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Certificate IV in Accounting

Student Name: ID: Date

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STUDENT RESOURCEAssessment Resource

SummaryUnitDetails

FNSINC401 Apply Principles of Professional Practice to work in the Financial Service Industry

Assessment Methods

Assessment 1 Case Study (Written Report)

Assessment 2 Written Report


Version 1 Date Created: June 2013Implemented: July 2013



STUDENT DECLARATIONPlagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion

Please refer to the institute’s Assessment Policy.

I hereby certify that:

This assessment is my own work based on my personal study and/or research and not the work of another student and/or source and I have acknowledged all material and sources used to prepare this assignment.

I have not plagiarised or copied any part of this assignment from the work of any other student or source either.

I am aware of the requirements set by my trainer.

I have retained a copy of this assignment for my own records in the event I have to reproduce my work and I am aware that any assignment deemed NYC will require me to undergo reassessment and I may be required to complete a different assessment as per the Institute’s Assessment Policy.

Student’s signature: Date:



1. You must accurately complete the Student Assessment Pack. 2. In order to achieve all the Performance Criteria you must complete

Assessments 1, 2, 3 and 4 in this Student Assessment Pack.3. Your Assessor may want to discuss written answers with you to get

further evidence of your understanding and to check that it is your original work

4. You need to sign and date the Student Declaration Form.5. You are permitted to use dictionaries and to seek support, as

required. 6. Where your work has been deemed as unsatisfactory, you will be

permitted to resubmit the assessment up to three times. If, after 3 attempts to resubmit the assessment, you are still deemed NYC, the student will need to redo the unit.

7. Unless the assessment task specifically allows pair work or group activities such as brainstorming, you must submit their own original work and are not permitted to copy the work of other students. Plagiarism is never acceptable.

8. Assessments must be submitted on their due dates.9. Extensions are permitted in consultation with the trainer. 10.The Assessment is considered satisfactory if they demonstrate

satisfactory completion of all items on the assessments marking checklist11.To be competent students need to satisfactorily complete all four

assessments


Instructions to Students


Assessment 1

Performance objectiveYou are required to give your attention to investigate the legislation and policies in context of financial service industry and relate with the financial services industry policies and procedure where you have to also explore the external forces which may impact to financial industry functions.

Assessment descriptionYou are required to present the report where you have to find out the main participant who are involve in financial industry and what is the legislation, regulation and code of practice in which your job is governed. In this connection you have to explain how your work is in line with compliance of financial industry code of practice in terms of ethical approach. At last you have to investigate the external factors which may impact to your financial service industry in terms of deposit and lending. The word limit range is minimum 1500 to maximum 2000.

ProcedureOn the base of case provided below, you have been asked to submit a research report which provides knowledge to your board of director in regard to main participant of financial industry, legislation which guide to daily work of financial industry and external factors which may impact to financial industry. Your report should be included with undermentioned point:

1. Explain the main sectors of the financial industry and their interrelationship.2. Explain the role and responsibilities of other participant in financial service

industry. 3. Explain about the work practice which is related with relevant legislation,

regulation and code of practice. 4. Your code of practice in work place which is useful as per ethical approach.



5. Investigate the external forces which may impact to financial industry in terms of deposit and lending.

Specifications

Learners Candidates will need to prepare a report to board of directors of 1500 to 2000 words.

Case studyYou have gained ten years experiences in financial service industry. A group of renowned people who has gained rich experience in other industry and are planning to step in financial service industry as investors. This financial service industry is new for this group. So they have appointed you as Chief Executive Officer for their new planned business (financial service industry). In first step, your responsibility is to provide depth knowledge about the financial industry to your new board of directors. Step 1. You have to explain to your board of directors about the function of financial industry.Step 2. On the base of function of financial industry you have to give knowledge to your board that who are the main participant in financial industry with their responsibilities and which is the best suited in the present scenario. Step 3. You have to present report which gives idea in regard to work practice under relevant law. Step 4. You have to explain main ethical approach in work place which is main fundamental of code of practice. Step 5. After explanation of all above preliminary knowledge, you have to also present one report which gives knowledge to your board in regard to external drivers which may impact to your planned financial service industry business in terms of deposit and lending.



Marking Checklist for Assessment1

Candidate’s Name Phone no.Assessor’s Name Phone no.Assessment siteAssessment date/s Time/s

Outcomes

Did the candidate:Satisfactory

Yes NoPrepare report to the board of directors in regards to knowledge about financial industry.Complete a report that met the specifications?

Performance indicators

Did the candidate: SatisfactoryYes No

Demonstrate a knowledge and understanding of main sectors of financial service industry and their relationship?Understand the role and responsibilities of other participant in financial service industry?

Describe about the work practice which is related with relevant legislation, regulation and code of practice?

Investigate the external forces which may impact to financial industry in terms of deposit and lending?

Cite references and other sources of information appropriately and as required?

Comment :

Result: Satisfactory | Not Satisfactory | Not Assessed



Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.

Name:

Signature: ________________________

Date:

Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback

Name:

Signature: _____________________

Date:



Assessment 2

Performance objectiveThis assessment will enable the learner to gain further knowledge of a sector of interest within the financial services industry. This assessment task will focus on developing knowledge of industry guidelines, procedures and legislation relevant to the learner’s chosen sector.

Assessment descriptionThis assessment will require learners to identify a sector of interest within the financial services industry that they want to learn more about. Learners will be required to undertake research, prepare a set of interview questions, conduct an interview with an industry professional and present their findings in a report format.

Procedure

Prepare1. Select a financial services sector that you may be interested in working in one day.

2. Identify a business operating within that sector in your local area.

3. Contact the business to arrange a time to conduct an interview with an employee (this can be done via the telephone or in person). It is anticipated that the interview will run for approximately 30 minutes.

Interview1. Draft between 10 to 15 interview questions for a professional working within your chosen

sector of the financial services industry.

2. Review these questions with your classmates in a small group (or confirm their suitability with your facilitator if undertaking study via distance learning) to ensure answers to your questions will meet with all learning outcomes for this assessment task.

3. Conduct the interview and record answers for further analysis.



Report 1. Write a report of approximately 800 words based on your interview and research of

your chosen sector.

a. Describe the sector you are researching.

b. Outline the key roles found in this sector.

c. Provide a brief overview of the business in which the person you interviewed works.

d. Describe the key responsibilities of one of these roles in the sector based on your interview.

e. Outline the relevant legislation, regulations and codes of practice affecting employees in this sector.

f. Specify key work practices undertaken in this sector and how they relate to the relevant legislation, regulations and codes of practice.

g. Identify relevant codes of practice used within your chosen sector that are used to guide an ethical approach to workplace practice and decisions within your interviewee’s business.

h. Include a bibliography citing any internet and other reference material used.

Specifications

Learners

The candidate will need to provide a report of about 800 words providing an overview of their chosen financial services sector.

The report needs to address each of the key dot points outlined above under report. High quality assessments will provide explanation of all key terms, depth and analysis of each key dot point and adherence to professional reporting format.

A copy of the interview questions should be provided as an appendix to the report.



Marking Checklist for Assessment 2


Outcomes


Yes NoPrepare for and conduct an interview with a financial industry professional?Complete a report that met the specifications?



Demonstrate a knowledge and understanding of industry workplace practices and different role within workplaces?Research, review and prepare written information in consultation with others?Describe some of the legislative and regulatory factors that apply to this industry?Identify codes of practice and other workplace factors that are used to guide workplace practices?Effectively liaise with others in undertaking the task?Demonstrate clear personal communication skills (listening and questioning)?Identify the people that they consulted with in preparing their interviews?Cite references and other sources of information appropriately and as required?

Comment





Name:

Signature: ________________________

Date:


Name:

Signature: _____________________

Date:



Assessment 3

Performance objectiveThis assessment will assess the learner’s ability to gather, analyse and evaluate industry reports in regard to how they relate to the relevant industry sector and clients. This assessment will also evaluate how participants plan and work with others and manage resources and contingencies.

Assessment descriptionIn groups, research the Reserve Bank of Australia’s website and select and analyse three reports from the index of statistics. A written report summarising the information reviewed, its relevance to the industry and implications for finance professionals is required. You are to assume you are writing the report for a relevant client/customer. Learners will need to work collaboratively and prepare a written report. The report must clearly identify each individual’s contribution.

Procedure

Prepare1. Form groups of three to four people.

2. Select and review three relevant reports from the index of statistics from the Reserve Bank of Australia’s website.

3. Identify who the relevant client/customer will be for the purpose of your report.

ReportWrite an analysis of the three reports for your identified client. Make sure you address the following criteria.

Provide a short overview about the type of client your reports relate to. In other words, who is the report being written for? (Not your assessor!)

Provide a brief summary of each report.

Identify which key financial services each report relates to.

Discuss what implementations each report may have for finance professionals and finance industry clients.

Evaluate and explain how each report relates to the client.



Bibliography citing all references and information sources used.

During the process of doing assessment, be sure to clearly outline the following.

The names of each team member.

Tasks to be completed for the assessment in order of priority.

Deadlines for task completion.

Resources required completing each task.

Progress reports for each task of no more than 150 words in length, outlining progress towards completion, any changes to the task, or issues requiring adaptation by the team in completing the task.

Specification Each candidate will need to provide a copy of the team’s report. This should be about 1500

words and include an overview of their chosen financial services sector.

The report needs to address each of the key dot points outlined above. Reports must provide an explanation of all key terms, an analysis of each key dot point and adherence to professional reporting format.





Outcomes


Yes NoSubmit a 1500 word group report and identify their own contributions?Submit a completed team responsibility with the work group?



Locate, identify and analyse appropriate financial reports?Prepare a written report that compiled with the procedure and specifications?Cite all references and sources of information used in preparing the report?Prepare documents that met target client and/or audience expectation?Effectively plan work and tasks for self and in conjunction with other colleagues to meet deadlines and milestones?Contribution to team planning processes?Identify who their group members were and their roles?Demonstrate knowledge of financial legislation and statutory requirements and use this to prepare and present information?Demonstrate appropriate interpersonal and communication skills?Use a range of information technology and software applications for research, report, writing and presenting information?

Comment.





Name:

Signature: ________________________

Date:


Name:

Signature:_____________________

Date:



Assessment 4

Performance objectiveMaintaining professional competency is essential in the financial services sector and changes occur frequently. The aim of this assessment is to determine the participants’ ability to identify, plan and undertake their own professional development activities.

Assessment descriptionProduce a professional development plan for yourself through researching available training and education programs, seminars, industry networks and professional bodies.

ProcedureTo complete your professional development plan you may need to consult with an industry professional and/or undertake other research. Make sure you address the following criteria when compiling your plan.

1. Identify the industry sector or organisation you wish to work in.

2. Identify what professional development needs and goals are required for this sector/organisation with a brief explanation of what each one is about.

3. Provide a self-analysis of your own skills and knowledge gaps (see SWOT example in the Student Workbook).

4. Devise a realistic professional development schedule for the next two years for yourself.

5. Provide a short explanation as to why you have prioritised and chosen each of the professional development activities above.

6. Outline what prior competencies/authorisations/licensing requirements are needed by participants undertaking each of the professional development activities you have selected in your two year plan.

7. Include a bibliography citing all reference and information sources used.



Specifications

Learners Candidates will need to provide a professional development plan of about 600 words.

The plan needs to address each of the key points outlined above. High quality assessments will provide explanation of all key terms and depth and analysis of each key criterion.





Outcomes


Yes NoComplete a 600 words written report that includes a SWOT analysis and two-year PD plan.Explain in satisfactory detail the PD and training needs for a professional working in a specific financial service industry sector?Describe any specific licensing or industry authorisations needed for a career in this sector?



Identity and explain PD opportunities and pathways to acquire the necessary skills, competencies and licenses required to work in this industry sector?Demonstrate a good knowledge of products and services industry professionals typically provide?Demonstrate an ability to research, analyse and collate information into written reports?Cite reference and information sources used correctly?Plan and meet own organizational deadlines?Identify and describe the consultation and feedback provided on their PD plan?

Comment





Name:

Signature: _____________________

Date:


Name:

Signature:_____________________

Date:




Record of AssessmentLearner Details Assessor Details

Name: Name:

Course Code: FNS40611: Certificate IV in Accounting

Unit Code: FNSINC401B Unit Name: Apply principles of professional practice to work in financial service industry.

Assessment ActivityResult(S: Satisfactory(U: Unsatisfactory)

Comments

Assessment 1 Case Study (Report) S

U

Assessment 2 Written Report S U



The learner is Competent

Not Yet Competent

Assessor Signature Date

Learner Signature Date

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