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