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

Part B: Course Detail

Teaching Period: Term2 2018

Course Code: ECON5050C

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

School: 650T Vocational Business Education

Campus: City Campus

Program: C5379 - Diploma of Financial Services

Course Contact: Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email: callie.harvey@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Andrew Shiangolis

Course Coordinator - Financial Services

03 9925 55982

andrew.shiangolis@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

None

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 Develop and apply knowledge of economic principles relevant to the industry

1.2 Apply microeconomic theory of markets and influences on financial products and services to determine structure of organisation

1.3 Apply capital adequacy regulation and requirements to work functions

Element:

2. Evaluate economic aspects that apply to decision making

Performance Criteria:

2.1 Apply relevant financial modelling techniques to economic data to inform decision making

2.2 Analyse and apply appropriate asset pricing models

2.3 Apply models to determine organisational value in relation to capital structure

Element:

3. Review own work

Performance Criteria:

3.1 Evaluate own work in context of relevant economic principles

3.2 Improve performance through understanding of how economics applies to own decision making

Element:

4. Maintain personal understanding of economic policies

Performance Criteria:

4.1 Research current economic theories and their impact on the industry to ensure relevant current knowledge

4.2 Integrate contemporary economic principles into work practices

Learning Outcomes



Details of Learning Activities

The 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 Induistry.

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 Week Commencing

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

Course Code: ECON 5050C

National Code: FNSINC601

Topics

Online activity

Assessment

Competencies Delivered

1

Week 1

02/07/18

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

Topic 1 – Introduction into Economics

Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback

 

FNSINC601

2

Week 2

09/07/18

Topic 2 - Microeconomic Principles

 

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC601

3

Week 3

16/07/18

Topic 3 - Market Failure

 

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment Task 1 Made Available

Students are required to demonstrate their knowledge by completing a series of theory and problem solving activities over the course of the semester from weeks 1 to 13. They will be required to submit each activity as specified in the weekly schedule to allow for progressive feedback.

FNSINC601

4

Week 4

23/07/18

Topic 4 - Firms and Market Structures

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 1 – Assessment Task 1

FNSINC601

5

Week 5

30/07/18

Topic 5 - Microeconomic Reform

 

 

 

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 2 – Assessment Task 1

FNSINC601

6

Week 6

06/08/18

Topic 6 - Macroeconomic Factors

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 3 – Assessment Task 1

FNSINC601

7

Week 7

13/08/18

Topic 7 - Fiscal and Monetary Policy

 

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 4 – Assessment Task 1

ECON5050C

8

Week 8

20/08/18

Topic 8 – Free Trade

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 5 – Assessment Task 1

FNSINC601

9

Week 9

03/09/18

Topic 9 - The Balance of Payments and Exchange Rates

 

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 6 – Assessment Task 1

FNSINC601

10

Week 10

10/09/18

Topic 10 - Economic Theory

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 7 – Assessment Task 1

FNSINC601

11

Week 11

17/09/18

Topic 11 - Introduction to Finance and Review of Financial Mathematics

 

Topic 12 - Capital Budgeting

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 8 – Assessment Task 1

 

 

FNSINC601

12

Week 12

24/09/18

Topic 13 - Debt, Equity and Other Financial Products

1 hour weekly online learning and submitted online for Teacher Feedback

Activity 9 – Assessment Task 1

FNSINC601

13

Week

01/10/18

 

Topic 14 - Portfolio Theory

Topic 15 - Financial Regulations and Capital Requirements

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment Task 1

Week 13

Activities 1 - 9

Due Date 07/10/18

FNSINC601

14

Week

08/10/18

Assessment Task 2, Supervised, In-Class, Open-Book, Assessment

Preparation and Revision

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSINC601

15

Week

15/10/18

In-Class, Open-Book,  Supervised Assessment

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment Task 2 is a Supervised, In-Class, Open-Book Assessment – Duration 3 hours 

Date to be 15/10/18

FNSINC601

16

Week

22/10/18

Resits and Re-submissions (if required)

1 hour weekly online learning and submitted online for Teacher Feedback

 

 

FNSINC601

 

Please note that the mid-semester break will be between 27/8/2018 and 2/9/2018.

 


Learning Resources

Prescribed Texts


References


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 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.

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.

 

Assessment Task 1 - Portfolio of Activities Due Date 7/10/18 - Week 13

Students are required to demonstrate their knowledge by completing a series of theory and problem solving activities over the course of the semester from weeks 1 to 13. They will be required to submit each activity as specified in the weekly schedule to allow for progressive feedback.

You must successfully complete all 9 activities to be deemed competent in this course.

 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  - Supervised Assessment – Duration 3 hours - Date 15/10/18 - Week 15

Supervised Assessment – In-Class, Open-Book - Duration 3 hours, week 15.

Purpose of the task: To allow you the opportunity to demonstrate your understanding of the economic concepts covered in class throughout Semester 2, 2018 and your ability to apply them to Banking and Financial Services issues.

  • You must successfully complete all questions to be deemed competent in this course;
  • This is an open-book test;
  • The use of dictionaries, mobile phones, computers, tablet and other similar electronic equipment is NOT PERMITTED; and
  • The test paper MUST be returned to the teacher.

 

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