Units

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Sample subject outline - Semester 2 2012

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

The complex regulatory environment in which retirement incomes policies operate gives rise to a need for accountants and other business professionals to have comprehensive knowledge and understanding of wealth management issues. This unit introduces students to personal wealth management, in particular, the Australian superannuation system and its regulatory framework, and associated investment and risk management strategies. The knowledge and skills developed in this unit are essential for accounting professionals working in any areas of practice associated with the administration or auditing of superannuation funds, advising employers about superannuation, or providing individuals with financial planning services.

The unit also provides ideal preparation for those intending to complete the Personal Financial Planning and Superannuation segment of the CPA Program and comply with ASIC's RG146 requirements.

Aims

The aim of this unit is to develop students' knowledge and understanding of personal wealth management to equip graduates seeking career opportunities in the superannuation industry, financial planning or other areas of business dealing with superannuation-related matters affecting organisations and/or individuals.

Objectives

Course Learning Goals (Postgraduate)

The Faculty of Business has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:

Have knowledge and skills pertinent to a particular discipline (KS)

1.1 Well-researched knowledge and critical understanding applied to issues at the forefront of a specialised discipline area
1.2 Ability to select and use effectively a range of tools and technologies to locate and/or generate information appropriate to the disciplinary context

Be critical thinkers and effective problem solvers (CTA)

2.1 Apply logical, critical and creative thinking and judgement to generate appropriate solutions to problems in the disciplinary context

Be professional communicators in an intercultural context (PC)

3.1 Ability to create and present professional documents and/or reports using high levels of analysis/synthesis/evaluation for a range of contexts and audiences
3.2 Ability to orally communicate and justify ideas and information, at a professional level, for a variety of contexts and audiences, including peers and discipline specialists

Be able to work effectively in a Team Environment (TW)

4.1 Operate effectively and with flexibility to achieve common goals in collaborative settings, using a range of skills, including leadership, negotiation, reflection, proactivity and support for team members

Have a Social and Ethical Understanding (SEU)

5.1 Apply knowledge of the ethical, social and cultural dimensions relevant to business situations, including appropriate standards or codes of practice, to provide courses of action

Unit Objectives
On completion of this unit you should be able to:

1. Understand the personal wealth management operating environment and the regulatory framework governing the operations of pension/superannuation funds, including prudential supervision, financial services regulation, Superannuation Guarantee legislation, and taxation issues
2. Identify and analyse problems in superannuation encountered by regulators, accountants, auditors, fund trustees, members, advisers and other stakeholders within and outside the superannuation industry
3. Appreciate the consequences and implications of investment choices and other superannuation and wealth management decisions impacting superannuation fund trustees, employers, service providers and individual fund members
4. Draw together the various elements in the preparation of a comprehensive statement of advice to clients on wealth management and superannuation matters

The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.

Content

This unit commences with an overview of the superannuation and wealth management industry in the context of the Australian government's retirement incomes policy and the regulatory structures. Detailed examination of specific issues will follow, including:
· An introduction to personal wealth management (financial, investment, and taxation planning)
· Alternative types of superannuation benefits and fund structures
· Governance of superannuation funds
· Audit and reporting of superannuation funds
· Taxation of superannuation
· Investment strategies and choice decision-making in various wealth management contexts (e.g. termination payments, estate planning, and social security)
· Personal wealth management in an international context.

Approaches to Teaching and Learning

Weekly classes will take the form of one three-hour seminar which will comprise a mix of lecture, workshop and tutorial, varying in accordance with particular topics. Students are expected to read all the material prescribed for the topic each week, prepare written answers to assigned questions and participate in class discussions of the relevant issues. The questions are designed to cover the most important aspects of each topic and they provide an excellent method for determining whether or not you have properly grasped the material. They also give you experience in answering both conceptual and applied questions for examination purposes. If done properly in the first instance and upgraded at a later date, they constitute very useful material for revision purposes. The content and teaching strategies also relate to the development of particular postgraduate capabilities.

Assessment

Students will receive feedback in various forms throughout the semester which may include:

• Informal: worked examples, such as verbal feedback in class, personal consultation


• Formal: in writing, such as checklists (e.g. criteria sheets), written commentary


• Direct: to individual students, either in written form or in consultation


• Indirect: to the whole class

Assessment name: Class Assignment
Description: The weekly class assignments are aimed at progressively building knowledge and understanding of the key issues as they are examined throughout the semester. Also, as the amount of learning that takes place in this unit critically depends on class discussion and interaction, it is important that students come to class prepared to discuss and debate their weekly assignment attempts. Class assignments include all assigned discussion questions, problems, case studies and tasks allocated each week. Written assignments will be collected randomly during the semester and marks will be progressively awarded for quality of submitted assignment attempts and the quality of class discussion and interaction.
Length/Duration: To be advised
Formative or Summative: Formative and Summative
Relates to objectives: Unit objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), (1.2), CTA (2.1), PC (3.1), SEU (5.1)
Weight: 20%
Internal or external: Internal
Group or individual: Individual
Due date: Weeks 2 to 13

Assessment name: Mid-semester Exam
Description: The mid-semester exam will consist of a mixture of conceptual and applied questions drawn from topics covered in preceding weeks of the semester. Detailed information will be provided closer to the examination.
Length/Duration: 1 hour
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), (1.2), CTA (2.1), PC (3.1), SEU (5.1)
Weight: 20%
Internal or external: Internal
Group or individual: Individual
Due date: Week 6

Assessment name: Final Exam
Description: The final exam will consist of a mixture of conceptual and applied questions drawn from topics covered during the semester. Detailed information will be provided closer to the examination date.
Length/Duration: 2 hours
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), (1.2), CTA (2.1), PC (3.1), SEU (5.1)
Weight: 60%
Internal or external: Internal
Group or individual: Individual
Due date: Central Exam Period

Academic Honesty

QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.

A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.

Resource materials

Prescribed Text Taylor, S., Juchau, R., Houterman, B. (2010). Financial Planning in Australia (4th ed.). LexisNexis-Butterworths, Sydney. Prescribed Reading CCH Online Superannuation and Financial Planning resources available electronically through the QUT Library. Other readings will be assigned each week and will be available through the unit's Blackboard site. Other Resources Jones, S. Australian Superannuation Handbook 20011-12.Thomson Reuters. Sydney. Australian Financial Planning Handbook 20011-12-. Thomson Reuters, Sydney. Australian Master Financial Planning Guide, 20011/12. CCH Australia. Sydney. Beal, D. & McKeown, W. (2006). Personal Finance (3rd ed.). John Wiley Australia. Brisbane. Valentine, T. (2007). Modern financial Planning & Investment Planning. Pearson Education Australia, Sydney. Additional references and resources will be available at the unit's Blackboard site.

Risk assessment statement

There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.

Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.

Last modified: 25-Jun-2012