 1: 10 Multiple choice questions

Part 2: 5 Problem solving questions

Part 3: 1 Mini Case Study

Candidates will be assessed on their knowledge and understanding of key concepts and tools taught throughout course. (50%)

Hours of Total Learning – 25:

Total Contact Hours: 18

Self-Study Hours: 5

Supervised Placement and Practice Hours: 0

Assessment Hours: 2

Course Fee: €250 per person (min 6 persons).

Date of Next Intake: January 2024