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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

LOMA | Evaluated Learning Experience

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Personal Financial Planning (LOMA 305)


Varies-independent study. 

Independent study and proficiency examination program administered from the central offices of LOMA.

Version 1: January 2004 - June 2008. Version 2: July 2008 - December 2014.

Instructional delivery format: 
Proficiency exam
Learner Outcomes: 

Version 1: Upon successful completion of the course, students will be able to: describe the information and techniques required for personal financial planning; discuss interest and time value of money concepts; explain the role of banking services and credit in personal money management; discuss mortgages and the process of purchasing a home; describe the various types of investments, how to value investments, and how to determine which investments to select; explain how insurance can be used to protect a person’s accumulated wealth; and discuss techniques for retirement planning and estate planning. Version 2: Students will be able to: describe the steps of the financial planning process; summarize the components of a financial plan; discuss time value of money, risk-return tradeoff, and asset allocation as financial planning concepts; describe the components of a cash management plan and a savings and investment plan; explain the process of establishing goals and activities for a major purchase plan, an insurance plan, and a retirement plan; list and explain the primary tools and documents used in estate planning; and describe how special personal circumstances, family-related circumstances, and retirement-related circumstances affect personal financial planning. 


Version 1: The course focuses on the key concepts of enhancing personal wealth by building a financial plan. Key concepts include decision-making tools and applications of financial planning. Topics include: overview of a financial plan; planning with personal financial statements; applying time value of money concepts; banking and interest rates; managing money: managing credit; purchasing and financing a home; basics of investing in stocks, bonds, and mutual funds; asset allocation; life, health, automobile, and homeowner’s insurance; retirement planning; estate planning. Version 2: This course provides an introduction to the personal financial planning process. The course includes basic steps involved in developing a comprehensive financial plan as well as discussions of various types of financial plans, including the major purchase plan, the insurance plan, the retirement plan, and the estate plan. Topics include: overview of financial planning; developing a financial plan; applying time value of money and other financial planning concepts; savings instruments and investment vehicles; goals and activities involved in various types of financial planning; financial planning for special circumstances. 

Credit recommendation: 

Version 1 and 2: In the upper division baccalaureate degree category, 3 semester hours in Financial Services (12/04) (3/10 revalidation).