Course Title: Apply economic principles to work in the financial services industry
Part B: Course Detail
Teaching Period: Term2 2019
Course Code: ECON5050C
Course Title: Apply economic principles to work in the financial services industry
School: 650T Vocational Business Education
Campus: City Campus
Program: C6163 - 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
+61 399255519
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.
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: |
FNSINC601 Apply economic principles to work in the financial services industry |
Element: |
1. Apply economic principles and theories |
Performance Criteria: |
1.1. Knowledge of economic principles that apply to the industry is developed and applied 1.2. Microeconomic theory of markets and how this influences financial products and services is understood 1.3. Capital adequacy regulation and requirements as they apply to work functions are accessed and considered |
Element: |
2. Evaluate economic aspects that apply to decision making |
Performance Criteria: |
2.1. Relevant financial modelling techniques are applied to economic data to inform decision making 2.2. Appropriate asset pricing models and their application are known and used 2.3. Models of determining organisational value in relation to capital structure are applied |
Element: |
3. Review own work |
Performance Criteria: |
3.1. Own work is evaluated in the context of relevant economic principles 3.2. Ways to improve performance through understanding of how economics applies to own decision making are considered |
Element: |
4. Maintain personal understanding of economic policies |
Performance Criteria: |
4.1. Current economic theories and their impact on the industry are researched to ensure relevant knowledge is current 4.2. Contemporary economic principles are integrated into work practices |
Learning Outcomes
Details of Learning Activities
The Advanced Diploma is mainly 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.
RMIT’s simulated work environment (Practice Firm), called The Swanston Banking Group Ltd, is a key feature of the diploma so we can deliver coursework and current industry practices. Within the firm you will be required to undertake a range of work-related activities. You will have the opportunity to develop skills in collaboration, structuring meetings, working with client files and engaging with simulated clients in the form of role plays. You will assume the role of the financial services industry professional working in the Practice Firm as an employee with a position description. You will be expected to follow the bank’s policies and procedures.
In your roles you will be provided with a customer brief and you will be required to assess the client’s future financial status, or research and recommend services and products to meet their needs.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is comprised of one single competency.
FNSINC601 - Apply Economic Principles to Work in the Financial Services Industry
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
Weekly Course Schedule:
Week No. |
Date |
Topic: Apply Economic Principles to Work in the Financial Services Industry Competency Delivered:- ECON5050C |
Online activity |
Assessment |
Competencies Delivered |
1 |
|
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 Introduction into Economics |
Complete in class progressively |
Assessment Task 1 & 2 Students are required to demonstrate their knowledge by completing a series of theory and problem solving activities over the course of the semester. Assessment Task 1 Portfolio's 1-3 Assessment Task 2 Portfolio's 4-10 |
FNSINC601 |
2 |
|
Microeconomics Principles
|
Complete in class progressively |
Assessment 1 Begin Portfolio 1-3 |
FNSINC601 |
3 |
Microeconomics Principles
|
Complete in class progressively |
Complete Portfolio's 1-3 |
FNSINC601 |
|
4 |
|
Firms and Market Structures |
Complete in class progressively |
Complete Portfolio's 1-3 |
FNSINC601 |
5 |
|
Macroeconomic factors
|
Complete in class progressively |
Complete Portfolio's 1-3 |
FNSINC601 |
6 |
|
Fiscal and Monetary Policy |
Complete in class progressively |
Submit Portfolio's 1-3 |
FNSINC601 |
7 |
|
Fiscal and Monetary Policy
|
Complete in class progressively |
Assessment 2 Begin Portfolio's 4-10 |
ECON5050C |
8 |
|
Free Trade |
Complete in class progressively |
Complete Portfolio's 4-10 |
FNSINC601 |
9 |
|
The Balance of Payments and Exchange Rates
|
Complete in class progressively |
Complete Portfolio's 4-10 |
FNSINC601 |
10 |
|
The Balance of Payments and Exchange Rates |
Complete in class progressively |
Complete Portfolio's 4-10 |
FNSINC601 |
11 |
|
Economic Theory |
Complete in class progressively |
Complete Portfolio's 4-10 |
FNSINC601 |
12 |
|
Superannuation Regulation & Capital Adequacy |
Complete in class progressively |
Complete Portfolio's 4-10 |
FNSINC601 |
13 |
|
Complete portfolio's in class |
|
Complete Portfolio's 4-10 |
FNSINC601 |
14 |
|
Complete portfolio's in class
|
|
Submit Portfolio's 4-10 |
FNSINC601 |
15 |
|
Complete portfolio's in class
|
|
Student Review Portfolio's 4-10 |
FNSINC601 |
16 |
|
Re submissions |
|
FNSINC601 |
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FNSINC601 |
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Learning Resources
Prescribed Texts
References
Apply Economic Principles to work in the financial services Industry 3 rd Edition Anthony Di Stasio & Costa Georgeson |
9781925433012 |
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities
Overview of Assessment
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.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
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.
Assessors must satisfy NVR/AQTF assessor requirements.
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
This course is comprised of one single competency.
FNSINC601 - Apply Economic Principles to Work in the Financial Services Industry
You will demonstrate competency by undertaking two assessments.The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.
Critical Aspects of assessment are described above in the performance evidence for this course.
Students are required to demonstrate their knowledge by completing a series of 10 theory and problem solving activities over the course of the semester.
You must successfully complete all 10 activities to be deemed competent in this course.
Assessment Task 1 - Portfolio Activities 1-3 Week 6
NOTE: Details about specific tasks and assessment criteria will be included in each of the Assessment tasks documents listed in CANVAS (Learning Management System) under Assessments heading.
Assessment Task 2 - Portfolio Activities 4-10 Week 15
Purpose of the task: To allow you the opportunity to demonstrate your understanding of the economic concepts covered in class throughout the Semester and your ability to apply them to the Financial Services Industry.
NOTE: Details about specific tasks and assessment criteria will be included in each of the Assessment tasks documents listed in CANVAS (Learning Management System) under Assessments heading.
Assessment Matrix
Submission Requirements
You should:
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 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 (VET 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 CA only (Competency Achieved) 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:
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.
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Course Overview: Access Course Overview