Higher Certificate in Financial Products

Information

The Higher Certificate in Financial Products provides students with a broad introduction into the life insurance industry and its products. As an industry-oriented qualification, its purpose is to provide "representatives" (as defined in the Financial Advisory and Intermediary Services Act (FAIS Act)) who advise clients on basic risk and savings products with introductory knowledge, cognitive and conceptual tools and practical techniques for their current roles in industry and for further higher education studies.

Students will be equipped with the required knowledge and skills to provide sound advice to clients on products outlined in Categories B1 and B2 of the FAIS Act, while also providing them with a basic understanding of the more complex products that clients may have. The knowledge emphasises general principles applicable to long-term insurance and the application of these principles in the financial services industry.

DESCRIPTION AND PROGRAMME PURPOSE

The purpose of this industry-oriented qualification is to provide “representatives” (as defined in the Financial Advisory and Intermediary Services Act (FAIS Act)) who advise clients on basic risk products with introductory knowledge and practical techniques for their current roles. The qualification is primarily aimed at representatives who work in Long-term Insurance and/or Short-term Insurance, and who require knowledge on the relevant legislation, products as well as personal selling skills in order to be successful representatives.

The Higher Certificate in Financial Products appears on the Financial Sector Conduct Authority’s (FSCA) list of recognised qualifications for FAIS Fit and Proper purposes.

The qualification will equip students with the required knowledge and skill to provide sound advice to clients on products outlined in Long-term Insurance subcategories A, B1-A, B2-A and Short-term Insurance Personal Lines A1 of BN 194 of 2017. The knowledge emphasises general principles applicable to long-term insurance and short-term insurance, and the application of these principles in the financial services industry.

WHO SHOULD ENROL

The programme would be suitable for:

Persons working in the financial services industry requiring a qualification to meet the competency requirements for FAIS Fit and Proper purposes set for Category 1 FSPs (representatives appointed to perform only the execution of sales in respect of financial products) within the subcategories of Long-term Insurance A, B1-A and B2-A, or the subcategory of Short-term Insurance personal lines A1.

Persons working in an administrative role in a financial services practice and who may want to transition into a representative role in future.
Representatives advising clients on basic risk and savings products

PROGRAMME OUTCOMES

Successful completion of this qualification should enable the student to:

Operate in a compliant manner as a representative in the financial services industry.
Demonstrate an informed understanding of the structure and nature of long-term insurance, short-term insurance and the role-players involved in the industry.
Recommend suitable financial products based on the outcome of a needs analysis.
Demonstrate personal selling skills in the financial services context.

PROGRAMME STRUCTURE

Module name	Offered in	C/E	Credits
Insurance – Environment and Concepts	Both semesters	Compulsory	20
Regulatory Environment	Both semesters	Compulsory	20
Risk Products	Both semesters	Compulsory	30
Personal Selling Skills	Both semesters	Compulsory	20
Investment and Savings Products	Both semesters	Electives –select one	30
Personal and Commercial Lines for Call Centres	Both semesters	Electives –select one	30
Total*			120

For entry into the Higher Certificate, candidates require a Senior Certificate (SC) or a National Senior Certificate (NSC), as certified by Umalusi, with a minimum mark of 40% in English, the language of instruction at Milpark Education.

Other certificates

Any applicant who has a certificate other than a South African National Senior Certificate has to provide:

a SAQA Certificate of Equivalence, if they want to enrol for a Higher Certificate, Advanced Certificate, Diploma or Postgraduate qualification (www.saqa.org.za)
or a USAF Exemption Certificate, if they want to enrol for a Bachelor’s degree (https://mb.usaf.ac.za/).

Recognition of Prior Learning (RPL) applications

Milpark admits a small number of students onto its programme via Recognition of Prior Learning (RPL). Applicants interested in applying via RPL will be considered individually by the relevant Head of School.