Last year, 14 boys achieved the London Institute of Banking & Finance Level 2 Certificate in Personal Finance which aims to raise awareness of personal financial issues.
They studied three modules in all:
1. Personal Financial Encounters
2. Money Management Solutions
3. Personal Financial Management
These culminated in three external examinations which if passed, gave them a Level 2 (GCSE Equivalent) qualification.
This qualification is usually delivered for an hour a week for two years. Our boys had 20 minutes at lunchtime for less than a year! They worked really hard, outside of school time, working independently through the syllabus, researching various financial institutions and completing numerous worksheets and set tasks.
They studied areas such as:
- What constitutes legal tender
- Different types of borrowing & savings products
- How to work out the cost of borrowing
- The difference between an AER (Annual Equivalent Rate) and an EAR (Equivalent Annual Rate)
- The effect of changes in the interest rate and exchange rate for consumers & businesses
- The different type of taxes that you pay (like VAT, NIC & Income tax) and the various rates which apply to different levels of income
- Who’s who in the financial world (The Financial Services Authority, The Financial Conduct Authority, The Financial Ombudsman , the difference between a bank & a building society, credit unions, insurance companies & mutuals)
- Sources of credit and the pitfalls of these
- What options are available if you are in financial trouble – IVA, bankruptcy, debt relief orders, CCJs & repossession
Plus much more!
Not only do they now have a broader knowledge of the financial world but they also have a qualification to show for it.
We are pleased to announce that all 14 boys passed and 79% achieved either an A* or an A grade.