Course Title: Apply principles of professional practice to work in the financial services industry

Part B: Course Detail

Teaching Period: Term2 2014

Course Code: EMPL5892C

Course Title: Apply principles of professional practice to work in the financial services industry

School: 650T TAFE Business

Campus: City Campus

Program: C4324 - Certificate IV in Accounting

Course Contact : Ian Nash

Course Contact Phone: +61 3 99255733

Course Contact

Name and Contact Details of All Other Relevant Staff

Ian Nash   9925 5733

Arie Herrnstadt 9925 5772

Angello Sellan  99255460

Anjella Davydov

Nominal Hours: 30

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


Course Description

This unit describes the performance outcomes, skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements and model and meet expectations of these in all aspects of work.

This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSINC401A Apply principles of professional practice to work in the financial services industry


1. Identify the scope, sectors and responsibilities of the industry

Performance Criteria:

1.1. External forces impacting on the financial services industry are identified and considered in carrying out activities
1.2. The main sectors of the financial services industry and the interrelationship between sectors are identified and considered in carrying out activities
1.3. The roles and responsibilities of other participants in the financial services industry are identified and considered in carrying out activities


Develop and maintain personal competency

Performance Criteria:

7.1. Professional development needs and goals are identified and reviewed on a regular basis
7.2. Competency, authorisation and licensing requirements are clarified and complied with
7.3. Professional development opportunities that reflect needs and goals are sought and completed in an agreed upon timeframe


Identify sustainability issues for the financial services industry

Performance Criteria:

3.1. Information on sustainability policies, strategies and impacts on industry is obtained and from a range of sources and analysed
3.2. Environmental sustainability is identified as an integral part of business planning and promoted as a business opportunity
3.3. Work planning incorporates and supports triple bottom line principles


Identify and apply financial services industry guidelines, procedures and legislation

Performance Criteria:

2.1. Information on relevant legislation, regulations and codes of practice is collected, analysed and effectively applied to the job role
2.2. Own work practice is clarified and regularly refined in light of relevant legislation, regulations and codes of practice and organisation policies, guidelines and procedures
2.3. Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions


Manage information

Performance Criteria:

4.1. Relevant documents and reports that could impact on work effectiveness and compliance are read and understood, and any implications discussed with appropriate persons
4.2. Documents, reports, data and numerical calculations are analysed, checked, evaluated and organised to meet customer and organisation requirements
4.3. Information is presented in a format appropriate for the audience


Participate in and facilitate work team activities

Performance Criteria:

5.1. Provide feedback to team members to encourage, value and reward individual and team efforts and contributions
5.2. Actively encourage team members to participate in and take responsibility for team activities and communication processes
5.3. Give the team support to identify and resolve problems which impede its performance
5.4. Ensure own contribution to work team serves as a role model for others and enhances the organisation's image within the work group the organisation and with clients/customers


Plan work to be completed taking into consideration time, resources and other constraints

Performance Criteria:

6.1. Tasks to be done and relevant conditions are determined and work planned either for working autonomously or with others in a team environment
6.2. Work is planned for a given period managing resources, time and priorities
6.3. Contributions are made to organisation planning process as required to achieve service improvement
6.4. Changes in technology and work organisation are adapted to in a timely manner

Learning Outcomes

  • access, interpret and analyse product and service information provided by industry sectors
  • interpret and comply with relevant legislation, regulations and industry codes of practice and ethics applicable to the workplace
  • recognise and implement sustainability principles and work practices
  • analyse, evaluate and organise relevant information
  • plan work and maintain a team environment taking into account any constraints and available resources
  • identify and evaluate professional development opportunities

Details of Learning Activities


Students will be expected to complete the  exercises selected from their text book and supplementary exercises provided, in class time and also devote time for completion of these exercises at home during non scheduled teaching weeks. Guideline notes covering key concepts for each element of competency will be provided on the Learning Hub for student access. Students will be expected to read the prescribed text references in order to consolidate their understanding.

Examples of the practical applications within industry will also be discussed by using current event newspaper articles which will be updated each week onto the Blackboard site.

Students will take an active role by reflecting upon and discussing key concepts, summarising key points , completing work sheets, solving case studies, undertaking research, delivering presentations and working co -operatively in a group environment.  We expect you to particiapte and contribute in all scheduled learning activities

Teaching Schedule

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.

The Teaching guide below applies both to Full time students and to FlexEd students

Topic Activities/Assessment
July 7

Self directed learning

Read course guide and weekly program and assessment guide

Access Blackboard site for program and access Course information folders to gain an understanding of the content

July 14 2 Class attendance

Topic 1: Introduction to Financial Markets and Institutions and Responsibilities of the Industry

Main Sectors,  Regulators and Career paths

July 21 3 Self Directed Learning

Review Topic 1: Introduction to Financial Markets and Institutions and Responsibilities of the FS’sIndustry 

Complete exercises from text for topic 1


July 28 4 Class attendance

Topic 2 Financial services Industry Codes of Practice

Task 1due

Aug 4 5 Self Directed Learning

Review Topic 2  Financial services Industry Codes of Practice

Answer Text questions P.64 Ex 1-4,6,7, P.69 Ex Ex 1,8,9, P. 93 Ex 3-5, 8.
Read Topic 3 Regulation and Legislation of Industry


Aug 11 6 Class attendance

Review questions set for week 5

Topic 3 Regulation and Legislation of FS’s Industry
Consumer Credit Act
Privacy Act
Credit Act
Corporations Act

Aug 18 7 Self directed learning

Topic 3 Regulation and Legislation of FS’s Industry: review

.P.86 Ex 2-8, 13, 18-20,22,
P. 25 Ex 30, parts 1-4, P. 29 Ex 11-14

Aug 25 8 Class attendance

Review questions for week 7

Topic 7 Professional Development  Careers workshop sessions using RMIT website material and RMIT staff in Careers and Employment division of RMIT

Hand out Assignment 3 for submission as draft in week 10



Sep 1

Mid Semester break



Sep 8 9 Self directed learning

Topic 4 Identify Sustainability issues for the FS’s Industry

Research for Sustainability assignment

Using the Internet you will be required to do a search on the topic of Sustainable development to complement the material discussed in week 8 class. This will enable you to complete the assignment on sustainability

Collaborative session for FLEX ED students


Sep 15 10 Class attendance

 Topic 5 Managing Information

Submission as draft for Assignment 3

Sep 22 11 Self directed learning

Review Topic 5 Managing Information
 P.98 Ex 105.
Read Topic 6 Work teams Activities





Sep 29 12 Class (collaborative session)

Topic 6 Work Team Activities

Topic 7 Professional Development

Assessment 2 due- Presentation

 5 and 6
Oct 6 13 Self directed learning

Review Topic  6 Work Team Activities


P. 98 Ex 105

 5 and 6
Oct 13 14 Class attendance

Topic 7 Professional Development

Assessment 3 due

Prepare for re submissions for Assignment 3 as final attempt in week 16

 5 and 6
Oct 20 15 Class attendance

Review Topic 7 Professional Development

P. 69 Ex 2-4

Oct 27  16 Class  Resubmission of Assignment work due as resubmissions  1-7

Learning Resources

Prescribed Texts

Apply Principles of Professional Practice to Work in the Financial Services Industry.  Edition 3 (November 2011)  Author Peter Bull Software Publications



Relevant learning resources will be placed on the learning hub (DLS) progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class.

Other Resources

Online Learning Materials

Online learning materials can be accessed via the RMIT website to the Online Learning Hub.  Log in and select EMPL5892C -Apply Principles of Professional Practice in the Financial Services Industry

It is essential to have access to an internet connected computer outside of class times. 


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.

Assessment Tasks

Critical aspects of assessment:

Evidence of the ability to:
• access, interpret and analyse product and service information provided by industry sectors
• interpret and comply with relevant legislation, regulations and industry codes of practice and ethics applicable to the workplace
• recognise and implement sustainability principles and work practices
• analyse, evaluate and organise relevant information
• plan work and maintain a team environment taking into account any constraints and available resources
• identify and evaluate professional development opportunities

All competency based assessments for this course must be completed to achieve CAG.  Once Competency has been established a grade  is applied.  This grade will only be applied if  a CAG has been achieved in all compulsory assessment tasks.  For this Assessment task you are required to work individually. 

Task 1  Due date:  Week 4 This  assessment is to be done individually

a) An ASIC Investigation
b) One or more "scams" listed on the ASIC website
c) A case of Identity theft or other Data security violation
d) Any other relevant Financial sector market misconduct investigation or prosecution

In all the above topics students should endeavour to explain the following:

a) The facts of the case
b) How the "scam" worked
c) The relevant codes of practice and laws breached
d) The outcome of the case, including the consequences for any parties/stakeholders

Task 2:    Due date:  End of week 12  (Groups of 4 students)
The task for this assessment is to research  websites for organisations that publish Sustainability (TBL) reports either as part of their Financial Report or as a stand alone report.    A presentation is required with the student to demonstrate their understanding of the concept off Sustainability (TBL)

Task 3:    Due date: End of week 14 This assessment contains multiple tasks focusing on job selection writing a cover letter, resume and a plan for further professional development addressing the specific job requirements specified by the employer. It is an individual assessment task.

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at;ID=ls0ydfokry9rz website.
• 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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.
• 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. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Marking Guide (competency)
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are delivered  by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.

The grading is according to the following criteria:


We are looking for a high level of ability to complete all tasks independently or as a group depnding on the assessment task..


We are looking for depth of understanding of the key concepts and knowledge required in working in the Financial services Industry. You should be able to demonstrate a thorough understanding of all applicable  legislative requirements in all the assessment tasks.


We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. .


We expect to see ongoing uploading of information from Blackboard and timely submission of all required assessment tasks.


We expect to see contributions to relevant discussions and scheduled Collaborate sessions. In addition some of your tasks should demonstrate a very good understanding of strategies for a collaborative approach (ie.Group work)
Final Grades table:

CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – 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.

Assessment Matrix

Assessment task Marks  Topics Elements
1.Individual  Presentations Scams CA/NYC  1-3 1 and 2
2 Group presentation- sustainability CA/NYC  4 3,4,5,6
3  Individual presentation- professional development CA/NYC 7 6,7

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:
Form to use:
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:;ID=g43abm17hc9w
Form to use:

Resubmissions (VET Programs):

If you are found to be Not Yet Competent in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
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:
More Information:;ID=7usdbki1fjf31

Other Information

In adherence with RMIT’s commitment to sustainability, course teachers will seek to incorporate environmental concerns in the facilitation of this course. These include, but are not limited to:
• Conserving natural resources
• Using recycled materials wherever possible
• Minimising pollution
• Applying energy savings measures
• Reducing waste
Students are encouraged to identify and follow environmental and resource efficient ways of working whilst studying this course 

For Online Collaborative session please ensure you have Java installed on your computer and a handset and microphone

Course Overview: Access Course Overview