Personal Finance

Personal Finance

The Level 2 Award in Financial Education (AiFE) provides an introduction to public finance and the economy, financial management skills and enterprise. The course has been designed by the London Institute of Banking and Finance to provide students with the skills and knowledge to manage their money well and make sound financial decisions.

The course is divided into two mandatory units:

Unit 1 – Finance, the Individual and Society

Unit 2 – Practices of Managing Money

AiFE develops student knowledge and builds a valuable range of skills that provide a foundation for further study in business and finance-related disciplines. It is ideally suited for 14-16 years olds as part of their life skills pathway as well as forming a solid foundation to apprenticeships, workplace experience and an introduction to Business Studies.

Topics and Key Skills include:

  • Managing a personal budget
  • Calculating the costs of borrowing and spending
  • Identifying, understanding and using information from a range of sources
  • Understanding financial planning and making informed financial decisions
  • Communicating ideas and arguments clearly in writing

Assessment

Both units are assessed by multiple-choice questions where students pick the correct answer from four options, and five case studies which involve reading about a particular scenario then answering four associated questions on each.

Students must achieve 34 marks out of 70 in both units to gain a Pass. Marks of 45 out of 70 or higher in both units will be awarded a Merit.

Some students can also extend the skills and knowledge they develop in AiFE by taking one further unit to form the Level 2 Certificate in Financial Education.

This qualification develops initial knowledge, skills and understanding of financial management and enterprise, which are valued in most organisations, particularly the financial services sector, and can be valuable in terms of self-employment and small businesses.