Assessment Overview FNS50311 Diploma of Finance Mortgage Broking Management Review Date: 01-07- 2014 Page 1
OVERVIEW OF THE ASSESSMENTS FNS50311 Diploma of Finance Mortgage Broking Management To be assessed as competent, learners must under the guidance of qualified trainers and assessors provide evidence which demonstrates that they can perform to the necessary standard. An assessment of competence requires learners to consistently and over time demonstrate the skills, attitude and knowledge that enable confident completion of this unit. In judging evidence, the assessor must ensure that the evidence covers the 5 areas outlined below: 1. Authentic the candidate s own work 2. Valid (directly related to the current version of the relevant endorsed unit of competency) 3. Reliable (show that the candidate consistently meets the endorsed unit of competency) 4. Current (reflects the candidate s current capacity to perform the aspect of the work covered by the endorsed unit of competency) 5. Sufficient (covers the full range of elements in the relevant unit of competency and addresses the four dimensions of competency) Task/skills Task management skills Contingency management skills Job/role environment skills Competency assessment In order to be assessed as Competent (C) you need to provide evidence which demonstrates that you can perform he required competencies, to the required standard. Competency depends on consistently demonstrating the skills, attitude and knowledge that allows you to complete workplace tasks, confidently and in a variety of situations. To be deemed competent in this unit you must: a. successfully complete all activities b. successfully answer the assessment questions in the final assessment section c. successfully complete the assessment projects in the final assessment section d. third party assessment sheet to be signed by supervisor or manager verification of the practical application of your skills Review Date: 01-07- 2014 Page 2
You may also be required to undertake other assessment activities as determined by your assessor. These might include: Observation by an assessor, of your workplace performance or provision of any other evidence you have or have been asked to gather by your assessor. For instance, work documents or copies of policy and procedure manuals of which you have made a major contribution. The use of these documents should be checked with your manager/assessor and your contribution also verified. The units of competency that are offered by Skill Solutions are outlined below. The candidate will be required to complete all the assessments which are detailed for the following units of competency. Review Date: 01-07- 2014 Page 3
Module 1 Unit Code Unit Title Core/Elective FNSINC401A FNSFMK505A BSBOHS303B Module 2 Apply principles of professional practice to work in the financial services industry Comply with financial services legislation and industry codes of practice Contribute to OHS hazard identification and risk assessment Core Core Elective Unit Code Unit Title Core/Elective FNSINC402A Module 3 Develop and maintain in-depth knowledge of products and services used by an organisation or sector Core Unit Code Unit Title Core/Elective FNSFMB402A Provide finance and mortgage broking services Core FNSFMB403A Present broking options to client Core Prepare loan application on behalf of finance or Core FNSFMB401A mortgage broking clients FNSCRD301A Process applications for credit Core Module 4 Unit Code Unit Title Core/Elective FNSFMB501A FNSCUS501A Module 5 Settle applications and loan arrangements in the finance and mortgage broking industry Develop and nurture relationships with clients, other professionals and third party referrers Elective Elective Unit Code Unit Title Core/Elective BSBRSK401A Identify risk and apply risk management processes Elective Module 6 Unit Code Unit Title Core/Elective FNSFMB502A Identify and develop complex broking options for client Core FNSFMB503A Present broking options to client with complex needs Core FNSFMB504A Implement complex loan Structures Core Module 7 Unit Code Unit Title Core/ Elective FNSPRM603A Grow the practice Elect Review Date: 01-07- 2014 Page 4
STUDENT REQUIREMNTS FOR COMPLETION OF MODULE 1 A Units of competency FNSFMK505A- Comply with financial services legislation and industry codes of practice FNSINC401A- Apply principles of professional practice to work in financial services s These units describes the performance outcomes, skills and knowledge required to ensure compliance with financial laws, regulations, and industry codes of practice on an organisational level identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements and model and meet expectations of these in all aspects of work identify and interpret the range of internal and external compliance requirements and obligations that must be fulfilled by an organisation, To achieve competency in these two units you must complete the following assessment tasks and demonstrate consistent performance across the assessment tasks. Below is outlined a suggested time frame for the completion of assessments. However it must be noted that these time frames can and will vary for individual students. The variance will depend upon the individual students skills and knowledge Suggested time outline for assessment completions 1 Oral Question 3 1 hour inside class 2 Projects 4 20 hours outside class 3 Written Questions 36 10 hours outside class Summary Hours 110 Time Allocation Reading 2 20 Discussion 1 Research 25 Oral Question 3 10 Projects 4 1 30 Written Questions 38 1 20 Total Number of Hours 5 105 Review Date: 01-07- 2014 Page 5
Assessment Tasks for Module 1b Unit of competency BSBOHS303B Contribute to OHS hazard identification and risk assessment This unit describes the performance outcomes, skills and knowledge required to contribute to occupational health and safety (OHS) hazard identification and risk assessment to promote the maintenance of OHS in the workplace. It includes determining relevant legislation and contributing to any actions to ensure compliance with OHS legislation, codes and standards. To achieve competency in this unit you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. Below is outlined a suggested time frame for the completion of assessments. However it must be noted that these time frames can and will vary for individual students. The variance will depend upon the individual students skills and knowledge 1 Projects 1 4 hours outside class. 2 Written Questions 12 3 hours outside class Summary of Hours- 30 Time Allocation Reading 1 4 Discussion 1 Research 5 Projects 1 4 Written Questions 12 0.5 14.5 Total Number of Hours 2.5 27.5 Review Date: 01-07- 2014 Page 6
Assessment Tasks for Module 2 Unit of competency FNSINS402A Develop and maintain in-depth knowledge of products and services used by an organization or sector This unit describes the performance outcomes, skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to customer needs. To achieve competency in this unit you must complete three assessment tasks and demonstrate consistent performance across the assessment tasks. Below is outlined a suggested time frame for the completion of assessments. However it must be noted that these time frames can and will vary for individual students. The variance will depend upon the individual students skills and knowledge 1 Oral Question 3 1 hour inside class 2 Projects 3 8 hours outside class 3 Role Play 1 1 hour inside class 4 Written Questions 27 4 hours outside class Summary of Hours- 40 Time Allocation Reading 1 8 Discussion 1 Research 10 Oral Question 3 1 Projects 3 1 10 Role Play 1 1 Written Questions 27 2 Total Number of Hours 7 33 Review Date: 01-07- 2014 Page 7
Assessment Tasks for Module 3 Units of competency FNSFMB402A Provide finance and mortgage broking service FNSFMB403A Present broking options to client FNSFMB401A Prepare loan application on behalf of finance or mortgage broker clients FNSCRD301A Process applications for credit This unit describes the performance outcomes, skills and knowledge required to: determine a client's finance broking requirements and explain capabilities, legal and compliance related issues so the client is aware of their rights collect information, conduct relevant research and develop and present broking options to a client prepare a client loan application to a relevant lender and present and process the loan using appropriate channels. Assistance with loan settlement may also apply apply product knowledge and advisory skills in order to identify, confirm and process applications for credit prior to assessment in accordance with organisational and legislative requirements. To achieve competency in this unit you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. Below is outlined a suggested time frame for the completion of assessments. However it must be noted that these time frames can and will vary for individual students. The variance will depend upon the individual students skills and knowledge 1 Role Play 1 1 hour inside class 2 Assignment 1 10 hours outside class 3 Project 1 4 hour inside class 4 Written Questions 17 10 hours outside class Summary of Hours-130 Time Allocation Reading 3 21 Discussion 1 Research 35 Role Play 1 1 Assignment 1 1 30 Project 1 1 18 Written Questions 17 1 18 Total Number of Hours 8 122 Review Date: 01-07- 2014 Page 8
Assessment Tasks for Module 4a Unit of competency FNSFMB501A Settle applications and loan arrangements in the finance and mortgage broking industry This unit describes the performance outcomes, skills and knowledge required to: Settle applications and loan arrangements for debt finance and undertaking the final arrangements to secure and complete the lending transaction for a client applying for a mortgage or related finance. To achieve competency in this unit you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. Below is outlined a suggested time frame for the completion of assessments. However it must be noted that these time frames can and will vary for individual students. The variance will depend upon the individual students skills and knowledge 1 Project 2 8 hour outside class 2 Written Questions 13 4 hours outside class Summary of hours- 30 Time Allocation Reading 0.5 5 Discussion 0.5 Research 6 Project 2 1 10 Written Questions 13 1 6 Total Number of Hours 3 27 Assessment Tasks for Module 4b Review Date: 01-07- 2014 Page 9
Unit of competency FNSCUS501A Develop and nurture relationships with clients, other professionals and third party referrers This unit describes the performance outcomes, skills and knowledge required to: communicate and network with a wide range of people internal and external to the organisation to increase efficiency, build continuing relationships and improve sales To achieve competency in these 2 units you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. Below is outlined a suggested time frame for the completion of assessments. However it must be noted that these time frames can and will vary for individual students. The variance will depend upon the individual students skills and knowledge 1 Oral Question 4 1 hour inside class 2 Project 3 8 hours outside class 3 Written questions 12 1 hour inside class 4 Role Play 1 4 hours outside class Summary of hours-50 Time Allocation Reading 1 9 Discussion 2 Research 8 Oral Questions 4 1 Project 1 1 10 Written Questions 12 1 12 Role Play 1 1 4 Total Number of Hours 7 43 Assessment Tasks for Module 5 Review Date: 01-07- 2014 Page 10
Unit of competency BSBRSK401A Identify risk and apply risk management processes This unit describes the performance outcomes, skills and knowledge required to: Identify risks and to apply established risk management processes to a subset of an organisation of project s operations that are within the person s own work responsibilities and area of operation To achieve competency in these 2 units you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. Below is outlined a suggested time frame for the completion of assessments. However it must be noted that these time frames can and will vary for individual students. The variance will depend upon the individual students skills and knowledge 1 Project 12 8 hour outside class 2 Written Questions 22 4 hours outside class Summary of hours-50 Time Allocation Reading 1 7 Discussion 2 Research 15 Project 12 2 12 Written Questions 23 1 10 Total Number of Hours 6 44 Assessment Tasks for Module 6 Review Date: 01-07- 2014 Page 11
Unit of competency FNSFMB502A Identify and develop complex broking options for client FNSFMB503A Present broking options to client with complex needs FNSFMB504A Implement complex loan structures. This unit describes the performance outcomes, skills and knowledge required to: Develop complex broking strategies and solutions for a client Develop rapport with clients with complex or special needs and present complex information to them, negotiate effectively and complete and maintain required documentation Establish actions, timings and priorities needed to implement complex loans and implement or supervise the implementation process To achieve competency in this unit you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. 1 Written Questions 16 4 hours outside class 2 Project 4 1 hour inside class 3 Role Play 1 4 hours outside class 4 Assignment 1 8 hours outside class Summary of Hours- 160 Time Allocation Reading 2 32 Discussion 1 Research 35.5 Written Questions 16 1 Project 4 1 30 Role Play 1 1 20 Assignment/ Case study 1 1.5 35 Total Number of Hours 7.5 152.5 Assessment Tasks for Module 7 Review Date: 01-07- 2014 Page 12
Unit of competency FNSPRM603A Grow The Practice This unit describes the performance outcomes, skills and knowledge required to: Promote and grow a financial practice.it requires the application of marketing skills and the use of market intelligence to develop and implement practice promotions and growth plans. To achieve competency in this unit you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. To achieve competency in these 2 units you must complete two assessment tasks and demonstrate consistent performance across the assessment tasks. 1 Project 1 1 hour inside class 2 Written Questions 3 4 hours outside class Summary of hours -60 Time Allocation Reading 2 25 Discussion Research 1.5 22.5 Project 1 2 Written Questions 1 2 5 Total Number of Hours 7.5 52.5 FINAL ASSESSMENT AND QUALIFICATION Review Date: 01-07- 2014 Page 13
It is expected that this summary sheet (or similar) would be attached to each participant s evidence compiled during the RPL assessment process. Unit Code FNS50311 Unit Certificate IV in Finance and Mortgage Broking Assessment time outside the class FNSINC401A 1 Apply principles of professional practice to work in the financial services industry FNSFMK505A 2 Comply with financial services legislation and industry codes of practice BSBOHS303B 3 Contribute to OHS hazard identification and risk assessment FNSINC402A 4 Develop and maintain in depth knowledge of products and services used by an organization FNSFMB402A 5 Provide finance and mortgage broking services FNSFMB403A 6 Present broking options to client FNSFMB401A 7 Prepare loan application on behalf of finance or mortgage broking clients FNSCRD301A 8 Process applications for credit FNSFMB501A 9 Settle applications and loan arrangements in the 30 finance and mortgage broking industry FNSCUS501A 10 Develop and nurture relationships with clients, other professionals and third party referrers 50 BSBRSK401A 11 Identify risk and apply risk management process 50 FNSFMB502A 12 Identify and develop complex broking options for client FNSFMB503A 13 Present broking options to client with complex needs FNSFMB504A 14 Implement complex loan structures FNSPRM603A 15 Grow the practice 60 110 30 40 130 160 Review Date: 01-07- 2014 Page 14