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Virginia personal finance standards and requirements

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Virginia requires one standard credit in Economics and Personal Finance for the Standard and Advanced Studies Diplomas. The requirement began with students entering grade 9 in fall 2011. Virginia does not mandate one stand-alone course format: students may complete the 36-week combined course, paired semester courses, or another Board-aligned option that covers the full Economics and Personal Finance Standards of Learning. A narrow 2026 law also permits Board-approved IB substitutions for certain students who transfer after grade 10 while pursuing both an Advanced Studies and IB diploma.[1][2][5][6]

Last reviewed September 20, 2026

View official sources
Stand-alone course
No
Graduation requirement
Yes
Credit / duration
1 standard credit
Effective / cohort
Students entering grade 9 in fall 2011 and later

What Virginia requires

Virginia requires one standard unit of Economics and Personal Finance for both the Standard Diploma and Advanced Studies Diploma. The mandate began with students entering grade 9 in fall 2011, and the credit may be earned at any point during high school. The official source names an entering cohort rather than a first graduating class, so this record does not infer a class year.[1][2]

The required credit combines two bodies of content. Standards EPF.1 through EPF.9 address economics, while EPF.10 through EPF.18 cover consumer skills, living expenses, banking, credit, insurance, income and taxes, financial planning, investing, and postsecondary financing.[4]

Virginia offers more than one approved course configuration, but each ordinary pathway must cover the full state standards. Students may take the 36-week combined course, paired 18-week Personal Finance and Economics courses, another aligned course, or qualifying IB Economics or IB Business Management with the Virginia standards incorporated. Eligible students with disabilities may use a specified augmented Personal Living and Finance credit-accommodation pathway for the Standard Diploma.[5]

Effective July 1, 2026, Virginia law adds a narrow exception for a student who transfers into a Virginia public high school after grade 10 and simultaneously pursues an Advanced Studies Diploma and an IB Diploma. The Board must permit approved IB courses or sequences to satisfy the Economics and Personal Finance credit. This does not displace the ordinary one-credit rule for other students.[6][2]

Students can take the 36-week Economics and Personal Finance course, pair 18 weeks of Personal Finance with 18 weeks of Economics, or complete another course aligned to the full standards. IB Economics or IB Business Management may satisfy the credit for IB Diploma students when the full Virginia standards are incorporated. Board guidance includes specific credit accommodations for eligible students with disabilities, and 2026 law creates a narrow Board-approved IB substitution route for certain after-grade-10 transfers pursuing both diplomas. There is no separate Standards of Learning end-of-course test attached to the credit.[1][2][5][3][6]
Grades / placement
Grades 9-12
Responsible agency
Virginia Department of Education
Assessment required
No
Evidence
6 primary sources

Implementation timeline

  1. Milestone 01

    The General Assembly directed the Board of Education to establish required economics and financial literacy objectives.[3]

  2. Milestone 02

    The one-credit graduation requirement began with students entering grade 9.[1]

  3. Milestone 03

    The Board of Education adopted the current Economics and Personal Finance Standards of Learning.[4]

  4. Milestone 04

    The Board updated approved course guidance, including express IB Economics and IB Business Management options when the Virginia standards are incorporated.[5]

  5. Milestone 05

    Chapter 183 created a narrow Board-approved IB substitution route for certain students transferring after grade 10 while pursuing both an Advanced Studies and IB diploma.[6]

Virginia personal finance standards

The complete list below contains all 18 required personal finance topics currently identified in the controlling state materials. Each topic remains separate so educators and search engines can find the exact requirement.

Official standards document

Economics and Personal Finance Standards of Learning for Virginia Public Schools

Adopted by Virginia Board of Education on 2019.

Open the official document

Economics standards

The complete economics half of Virginia's 2019 course standards covers economic reasoning, markets, income, national goals and finance, fiscal policy, government, and trade.

  1. 01
    EPF.1Economics and Personal Finance2019 SOL, standard EPF.1

    Basic economic concepts and structures

    Demonstrate and integrate knowledge of scarcity, trade-offs, opportunity costs, marginal decisions, factors of production, and economic systems.[4]

  2. 02
    EPF.2Economics and Personal Finance2019 SOL, standard EPF.2

    Producers and consumers

    Demonstrate knowledge of producers, consumers, workers, savers, investors, citizens, incentives, entrepreneurs, business organizations, productivity, and competition.[4]

  3. 03
    EPF.3Economics and Personal Finance2019 SOL, standard EPF.3

    The price system

    Demonstrate knowledge of supply, demand, equilibrium price, elasticity, shortages, surpluses, and the role of prices in allocating resources.[4]

  4. 04
    EPF.4Economics and Personal Finance2019 SOL, standard EPF.4

    Factors affecting income

    Demonstrate knowledge of productivity, human capital, supply and demand for labor, education and skills, and other factors that affect income.[4]

  5. 05
    EPF.5Economics and Personal Finance2019 SOL, standard EPF.5

    National economic goals

    Demonstrate knowledge of full employment, stable prices, economic growth, indicators, and business-cycle conditions.[4]

  6. 06
    EPF.6Economics and Personal Finance2019 SOL, standard EPF.6

    The financial system

    Demonstrate knowledge of money, financial institutions, the Federal Reserve, interest rates, monetary policy, and financial-market functions.[4]

  7. 07
    EPF.7Economics and Personal Finance2019 SOL, standard EPF.7

    Fiscal policy

    Demonstrate knowledge of how congressional spending and tax policy influence employment, output, prices, budgets, deficits, and national debt.[4]

  8. 08
    EPF.8Economics and Personal Finance2019 SOL, standard EPF.8

    Government in a market economy

    Demonstrate knowledge of public goods and services, property rights, contracts, regulation, market failure, and redistribution.[4]

  9. 09
    EPF.9Economics and Personal Finance2019 SOL, standard EPF.9

    The global economy

    Demonstrate knowledge of voluntary trade, absolute and comparative advantage, trade balances, barriers, exchange rates, and global interdependence.[4]

Personal finance standards

The complete personal finance half of Virginia's 2019 standards contains nine numbered standards covering consumer decisions through college financing.

  1. 01
    EPF.10Economics and Personal Finance2019 SOL, standard EPF.10

    Consumer skills

    Develop consumer skills involving needs and wants, decision-making, contracts, warranties, consumer protection, fraud, identity theft, and complaint resolution.[4]

  2. 02
    EPF.11Economics and Personal Finance2019 SOL, standard EPF.11

    Living and leisure expenses

    Plan for transportation, renting or buying a home, utilities, services, maintenance, and discretionary spending.[4]

  3. 03
    EPF.12Economics and Personal Finance2019 SOL, standard EPF.12

    Banking transactions

    Demonstrate knowledge of financial institutions, services and fees, payment methods, account forms, statement reconciliation, and online and mobile banking.[4]

  4. 04
    EPF.13Economics and Personal Finance2019 SOL, standard EPF.13

    Credit and loan functions

    Evaluate financing, cards, credit qualification, consumer laws, loan terms, debt management, reports and scores, amortization, and bankruptcy.[4]

  5. 05
    EPF.14Economics and Personal Finance2019 SOL, standard EPF.14

    Insurance and risk management

    Evaluate insurance as a risk-management strategy and distinguish automobile, life, property, health, and liability coverage.[4]

  6. 06
    EPF.15Economics and Personal Finance2019 SOL, standard EPF.15

    Income earning, taxes, and reporting

    Connect education, employment arrangements, income, payroll forms, net pay, benefits, taxes, and inheritance and estate concepts.[4]

  7. 07
    EPF.16Economics and Personal Finance2019 SOL, standard EPF.16

    Personal financial planning

    Set goals, identify income and expenses, understand inheritance, calculate net worth, build budgets, and relate government and economic conditions to a financial plan.[4]

  8. 08
    EPF.17Economics and Personal Finance2019 SOL, standard EPF.17

    Investment and savings planning

    Compare simple and compound interest, saving and investment options, Social Security and retirement plans, and stock-market operation.[4]

  9. 09
    EPF.18Economics and Personal Finance2019 SOL, standard EPF.18

    Financing postsecondary education

    Evaluate postsecondary costs and benefits, aid sources, FAFSA, grants, scholarships and scams, loans, repayment, and college-saving options.[4]

Relevant law, rule, or board action

8VAC20-132-51

Requirements for graduation

Lists one standard credit in Economics and Personal Finance for the Standard and Advanced Studies Diplomas.[2]

Va. Code § 22.1-200.03

Economics education and financial literacy

Requires economics and financial literacy instruction in middle and high school and directs the Board to establish statewide objectives.[3]

Va. Code § 22.1-253.13:4(D)(22)

IB substitution for certain transfer students

Requires a Board-approved alternative for the Economics and Personal Finance credit for certain students who transfer after grade 10 while pursuing both an Advanced Studies and IB diploma.[6]

Notes for teachers and curriculum leaders

  • Award one standard credit only after the selected course or course combination addresses the full Economics and Personal Finance Standards of Learning.[5][4]
  • The standard 36-week course and the paired 18-week Finance plus 18-week Economics option both satisfy the requirement; other courses must be aligned to the standards.[5]
  • For an eligible student with disabilities, follow the IEP-based credit-accommodation conditions before using augmented Personal Living and Finance for the Standard Diploma.[5]
  • For an after-grade-10 transfer student simultaneously pursuing Advanced Studies and IB diplomas, consult the Board-approved IB substitution list under Va. Code § 22.1-253.13:4(D)(22); the exception is narrower than the ordinary IB course option.[6][5]

Official sources

  1. 1
    Economics & Personal FinanceVirginia Department of Education · agency guidance · accessed 2026-09-20Locator: Introduction and Background; Standards of Learning DocumentsSupports: one-credit requirement, fall 2011 entering cohort, Standard and Advanced Studies Diplomas, 2019 standards, credit may be earned during high school
  2. 2
    8VAC20-132-51 Requirements for GraduationVirginia Administrative Code · regulation · published 2024-09-25 · accessed 2026-09-20Locator: Standard Diploma and Advanced Studies Diploma credit tablesSupports: one standard credit, diploma applicability, no verified credit
  3. 3
    Code of Virginia § 22.1-200.03Virginia General Assembly · statute · published 2021 · accessed 2026-09-20Locator: Subsections A-DSupports: middle and high school instruction, Board objectives, required topics, no required SOL assessment
  4. 4
    Economics and Personal Finance Standards of LearningVirginia Board of Education · standards · published 2019-10-17 · accessed 2026-09-20Locator: 2019 Standards of Learning document, EPF.1-EPF.18Supports: complete 18-standard course framework, economics content, personal finance content
  5. 5
    Board of Education Approved Courses to Satisfy Graduation RequirementsVirginia Board of Education · board action · published 2025-08-28 · accessed 2026-09-20Locator: PDF pages 15-16, Economics and Personal Finance courses and credit accommodationsSupports: 36-week course, paired semesters, other aligned courses, IB options, disability accommodations
  6. 6
    Code of Virginia § 22.1-253.13:4Virginia General Assembly · statute · published 2026-07-01 · accessed 2026-09-20Locator: Subsection D(22); enacted by Chapter 183 (SB 63/HB 595)Supports: after-grade-10 transfer limitation, Advanced Studies and IB diploma condition, Board-approved EPF substitution

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Frequently asked questions

Does Virginia require a personal finance course to graduate?

Yes. Virginia requires one standard credit in Economics and Personal Finance for both the Standard and Advanced Studies Diplomas, but it does not mandate one stand-alone course format. Board-approved aligned course options may satisfy the credit.[1][2][5]

When did Virginia's financial literacy graduation requirement begin?

It began with students entering grade 9 in fall 2011. Covered students may earn the credit at any point during high school.[1]

Can Virginia students split the EPF credit across two semesters?

Yes. Board guidance approves 18 weeks of Personal Finance paired with 18 weeks of Economics, as well as the 36-week combined course and other fully aligned options.[5]

Is there a Virginia SOL test for Economics and Personal Finance?

The graduation tables require one standard credit but no verified credit, and the approved-course guidance does not attach an end-of-course SOL assessment to the EPF credit.[2][5]

What do Virginia's financial literacy standards cover?

EPF.10 through EPF.18 cover consumer skills, living expenses, banking, credit, insurance, income and taxes, financial planning, saving and investing, and financing education. EPF.1 through EPF.9 add the required economics content.[4]

Does Virginia allow an IB transfer-student alternative?

In a narrow case. A student who transfers into a Virginia public high school after grade 10 while simultaneously pursuing an Advanced Studies Diploma and an IB Diploma may use Board-approved IB courses or sequences for the Economics and Personal Finance credit.[6]