Higher Certificate in Wealth Management - SAQA ID 66611 - NQF Level 5 - 120 Credits
Higher Certificate in Wealth Management (HCWM) is ideal if you need to fulfil your fit and proper requirements for FAIS roles Category 1 FSP’s. The qualification is recognized by the Financial Services Conduct Authority (FSCA) for all product sub-categories of Category I FSP’s. The HCWM qualification is also a good point of entry in the financial services industry.
Wealth Management Course - Modules
Depending on your personal needs and relevance you may also do modules of this course as individual units.
This is if you require less than 120 credits to conform to the fit and proper requirements.
The different options are listed below with the credits for each section.
1. Financial Planning Environment Fundamentals - 30 Credits
Provides an introduction to the financial services sector, its role-players and its products, as well as current issues and trends in the sector.
The module also provides knowledge and understanding of the main legislation applicable in the context of financial planning, and the important role of ethics in financial planning.
2. Risk Planning Fundamentals - 30 Credits
Provides knowledge of client life-cycle stages and financial needs with an emphasis on personal risk needs, as well as detailed knowledge of the financial products and financial management strategies that are used to address personal risk planning needs.
The module further provides a fundamental understanding of the financial planning process, and the use of a basic capital needs analysis in analyzing a client’s personal risk needs.
3. Investment and Retirement Planning Fundamentals - 30 Credits
Provides knowledge of basic economic concepts, client life-cycle stages and financial needs with an emphasis on savings, investment and retirement planning needs, as well as detailed knowledge of the asset classes, financial products and financial management strategies used to address personal investment and retirement planning needs.
The module further provides a fundamental understanding of the financial planning process, and the use of a basic capital needs analysis in analysing a client’s investment and retirement planning needs.
4. Introduction to Tax in Financial Planning - 15 Credits
This module provides an introduction to the South African tax system and different direct and indirect taxes that are applicable to individuals and businesses.
The module further provides knowledge of the relevant sections of the Income Tax Act, as well as of different forms of business ownership to enable students to complete basic income tax and capital gains tax calculations for individuals and various business entities, and to gain understanding of the tax impacts relating to different financial products.
5. Business Assurance Fundamentals - 15 Credits
Provides knowledge of different forms of business ownership and their advantages and disadvantages in starting a business.
The module also provides knowledge of basic financial statements used in a business, business assurance needs and the different business assurance structures used to address these needs.
6. Retirement Funds Fundamentals - 15 Credits
Provides knowledge of the main legislation and tax implications relating to pension fund benefits, as well as detailed knowledge of pension fund products and related group risk products and the benefits provided by these products.
7. Healthcare Benefits Fundamentals - 15 Credits
Provides an introduction to the medical scheme and healthcare benefits environment in South Africa.
The module provides knowledge of main legislation impacting on and detailed knowledge of health care products.
- To register for the Wealth management Course you must have knowledge, comprehension and application of the English language at NQF Level 4, Grade 12 or equivalent level.
- National Senior Certificate or equivalent NQF level 4 certificate (English and an additional South African language passed).
Course Delivery Method
Students will have online access to their study material which will include a study guide, self-assessments and relevant additional resources.
The course will be delivered via online learning (distance learning):
- No classroom training will be available.
- Learner support and interaction will be via tutors online and in the form of webinars, discussions or chat groups.
- Learning material will be made available on the Learning Management System (LMS).
- The Portfolio of Evidence (POE) must be completed on our Learning Management System or uploaded.
- The summative assessments will be done in one of our examination centres nationally (paper based or electronically).
- Timeline will be adapted for each individual learner.
The Qualification consists of Fundamental, Core, and Elective components. To be awarded the qualification, students are required to obtain a minimum of 120 credits in line with the component requirements.
Certification will occur as soon as all the relevant unit standards toward the qualification have been completed, verified, and endorsed by INSETA and uploaded onto the INSETA Indicium System.
Assessment and Moderation
Formative assessment will take place as continuous assessment in the learning room. Once assessed and the learner is found Competent in all the Skills Programmes, learners will sit for a closed-book Summative Assessment.
Should the learners be found Not Yet Competent in the formative assessment, the learners will rewrite on these Skills Programmes.
Upon being competent, the learner will be allowed to write the Summative Assessment.
What will the qualification enable you to do?
Upon your completion of the Higher Certificate in Wealth Management you will be able to:
- Demonstrate knowledge and understanding of legislation, ethics, and compliance in the context of the financial services sector in South Africa.
- Demonstrate knowledge and understanding of the financial planning process in terms of collecting, analyzing and synthesizing appropriate data to develop solutions and make judgments and recommendations that take into consideration client needs and attitudes.
- Apply a fundamental knowledge of insurance, economics, investment practices, tax and other financial information to match the financial requirements of clients to financial products.
- Communicate and present information, in writing and verbally, to demonstrate insight into current issues in the Financial Services Sector
National Certificate: Financial Services: Wealth Management: NQF Level 5
This Holistic Qualification Combines:
The Qualification has relevance for learners in:
Intermediaries including, but not limited to:
Consultants who advise on product structure of:
Recognition of Prior Learning (RPL)
Provision has been made for prior learning to be recognized if a learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this Qualification.
Application for Recognition of Prior Learning (RPL) should be made to a relevant accredited ETQA.
Credit towards a Unit Standard is subject to quality assurance by a relevant accredited ETQA and is conducted by a workplace assessor.
This Qualification can be obtained in part or in whole through Recognition of Prior Learning.
RPL will be done using a range of assessment tools and techniques that have been jointly decided upon by the learner and the assessor.
The same principles that apply to assessment of the Qualification and its associated Unit Standards apply to RPL.
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The purpose of the National Certificate: Wealth Management Level 5 is to build the knowledge and skills required by employees in Wealth Management who have achieved a Qualification equivalent to NQF 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 specialization to meet the needs of different work roles.
The National Certificate: 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.
A financial planner or personal financial planner is a qualified financial advisor. Practicing in full service personal finance, they advise clients on investments, insurance, tax, retirement and estate planning.
As a general rule, a financial planner’s work can: