Course Title: Develop and maintain in-depth knowledge of products and services used by an organisation or sector
Part B: Course Detail
Teaching Period: Term1 2021
Course Code: ACCT5395C
Course Title: Develop and maintain in-depth knowledge of products and services used by an organisation or sector
School: 650T Vocational Business Education
Campus: City Campus
Program: C5379 - Diploma of Financial 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
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 skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.
It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector |
Element: |
1. Identify products and services organisation uses |
Performance Criteria: |
1.1 Identify products and services used by organisation or sector and determine their purpose 1.2 Identify characteristics of products and services and their strengths, weaknesses, terms and conditions 1.3 Communicate clearly to clients the characteristics of products and services 1.4 Access and apply organisation’s promotional strategy for products and services in business activities |
Element: |
2. Identify compliance implications of product |
Performance Criteria: |
2.1 Establish and document compliance implications 2.2 Provide client with all necessary information and documentation as per compliance requirements |
Element: |
3. Determine appropriate users for products and services |
Performance Criteria: |
3.1 Identify and document function of each product and service, and client needs it satisfies 3.2 Determine client characteristics that best suit each product 3.3 Compare products and services used by organisation or sector with products of competitors 3.4 Determine most effective approach to matching products to client needs 3.5 Evaluate approaches to selling products and services in competitive marketplace 3.6 Determine effective approaches to meeting client needs |
Element: |
4. Maintain product knowledge |
Performance Criteria: |
4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work 4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services 4.3 Review emerging trends affecting the financial services industry and apply to product and service knowledge |
Learning Outcomes
Details of Learning Activities
Due to Covid 19 we will be delivering our classes live, online using the Collaborate Ultra platform.
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 thought the Canvas learning management system and include your contribution to discussion threads, project portfolios, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
Learning Outcomes
After completing this course, you will be able to:
- Identify standard products and services offered in the Financial Services Industry
- Understand the compliance implications for offering a product
- Compare products offered by different providers
- Determine appropriate uses of products
- Maintain product knowledge.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is comprised of one single competency: FNSINC402/ACCT5395C Develop and maintain in depth Knowledge of Products and Services used by an Organisation or Sector.
(The following schedule is subject to change)
Course Schedule: Develop and maintain in-depth knowledge of products and services used by an organisation or sector, Semester 1, 2021 | |||
Week |
Topics |
Online activity |
Assessment |
|
Week 1 February 8 |
Introduction to the Course:
Topic: Financial Services Industry in Australia Topic: Regulation of Financial Products and Services |
Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback |
Assessment Task 1 Prepare an advertising flyer for a new product to be launched by the Swanston Banking Group Ltd. - made available |
|
Week 2 February 15 |
Topic: continue with Regulation of Financial Products and Services (if required only) Topic: Banking Basics |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 3 February 22 |
Topic: Deposit Products |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 4 March 1 |
Topic: Lending Products |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
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Week 5 March 8 |
Topic: Credit Cards |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 1 Due Flyer submitted on CANVAS and presentations completed in-class |
|
Week 6 March 15 |
Topic: Business Banking |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
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Week 7 March 22 |
Topic: Insurance Basics |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
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Week 8 March 29 |
Topic: Life Insurance Products |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
Mid-Semester Break(April 1st to April 7th) | |||
|
Week 9 April 12 |
Topic: General Insurance Products |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 2 Provide a detailed comparison of savings to be made via a debt consolidation - made available |
|
Week 10 April 19 |
Topic: Superannuation Basics |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
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Week 11 April 26 |
Topic: Retail Superannuation Funds |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
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Week 12 May 3 |
Work on Assessment Task 2 |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
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Week 13 May 10 |
Work on Assessment Task 2 |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 2 Due |
|
Week 14 May 17 |
Work on Assessment Task 2 |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 15 May 24 |
Re-submission(s) and Re-assessment(s) |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
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Week 16 May 31 |
Re-submission(s) and Re-assessmnent(s) if required only |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 17 June 7 |
Grade Entry |
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.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas.
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:
- develop and use systems to maintain currency of knowledge of financial products, compliance and client characteristics.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- explain systems that can be accessed to obtain up-to-date information on products, services and competition
- describe the products and services used by the organisation or sector and their purpose
- describe products and services used by competitors that are similar to those of the organisation
- explain different marketing methods and approaches to promoting or selling financial products and services
- identify organisational policy in terms of promotional and marketing strategies
- describe ethical and regulatory conditions that must be adhered to in promoting products and services to clients
- outline general client characteristics and needs for the organisation or sector.
Assessment conditions
Assessment must be conducted in a safe environment 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
- financial services product information.
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
You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit.
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.
Assessment Task 1: Prepare and present an advertising flyer for a new product to be launched by Swanston Banking Group
Due: Friday, 12 March 2021 (Week 5)
Summary and Purpose: This assessment task has been designed to allow you to demonstrate a detailed understanding of one of the following products: a transaction account, savings account or credit card. By producing a flyer, and presenting to class, you will also be demonstrating professional skills through the use of print software and verbal communications.
This assessment task is one of two required to demonstrate competency for this unit.
Assessment Instructions: You will need to choose one of the following products:
- Transaction Account
- Savings Account
- Credit Card.
Your flyer will need to include:
- Features
- Reference to any significant terms & conditions.
- Compliance information eg ABN & AFSL.
- Given the nature of these products, the emphasis will be on introducing a new feature, or features, that you would find attractive if you were shopping around for a new account or card.
- It will need to look professional and be attractive to a potential customer.
- It should be no larger than 4, A5 pages.
Your verbal presentation should be no longer than 5 minutes.
Assessment Task 2: Provide a detailed comparison of savings to be made via a debt consolidation
Due: Sunday, 16 May 2021 (Week 13)
Summary and Purpose: This assessment task has been designed to allow you to demonstrate a detailed understanding of the costs of different loan products, and the financial benefits of consolidating debts into a single personal loan.
This assessment task is one of two required to demonstrate competency for this unit.
Assessment Instructions: You will be given a financial scenario where you have multiple outstanding debts, each with different repayment and interest terms. Your task will be to research two banks to research the best deal that you could be offered to consolidate the debts into one single personal loan.
Based on the information you have been given, you will need to:
- Calculate the minimum monthly repayment, total interest and time to repay the existing debts;
- Based on your research, calculate the monthly repayments and total interest charged on the new loans; and
- Compare the two offers and make a decision based on the financial savings.
Your report should be clear, concise and show appropriate workings.
Detailed workings can be provided via an appendix.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas.
Other Information
Submission Requirements
- 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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task 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.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment.
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview