Pearson LCCI Level 3 Certificates in Accounting and Finance (VRQ)

Last updated
Last verified
This QIP covers vocational qualifications which are not listed on the Department for Education (DfE) 16 – 19 performance tables for England.

These qualifications are not listed on the DfE 16 – 19 performance tables because they are not designed to meet the requirements of the Key Stage 5 performance tables.

London Chamber of Commerce and Industry (LCCI) qualifications in accounting and finance. These qualifications may be taken as stand alone qualifications, but may also be taken as optional components of the Pearson LCCI Level 3 Diploma in Accounting and Finance.

Countries
  • England
  • Wales
  • Northern Ireland
  • International
Purpose

Vocational qualifications are either work-related qualifications designed to enable students to gain the skills required to perform a particular job, or qualifications that may be taken as part of a wider study programme or an apprenticeship.

Schools and colleges may offer qualifications that are not included in the DfE performance tables, if approved for teaching to 16 –19 year olds by the Secretary of State for Education in England under Section 96, where this is in the best interests of individual students.


The Pearson LCCI Level 3 Certificate in Business Statistics enables students to apply statistical techniques to business data, to plan and control business operations, evaluate and manage risk, and support the decision-making process. Students will gain an understanding of the basic concepts of statistical problem solving in business situations, develop knowledge, understanding, and skills of statistical methods and concepts and in probability, including an awareness of the potential and limitations of data and methods.

The Level 3 Certificate in Financial Accounting enables students to produce financial records, summarising an organisation's financial transactions over a specific accounting period, and its current financial position in terms of assets, liabilities and capital.

The Level 3 Certificate in Cost and Management Accounting provides students with the skills, knowledge and understanding of cost and management accounting which reflects the key skills required in business or short and long-term decision-making, inventory control, accounting for overheads, working capital management, standard costing and the preparation and control of budgets.

Education context

These qualifications are designed for post-16 students and fall under the oversight of the Department of Business, Energy and Industrial Strategy (BEIS) and the Education and Skills Funding Agency (ESFA). A significant number of students will undertake these qualifications post-19.

Following its 2012 review of post-19 qualifications the ESFA removed 1,800 qualifications from public funding and a further 1,000 in 2014. In March 2014 the government published a Reform Plan for Vocational Education.

These qualifications have not been subject to the same reforms as Applied General and Tech Level qualifications (which are specifically designed for 16-19 year old students). However the ESFA has implemented a new set of business rules for the approval of qualifications for funding, based on the 2013 Review of Adult Vocational Qualifications in England. These rules recognise that adults may have different needs, aspirations and ambitions to younger people and include that qualifications should be:

  • relevant to individuals and employers and affordable for all sizes of business and for individuals
  • rigorous and based on a robust future-looking occupational standard designed and assessed by the sector
  • recognised as worthy of investment, giving a clear signal of the economically valuable skills, knowledge and understanding required in an occupation now and in the future.

Regulation of vocational qualifications

The regulation of vocational qualifications is the responsibility of the respective regulators in each UK country – Ofqual (England), CCEA Regulation (Northern Ireland) SQA (Scotland) and Qualifications Wales (Wales). The regulatory approach undertaken for vocational qualifications is different from A levels. This is because there are no specific qualification criteria for vocational qualifications, as there currently are for GCSEs, AS and A levels. Vocational qualifications must comply with the regulator’s general rules, as is the case with all regulated qualifications.


The Pearson LCCI Certificate in Business Statistics, Pearson LCCI Certificate in Cost & Management Accounting, and Pearson LCCI Certificate in Financial Accounting may be taken together to achieve the Pearson LCCI Level 3 Diploma in Accounting & Finance. Alternatively, they may be taken as single qualifications alongside other qualifications e.g. A levels.

Awarding organisation
  • Pearson (Edexcel)
Qualification codes
601/5171/7 (Pearson LCCI Level 3 Certificate in Business Statistics (VRQ))
601/5186/9 (Pearson LCCI Level 3 Certificate in Financial Accounting (VRQ))
601/5169/9 (Pearson LCCI Level 3 Certificate in Cost and Management Accounting (VRQ))
Structure

Linear, single unit qualifications, consisting entirely of mandatory content.

Subject areas
  • Statistics
  • Accounting and financial studies

Business Statistics 

1. Management Information: The External and Internal Business Environment

  • Data collection
  • Descriptive statistics

2. Business Planning Models

  • Correlation and regression (including Spearman’s rank correlation coefficient)
  • Time-based data

3. Risk Management and Business Decision-Making

  • Probability, including the normal distribution
  • Estimation and confidence intervals
  • Significance testing
  • Chi squared test

4. Quality Assurance and Control

Financial Accounting

  • The purpose of maintaining financial records
  • Recording financial  transactions
  • Balancing accounts and the trial balance
  • Adjustments and the extended trial balance 
  • Produce final accounts of a sole trader
  • Introduction to interpretation of financial statements

Cost and Management Accounting

  • Inventory management
  • Short-term decision-making
  • Accounting for overheads
  • Budgetary planning and control 
  • Working capital management
  • Standard costing and variances
  • Costing methods
  • Long-term decision-making
  • Management Information Systems
Levels
  • Level 3

Level 3 qualifications are regulated to the Regulated Qualifications Framework (RQF) in England and Northern Ireland and the Credit and Qualifications Framework for Wales, though many may be offered on a three-country basis.

Level 3 is broadly aligned to the Scottish Credit and Qualifications Framework (SCQF) Level 6 / 7.

Grading

Distinction, Merit, Pass.

Assessment

Each qualification has one examination paper of three hours duration, with five compulsory questions, and a total of 100 marks.

Contribution of assessment components to overall grade

For each qualification the single exam makes up 100% of the assessment.

Resit arrangements

These are linear qualifications, so resitting is not applicable.

Guided/notional learning hours
Certificate in Business Statistics: 135 hours
Certificate in Financial Accounting : 150 hours
Certificate in Cost and Management Accounting : 140 hours
Guided/notional learning hours notes

Each qualification is around the size of an AS Level. The Diploma is around the size of 1.5 A levels.

UCAS Tariff points

Pearson LCCI Level 3 Certificate in Business Statistics (VRQ)

Grade Points
D 24
M 16
P 8

Pearson LCCI Level 3 Certificate in Financial Accounting (VRQ)

Grade Points
D 24
M 16
P 8

Pearson LCCI Level 3 Certificate in Cost and Management Accounting (VRQ)

Grade Points
D 24
M 16
P 8

<

Key issues for UK HE admissions

There are a number of key considerations for HEPs when reviewing vocational qualifications that are not listed on the DfE 16 – 19 performance tables for England:

  • Some of these qualifications are occupational, and may not be designed specifically for progression to HE.
  • Applicants holding these qualifications may be school or college leavers, however, some may be more mature students who are likely to have other relevant experience alongside these qualifications.
  • These qualifications may have been taken as part of a wider study programme or an apprenticeship.
  • If they are presented for admission to HE it is likely to be in conjunction with other qualifications.

In respect of these qualifications 

  • These are revised specifications introduced for first teaching on 1 January 2015.
  • The three qualifications can be taken together to achieve the Pearson LCCI Level 3 Diploma in Accounting and Finance. Alternatively, they can be taken  as single qualifications alongside other qualifications e.g. A Levels.
  • Holders of these qualifications will have had experience of external examination assessment. 
Timing of assessments/results for learners

There are eight exam series in each year. Results are published in March, May, June, August, September, November, January, and February.

Qualification date
Starting from 01 Jan 2015
Qualification dates notes

These are current qualifications.

Reporting and certification information

The results of these qualifications are reported to UCAS through Awarding Body Linkage (ABL).

View the results available through ABL.

In the calendar year 2016, there were the following certifications:

Certificate in Business Statistics

  • 3,699 certifications on the old specification
  • 476 certifications on the new specification

Certificate in Financial Accounting

  • 628 certifications 

Certificate in Cost and Management Accounting 

  • 5,637 certifications for cost accounting
  • 5,577 certifications for management accounting
  • 1,854 certifications for the new Cost and Management Accounting qualification 

These were mainly international students.

Progression information

These three qualifications may be taken together to achieve the Pearson LCCI Level 3 Diploma in Accounting & Finance. Alternatively they many be taken as single qualifications alongside other qualifications, e.g. A levels.

Either route should enable progression to higher level programmes, particularly those in accounting and finance. Higher Education providers may require additional qualifications.