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: C6148 - Advanced Diploma of Accounting

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

Anthony Di Stasio

anthony.distasio@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

There are no pre-requisites for this unit.

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 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

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 various technology platforms and include your contribution to wikis and discussion threads, reflective journals, 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.
We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule

 Teaching Schedule

 

 

Course Schedule: Apply Economic Principles                                                     Semester 1: 2018

Week

Topic

Readings and Activities

Assessment

Unit(s) of Competency

1

 

Introduction to course schedules

Introduction to Economics

Reading: 

  • Textbook: Apply Economic Principles to Work in the Financial Services Industry, 3rd Edition June 2016, DiStasio & Georgeson
  • Reading: Links provided in weekly module

Activity: Chapter Review Questions

 

 FNSINC601A

2

 

Microeconomic Principles

Reading: Ch 2 Text

Activity: Chapter Review Questions

 Begin Portfolios

 FNSINC601A

3

 

Microeconomic Principles

Reading:Ch 2 Text

Activity: Chapter Review Questions

 Complete Portfolio's 1-3

 FNSINC601A

4

 

Firms & Market Structures

Reading: Ch 4 Text

Activity: Chapter Review Questions

Complete Portfolio's 1-3

 FNSINC601A

5

 

Macroeconomic Factors

Reading: Ch 6 Text

Activity: Chapter Review Questions

Complete Portfolio's 1-3

 FNSINC601A

6

 

Fiscal & Monetary Policy

Reading: Ch 7 Text

Activity: Chapter Review Questions

Submit Portfolios 1-3

 FNSINC601A

7

 

Fiscal & Monetary Policy

Reading: Ch 7 Text

Activity: Chapter Review Questions

Complete Portfolio's 4-10

 FNSINC601A

8

 

Free Trade

Reading: Ch 8 Text

Activity: Chapter Review Questions

Complete Portfolio's 4-10

 FNSINC601A

 

Break

 

Break

27 August to 2 September , 2018

 

 

9

 

Class Work

Work on Portfolio Exercises

 

 Complete Portfolio's 4-10

 FNSINC601A

10

 

The Balance of Payments & Exchange Rates

Reading: Ch 9 Text

Activity: Chapter Review Questions

Complete Portfolio's 4-10

 FNSINC601A

11

 

The Balance of Payments & Exchange Rates

Reading: Ch 9 Text

Activity: Chapter Review Questions

Complete Portfolio's 4-10

 FNSINC601A

12

 

Economic Theory

Reading: Ch 10 Text

Activity: Chapter Review Questions

 Complete Portfolio's 4-10

 FNSINC601A

13

 

Superannuation Regulation and Capital Adequacy

Reading: Ch 15 Text

Activity: Chapter Review Questions

Complete Portfolio's 4-10

 FNSINC601A

14

 

Complete Portfolio's In class

Complete Portfolio's In class

 

 

15

 

 

Complete Portfolio's In class

 Complete Portfolio's In class

Submit Portfolio's 4-10

 FNSINC601A

16

28/05/2018

Resubmissions

Resubmissions

Resubmissions

FNSINC601A

   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

Course materials are provided on Canvas.

 

 


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 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.

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.

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 are required to complete 1 Assessment divided into Parts A & B.  You must successfully complete both tasks to be deemed competent in this course.

PORTFOLIO ACTIVITIES

You are required to complete Portfolio Exercises 1-10

You must successfully complete all 10 Portfolio tasks to be deemed competent in this course.

TASK 1(a) (Due Date:  End of week 6)

Complete Portfolio Exercises 1-3

TASK 1(b) (Due Date:  End of Week 15)

Complete Portfolio Exercises 4 -10

These Portfolio Exercises are to be continuously and progressively completed. There will be some time in class allocated to complete. 


Assessment Matrix

 

 

 

 

Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas. It is attached to the Assessment.

 

 

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 Informationhttps://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 (VE 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:

 

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.

 

 
   

 

 

 

Other Information

 

Course Overview: Access Course Overview