The IFS finance course is split into 3 modules which will each be examined at different times during the course; students are allowed two attempts at each module!
Unit 1 – Finance, the Individual and Society
• Understand the role of the citizen in the UK and the relationship between society and the individual.
• Understand the difference between money and income.
• Understand tax.
• Understand the contribution of individuals and organisations to the economy of a country.
• Understand the external factors that can impact on personal financial plans.
• Understand the concept of foreign exchange.
• Understand the concept of the personal life cycle.
Unit 2 – Practices of Managing Money
• Understand the concept of financial planning.
• Understand the key features of, and behaviours associated with, a balanced personal budget.
• Understand the link between personal financial budgets and spending choices.
• Understand the tools used in managing money.
• Understand documentation for pay and pay calculations.
• Understand the true cost of spending.
• Understand borrowing products.
Unit 3- Financial Capability, Work and Enterprise
• Understand skills for success.
• Recognise the characteristics of a successful entrepreneur.
• Understand how a business manages their money.
• Understand the impact of an individual on a business.
• Understand the impact of a business on an individual.
• Understand how business decisions have an impact on society.
• Understand the impact of an individual’s employment and consumer choices on society