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 SCA Band 4
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 - 2022

Term 2 - 2022 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 1 - 2021 : The overall satisfaction for students in the last offering of this course was 4.3 (on a 5 point Likert scale), based on a 42.59% 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: Sessional lecturer
Feedback
Additional material, including extra demonstrations and recordings on XPlan was provided to the students throughout the Term.
Recommendation
Continue to update the unit materials going forward.
Action Taken
Unit content will continue to be updated each term as financial planning is an every changing dynamic discipline
Source: Sessional lecturer
Feedback
There were a number of portfolio activities that were time consuming to do and mark and the students were in the middle of doing these when there was a change of teacher. The turn around was approximately two weeks. The exams were marked before the deadline.
Recommendation
The portfolio activities may be better done as a quiz or to turn them into pre-preparation material for the main scoped Statement of Advice Assessment
Action Taken
Portfolio activities were converted to a multiple choice quiz. In the future the unit coordinator is considering turning the portfolio of activities into pre-preparation material for the main scoped Statement of Advice Assessment
Source: Sessional lecturer
Feedback
Drop in sessions were also provided for students for consultation around assessment which the students appreciated and allowed them to be more engaged. Some students who didn't turn up at the online workshop sessions attended the drop in sessions.
Recommendation
Doing a poll on timing of workshop sessions may assist with the best time for students to attend. Some students were unable to attend the workshops due to work commitments.
Action Taken
Recordings of the weekly Zoom Workshops were posted on Moodle to address the needs of students who were unable to attend the Zoom Workshops due to employment or other commitments
Source: Student Evaluation
Feedback
One student comment: "In my opinion it will be really easy if there are more practice questions in the end of every week. So one can revise, even in the study guide I would love to see a summary of week rather than just a introduction."
Recommendation
The lecturer can incorporate weekly workshops focusing on content and practice questions.
Action Taken
Weekly Zoom workshops were incorporated to be flexible and cover unit content, assessment tasks and any questions students are struggling with. Encouraging students to engage with the Moodle Q&A forum to address their issues sooner rather than wait a week for the next Zoom Workshop has also been introduced
Source: Student Evaluation
Feedback
Student feedback suggested finding content on the Moodle site was sometimes difficult, confusing and stressful, because of the way the content was stored
Recommendation
Redesign the Moodle site with appropriate headings and subheadings where content can be stored so that it can be found with ease.
Action Taken
With the newly designed Moodle webpage, continually improving this issue will continue from term to term
Source: Student Evaluation
Feedback
A student felt lectures were way too long suggesting it would be handy to have a pre-recorded lecture without the student involvement. They felt the lectures and assessments took much longer than anticipated.
Recommendation
Redo the recordings to provide content only and try and reduce the content on the Moodle site.
Action Taken
Weekly Zoom recordings were changed from a three-hour lecture/tutorial to a two-hour workshop
Source: self-evaluation
Feedback
Overall the unit ran well, especially when students realized posting their unit content and assessment queries using the Moodle Q&A Forum gets them answers faster than using other means of communication. It especially encouraged students to help each other solve problems around unit content and assessments.
Recommendation
Continue to encourage students to use the Moodle Q&A Forum to get academic and assessment support from the unit coordinator and their peers (virtual classmates)
Action Taken
Nil.
Source: staff feedback (peer review);
Feedback
Complaints about some of the multiple choice questions being too ambiguous, inappropriate and open to interpretation and misinterpretation led to a feedback and peer review meeting between the unit coordinator and supervisor
Recommendation
When students are dissatisfied with any assessment tasks that leads to a formal complaint, it is important the issue, however minor is addressed by the unit coordinator within the scope of CQU's complaints handling process
Action Taken
Nil.
Source: student feedback (formal unit evaluation responses)
Feedback
Students appreciate lecturers that are approachable, helpful, supportive and nurturing that gives them that personal touch given the unit is challenging and can be overwhelming for new entrants to financial planning
Recommendation
Continue to encourage and support students navigate a challenging unit
Action Taken
Nil.
Source: student feedback (formal unit evaluation responses)
Feedback
Students appreciated real-life examples and interesting workshops where the knowledge was relayed in an easy to understand manner
Recommendation
Continue to offer workshops where the unit content is explained in an interesting easy to understand manner
Action Taken
Nil.
Source: student feedback (formal unit evaluation responses)
Feedback
Students found the resources on Moodle were too much, overwhelming and puts them off reading if it is too much content
Recommendation
Review the unit Moodle reading content volume for assessments and learning
Action Taken
Nil.
Source: student feedback (formal unit evaluation responses)
Feedback
Written assessment needs to be proof-read to ensure it flows well and does not confuse students.
Recommendation
Review to consider engaging more than one proof-reader and reviewer for the assessment tasks to ensure it flows well and does not confuse students
Action Taken
Nil.
Source: student feedback (formal unit evaluation responses)
Feedback
Within the context of unit coordinator's workloads, public holidays and guest presenters. students want the workshop conducted in the week that the content is delivered as it helped the student watching the workshop after doing the content and readings really helped with the learning and understanding of the content.
Recommendation
Review whether classes are appropriate for Mondays or Fridays when public holidays usually occur, and whether guest speakers are adding any value for the students for an introductory course
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 10
1 - Practical Assessment
2 - Practical Assessment
3 - Take Home Exam