Course Title: Apply economic principles to work in the financial services industry
Part B: Course Detail
Teaching Period: Term1 2020
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
Michael Elliot
michael.elliot@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
Apply Economic Principles is 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.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is comprised of one competency: FNSINC601/ECON5050C Apply economic principles to financial services
(The following schedule is subject to change)
Course schedule: Apply economic principles for financial services Semester 1, 2020 | |||
Week No. |
Topics |
Online activity |
Assessment |
|
1 February 10 |
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 |
|
|
2 February 17 |
Topic 2 - Microeconomic Principles
|
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
3 February 24 |
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. |
|
4 March 2 |
Topic 4 - Firms and Market Structures |
1 hour weekly online learning and submitted online for Teacher Feedback |
Activity 1 – Assessment Task 1 |
|
5 March 9 |
Topic 5 - Microeconomic Reform
|
1 hour weekly online learning and submitted online for Teacher Feedback |
Activity 2 – Assessment Task 1 |
|
6 March 16 |
Topic 6 - Macroeconomic Factors |
1 hour weekly online learning and submitted online for Teacher Feedback |
Activity 3 – Assessment Task 1 |
|
7 March 23 |
Topic 7 - Fiscal and Monetary Policy
|
1 hour weekly online learning and submitted online for Teacher Feedback |
Activity 4 – Assessment Task 1 |
|
8 March 30 |
Topic 8 – Free Trade |
1 hour weekly online learning and submitted online for Teacher Feedback |
Activity 5 – Assessment Task 1 |
|
9 April 6 |
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 |
| Mid-Semester Break | |||
|
10 April 20 |
Topic 10 - Economic Theory |
1 hour weekly online learning and submitted online for Teacher Feedback |
Activity 7 – Assessment Task 1 |
|
11 April 27 |
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
|
|
12 May 4 |
Topic 13 - Debt, Equity and Other Financial Products |
1 hour weekly online learning and submitted online for Teacher Feedback |
Activity 9 – Assessment Task 1 |
|
13 May 11 |
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 |
|
14 May 18 |
Assessment Task 2, Supervised, In-Class, Open-Book, Assessment Preparation and Revision |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
15 May 25 |
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 Due |
|
16 June 1 |
Resits and Re-submissions (if required) |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
17 June 8 |
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 the 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 including the self - paced activities in the workbooks.
Learning Resources
Prescribed Texts
References
Other Resources
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
You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit.
Assessment 1: Economics Assignment Project
Due: Sunday, 17 May 2020 (Week 13)
Summary and Purpose: For this Assessment Task 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 15. They will be required to submit each activity as specified in the weekly schedule to allow for progressive feedback.
The purpose of the activities is to enhance student’s understanding and ability to apply the knowledge to practice in the following areas:
- Opportunity Cost
- Demand and Supply
- Firms and Market Structures
- Fundamentals of the Australian Economy
- Macroeconomic Factors
- Budgetary Policy
- Free Trade
- Balance of Payments and exchange rates
- Economic Theory
Assessment Instructions: You are required to complete ALL activities by the due week and submit them electronically as per the instructions above via Canvas. You will require access to the course resources on Canvas, recommended text book and website links prescribed for the program.
You must reference all work that is not your own using the Harvard referencing System.
Assessment 2: In-Class, Open-Book Supervised Assessment
Due: Wednesday, 25 May 2020 (Week 15)
Summary and Purpose: This Assessment Task will require students to demonstrate their knowledge of the content covered in the entirety of the course by completing a series of theory and problem solving questions that they will complete in class during Week 15.
Assessment Instructions: This Assessment is 2 of 2 and will be conducted in class supervised by the Teacher during the scheduled class in week 15.
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