Course Title: Facilitate customer awareness of the Australian financial system and markets

Part B: Course Detail

Teaching Period: Term1 2014

Course Code: ACCT5324C

Course Title: Facilitate customer awareness of the Australian financial system and markets

School: 650T TAFE Business

Campus: City Campus

Program: C4342 - Certificate IV in Banking Services

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

Michael Elliot
michael.elliot@rmit.edu.au
9925 5519

Sam Tabit
sam.tabit@rmit.edu.au
9925 4166

Nominal Hours: 40

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

None

Course Description

This unit describes the performance outcomes, skills and knowledge required to develop customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFLT502A Facilitate customer awareness of the Australian financial system and markets

Element:

1. Explain to clients, the function and role of the Reserve Bank of Australia (RBA)


2. Outline the role of money and Australia's monetary base


3. Outline the main features of the Australian financial markets


4. Provide information to the client about regulation of the financial system

 

Performance Criteria:

1.1. The role of the RBA as Australia’s central bank is and differences between the RBA and other banking institutions is communicated to the customer
1.2. The importance and effect of the RBA’s monetary policy on the Australian economy and consumer’s personal finances is explained to the customer in plain language
1.3. The role of the bank in maintaining financial stability and regulating the Australian Payments System is explained to the customer

2.1. The purpose of financial markets and the major markets within the Australian financial markets are identified and communicated to the customer
2.2. The role of banks and financial institutions as financial intermediaries is discussed with customer
2.3. The role and function of the short term money market and types of products it deals in, are outlined in basic language for the customer

3.1. Society's motivations for holding money and the various functions of money are identified and discussed with the customer
3.2. The impact of changes in the supply of money is explained to the customer in plain language

4.1. The role of independent regulation in the financial system and the main regulators of the financial system are identified and their roles discussed with the customer
4.2. Examples of the protection afforded individuals by the regulators are provided to the customer


Learning Outcomes



Details of Learning Activities

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 on your experiences in hazard identification in your workplace and the experiences of others in the group. 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

WeeksTopicsAssessments
1 - 10 FebFamiliarisation with Course, Blackboard, Course requirements; Overview of assessment requirements.  Where to get support, Student responsibilities.Assessment guidelines as outlined in course guide.
2 - 17 FebIntroduction to the Australian Financial System:
- Structure and role of the Financial System
- Main Participants in the Financial System
 
3 - 24 Feb- Types of Financial Markets
- Products and Instruments
 
4 - 3 MarchDefinition of money; Measuring Money Supply and its importanceTask 1 – Introductory assessment task – Due.
You will receive the feedback in week 6.
5 - 10 MarchMoney and economic activity; The Quantity Theory of Exchange and the Credit Creation Process 
6 - 17 MarchThe Role and function of the Reserve Bank of Australia 
7 - 24 MarchThe conduct of monetary policy 
8 - 31 MarchIntro to Prudential Supervision:
- The role and Function of APRA
- Liquidity and Capital Adequacy
 
9 - 7 AprilAssessment: Class testTask 2 - Test.  You will receive the feedback in week 11. 
10 - 14 AprilKey features of the Financial Services Reform Act and the Impact on Financial Markets 
Mid-Semester break: 17 to 23 April inclusive
11 - 28 AprilMarkets; Key features of ASIC’s regulatory guides and the impact on Financial Markets 
12 - 5 MayKey features of the Uniform Consumer Credit code; recent credit and Australian banking reforms.  Banking code of Conduct. 
13 - 12 MaySustainability; issues for the financial services industry 
14 - 19 MayJob application: role of CV, cover letter and job application 
15 - 26 MayJob application: role of CV, cover letter and job applicationTask 3 - Assignment Due - You will receive the feedback by end of week 16.
16 - 2 JuneGroup & Individual Assignment feedback. 


Learning Resources

Prescribed Texts


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. (2008) Financial institutions & markets, 5th ed, Thomson, Melbourne

Layton, Robinson and Tucker, Economics for today, Thomson, Melbourne


Other Resources

Learning Resources
All relevant learning resources will be placed on the online learning hub (http://www.rmit.edu.au/learninghub). Students will need to access this site on a weekly basis, print off materials, and bring them to class.


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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.   You will be provided with feedback throughout the course to check your progress.
 


Assessment Tasks

Critical aspects of assessment
Evidence of the ability to:
• develop customer awareness of the features and roles of the participants within the Australian financial system and markets
• translate complex information into plain language that may be understood by a variety of people with minimal financial market knowledge.

Assessment Tasks
You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 (Due Date: End of week 4)
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 in Week 9)
Class Test. A closed book test covering topics from weeks 2 to 8. It will consist of short answer and case-study questions.

TASK 3 (Due end of week 15)
Group and Individual Assignment:  A group assignment requiring students to conduct research into various aspects of working in the financial services industry covering topics from weeks 10 to 13, including the educational standards required to work in the industry, the scope of advice able to be provided to clients, recent reforms of the industry and sustainability issues relating to the sector.  The individual component will require students to prepare a job application and resume.


Assessment Matrix

Other Information

Overview of Assessment
Students must demonstrate an understanding of all elements of competency to be deemed competent. A range of assessment methods are used to assess practical skills and knowledge and the performance criteria of the unit.

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

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in developing an understanding of the required knowledge of the role of financial institutions and markets in Australia and communicating this in the required assessment tasks.

DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
You are required to demonstrate depth of understanding of the key concepts and knowledge of the role of Australian financial institutions and markets and to communicate this in answers to case-study and short answer questions in the class test and by means of a report in the assignment.

TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
This requires the appropriate use of technology to undertake basic research to complete the assignment and to communicate role of financial institutions and markets to customers.

WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
You are required to plan and manage your time in order to complete assessment tasks. This will require you to revise the required knowledge of the unit for the class test and to plan and manage your time to complete the assignment.

COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
You are required to contribute to class discussions and demonstrate a very good understanding of the role of financial institutions and markets. Additionally, you are required to communicate this knowledge to customers in clear and concise language.

Final Grades 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