Foundations of Education
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Identify the key trends affecting education savings, such as:
- Cost of education
- Reliance on self-funding
- Relationship breakdown / divorce
- Longer periods of enrolment
- Levels of student debt
- Identify the costs associated with education, such as:
- Tuition and related fees
- Books and other resources
- Rent / Residence expenses
- Meal plans / food expenses
- Commuting expenses
- Explain the sources of education funding, such as:
- Savings
- Registered Education Savings Plan
- Cash flow (employment, trust, investment)
- Family support
- Government grants, bursaries
- Educational organization scholarships
- Community / corporate scholarships
- Government student loans / assistance programs
- Lifelong Learning Plan withdrawal from Registered Retirement Savings Plan
- Borrowing using credit facilities
- Define the time horizons associated with education.
- Accumulation period
- Withdrawal period
- Repayment period for student loans
- Identify roadblocks to saving for education during the accumulation phase, such as:
- Cash flow limitations
- Debt load
- Procrastination
- Reliance on government benefits
- Lack of awareness regarding cost of education
- Lack of awareness of savings programs available
- Personal attitudes / choices
- Identify how each of the elements may impact the ability to meet an education goal:
- Frequency of savings during accumulation period
- Amount of savings during accumulation period
- Growth rate of assets
- Family dynamics
- Income required during withdrawal period
- Income sources during withdrawal period
- Risk tolerance
- Debt levels
- Personal attitudes
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Application
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify the key trends affecting education savings, such as:
- Cost of education
- Reliance on self-funding
- Relationship breakdown / divorce
- Longer periods of enrolment
- Levels of student debt
- Identify the costs associated with education, such as:
- Tuition and related fees
- Books and other resources
- Rent / Residence expenses
- Meal plans / food expenses
- Commuting expenses
- Explain the sources of education funding, such as:
- Savings
- Registered Education Savings Plan
- Cash flow (employment, trust, investment)
- Family support
- Government grants, bursaries
- Educational organization scholarships
- Community / corporate scholarships
- Government student loans / assistance programs
- Lifelong Learning Plan withdrawal from Registered Retirement Savings Plan
- Borrowing using credit facilities
- Define the time horizons associated with education.
- Accumulation period
- Withdrawal period
- Repayment period for student loans
- Identify roadblocks to saving for education during the accumulation phase, such as:
- Cash flow limitations
- Debt load
- Procrastination
- Reliance on government benefits
- Lack of awareness regarding cost of education
- Lack of awareness of savings programs available
- Personal attitudes / choices
Additional Knowledge Expected of CFP Professionals
- Determine how each of these factors may impact the ability to meet an education goal:
- Frequency of savings during accumulation period
- Amount of savings during accumulation period
- Growth rate of assets
- Family dynamics
- Income required during withdrawal period
- Income sources during withdrawal period
- Risk tolerance
- Debt levels
- Personal attitudes