FIELD BUSINESS
Review and Rollover of Financial Skills unit standards
This report is in two parts. The first deals with the rollover of unit standards 1875 and 6410, and the second deals with the Review of other standards in the Financial Skills domain.
Rollover of Financial Skills unit standards
Subfield |
Domain |
Id |
Financial Management |
Financial Skills |
1875, 6410 |
NZQA National Qualifications Services has rolled over the unit standards listed above pending a change of responsibility to the Electrotechnology Industry Training Organisation (ETITO) by December 2013, when the standards will be contextualised to the Financial Services industry.
Date new versions published May 2010
Planned review date December 2013
Reason for the rollover
In the review outlined below unit standards 1875 and 6410 were originally recommended to be designated expiring and would not be replaced (category D). ETITO indicated however that they wished to assume responsibility for these two unit standards and to contextualise them to the Financial Services industry. The unit standards were therefore rolled over until December 2013 to allow ETITO the opportunity to review them.
Impact on existing provider accreditations
None.
Impact on existing qualifications
None.
Review of Financial Skills unit standards
Subfield |
Domain |
Id |
Financial Management |
Financial Skills |
1728-1731, 1850-1874, 6408, 6409, 8504, 8505, 18956, 19015 |
NZQA National Qualifications Services has completed the review of the unit standards listed above.
Date new versions published May 2010
Planned review date December 2013
Summary of review and consultation process
The unit standards in domain Financial Skills were reviewed to bring them up-to-date, as most had not been reviewed since their original registration. Unit standard 8503 was excluded from this review as it had been reviewed as part of the Management - Systems and Resources review and re-registered into this domain in April 2009.
The review was advertised widely, including to active providers and to other standard setting bodies with one or more of these standards listed in their qualifications. As a result a review panel and supporting consultation network were convened. The panel met twice, in August and November 2009, and reviewed the standards.
Discussions with two Industry Training Organisations with special interest in this review, ETITO and FITEC, have resulted in their agreement with the reviewed standards. The wider consultation network also endorsed the changes.
Main changes resulting from the review
· unit standards 1852, 1863, 1874, 6408, and 18956 were re-registered with the same id numbers (review category B); main changes in each standard include one or more of:
o title and element(s) amended to more accurately identify the outcomes for assessment
o clarification of the intended audience in purpose statements
o clarification of the conditions of assessment in the special notes
o removal from special notes of the requirement for compliance with Institute of Chartered Accountants of New Zealand (ICANZ) standards
o level and/or credit values amended to better reflect the content of the standards.
· unit standard 26366 replaced standard 1857
· unit standards 26365, 26367, and 26368 each replaced two standards, respectively 1853 and 19015, 1858 and 6409, 1864 and 1865
· twenty-three unit standards were designated as expiring and will not be replaced. Refer to the summary table below.
Unit standards categorised as category C or D expire at the end of December 2012.
Impact on existing provider accreditations
Current Accreditation for |
Accreditation extended to | ||||
Nature of accreditation |
Classification or Id |
Level |
Nature of accreditation |
Classification or Id |
Level |
Standard |
1853 |
6 |
Standard |
26365 |
4 |
Standard |
19015 |
4 |
Standard |
26365 |
4 |
Standard |
1857 |
6 |
Standard |
26366 |
4 |
Standard |
1858 |
6 |
Standard
|
26367
|
5
|
Standard |
6409 |
5 | |||
Standard |
1864 |
4 |
Standard |
26368 |
4 |
Impact on existing qualifications
Qualifications that contain the reviewed standards or classifications are tabled below.
Affected |
The qualification lists a reviewed classification (domain or subfield) in an elective set The qualification lists a standard that has changes to level or credits The qualification lists a C or D category standard |
Not materially affected |
The qualification lists a standard that has a new title The qualification lists a standard that has a new classification |
The following NZQA National Qualifications Services qualifications are affected by the outcome of this review and will be revised or reviewed in 2012. The items that generated the Affected status are in bold.
Qualification title |
Classification or standard in the qualification |
National Certificate in Business (Small Business Management) [Ref: 0172] |
6408, 6409 |
National Diploma in Business (Small Business Management) [Ref: 0173] |
1850, 1855, 1857, 1861, 1874, 6408, 9409 |
The following table identifies qualifications developed by other SSBs that are impacted by the outcome of this review. The SSBs have been advised that the qualifications require revision. The classifications and/or standards that generated the status Affected are listed in bold.
Qualification title |
Classification or standard in the qualification |
SSB Name |
National Diploma in Veterinary Nursing [Ref: 0222] |
1874 |
Agriculture Industry Training Organisation |
National Certificate in Poultry Management (Level 4) [Ref: 1156] |
8505 | |
National Certificate in Marine Sales and Services (Marine Retail and Distribution) (Level 4) [Ref: 1472] |
6408 |
Boating Industry Training Organisation |
National Diploma in Engineering (Level 6) with strands in Mechanical Engineering, Production Engineering, and Mechanical Services, and with an optional strand in Practical Endorsement [Ref: 0534] |
8505 |
Competenz |
National Certificate in Mechanical Engineering (Level 5) with strands in Engineering Fabrication, Fire Protection, General and Maintenance Engineering, Mechanical Services, and Precision Engineering [Ref: 1545] |
18956 | |
National Diploma in Electrical Engineering (Advanced Trade) (Level 5) with strands in Electrotechnology Specialisation, Electrical Installation, and Industrial Electrical Engineering [Ref: 1514] |
8505, 18956 |
ElectroTechnology Industry Training Organisation |
National Certificate in Electrical Engineering (Advanced Trade) (Level 5) with strands in Electrotechnology Specialisation, Electrical Installation, and Industrial Electrical Engineering [Ref: 0951] |
18956 | |
National Certificate in Financial Services (Financial Advice) (Level 5) with strands in Investment Advice, Insurance Advice, and Residential Property Lending Advice [Ref: 1476] |
6409 | |
National Certificate in Furniture (Retail and Wholesale) (Level 4) [Ref: 0438] |
6408 |
Forest Industries Training and Education Council |
National Certificate in Hospitality (Small Business Management) (Level 4) [Ref: 1145] |
1874, 6408 |
Hospitality Standards Institute |
National Diploma in Professional Practice in Design and Construction Consultancy [Ref: 0586] |
1851, 1852, 1853, 1857, 1858, 1859, 1861 |
InfraTrain New Zealand |
National Diploma in Drilling - Non-hydrocarbon (Driller Supervisor) (Level 5) [Ref: 1334] |
1857 |
NZ Extractive Industries Training Organisation |
National Diploma in Drilling - Hydrocarbon (Rig Manager, Tool Pusher) (Level 5) with strands in Off Shore Drilling, and On Shore Drilling [Ref: 1338] |
1857 |
Review Categories and changes to classification, title, level, and credits
All changes are in bold.
Key to review category |
| |
A |
Dates changed, but no other changes are made - the new version of the standard carries the same Id and a new version number | |
B |
Changes made, but the overall outcome remains the same - the new version of the standard carries the same Id and a new version number | |
C |
Major changes that necessitate the registration of a replacement standard with a new Id | |
D |
Standard will expire and not be replaced | |
Subfield Financial Management
Domain Financial Skills
Id |
Title |
Level |
Credit |
Review Category |
1728 |
Make financial valuations |
6 |
6 |
D |
1729 |
Prepare and evaluate investment proposals |
6 |
6 |
D |
1730 |
Prepare and evaluate financing proposals |
6 |
4 |
D |
1731 |
Prepare dividend policies and procedures |
6 |
2 |
D |
1850 |
Manage liquidity and current assets |
6 |
3 |
D |
1851 |
Develop financial plans and financial controls |
6 |
4 |
D |
1852 |
Prepare financial statements Prepare a revenue statement and balance sheet |
5 4 |
8 6 |
B |
1853 and 19015
26365 |
Analyse and interpret financial statements
Carry out and report on financial analysis in a business operation Conduct and report on a financial analysis for an entity |
6
4
4 |
4
3
5 |
C
C |
1854 |
Develop and use internal controls to safeguard assets |
5 |
4 |
D |
1855 |
Manage credit |
5 |
4 |
D |
1856 |
Develop and manage financial accounting information systems |
6 |
5 |
D |
1857 26366 |
Prepare and use budgets and cash flow forecasts Prepare and use budgets for an entity |
6 4 |
5 5 |
C |
1858
and 6409
26367 |
Define, and identify costs, and apply cost information to decision making
Establish costs, prices, and conditions for providing products and/or services for a small business Demonstrate and apply knowledge of costing for an activity within an entity |
6
5
5 |
10
5
6 |
C
C |
1859 |
Apply strategic/emerging cost management concepts |
6 |
8 |
D |
1860 |
Use management accounting methodologies to evaluate and improve performance |
6 |
6 |
D |
1861 |
Assess and manage financial risk |
6 |
3 |
D |
1862 |
Assess physical risks and arrange loss prevention and loss minimisation services and strategies |
5 |
4 |
D |
1863 |
Compare and evaluate the forms of finance offered by the banking and finance industries Identify and compare short-term and long-term debt options offered by the banking and finance industries |
5
4 |
2
3 |
B |
1864
and 1865
26368 |
Evaluate and use various types of bank accounts and banking services
Evaluate and use the services offered by financial institutions other than registered banks Describe business-related services offered by financial institutions and select services for a New Zealand entity |
4
5
4 |
2
3
4 |
C
C |
1866 |
Evaluate and use the services offered by stock exchanges and other exchanges |
5 |
3 |
D |
1867 |
Apply microeconomic concepts |
5 |
10 |
D |
1868 |
Apply macroeconomic concepts |
5 |
10 |
D |
1869 |
Determine the benefits and risks of international trade options |
6 |
6 |
D |
1870 |
Demonstrate the ability to use foreign exchange markets, and international capital market systems |
6 |
6 |
D |
1871 |
Complete international trade documentation |
5 |
2 |
D |
1872 |
Determine tax position, and prepare tax returns for individuals, partnerships, and small companies |
6 |
14 |
D |
1873 |
Prepare advice on tax issues and make representation on tax issues |
6 |
6 |
D |
1874 |
Complete IRD employer requirements for PAYE, FBT and GST Prepare IRD employer reporting documentation for PAYE, FBT and GST |
4
3 |
4
3 |
B |
1875 |
Assist the conduct of internal audits |
5 |
4 |
Roll-over |
6408 |
Identify cost factors and assess cost, volume, profit relationships for small business operations Determine profit projections for an entity |
4 |
5 |
B |
6410 |
Manage financial resources for a small business enterprise |
5 |
5 |
Roll-over |
8504 |
Establish and improve financial control systems |
6 |
7 |
D |
8505 |
Set, control, and justify budgets |
6 |
5 |
D |
18956 |
Demonstrate knowledge of financial management for a small operational business Demonstrate knowledge of financial management for an entity |
4
3 |
6
5 |
B |