Institute of Bankers
Encyclopedia
The ifs School of Finance, founded in 1879 as the Institute of Bankers, is a registered educational charity incorporated by Royal Charter. Positioning itself as a ‘business school
for finance’, the ifs aims to provide industries with financially skilled, effective and competent workforce.
The ifs works closely with the financial services industry to provide learning for financial services
providers. The educational provision includes formal qualifications ranging from financial capability for the 14–19 age group to Masters level, and Continuing Professional Development
(CPD) through to executive education
programmes, such as masterclasses, seminar
s and lecture
s.
1987 - Gains a Royal Charter.
1993 - Merges with the Chartered Building Societies Institute.
1996 - The BSc (Hons) in Financial Services is offered as a dual award with the University of Manchester Institute of Science and Technology. It is the first professional award to be linked to a university degree.
1997 - A new brand the Institute of Financial Services (ifs) is introduced to reflect the evolving nature of banking and insurance
activities to the wider financial services sector. In the same year the Certificate in Mortgage Advice and Practice (CeMAP) is introduced – this is the first qualification for UK mortgage professionals.
2001 - The ifs is the first educational body in the sector to provide electronic assessment for its regulatory qualifications, which now include the Certificate for Financial Advisers and the Certificate of Regulated General Insurance. Also this year, the first of the personal finance
qualifications for young people in the UK is launched. The qualification, equivalent to an AS-level
, is the first of its kind.
2004 - Launch of ifs KnowledgeBank, an online library and information resource.
2005 - The ifs acquires ProShare (UK) Ltd. ifs Proshare (UK) is a not-for-profit organisation
committed to encouraging employee share ownership and providing workplace financial education.
2006 - Members agree proposals for changes to the organisation’s corporate governance
and structure. Changes to the Royal Charter are approved by the Privy Council
and the organisation is renamed the ifs School of Finance.
2010 - Granted Taught Degree-Awarding Powers (TDAP) by the Privy Council, the ifs is now able to award both undergraduate and taught postgraduate degrees in its own right without ratification from a third-party university
.
The ifs also offer financial professionals Continuing Professional Development
support through its executive education programmes.
opportunities. By becoming a member benefits include access to:
The ifs is the only provider of GCSE, AS and A level equivalent qualifications in personal finance for students aged 14–19, all of which are accredited by Ofqual
. The ifs CeFS and Dip FS qualifications also carry UCAS Tariff
points.
14-19 qualifications - The ifs financial capability package aimed at the 14–19 age group is available to all schools and colleges in the UK. Topics such as debt
, loan
s, credit card
s and budgeting are covered to give individuals the confidence to make important financial decisions.
Adult qualifications - A range of qualifications aimed at helping adults to develop the key life skill of managing their personal finances.
Financial Innovation Awards - Aims to recognise and celebrate excellence in innovation.
Graduation ceremonies
Chairman's Dinner
Partnered events - A series of seminars on key topics in financial services.
Prestige Lectures and Regional Networks events – Lectures, seminars, industrial visits and social events in various locations in the UK and overseas.
Executive Education - A leadership
programme aimed to suit individuals’ development needs.
Research workshops - The ifs research workshop series provides an opportunity to keep up to date with topical issues in the financial services industry.
Business school
A business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
for finance’, the ifs aims to provide industries with financially skilled, effective and competent workforce.
The ifs works closely with the financial services industry to provide learning for financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
providers. The educational provision includes formal qualifications ranging from financial capability for the 14–19 age group to Masters level, and Continuing Professional Development
Continuing Professional Development
Continuing professional development or Continuing professional education is the means by which people maintain their knowledge and skills related to their professional lives.-CPD research:...
(CPD) through to executive education
Executive Education
Executive Education refers to academic programs at leading graduate-level business schools worldwide for executives, business leaders and functional managers. These programs are non-credit and non-degree granting...
programmes, such as masterclasses, seminar
Seminar
Seminar is, generally, a form of academic instruction, either at an academic institution or offered by a commercial or professional organization. It has the function of bringing together small groups for recurring meetings, focusing each time on some particular subject, in which everyone present is...
s and lecture
Lecture
thumb|A lecture on [[linear algebra]] at the [[Helsinki University of Technology]]A lecture is an oral presentation intended to present information or teach people about a particular subject, for example by a university or college teacher. Lectures are used to convey critical information, history,...
s.
History
1879 - Founded as the Institute of Bankers.1987 - Gains a Royal Charter.
1993 - Merges with the Chartered Building Societies Institute.
1996 - The BSc (Hons) in Financial Services is offered as a dual award with the University of Manchester Institute of Science and Technology. It is the first professional award to be linked to a university degree.
1997 - A new brand the Institute of Financial Services (ifs) is introduced to reflect the evolving nature of banking and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
activities to the wider financial services sector. In the same year the Certificate in Mortgage Advice and Practice (CeMAP) is introduced – this is the first qualification for UK mortgage professionals.
2001 - The ifs is the first educational body in the sector to provide electronic assessment for its regulatory qualifications, which now include the Certificate for Financial Advisers and the Certificate of Regulated General Insurance. Also this year, the first of the personal finance
Personal finance
Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future...
qualifications for young people in the UK is launched. The qualification, equivalent to an AS-level
GCE Advanced Level
The Advanced Level General Certificate of Education, commonly referred to as an A-level, is a qualification offered by education institutions in England, Northern Ireland, Wales, Cameroon, and the Cayman Islands...
, is the first of its kind.
2004 - Launch of ifs KnowledgeBank, an online library and information resource.
2005 - The ifs acquires ProShare (UK) Ltd. ifs Proshare (UK) is a not-for-profit organisation
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
committed to encouraging employee share ownership and providing workplace financial education.
2006 - Members agree proposals for changes to the organisation’s corporate governance
Corporate governance
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...
and structure. Changes to the Royal Charter are approved by the Privy Council
Privy council
A privy council is a body that advises the head of state of a nation, typically, but not always, in the context of a monarchic government. The word "privy" means "private" or "secret"; thus, a privy council was originally a committee of the monarch's closest advisors to give confidential advice on...
and the organisation is renamed the ifs School of Finance.
2010 - Granted Taught Degree-Awarding Powers (TDAP) by the Privy Council, the ifs is now able to award both undergraduate and taught postgraduate degrees in its own right without ratification from a third-party university
University
A university is an institution of higher education and research, which grants academic degrees in a variety of subjects. A university is an organisation that provides both undergraduate education and postgraduate education...
.
Professional qualifications
The ifs provision includes qualifications from GCSE equivalent through to postgraduate degree level, as well as regulatory qualifications including CeMAP, CeFA and DipFA.The ifs also offer financial professionals Continuing Professional Development
Continuing Professional Development
Continuing professional development or Continuing professional education is the means by which people maintain their knowledge and skills related to their professional lives.-CPD research:...
support through its executive education programmes.
Membership
The ifs School of Finance has been offering membership since 1879. Membership is designed to offer relevant and up-to-date learning and networkingBusiness networking
Business networking is a socioeconomic activity by which groups of like-minded businesspeople recognize, create, or act upon business opportunities. A business network is a type of social network whose reason for existing is business activity...
opportunities. By becoming a member benefits include access to:
- ifs KnowledgeBank - an online library and information resource.
- Financial World - a magazine providing reports, news and features on the financial services industry (published 10 times a year with circulation in 2008–2009 of approx 26,000).
- Continuing Professional Development (CPD) - ifs members have access to myCPD, an online CPD program. This provides a framework for professional and personal developmentPersonal developmentPersonal development includes activities that improve awareness and identity, develop talents and potential, build human capital and facilitates employability, enhance quality of life and contribute to the realization of dreams and aspirations...
, designed to suit members' individual situations.
- Regional Networks - members have access to 19 Regional Networks in the UK and internationally. These networks run programmes that include lectures, seminars and industrial visits to support members’ ongoing personal development and networking needs.
Financial capability
The ifs has developed a comprehensive financial capability package for students aged 14–19 and also for adults to help them manage their personal finances effectively.The ifs is the only provider of GCSE, AS and A level equivalent qualifications in personal finance for students aged 14–19, all of which are accredited by Ofqual
Ofqual
The Office of Qualifications and Examinations Regulation is a non-ministerial government department that regulates qualifications, exams and tests in England and vocational qualifications in Northern Ireland.-Role:...
. The ifs CeFS and Dip FS qualifications also carry UCAS Tariff
UCAS Tariff
The UCAS Points System is a means of differentiating students based upon grades from various post-GCSE qualifications. It is used as a means of giving students from the UK and Republic of Ireland places at UK universities.-Points system:...
points.
14-19 qualifications - The ifs financial capability package aimed at the 14–19 age group is available to all schools and colleges in the UK. Topics such as debt
Debt
A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...
, loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s, credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
s and budgeting are covered to give individuals the confidence to make important financial decisions.
Adult qualifications - A range of qualifications aimed at helping adults to develop the key life skill of managing their personal finances.
Regional Networks
The ifs School of Finance has 19 Regional Networks – 10 in the UK and 11 in international and offshore locations. Their aim is to help a diverse alumni community of over 30,000 finance professionals keep in touch through lifelong learning. The networks are run by groups of volunteers working in the financial services industry.Events
The ifs School of Finance runs events to support personal development, facilitate networking needs and celebrate excellence within financial services.Financial Innovation Awards - Aims to recognise and celebrate excellence in innovation.
Graduation ceremonies
Chairman's Dinner
Partnered events - A series of seminars on key topics in financial services.
Prestige Lectures and Regional Networks events – Lectures, seminars, industrial visits and social events in various locations in the UK and overseas.
Executive Education - A leadership
Leadership
Leadership has been described as the “process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task". Other in-depth definitions of leadership have also emerged.-Theories:...
programme aimed to suit individuals’ development needs.
Research workshops - The ifs research workshop series provides an opportunity to keep up to date with topical issues in the financial services industry.