FNSINC601 Apply economic principles to work in the financial services industry
FNSINC601 Apply economic principles to
work in the financial services industry
Release: 1
FNSINC601 Apply economic principles to work in the financial services industry Date this document was generated: 6 September 2018
Approved Page 2 of 4
© Commonwealth of Australia, 2018 PwC’s Skills for Australia
FNSINC601 Apply economic principles to work in the financial
services industry
Modification History
Release Comments
Release 1 This version first released with FNS Financial Services
Training Package Version 1.0.
Application
This unit describes the skills and knowledge required to apply
oad principles of financial
economics that underpin a range of tasks and functions in the financial services industry. It
includes understanding how financial instruments are priced in markets, and techniques and
processes government and organisations use to manage financial risk, demonstrating
oad
knowledge of economic theories and related decision making in a national and organisational
economic context.
It applies to individuals who have an understanding of economics and how this impacts on
work in the financial services industry. It also underpins other skills required for work in the
financial services industry and may be applied in all sectors of the industry.
No licensing, legislative or certification requirements apply to this unit at the time of
publication.
Unit Sector
Industry capability
Elements and Performance Criteria
ELEMENT PERFORMANCE CRITERIA
Elements describe the
essential outcomes.
Performance criteria describe the performance needed to
demonstrate achievement of the element.
1. Apply economic
principles and theories
1.1 Develop and apply knowledge of economic principles relevant
to the industry
1.2 Apply microeconomic theory of markets and influences on
FNSINC601 Apply economic principles to work in the financial services industry Date this document was generated: 6 September 2018
Approved Page 3 of 4
© Commonwealth of Australia, 2018 PwC’s Skills for Australia
ELEMENT PERFORMANCE CRITERIA
financial products and services to determine structure of
organisation
1.3 Apply capital adequacy regulation and requirements to work
functions
2. Evaluate economic
aspects that apply to
decision making
2.1 Apply relevant financial modelling techniques to economic
data to inform decision making
2.2 Analyse and apply appropriate asset pricing models
2.3 Apply models to determine organisational value in relation to
capital structure
3. Review own work 3.1 Evaluate own work in context of relevant economic principles
3.2 Improve performance through understanding of how
economics applies to own decision making
4. Maintain personal
understanding of
economic policies
4.1 Research cu
ent economic theories and their impact on the
industry to ensure relevant cu
ent knowledge
4.2 Integrate contemporary economic principles into work
practices
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in
the performance criteria that are required for competent performance.
Skill Performance
Criteria
Description
Reading 1.1, 1.2, 2.1, 2.2, 4.1 ï‚· Critically analyses complex documentation from a
variety of sources, and consolidates information relating
to specific criteria to assist in making high level business
and organisational decisions
Numeracy 2.2, 2.3 ï‚· Performs mathematical calculations to analyse financial
information, costs and values for pricing models and
capital structure
Navigate the
world of
work
1.3, 3.1, 3.2, 4.1 ï‚· Works autonomously, making high level decisions to
achieve and improve organisational goals
ï‚· Monitors and reviews organisational policy, procedures
and adherence to legislative requirements to implement
and manage change
ï‚· Ensures knowledge of products, legislation, regulations
FNSINC601 Apply economic principles to work in the financial services industry Date this document was generated: 6 September 2018
Approved Page 4 of 4
© Commonwealth of Australia, 2018 PwC’s Skills for Australia
and standards relevant to role is accurate, comprehensive
and cu
ent
Get the work
done
1.1, 1.2, 1.3, 2.1, 2.2,
2.3, 4.2
ï‚· Plans strategic priorities and outcomes within a flexible,
efficient and effective context in a diverse environment
exposed to competing demands
ï‚· Identifies key factors that impact on decisions and their
outcomes, drawing on experience, competing priorities
and decision-making strategies where appropriate
ï‚· Explores and incubates new and innovative ideas through
unconstrained analysis and critical thinking to develop
and improve organisational goals
ï‚· Uses the main features and functions of digital tools to
complete work tasks and access information
Unit Mapping Information
Code and title
cu
ent version
Code and title
previous version
Comments Equivalence status
FNSINC601 Apply
economic principles to
work in the financial
services industry
FNSINC601A Apply
economic principles
to work in the
financial services
industry
Updated to meet
Standards for
Training Packages.
Minor edits to
clarify performance
criteria.
Equivalent unit
Links
Companion Volume implementation guides are found in VETNet -
https:
vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd
6f102fe
FNSINC601 Apply economic principles to work in the financial services industry
Modification History
Application
Unit Secto
Elements and Performance Criteria
Foundation Skills
Unit Mapping Information
Links