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.

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 2 - 2020

Term 2 - 2020 Profile
Online
Term 1 - 2021 Profile
Online
Term 2 - 2021 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. Take Home Exam 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 - 2019 : The overall satisfaction for students in the last offering of this course was 4.3 (on a 5 point Likert scale), based on a 25.71% 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: 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
The SoA case study has been modified to meet the skill level of this cohort of students. A Portfolio of Activities is being piloted in T1 2020 to provide skill building progressively.
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
A panel of financial planning practitioners has been established. These practitioners have agreed to provide students with first-hand account of real-world financial planning. Additionally - a network for Young Careers has been established by the FPA and will be showcased to students in T1 2020 providing more real-world opportunities.
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
Teaching and assessment initiatives have been modified in T1 2020 to enable students to have more practical experience with financial planning software and develop scenarios.
Source: Have Your Say
Feedback
Students stated they found lecturer particularly helpful relating content back to situations in real life. Tutorials were interesting, discussions were thought provoking and the mini lectures and transcripts helped to manage full time work and study.
Recommendation
Design and delivery of the learning material will continue to focus on resources that work for different learning styles and needs.
Action Taken
Nil.
Source: Have Your Say
Feedback
Students were concerned that feedback from the first assessment was delayed and the scale of marks to effort was a concern.
Recommendation
Assessment regime has been modified to improve feedback turnaround and to have allocated marks better aligned to effort and expectations.
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 - Take Home Exam
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 - Take Home Exam