Course Title: Apply economic principles to work in the financial services industry
Part B: Course Detail
Teaching Period: Term1 2017
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: Ben Sethia
Course Contact Phone: +61 3 9925 5982
Course Contact Email: ben.sethia@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Anthony Di Stasio
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 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
The Teaching Schedule for this course is as follows:
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
o Recognition of Prior Learning and Credit Transfers
o Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student Charter.
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.
Course Delivery
| Week | Week Commencing | Topics | Assessment |
| 1 | 6/2/2017 |
Introduction to the course including:
|
|
| 2 | 13/2/2017 | Introduction to Economics | |
| 3 | 20/2/2017 | Micro economic Principles |
|
| 4 | 27/2/2017 | Micro economic Principles | |
| 5 | 6/3/2017 | Market Failure | |
| 6 | 13/3/2017 | Firms & Market Structures | |
| 7 | 20/3/2017 | Macroeconomic Factors | |
| 8 | 27/3/2017 | Macroeconomic Factors | Assessment 1 Superannuation Assignment Due |
| 9 | 3/4/2017 | Fiscal & Monetary Policy | |
| 10A | 10/4/2017 | Fiscal & Monetary Policy | |
| 10B | 17/4/2017 | Fiscal & Monetary Policy | |
| 11 | 24/4/2017 | The Balance of Payments & Exchange Rates | |
| 12 | 1/5/2017 | The Balance of Payments & Exchange Rates | |
| 13 | 8/5/2017 | Economic Theory | Assessment 2 Overseas Impacts Assignment Due |
| 14 | 15/5/2017 | Revision | |
| 15 | 22/5/2017 | Test | Graded (Non Compulsory) Final Exam |
| 16 | 22/5/2017 | Resits | Resits and Re-submissions |
Learning Resources:
Text: Apply Economic Principles to Work in the Financial Services Industry
3rd Ed Anthony Di Stasio & Costa Georgeson Better Teams
The above schedule is a guide only and may vary as deemed necessary by the teacher.
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 bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
The mid-semester break will be between 13/4/2017 to 19/4/2017.
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 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
Assessment Tasks
TASK 1 (Due Date: End of week 8)
Superannuation Research Report
You will prepare a report for your employer and staff outlining the economic principles related to the Superannuation Industry in Australia.
TASK 2 (Due Date: End of Week 13)
Overseas Economic Impacts on Business
Here you will investigate the impacts on business from changes in then overseas sector.
TASK 3 (Due Date: End of Week 15) GRADED ASSESSMENT (Non-compulsory)
This will consist of Multiple Choice, True/False, Short Answer Questions and Extended Questions.
This is a non compulsory assessment which a student may sit in order to receive a grade in this subject.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Blackboard.
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 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 each assessment task 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.
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: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
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: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful 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: http://rmit.edu.au/browse;ID=7usdbki1fjf31
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