FINC11001 - Fundamentals of Personal Financial Planning

General Information

Unit Synopsis

This unit is the foundation unit for students completing the Financial Planning stream and covers the professional financial planning process, including the Australian legal framework and the responsibilities of financial planners. You will learn how to investigate a client's financial situation and turn the core elements of financial planning into a strategic financial plan. You will also be introduced to financial planning software, tools and templates used in real-world financial planning practice as well as communication methods aimed at building long term client relationships.

Details

Level Undergraduate
Unit Level 1
Credit Points 6
Student Contribution Band 3
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the unit.
Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 2 - 2019

Term 2 - 2019 Profile
Online

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Assessment Overview

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Assessment Tasks

Assessment Task Weighting
1. Practical Assessment 30%
2. Practical Assessment 30%
3. Examination 40%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%).

Consult the University’s Grades and Results Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 2 - 2018 : The overall satisfaction for students in the last offering of this course was 3.6 (on a 5 point Likert scale), based on a 47.83% response rate.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Source: Your Say and UCC evaluation.
Feedback
Students commented the grade for Assignment 2 [Strategy Report] should be worth more given the complexity of the task.
Recommendation
Recommendations for improvements in T2, 2018 run includes a Strategy Report template, an excel marking sheet to improve feedback turnaround times and re-weight grade from 20% to 30%.
Action Taken
Strategy Report grade was re-weighted to 30% and turnaround times were improved with an efficient rubric, a report template, and adding a specialist to the marking team.
Source: Your say
Feedback
Students commented on the need and benefit of a study guide for this unit.
Recommendation
To assist student learning, study guides aimed at consolidating learning instruction, readings and activities are in development and will be released in the next run of 2018.
Action Taken
A study guide was developed and implemented in T2 2018 and includes prescribed and supplementary reading lists, self study and practical application questions / solutions.
Source: UCC Evaluation
Feedback
Enhancing student learning in an online environment.
Recommendation
To enhance student learning and develop engaging learning tools, more short instructional vignettes will be released in the next runs of this unit in 2018.
Action Taken
Additional instructional vignettes were released in T2 2018 and several tutorials included guest practitioners speaking about real world financial planning issues.
Source: UCC, Your say
Feedback
Students in T2 2018 were concerned and challenged by the complexity and time consuming nature of Assignment 2 [Statement of Advice].
Recommendation
Reduce the complexity of the [SoA] case study to a single financial planning problem and introduce progressive and assessed practical learning tasks.
Action Taken
Nil.
Source: UCC, Guest speaker comments and student feedback.
Feedback
Students and guest speakers commented on the broad benefits stemming from tutorials aimed at enhancing learning with real-world discussion and debate.
Recommendation
Continue to involve financial planning community as mentors and span a bridge over the gap between the classroom and real-world environments.
Action Taken
Nil.
Source: UCC, Industry forums
Feedback
More focus on financial planning software tools
Recommendation
Practical exercises and assignment tasks will be revised to include more engagement with XPLAN, a leading financial planning software which CQU students have access to. In doing so, tasks will be simulated to mimic real-world practise.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Explain and apply the process and Australian legal framework of financial planning.
  2. Present strategic advice which meets the financial planning needs and objectives of clients in a variety of circumstances.
  3. Communicate effectively with clients to solve financial planning problems.
  4. Construct financial planning scenarios using industry standard software.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4
1 - Practical Assessment
2 - Practical Assessment
3 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4
1 - Communication
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
6 - Information Technology Competence
7 - Cross Cultural Competence
8 - Ethical practice
Alignment of Assessment Tasks to Graduate Attributes
Introductory Level
Intermediate Level
Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9
1 - Practical Assessment
2 - Practical Assessment
3 - Examination