Course Title: Interpret and use financial statistics and tools
Part B: Course Detail
Teaching Period: Term2 2023
Course Code: ECON5052C
Course Title: Interpret and use financial statistics and tools
School: 525T Business & Enterprise
Campus: City Campus
Program: C6181 - Advanced Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Colin Byron
Nominal Hours: 60
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
There are no pre-requisites for this unit.
Course Description
This unit describes the skills and knowledge required to access, interpret, analyse and record statistical data in the financial services industry. It encompasses producing new statistical information and reports from existing data using a range of tools and processes.
It applies to individuals with an understanding of the sources of financial data, and statistical methods and techniques for analysis. It is a base unit on which other skills required for work in the financial services industry can be built. It applies across all sectors of the industry.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSINC612 Interpret and use financial statistics and tools |
Element: |
1. Apply statistical methods to work |
Performance Criteria: |
1.1 Determine required work outcome and required data 1.2 Evaluate and select statistical tools and techniques applicable to financial services work to suit required work outcome |
Element: |
2. Source and interpret statistical data |
Performance Criteria: |
2.1 Access internal and external data and information sources to gather required data 2.2 Validate data according to industry statistical standards 2.3 Verify currency and utility using data summaries and trends 2.4 Interpret and use sampling techniques and diagrammatic, graphical and tabular information to achieve required work outcome |
Element: |
3. Analyse data using statistical techniques and tools |
Performance Criteria: |
3.1 Analyse statistical data according to organisational requirements and priorities 3.2 Analyse and apply tools and techniques to correct data errors 3.3 Produce reports of analysis in format suited to meet required work outcome |
Element: |
4. Record statistical data analysis results and records |
Performance Criteria: |
4.1 Confirm accuracy and consistency of analysis with industry and organisational standards 4.2 File and store records to meet security requirements |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is clustered (co-delivered and co-assessed) with ACCT5390C Evaluate organization's financial performance
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Teaching Schedule:
Course schedule:
Week |
Topic |
Reading & Activities |
Assessment |
1 |
Introduction to unit and Teacher What will the unit cover Overview of Assessments 1 - 3 Subject protocols - methods of delivery/facilitation Required Materials Communication Topic 1. Finance Introduction and Finance function. Overriding goal of financial management |
Reading: * Canvas Shell Navigation * What is leverage Activity: EPS Questions
|
Learning quizzes 1 and 2 available. Due Week 4 |
2 |
Topic 2 : Accessing, Interpreting and using Financial Statistics for the Financial Services Industry This includes discussing the Australian Bureau of statistics (ABS), Reserve Bank, ATO, etc
|
Resources: Topic Slides and Video Activity: ABS Website questions & Review questions
|
|
3 |
Topic 3 -Visual Presentation of Data (Charts, Graphs and Tables) and Financial Ratios. This week we will be discussing the range of statistical ratios and analysis tools relevant to the financial services industry. We will also look at different types of graphs, charts, diagrams and tables used in statistical modelling and reporting. We will look at the key stakeholders that use these these ratios, the calculations from the financial statements and what the ratios and charts are used for. We will also look at frequency distribution and we will use graphs to display outcomes in a sample. Additional activities will include sampling and Long term and short term Plans |
Resources: Powerpoints, use of excel and videos. Visual presentations Activity: Review questions Ratio and pie/chart questions Frequency tables, gearing
|
|
4 |
Topic 4 Business Statistics Measures of Central Tendency and Dispersion Standard Deviation and Normal Distribution |
Reading: Canvas Materials Activities: Central Tendency questions Measures of dispersion questions Normal Distribution questions
|
Learning Quiz 1 and 2 Due for submission |
5 |
Topic 5 Correlation and Regression Analysis Portfolio Analysis Capital Asset Pricing Model (CAPM) |
Reading: Canvas materials Activities: Correlation and Regression questions |
|
6 |
Topic 6 - Cost of Capital Debentures - Yield to Maturity Weighted Average Cost of Capital (WACC) |
Reading: Canvas materials Activities: Cost of Capital questions and WACC questions |
Assessment 1 due for submission |
7 |
Topic 7 - Working Capital Management Time Value of Money |
Reading: Canvas materials Activities: Working Capital Questions Feedback on Assessment 1 |
|
8 |
Topic 8 Inventory Management including EOQ and Safety Stock and Z factors |
Reading: Canvas materials Activities: EOQ and Safety stock questions |
|
9 | Topic 9 Accounts Receivable Management including DSO and Prompt discount rate calculations |
Reading: Canvas Materials Activities: Debtors questions |
Assessment 2 Due for Submission |
10 |
Topic 10 - Long Term Planning and Capital Budget NPV and cash flow construction and
|
Reading : Canvas materials Activities: Capital Investment questions
|
|
11 | Topic 11 Lease vs Buy |
Lease vs Buy Questions Feedback on Assessment 2 |
|
12 | Work in Class on Assessment 3 |
Review excel model calculations and business Report | |
13 | Work in Class on Assessment 3 | Review excel model calculations and business Report | |
14 |
Revision |
Assessment 3 Due for Submission | |
15 | Assessment 3 Role Play |
|
|
16 | Feedback on Assessment 3 | ||
17 | Final date for resits/re-submissions | ||
18 | Final results |
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- interpret and use financial statistics and tools on at least three occasions.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- statistical ratios and analysis methods, tools and techniques required in the financial services industry
- industry and organisational statistical standards
- process for verifying currency and utility of data
- process for reporting analysis
- mathematical principles of statistical standards and methods used in the financial services industry, including:
- sampling techniques used to gather data
- data validation techniques
- sources and relevance of information available to the financial services industry
- types of graphs, charts, diagrams and tables used in statistical modelling and reporting.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- statistical modelling software and data
- office equipment, technology, software and consumables
- organisational policies and procedures, legislation and regulations as they relate to financial statistics and tools
- statistical reports and data.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Assessment Tasks
This course is clustered (co-delivered and co-assessed) with ACCT5390C Evaluate organization's financial performance
The cluster will have 3 assessments.
Assessment 1-Extended Response Questions: comprises of a series of extended response questions covering financial statistics and financial management. This assessment will allow you to demonstrate your knowledge required to access, interpret and analyse statistical data in the financial services industry and evaluate returns to operations, determine short-term and ling-term needs and evaluate an organisation's financial position and performance. Assessment 1 is to be submitted as per the CANVAS syllabus.
Assessment 2 - Source and interpret statistical data Case Study. This assessment task will allow you to demonstrate your ability to access, interpret and analyse statistical data relevant to the financial industry. You will be required to source and interpret financial statistical data and analyse the data using appropriate techniques and tools. You will preparing a report to your client outlining your recommendations. Assessment 2 is to be submitted as per the CANVAS syllabus.
Assessment 3 - Financial Performance Case Study. The case study will be discussed extensively in class and students will have the opportunity to work on it during the Semester. You will be assessing the financial performance of the company using financial techniques submitted on a spreadsheet and preparing a Report including an evaluation of the business and recommendations to address the owners concerns. You will also conduct a role play with the business owner to discuss the report. Assessment 3 is to be submitted as per the CANVAS syllabus.
You must successfully complete all tasks to be deemed competent in this course.
Assessment Matrix
Assessment Martix - Refer both Competency Assessment Maps in CANVAS. Refer:https://rmit.instructure.com/courses/120876/assignments
Other Information
Submission Requirements
You should:
- Ensure that you submit assessments on or before the due date.
- Always retain a copy of your assessment tasks. (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
Where an extension of greater than seven days is needed, you must apply for Special Consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Re-submissions (VE Programs):
If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one re-submission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the re-submission.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Course Overview: Access Course Overview