The OTHM Level 3 Foundation Diploma in Accountancy is a crucial field in the world of business and finance, offering numerous career opportunities. If you aspire to pursue a career in accounting or finance but lack the necessary qualifications, the OTHM Level 3 Foundation Diploma in Accountancy provides the perfect stepping stone. This Ofqual-regulated qualification is designed to equip learners with fundamental accounting principles, preparing them for further education or professional growth.
The OTHM Level 3 Foundation Diploma in Accountancy is an internationally recognized qualification that provides learners with essential knowledge of accounting principles, financial management, and business operations. This diploma is an excellent alternative pathway for those seeking entry into higher education or professional accounting roles.
The OTHM Level 3 Foundation Diploma in Accountancy is an excellent choice for individuals looking to kickstart their accounting career or advance to higher education. Its Ofqual-regulated status, assignment-based assessment, and flexible learning options make it a valuable qualification for students and professionals alike.
OTHM Level 3 Foundation Diploma in Accountancy
The OTHM Level 3 Foundation Diploma in Accountancy consists of three mandatory units, totaling 60 credits. The qualification includes 600 Total Qualification Time (TQT) hours and 300 Guided Learning Hours (GLH), ensuring a well-rounded and structured learning experience.
Mandatory units
| Sr# | Unit Title | Credits | GLH |
|---|---|---|---|
| 1 | Recording Financial Transactions | 20 | 100 |
| 2 | Management Information | 20 | 100 |
| 3 | Maintaining Financial Records | 20 | 100 |
GLH (Guided Learning Hours) and TQT (Total Qualification Time) are terms commonly used in vocational qualifications to help define the amount of time a learner is expected to spend on heir studies.
1. GLH (Guided Learning Hours)
GLH refers to the number of hours a learner spends being directly taught, supervised, or supported during their course. This includes the time spent in activities such as:
- Classroom instruction
- Practical workshops
- One-on-one tutoring or mentoring sessions
- Online learning sessions with tutor support
In other words, GLH represents the time that learners are actively engaged with their instructors or learning activities.
2. TQT (Total Qualification Time)
TQT represents the total amount of time a learner is expected to invest in completing a qualification, including:
- GLH (Guided Learning Hours): Time spent on direct learning, as explained above.
- Self-Directed Learning: This includes time spent on independent study, research, assignment completion, preparation for exams, and any other work the learner does outside of direct teaching hours.
TQT is a broader measure that includes all the time required to achieve the qualification. It helps learners and employers understand the overall commitment required for the qualification.
Key Differences Between GLH and TQT:
- GLH focuses on direct learning with guidance or supervision.
- TQT includes GLH as well as independent study time and other learning-related activities.
Example:
If a qualification has a TQT of 600 hours and a GLH of 250 hours, it means the learner should spend 250 hours in direct learning (classroom, online, or tutor-led sessions) and 350 hours on independent study or research.
Learning Outcomes of OTHM Level 3 Foundation Diploma in Accountancy
Recording Financial Transactions
- Understand the need to record financial transactions.
- Be able to prepare source documents and Books of Prime (Original) Entry to record financial transactions.
- Understand the classification and management of income and expenditure.
Management Information
- Understand the nature of cost and management accounting.
- Be able to account for labour costs.
- Understand the use of Information and Communication Technology (ICT) in the recording of management information.
Maintaining Financial Records
- Understand the role and application of accounting concepts.
- Be able to use the doubleentry system of bookkeeping.
- Be able to prepare a threecolumn cash book.
- Be able to prepare a bank reconciliation statement.
The Course Benefits of the OTHM Level 3 Foundation Diploma in Accountancy are as :
1. Strong Foundation in Accounting Principles
This diploma equips learners with essential accounting concepts, financial reporting skills, and bookkeeping techniques, preparing them for higher education or entry-level roles in finance.
2. Flexible and Accessible Learning
With the option to study online or at OTHM-approved centers, students can complete the course at their own pace while managing other commitments.
3. No Examination Stress
The program follows an assignment-based approach, allowing students to focus on practical learning and real-world application.
4. Recognized and Accredited Qualification
As an Ofqual-regulated qualification, the diploma is widely accepted by universities and employers, enhancing career and education prospects.
5. University Progression Pathway
Graduates can progress to undergraduate degrees in accounting, business, or finance, paving the way for a successful career.
6. Career Advancement Opportunities
The knowledge and skills gained from this course are valuable for professional growth in the financial sector, accounting firms, and business management roles.
7. Practical Application in Real-World Scenarios
The course emphasizes hands-on learning, ensuring students can apply accounting principles effectively in business and finance settings.
The ideal learner of the OTHM Level 3 Foundation Diploma in Accountancy are as :
1. Aspiring Accountants and Finance Professionals
Individuals who aim to build a career in accounting, auditing, or financial management will benefit from this foundational diploma, as it provides essential knowledge and practical skills required in the industry.
2. Students Seeking University Admission
For students who do not meet the traditional entry requirements for university, this qualification serves as an alternative pathway to higher education in accounting and finance-related fields.
3. Career Changers
Professionals from different backgrounds looking to transition into the accounting or finance sector will find this diploma a valuable starting point, as it covers fundamental financial concepts and principles.
4. Business Owners and Entrepreneurs
Entrepreneurs and small business owners seeking to strengthen their financial acumen will gain practical knowledge of accounting processes, financial reporting, and cash flow management, helping them run their businesses efficiently.
5. Professionals Seeking Career Growth
Individuals currently working in administrative, financial, or bookkeeping roles can use this qualification to enhance their expertise, increasing their chances of promotion and career advancement.
6. International Learners
Students from around the world looking for an internationally recognized qualification in accounting can enroll in this diploma, benefiting from the flexible learning options available through accredited OTHM centers.
Entry Requirements
To enroll in the OTHM Level 3 Foundation Diploma in Accountancy, learners must meet the following requirements:
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Qualification Process
Qualification Process OTHM Level 3 Foundation Diploma in Accountancy
- Self-Assessment:
Begin by evaluating your eligibility to ensure you meet the qualification requirements, including work experience, knowledge, and language proficiency. - Registration:
Complete your registration by submitting the required documents, including a scanned copy of a valid ID, and paying the registration fee. - Induction:
An assessor will conduct an induction to confirm your eligibility for the course and explain the evidence requirements. If you do not meet the criteria, your registration will be canceled, and the fee will be refunded. - Assignments & Evidence Submission:
Provide all assignments and the necessary evidence based on the assessment criteria outlined in the course. If you are unsure of the required evidence, consult with the assessor for guidance on the type and nature of evidence needed. - Feedback and Revision:
The assessor will review your submitted evidence and provide feedback. Evidence that meets the criteria will be marked as “Criteria Met,” while any gaps will be identified. You will be asked to revise and resubmit if needed. - Competence Evidence:
Submit final evidence demonstrating that all learning outcomes have been met. This evidence will be marked as “Criteria Met” by the assessor once it is satisfactory. - Internal Quality Assurance (IQA):
The Internal Quality Assurance Verifier (IQA) will review your evidence to ensure consistency, quality, and compliance with standards. - External Verification:
The IQA will submit your portfolio to OTHM External Quality Assurance Versifier (EQA) for final confirmation. The EQA may contact you directly to verify the authenticity of your evidence. - Certification:
Upon successful completion of all checks, OTHM will issue your official certificate, confirming that you have attained the OTHM Level 3 Foundation Diploma in Accountancy
