Course Title: Apply economic principles to work in the financial services industry
Part B: Course Detail
Teaching Period: Term1 2025
Course Code: ECON5051C
Course Title: Apply economic principles to work in the financial services industry
School: 525T Business & Enterprise
Campus: City Campus
Program: C6181 - 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 that 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.
The unit applies to individuals who have understand economics and how it impacts work in the financial services industry. The skills and knowledge described in this unit also underpin other skills required for work in the financial services industry and may be applied in all sectors of the industry.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSINC611 Apply economic principles to work in the financial services industry |
Element: |
1. Identify economic principles that impact work |
Performance Criteria: |
1.1 Develop knowledge of economic principles relevant to industry and own role1.2 Develop knowledge of microeconomic theory and influences on financial products and services that relate to tasks within own role1.3 Identify capital adequacy regulation and requirements applicable to work functions |
Element: |
2. Use knowledge of economic principles in work |
Performance Criteria: |
2.1 Apply relevant financial modelling techniques to economic data to inform decision making2.2 Analyse and apply appropriate asset pricing models2.3 Apply models to determine organisational value in relation to capital structure2.4 Evaluate own work in context of relevant economic principles |
Element: |
3. Review work and maintain understanding of economic principles |
Performance Criteria: |
3.1 Research current economic theories and their impact on the industry and confirm relevant current knowledge3.2 Evaluate own work in context of relevant economic principles3.3 Integrate contemporary economic principles into work practices |
Learning Outcomes
Details of Learning Activities
Apply Economic Principles will be delivered through face to face classes and by accessing materials and resources here in Canvas. Online research is strongly encouraged during class as we need to be up-to date on economic issues.
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
| Week 1 | 10/02/2025 |
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Ch 1 Introduction to Economics and the course
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Pre-class work: |
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| Week 2 | 17/02/2025 |
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Ch 1 Introduction to economics |
Review Questions in Canvas |
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| Week 3 | 24/02/2025 |
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Ch 2 Micro economic Principles 1 |
Review Questions in Canvas |
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| Week 4 | 3/03/2025 |
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Ch 2 Micro economic Principles 2 |
Review Questions in Canvas |
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| Week 5 | 10/03/2025 |
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Ch 4 Firms & Market Structures
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Review Questions in Canvas |
Assessment 1 Due |
| Week 6 | 17/03/2025 |
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Ch 13 Debt & Equity |
Review Questions in Canvas |
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| Week 7 | 24/03/2025 |
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Ch 11 Introduction to Finance and Review of Financial Mathematics 1 |
Review Questions in Canvas |
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| Week 8 | 31/03/2025 |
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Ch 11 Introduction to Finance and Review of Financial Mathematics 2 |
Review Questions in Canvas |
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| Week 9 | 7/04/2025 |
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Ch 12 Capital Budgeting |
Review Questions in Canvas |
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| Week 10 | 14/04/2025 |
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Ch 14 Portfolio Theory |
Review Questions in Canvas
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| Week 11 | 28/04/2025 |
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Assessment 2 Review |
Review Questions in Canvas |
Assessment 2 Due |
| Week 12 | 5/05/2025 |
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Ch 10 Economic Theory |
Review Questions in Canvas |
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| Week 13 | 12/05/2025 |
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Ch 15 Financial Regulations & Capital Requirements |
Review Questions in Canvas |
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| Week 14 | 19/05/2025 |
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Review Assessment 3 |
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| Week 15 | 26/06/2025 |
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Review Assessment 3 |
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Assessment 3 Due |
| Week 16 | 2/06/2025 |
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Re submissions |
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| Week 17 | 9/06/2025 |
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Re submissions |
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| Week 18 | 16/06/2025 |
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Re submissions |
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Learning Resources
Prescribed Texts
Apply Economic Principles to Work in the Financial Services Sector |
9781760730802 |
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- apply economic principles to at least one product and one service
- apply financial modelling techniques to at least one scenario.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- key features of common economic theories that relate to the financial services industry
- key features of microeconomic principles and how they relate to financial services industry products, services and organisational practices
- capital adequacy requirements for financial services organisations based on financial product mix
- asset pricing models and their use in identifying organisational value and capital structures
- key economic theories and valuation of assets relevant to own role
- financial modelling techniques and tools
- industry or organisation financial markets, products and services
- legislative and statutory requirements and industry codes of practice relevant to own role
- techniques and tools for evaluation and interpretation of research data.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- office equipment, technology, software and consumables
- current financial services industry economic literature and research.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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 three (3)assessment.
You must successfully complete all 3 tasks to be deemed competent in this course.
TASK 1 General Economic Principles (Due date: Week 5)
TASK 2 Evaluating Economic Principles (Due date: Week 11)
TASK 3 Review and Maintain (Due date: Week 15)
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
Other Information
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 five 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
Re-submissions (VE 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.
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:
Final Results
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. 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