This subject applies the principals of finance in the context of individual and household planning and investment decisions. It is aimed at both students who want to effectively manage their own finances in a comprehensive and planned way and to provide a strong introductory basis for those who wish to pursue a career in the financial planning industry. To this end it addresses the need for making rational and well-informed financial decisions at the individual or personal level. Students are expected to develop and use financial plans, understand the range of financial products and services available to them, and master techniques required to formulate competent recommendations for the individual or household. Topics covered include the financial fundamentals, the financial services regulatory framework, professional and ethical skills, consumer finance, taxation issues, tax effective investment vehicles, risk management process including insurance, personal investment in securities and real estate, both directly and indirectly through managed funds and other pooled investment vehicles, and superannuation and retirement planning, including appropriate aspects of social security and estate planning. This course is required for ASIC RG146 accreditation in conjunction with FINC12-200 Fundamentals of Finance
|Academic unit:||Bond Business School|
|Subject title:||Personal Finance|
Delivery & attendance
|Attendance and learning activities:||Attendance at both weekly seminars is COMPULSORT and attendance and participation is recorded due to work integrated learning to prepare for client interviews in group teams. Most sessions build on the work of the previous one. It is difficult to recover if you miss a session. Attendance in both sessions will be monitored and non attendance will impact the final mark in this subject. Seminar questions are an essential part of the learning for this subject and marks are provided for satisfactory completion of seminar questions and attendance. Each week homework questions will be set and should be attempted prior to the workshop where a selection of the problems will be worked through. Time will also be set aside in class to discuss current issues of interest or explore the lecture material in greater depth. Solutions to questions will be posted on iLearn at the end of each week.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Identify the role of the financial planner or investment advisor.
- Appreciate the regulatory environment in which financial planners operate, within their ethical and professional responsibilities.
- Explain the six steps in the financial planning process and how to undertake these as a professional financial services provider.
- Demonstrate how to set effective, measurable and achievable financial goals.
- Prepare and analyse comprehensive personal financial statements to evaluate financial performance and personal wealth.
- Demonstrate and apply a sound knowledge of the Australian tax system and effective tax structures and the Australian superannuation system.
- Demonstrate an understanding of the relationship between risk and return and the various types of investment categories.
- Recognize characteristics of managed funds and comprehend the significance of this investment tool in today's investment market.
- Estimate your retirement needs and analyse your current position in superannuation, insurance needs,and social security benefits.
- Prepare a comprehensive financial plan for individuals and family units with supporting calculations and sound recommendations.
|Case Analysis §||Students will form teams of a maximum of 4 and be given a case study of a financial situation to complete. They are to apply each topic and illustrate their critical thinking and analysis to construct a comprehensive statement of advice for a given client situation. This is an ongoing case study that utilises every topic and is excellent revision for both exams.||28%||Progressive||3, 4, 5, 6, 7, 8, 9, 10.|
|*Class Participation||Seminar Questions & Class Participation||8%||Weekly||1, 2, 3, 4, 5, 6, 7, 8, 9, 10.|
|Paper-based Examination (Closed)||Mid-semester Examination||32%||Mid-Semester Examination Period||1, 2, 3, 4, 5, 6.|
|Paper-based Examination (Closed)||Final Examination||32%||Final Examination Period||1, 2, 3, 4, 5, 6, 7, 8, 9, 10.|
In order to achieve a passing grade in this subject, students are required to achieve a satisfactory grade in each piece of assessment. Exams ( mid-semester and final exam) and the major case study will cover material from the text, lecture, class handouts and workshops. Students are permitted ( and encouraged) to use financial calculators, the internet and computers in all their work.
- § Indicates group/teamwork-based assessment
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
As part of the requirements for Business School quality accreditations, the Bond Business School employs an evaluation process to measure and document student assessment as evidence to the extent to which program and student learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work will be treated confidentially and no student grades will be affected.
Individuals and families at different points in their lifecycle have different needs and financial goals. Advisors have to navigate the regulatory environment, the financial planning process, skills, Reports and plans, Taxation, Effective Tax Structures and Salary Packaging, Risk Management and Insurance, Superannuation, Direct Investments and Managed Funds. Social Security and Estate Planning.1, 2, 3, 4, 5, 6, 7, 8, 9.
McKeown et. al., Ch 9 plus video7.
Catch up Seminar in Session 2