Bachelor of Commerce: Financial Planning

Purpose:

This section must be read in conjunction with paragraph C2 of this document. The financial services industry plays a crucial role in the Republic of South Africa. The implementation of the Financial Advisory and Intermediary Services (FAIS) Act requires individuals in the industry to be proficient and highly skilled. The proposed BCom degree is specifically designed to train individuals in the financial services industry to become qualified financial advisors. While the degree shares some features with a general BCom degree, it is tailored to the financial services industry, with modules on financial planning constituting 34% of the total programme credits. The program covers financial planning, insurance, and investment sub-fields extensively. Graduates of the BCom (Financial Planning) program are eligible to apply for membership at associate level with the Financial Planning Institute and can also register with the Financial Services Board (FSB). By addressing the needs of the financial services industry through this degree, the social and economic transformation of individuals from previously disadvantaged communities will be facilitated. This NQF Level 6 degree aims to empower employees in the financial services sector to contribute effectively to wealth creation, workplace productivity, and overall management development.

Rationale:

In accordance with the Financial Advisory and Intermediary Services Act, 2002 (Act 37 of 2002), financial advisors in the industry must hold specific qualifications. Managers in the financial services sector require a blend of management knowledge, a deep understanding of the financial services landscape, including financial and legal aspects, as well as technical expertise in financial planning. The proposed BCom program in Financial Planning is structured to meet the needs of learners who require both management skills and specialized expertise in the sector. Endorsed by INSETA, the program targets managers or supervisors in medium to large organizations, as well as managers in SMMEs within the financial services sector. It also aims to accelerate learners from previously disadvantaged backgrounds into managerial positions by equipping them with the necessary financial services industry knowledge and management skills. By doing so, the industry aims to cultivate a pool of learners with managerial capabilities to fulfill its employment equity objectives. Upon successful completion of the BCom program, candidates can apply for registration as an Associate Financial Planner with the Financial Planning Institute. Market research and data have been provided by the financial services sector.

Determining the exact size of the insurance industry is challenging due to limited statistical data. Statistics from various sources estimate the number of employees in the insurance sector in South Africa, indicating a target market of potential students nationally.