Course Title: Apply economic principles to work in the financial services industry

Part B: Course Detail

Teaching Period: Term1 2019

Course Code: ECON5050C

Course Title: Apply economic principles to work in the financial services industry

School: 650T Vocational Business Education

Campus: City Campus

Program: C6148 - Advanced Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Anthony Di Stasio

+61 399255519

anthony.distasio@rmit.edu.au

 

 

Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

There are no pre-requisites for this unit.

Course Description

This unit describes the skills and knowledge required to apply broad principles of financial economics that underpin a range of tasks and functions in the financial services industry. It includes understanding how financial instruments are priced in markets, and techniques and processes government and organisations use to manage financial risk, demonstrating broad knowledge of economic theories and related decision making in a national and organisational economic context.

It applies to individuals who have an understanding of economics and how this impacts on work in the financial services industry. It also underpins other skills required for work in the financial services industry and may be applied in all sectors of the industry.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSINC601 Apply economic principles to work in the financial services industry

Element:

1. Apply economic principles and theories

Performance Criteria:

1.1. Knowledge of economic principles  that apply to the industry is developed and applied

1.2. Microeconomic theory of markets  and how this influences financial products and services is understood

1.3. Capital adequacy regulation and requirements  as they apply to work functions are accessed and considered

Element:

2. Evaluate economic aspects that apply to decision making

Performance Criteria:

2.1. Relevant financial modelling techniques  are applied to economic data to inform decision making

2.2. Appropriate asset pricing models  and their application are known and used

2.3. Models of determining organisational value  in relation to capital structure are applied

Element:

3. Review own work

Performance Criteria:

3.1. Own work is evaluated in the context of relevant economic principles

3.2. Ways to improve performance through understanding of how economics applies to own decision making are considered

Element:

4. Maintain personal understanding of economic policies

Performance Criteria:

4.1. Current economic theories and their impact on the industry are researched to ensure relevant knowledge is current

4.2. Contemporary economic principles are integrated into work practices


Learning Outcomes



Details of Learning Activities

The Advanced Diploma is mainly taught face-to-face in a classroom setting with some structured online components. The online components will require you to actively participate in a teacher led e-learning environment through the use of discussion boards, online quizzes and action learning activities.

RMIT offers a variety of learning and teaching approaches including group discussions, tutorials, workplace simulated projects, online quizzes, role plays and case studies.

RMIT’s simulated work environment (Practice Firm), called The Swanston Banking Group Ltd, is a key feature of the diploma so we can deliver coursework and current industry practices. Within the firm you will be required to undertake a range of work-related activities. You will have the opportunity to develop skills in collaboration, structuring meetings, working with client files and engaging with simulated clients in the form of role plays. You will assume the role of the financial services industry professional working in the Practice Firm as an employee with a position description.  You will be expected to follow the bank’s policies and procedures.

In your roles you will be provided with a  customer brief and you will be required to assess the client’s future financial status, or research and recommend services and products to meet their needs.

We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule

 

This course is comprised of one single competency.

FNSINC601 - Apply Economic Principles to Work in the Financial Services Industry

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities  

 

Weekly Course Schedule:

Week No.

Date

Topic: Apply Economic Principles to Work in the Financial Services Industry

Competency  Delivered:- ECON5050C

Online activity

Assessment

Competencies Delivered

1

11/02/2019

 

Introduction to the course including:

·         Course requirements and support documents/resources

·         Course Blackboard access

·         Accuracy of enrolment

·         Assessment requirements/Cover Sheets

·         Reminder re Plagiarism/Appeals

·         Extensions/Resubmissions

·         Feedback in this course

·         Getting help

 Introduction into Economics

Complete in class progressively

Assessment Task 1 & 2

Students are required to demonstrate their knowledge by completing a series of theory and problem solving activities over the course of the semester.

Assessment Task 1 Portfolio's 1-3

Assessment Task 2  Portfolio's 4-10

FNSINC601

2

18/02/2019

 

 Microeconomics Principles

 

 Complete in class progressively

 Assessment 1

Begin Portfolio 1-3

FNSINC601

3

25/02/2019

 

 Microeconomics Principles  

 

 Complete in class progressively

 Complete Portfolio's 1-3

FNSINC601

4

4/03/2019

 

Firms and Market Structures

 Complete in class progressively

Complete Portfolio's 1-3

FNSINC601

5

11/03/2019

 

Macroeconomic factors

 

 

 

 Complete in class progressively

Complete Portfolio's 1-3

FNSINC601

6

18/03/2019

 

Fiscal and Monetary Policy

 Complete in class progressively

Submit Portfolio's 1-3

FNSINC601

7

25/03/2019

 

Fiscal and Monetary Policy

 

 Complete in class progressively

Assessment 2 

Begin Portfolio's 4-10

ECON5050C

8

1/04/2019

 

Free Trade

 Complete in class progressively

Complete Portfolio's 4-10

FNSINC601

9

8/04/2019

 

The Balance of Payments and Exchange Rates

 

 Complete in class progressively

Complete Portfolio's 4-10

FNSINC601

10

15/04/2019

 

The Balance of Payments and Exchange Rates

 Complete in class progressively

Complete Portfolio's 4-10

FNSINC601

11

29/04/2019

 

 

 Economic Theory

 Complete in class progressively

Complete Portfolio's 4-10

FNSINC601

12

6/05/2019

 

Superannuation Regulation & Capital Adequacy

 Complete in class progressively

Complete Portfolio's 4-10

FNSINC601

13

13/05/2019

 

Complete portfolio's in class

 

Complete Portfolio's 4-10

FNSINC601

14

20/05/2019

 

Complete portfolio's in class

 

 

 Submit Portfolio's 4-10

FNSINC601

15

 

 27/05/2019

Complete portfolio's in class

 

 

 Student Review Portfolio's 4-10

FNSINC601

16

 

3/06/2019

Re submissions

 

 

FNSINC601

   

 

 

FNSINC601

 

 

 

 

 

 


Learning Resources

Prescribed Texts


References

Apply Economic Principles to work in the financial services Industry

3 rd Edition

Anthony Di Stasio & Costa Georgeson

9781925433012


Other Resources

Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.

The online learning materials listed include 

  • Course outlines
  • Power point Presentations
  • Supporting Reading material
  • Industry relevant articles
  • Activities


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • research economic trends, evaluate impacts, and access and interpret corporate regulations
  • analyse and apply a range of financial modelling techniques and tools
  • reflect on and review own performance in applying knowledge of economic principles in day-to-day work functions 

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • outline key features of common economic theories that relate to the financial services industry
  • outline key features of microeconomic principles and how they relate to financial services industry products, services and organisational practices
  • explain capital adequacy requirements for financial services organisations based on financial product mix
  • explain asset pricing models and their use in identifying organisational value and capital structures
  • explain and apply economic theories and valuation of assets
  • identify and apply financial modelling techniques and tools
  • outline industry or organisation financial markets, products and services
  • describe key features of relevant legislation, statutory requirements and industry codes of practice
  • identify and describe techniques and tools for evaluation and interpretation of research data
  • describe the economic and political climate relating to the financial services industry

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:

  • common office equipment, technology, software and consumables.
  • current financial services industry economic literature and research.

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 


Assessment Tasks

This course is comprised of one single competency.

FNSINC601 - Apply Economic Principles to Work in the Financial Services Industry

 

You will demonstrate competency by undertaking two assessments.The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.

Critical Aspects of assessment are described above in the performance evidence for this course.

 

Students are required to demonstrate their knowledge by completing a series of 10 theory and problem solving activities over the course of the semester. 

You must successfully complete all 10 activities to be deemed competent in this course.

 Assessment Task 1 - Portfolio Activities 1-3  Week 6 Due Date 18/03/2019 -

NOTE:  Details about specific tasks and assessment criteria will be included in each of the Assessment tasks documents listed in CANVAS (Learning Management System) under Assessments heading.

Assessment Task 2  - Portfolio Activities 4-10  Week 14 Due Date 18/03/2019 

 

Purpose of the task: To allow you the opportunity to demonstrate your understanding of the economic concepts covered in class throughout the Semester and your ability to apply them to the  Financial Services Industry.

 

NOTE:  Details about specific tasks and assessment criteria will be included in each of the Assessment tasks documents listed in CANVAS (Learning Management System) under Assessments heading.


Assessment Matrix

Submission Requirements

 

You should:

 

  • Ensure that you submit assessments on or before the due date. 
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

More Information:  https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

Where an extension of greater than seven days is needed, you must apply for Special Consideration.  Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.

More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

Marking Guide (Competency):

 

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

 

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

 

 

Marking Guide (Grading)

 

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

 

Final Grades table:

 

 

CHD

Competent with High Distinction

 

 

CDI

Competent with Distinction

 

 

CC

Competent with Credit

 

 

CAG

Competency Achieved – Graded

 

 

CA

Competency Achieved – Not Graded

 

 

NYC

Not Yet Competent

 

 

DNS

Did Not Submit for assessment

 

 

 

 

 

 

 

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview