General Information
This subject is designed for students seeking to manage their own finances in a planned, comprehensive approach as well as those seeking to pursue a career in the financial planning industry. Upon successful completion, you will be able to develop and use financial plans, understand the range of financial products and services available and formulate competent recommendations for individual or household finances.
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Details
Academic unit: Bond Business School Subject code: FINC13-308 Subject title: Personal Finance Subject level: Undergraduate Semester/Year: January 2024 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Seminar: x12 (Total hours: 24) - Seminar 1
- Seminar: x12 (Total hours: 24) - Seminar 2
- Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
Attendance and learning activities: Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. -
Resources
Prescribed resources: Books
- C. C. H. Editors (2020). Australian Master Financial Planning Guide 2020/21. n/a,
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | FINC13-308 |
| Subject title: | Personal Finance |
| Subject level: | Undergraduate |
| Semester/Year: | January 2024 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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 |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
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:
- Demonstrate an in-depth knowledge of financial planning and investments concepts and principles.
- Demonstrate knowledge of the regulatory requirements and professional ethics applicable to a financial planning professional.
- Apply knowledge and skills of financial planning to assess an individual’s financial situation and design a professional financial strategy that addresses the client’s needs.
- Demonstrate the ability to work together as a financial advisory team to prepare a comprehensive financial plan.
- Articulate ideas, decisions, recommendations and other information in a clear, concise writing style tailored to a specific client.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Computer-aided Test (Open) An iLearn-based quiz of multiple-choice and short answer questions. 20.00% Week 4 1,2 Computer-aided Test (Open) An iLearn-based quiz of multiple-choice and short answer questions. 20.00% Week 7 1,2 Computer-aided Test (Open) An iLearn-based quiz of multiple-choice and short answer questions. 20.00% Week 12 1,2 Project Plan§ Teams of 3 or 4 students work as financial consultants to prepare and present a comprehensive financial plan. 40.00% Week 13 1,2,3,4,5 - § 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.
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Assessment criteria
Assessment criteria
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. Quality assurance
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.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-aided Test (Open) | An iLearn-based quiz of multiple-choice and short answer questions. | 20.00% | Week 4 | 1,2 |
| Computer-aided Test (Open) | An iLearn-based quiz of multiple-choice and short answer questions. | 20.00% | Week 7 | 1,2 |
| Computer-aided Test (Open) | An iLearn-based quiz of multiple-choice and short answer questions. | 20.00% | Week 12 | 1,2 |
| Project Plan§ | Teams of 3 or 4 students work as financial consultants to prepare and present a comprehensive financial plan. | 40.00% | Week 13 | 1,2,3,4,5 |
- § 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.
Assessment criteria
| 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. |
Quality assurance
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.
Study Information
Submission procedures
Students must check the iLearn@Bond 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 the Lead Educator grants an extension. 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.
Academic Integrity
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
A peer-evaluation system will be used in this subject to help determine the individual marks for all group assessments. As part of the requirements for Business School quality accreditation, the Bond Business School employs 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.
Subject curriculum
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The Financial Planning Environment and Process
The contemporary financial planning and advisory landscape are explored. In-depth coverage of the legislative requirements of licence holders and authorised representatives are discussed. The client advisor relationship from the perspective of both ethical and professional conduct standards and duty of care legal requirements are covered. An overview of the steps in the financial planning process and in-depth goal setting are applied to case scenarios.
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Assessing and Monitoring Financial Health
Develops the ability to prepare, interpret and use personal balance sheets and cash flow statements to calculate the individual or family unit’s financial health. Key financial ratios are applied to an individual wealth to assist the development of financial wealth creation strategies and monitor performance.
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Personal Taxation
Considers the essential aspects of personal taxation predominantly from both a domestic perspective. The basics of a progressive personal income tax system, calculation of capital gains tax, salary packaging and fringe benefits tax are reviewed and applied to individual scenarios. Taxation of share investments, particularly the dividend imputation system, is covered.
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Managing Wealth Tax Effective Structures and Salary Packaging
Factors that affect the suitability of effective investment structures to safeguard assets and minimise tax are explored in a case context. The taxation advantages and disadvantages of both holding assets and deriving income via individual tax structures, partnerships, companies and different types of trusts are determined in case-specific context to develop the ability to offer sound financial advice.
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Superannuation and Retirement
The three phases of the superannuation (pension planning) process, contribution, accumulation and benefits are examined. Concessional and non- concessional contributions, suitable investments for superannuation including coverage of rules of compliant and non-compliant funds are discussed. Rules for accessing retirement benefits and conditions of release followed by types of benefit and taxation of benefit withdrawals are also considered.
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Direct Investments and Managed Funds
Accumulating wealth through the investment process is explored with emphasis on diversification to manage risk exposure. Emphasis on evaluating investment performance via ratios and other available criteria are applied to managed investment vehicles, including alternate investments.
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Emerging Trends
An overview of the emerging trends affecting the financial planning industry and finance in general are discussed. These may include and are not limited to: ethical investing, defi and cryptocurrency, fintech, climate change impacts, and money mindfulness.
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Leverage Investments and Credit Management
The management and the effective use of debt over an individual’s life cycle is explored. The differences between good debt and bad debt are explained. Advantages of using leverage to magnify returns and reduce taxes is examined including negative gearing and margin lending..
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Personal Risk Management
The comprehensive personal risk management process is reviewed and applied to the individual’s personal circumstances, including appropriate methods to estimate the amount and level of insurance required. Personal, property and third-party insurance needs of the individual are reviewed and applied.
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Social Security
Eligibility for different types of social security payments during the individual household’s lifecycle as either supplements or substitutes for income and discussed. Emphasis on age pension eligibility via calculation of the assets and income test are covered. Strategies to maximise the individual’s ability to obtain a full or partial pension are explored.
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Estate Planning
The steps in the estate planning process including the identification of estate and non-estate assets the creation of a valid will, guardians for dependents are examined.