Course Title: Apply principles of professional practice to work in the financial services industry
Part B: Course Detail
Teaching Period: Term2 2012
Course Code: EMPL5892C
Course Title: Apply principles of professional practice to work in the financial services industry
School: 650T TAFE Business
Campus: City Campus
Program: C4297 - Certificate IV in Banking Services
Course Contact : Michael Elliot
Course Contact Phone: +61 3 9925 5519
Course Contact Email:michael.elliot@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 30
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 prerequisites for this course but you will complete the co-requisite FNSFLT502A - Facilitate customer awareness of the Australian financial system and markets
Course Description
This course describes the performance outcomes, skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements and model and meet expectations of these in all aspects of work.
It has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSINC401A Apply principles of professional practice to work in the financial services industry |
Element: |
1. Develop and maintain personal competency |
Performance Criteria: |
1. Professional development needs and goals are identified and reviewed on a regular basis |
Element: |
2. Identify and apply financial services industry guidelines, procedures and legislation |
Performance Criteria: |
1. Information on relevant legislation, regulations and codes of practice is collected, analysed and effectively applied to the job role |
Element: |
3. Identify sustainability issues for the financial services industry |
Performance Criteria: |
1. Information on sustainability policies, strategies and impacts on industry is obtained and from a range of sources and analysed |
Element: |
4. Identify the scope, sectors and responsibilities of the industry |
Performance Criteria: |
1. External forces impacting on the financial services industry are identified and considered in carrying out activities |
Element: |
5. Manage information |
Performance Criteria: |
1. Relevant documents and reports that could impact on work effectiveness and compliance are read and understood, and any implications discussed with appropriate persons |
Element: |
6. Participate in and facilitate work team activities |
Performance Criteria: |
1. Provide feedback to team members to encourage, value and reward individual and team efforts and contributions |
Element: |
7. Plan work to be completed taking into consideration time, resources and other constraints |
Performance Criteria: |
1. Tasks to be done and relevant conditions are determined and work planned either for working autonomously or with others in a team environment |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered via Blackboard and require access to and use of a variety of course material on hazard identification and assessment.
The collaborative classroom based activities will include discussion about your workplace experience. Examples of the practical applications within industry will also be discussed.
You are expected to participate and contribute in all scheduled learning activities including completion of tutorial exercises consisting of practical problems, short answer questions and case studies.
Teaching Schedule
| Week | Commencing | Topics | Assessment |
| 0 | 25 June | Course and assessment requirements. Task 1 issued. Australian financial system intro: • Structure and role • Main participants |
|
| 1 | 2 July | Types of Financial Markets Products and Instruments |
Assessment/Task 1 due. Feedback Week 3. If required, resubmission due by end Week 4. |
| 2 | 9 July | Definition of money; measuring Money Supply and its importance | |
| 3 | 16 July | Money and economic activity; The Quantity Theory of Exchange and the Credit Creation Process | |
| 4 | 23 July | The role and function of the Reserve Bank of Australia | |
| 5 | 30 July | Student Study Week | |
| 6 | 6 Aug | Conduct of monetary policy | |
| 7 | 13 Aug | Intro to prudential supervision: • The role and function of APRA • Liquidity and capital adequacy |
|
| 8 | 20 Aug | Review of weeks 1 to 7 | |
| - | 27 August | Mid semester break | |
| 9 | 3 Sept | Assessment Task 2: Class test | Task 2 feedback in Week 11. If required, resubmission scheduled for Week 17. |
| 10 | 10 Sept | Key features: Financial Services Reform Act, impact on financial markets | |
| 11 | 17 Sept | Financial Services Reform Act; ASIC’s regulatory guides and impact on financial markets | |
| 12 | 24 Sept | Uniform Consumer Credit code; recent credit & credit card reforms. Banking Code of Conduct; recent reforms to Australian banking | |
| 13 | 1 Oct | Privacy Act and impact on financial markets | |
| 14 | 8 Oct | Job application: role of CV, cover letter and job application | |
| 15 | 15 Oct | Task 3: Group and Individual Assignment | Task 3 due. Feedback by end Week 16. If required, resubmission due by end Week 17. |
| 16 | 22 Oct | Task 3 feedback | |
| 17 | 29 Oct | Resubmissions due |
Learning Resources
Prescribed Texts
References
Other Resources
All relevant learning resources will be placed on the online learning hub (http://www.rmit.edu.au/learninghub).
Relevant references:
RMIT University, Tier 1 Compliance Program notes (available for download from Learning Hub)
Fraser, I et al (2011) Economics for Business, McGraw Hill
Hunt, B. and Terry, C. (2011) Financial institutions & markets, 6th ed, Thomson, Melbourne
Layton, Robinson and Tucker (2012), Economics for today, 4th ed, Thomson, Melbourne
Overview of Assessment
Assessment may incorporate a variety of methods including written tests, a group assignment and final assessment.
Tests are closed book and consist of multiple choice, practical exercises and short answer questions.
The group assignment requires students to research the role and function of a financial institution or a major contemporary issue relating to the financial system and of concern to consumers.
The final assessment may be included in the group assessment or in some cases may be an individual assignment.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
You are required to successfully complete all 3 tasks to be deemed competent in this unit.
TASK 1 (Due: End Week 2)
An assessment task consisting of a short answer question covering the purpose of financial markets and the major markets within the Australian financial markets.
TASK 2 (Scheduled for Week 9)
Class Test. A 1 hour 30 minutes closed book test covering elements 1 to 4. It will consist of short answer and case-study questions.
TASK 3 (Due end Week 15)
Assignment with two components:
a. The group component requires students to research the financial system and how it is regulated.
b. The individual component requires students to individually prepare a resume, CV, and covering letter in response to a specific job application for a financial organization.
Assessment Matrix
Other Information
Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.
You need to demonstrate you are competent in each element of the unit of competency you are studying. You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading. Please refer to the Final Grades table below.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:
LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
You are required to demonstrate a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your access of information required for the assessments tasks, accuracy and quality of information presented to the client and appropriate recommendation using the information you have access, analysed and presented.
DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
You need to show a depth of understanding of the key concepts and knowledge of the financial products covered in the assessment tasks, including personal loans and overdrafts and general insurance products. Accuracy of all related interest rates, repayment calculations, fees and charges is essential.
TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
Demonstration of appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. This requires use of bank and financial institution web sites to access financial data and demonstrate a capacity to use financial calculators to calculate repayments and credit limits.
WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
You must complete all work requirements as per course requirements and timely submission of all required assessment tasks. You need to collate data and organize it in a presentable format that meets the requirements of the assessment tasks.
COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
Communication skills and teamwork is required to collaboratively complete this course.
Final Grade Table
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment
Course Overview: Access Course Overview