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04. What is ‘GENERIC KNOWLEDGE’?

Generic Knowledge (GK) is the FOUNDATION COURSE required by any individual wanting to provide general or personal advice to a retail client.  GK covers the following topics:

The economic environment • characteristics and impact of economic and business cycles
• interest rates, exchange rates
• inflation
• government monetary and fiscal policies
Operation of financial markets • roles played by intermediaries and issuers
• structure and inter-relationships within the financial markets
• inter-relationship between industry sectors
Financial products • concept of a financial product—general definition, specific inclusions, exclusions
• types of financial investment products
• types of financial risk products (e.g. derivatives, risk insurance products)

Generic Knowledge content is covered in the first module of IIT’s course Financial Planning in Practice.