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Course Outlines

FMGT 1810

Personal Financial Planning 1

School School of Business + Media
Program Accounting, Finance, and Insurance - Part-time Studies
Course Credits 3
Minimum Passing Grade 50%
Start Date September 13, 2021
End Date December 06, 2021
Total Hours 36
Total Weeks 12
Hours/Weeks 3
Delivery Type Lecture/Lab
CRN 31782

Acknowledgement of Territories

The British Columbia Institute of Technology acknowledges that our campuses are located on the unceded traditional territories of the Coast Salish Nations of Sḵwx̱wú7mesh (Squamish), səl̓ilwətaɁɬ (Tsleil-Waututh), and xwməθkwəy̓əm (Musqueam).

Instructor Details

Name David Rose
E-mail Instructor to provide
Location N/A
Office Hours Instructor to provide

Course Description

Introduces student to the field of personal financial planning. Covers the issues to be considered in building a sound program to achieve long term financial goals. Topics include money management, insurance, investments and portfolio distribution, wills, estates, pension management and tax planning. This course is a college level credit course and the workload is commensurate with that level of difficulty. The Associate Certificate in Financial Planning is a Financial Planning Standards Council (FPSC®) pre-approved Core Curriculum program and meets Certified Financial Planner® (CFP) program academic requirements. For further information about earning the CFP designation, please visit fpcanada.ca/students-and-candidates/paths-to-certification

Course Learning Outcomes/Competencies

Upon succesful completion of this course, the student will be able to:

  • Examine the basics of Financial Planning.
  • Use their new knowledge of financial planning concepts to work on their own financial problems.
  • Prepares the student to continue through the certificate program.

Learning Resources

Required Learning ResourcesPersonal Finance, 4th Canadian Edition by Madura and Gill, Pearson Canada, ISBN 978-0-13-472471-3. Financial calculator (Texas Instruments BA2 Plus is recommended).

Evaluation Criteria

Criteria % Comments
Quizzes4010 quizzes – 1 review quiz for each lecture
Midterm Exam (2 hours)30Lectures 1 to 5
Final Exam (2 hours)30Cumulative – Lectures 1 to 5 and 7 to 11
Total100

Attendance Requirements

The attendance requirements for this course are noted below under the Guidelines for School of Business and Media section.

Other information

COURSE OUTLINES: This course outline may assist you in the future to receive credit for all or part of a course from another post-secondary institution or from a professional program. It is strongly recommended that this course outline be safely filed for future reference.

COURSE WITHDRAWAL: Students who choose to stop attending the course are strongly recommended to officially withdraw from the course by following the withdrawal process outlined here: https://www.bcit.ca/pts/pts_withdrawals.shtml. Failure to officially withdraw from the course may result in a final grade of V (Course Abandonment) being assigned. A final grade of a V results in a 0% for the course being calculated into a student’s grade point average (GPA).

EXAMINATIONS: A student who fails to write an examination on the scheduled date and time will receive a zero on that examination. Exceptions may be made for documented medical reasons or extenuating circumstances. In such a case, it is the responsibility of the student to contact the instructor immediately. It is the student’s responsibility to be proactive and contact the instructor. Missed examinations may be required to be written through the BCIT Test Centre (http://www.bcit.ca/testcentre/), and as such subject to an examination re-scheduling fee. See following:

Missed Exams and Assignments due to Illness:

BCIT Policy 5103, Student Evaluation, states: ...Occasionally BCIT students are absent from a mid-term or final examination or for other important forms of evaluation due to serious medical reasons or for other unavoidable causes. The procedure to be followed is described in Procedure 5101, Implementation of Student Regulations... Final examinations and mid-terms notwithstanding, programs may limit the number of tests, quizzes or examinations a student may miss. Details of these limits, and the consequences associated with exceeding them, will be documented in the course outline....

Procedure 5101-PR1 sets out the following procedure: ...a student who misses an exam or evaluation due to a medical reason or other unavoidable cause will be provided with an opportunity to make up for that missed exam or evaluation, but only under the following conditions: (a) The student must notify the instructor that he/she will miss the exam or evaluation as soon as possible, preferably prior to the time when the exam or evaluation is scheduled to occur. (b) For medical related absences the student must produce a BCIT-approved medical certificate, obtained at the student's own expense, to show that an examination or evaluation was missed due to medical reasons. The BCIT Student Medical Certificate form is available on the BCIT website. (c) For other unavoidable absences the student should be prepared to provide supporting documentation. When the program department has validated that the conditions previously stated have been met, the program department will employ one of the following options: (a) The program department will provide the student with another opportunity to write the same or replacement examination, or perform some other form of evaluation, this may include writing an exam at the Burnaby Test Centre (approximate invigilation cost of $50), or (b) The program department will devise another means of judging the student's mastery of the learning outcomes, or (c) The program department will calculate an aegrotat grade for the student if the conditions for aegrotat have been met. (ref. BCIT Policy 5103, Student Evaluation).

Consistent with these policies, in this course, students should be advised that:

(a) The only acceptable medical certificate is the Student Medical Certificate approved by BCIT and found at the following URL:http://www.bcit.ca/files/healthservices/pdf/studentmedicalcertificate.pdf No other doctor's note will be acceptable.

(b) Students who fail to submit to their instructor, on a timely basis, a Student Medical Certificate that justifies academic accommodation on account of illness for a missed test or assignment deadline, will be summarily awarded a zero on the missed evaluation. Timely notice should be as soon as possible, but never be more than 7 calendar days after the missed event.

(c) The policy of the program department is that should a student miss a mid-term or final exam, the Student Medical Certificate and the academic accommodation requested by the student must be validated and approved by all three of the Instructor, the Program Head, and the Associate Dean, before an accommodation plan will be considered. In the case of missed evaluations due to illness other than the mid-term and final exams, the Instructor may alone validate the Student Medical Certificate and approve an accommodation plan.

(d) Students who have missed a final exam due to illness, and who have also, previously in the term, missed other tests, quizzes, assignment deadlines, or exams, may be required to write a comprehensive final exam, of a duration of up to double the scheduled time of the final exam that has been missed.

(e) Students who have notificed the instructor within 7 days of the missed exam and have received the permission of their instructor and the academic coordinator to re-write an exam may be asked to write their exam at the Burnaby Test Centre and will incur a cost of approximately $50 for invigilation supervision.

Instructors are asked to promptly notify the program head or the academic coordinator of any student who misses an examination together with any supporting documentation.

PHOTO IDENTIFICATION: To write exams, students are required to produce photo-identification at examination centres. Photo identification must be placed on the desk before an exam will be issued to the student and must remain in view on the desk while writing the exam for inspection by invigilators. Students should bring a BCIT OneCard or alternatively two pieces of identification, one of which must be government photo I.D. such as a driver’s license.

CHEATING, PLAGIARISM AND DISHONESTY: Acts of cheating, plagiarism and dishonesty are not tolerated; the degree of punitive action may range from a written warning to withdrawal from the program. These penalties may also be applied to a student who knowingly contributes to the act of dishonesty, cheating and plagiarism. (Refer to the current BCIT Policies.)

Programmable calculators and calculators with alphabetic capability will not be allowed in exams. English language dictionaries may be allowed in exams provided they are presented to the exam invigilator prior to the exam.

PROGRAM APPROVAL: Students planning to complete a Financial Management part-time studies program should complete an Application for Program Approval form to declare a program of study after the program’s first course. Receiving Program Approval ensures that BCIT is aware of the student’s intent to complete a program as it’s currently outlined. Program Approval also enables students to request changes to the prescribed program and guarantees credit for courses that are part of the program will be honoured despite changes in program requirements.

NUMBER OF ATTEMPTS TO COMPLETE A COURSE: Students must successfully complete a course within a maximum of three attempts at the course. Course withdrawals (W), Late Withdrawals (LW), Course Abandonment (V), Prior Learning Assessment Recognition (PLAR), and course failures are recorded as an attempt at the course. Students with two attempts in a single course will be allowed to repeat the course only upon special written permission from the Associate Dean. Students who have not successfully completed a course within three attempts may not be eligible to graduate from the appropriate program.

BCIT STUDENT REGULATIONS POLICY: For information relating to BCIT Student Regulations policies please refer to Policies 5101, 5102, 5103 and 5104 available for viewing at http://www.bcit.ca/about/administration/policies.shtml

Course Schedule and Assignments

Week

Textbook

Lecture Objectives

1

Monday

September 13

Chapters 1 & 3

Financial Planning – Overview / Financial Statements

  • Benefits from an understanding of personal finance
  • Components of a financial plan
  • Developing the financial plan
  • Working with net worth and cash flow statements
  • Creating a budget
  • Financial ratios

2

Monday

September 20

Chapter 2

Quiz – Lecture 1

Applying Time Value Concepts

  • The time value of money
  • Future and present value of a dollar amount
  • Future and present value of an annuity
  • Interest rate conversion
  • Calculate NPV and IRR [not in text]
  • Solve unknown interest rate problems [not in text]
  • Solve irregular cash flow problems [not in text]

3

Monday

September 27

Chapters 5, 6, & 7

Quiz – Lecture 2

Managing Financial Resources

  • Money management
  • Types of financial institutions
  • Savings alternatives
  • Credit – Background / Bureaus / Cards
  • Debt management
  • Personal loans
  • Purchasing a home
  • Mortgage options

4

Monday

October 4

Chapter 4

Quiz – Lecture 3

Using Tax Concepts For Planning

  • Background on taxes
  • Total / Net / Taxable income
  • Deductions and credits
  • Completing a personal income tax return
  • Marginal tax rates versus average tax rate
  • Tax planning strategies

5

Monday

October 18

Chapter 8

Quiz – Lecture 4

Wealth Protection – Auto & Homeowner’s Insurance

  • Background on Insurance
  • Managing risk
  • Insurance companies, agents and brokers
  • Auto insurance
  • Homeowner’s insurance
  • Umbrella liability insurance
  • Mid Term Exam preview

6

Monday

October 25

Quiz – Lecture 5

MID TERM EXAM

  • 30% of Final Grade

7

Monday

November 1

Chapter 9

Mid Term Exam Review

Wealth Protection – Health & Life Insurance

  • Background on health and life insurance
  • Canada’s health care system
  • Disability insurance
  • Critical illness insurance
  • Long-term care insurance
  • Life insurance
  • Insurance needs analysis
  • Contents of an insurance policy

8

Monday

November 8

Chapters 10 & 11

Quiz – Lecture 7

Personal Investing – Investing Fundamentals / Stocks

  • Saving versus Investing
  • Investing versus speculating
  • Types of investments
  • Investment return and risk
  • Investment diversification
  • Asset allocation
  • Stock exchanges
  • Stock quotations
  • Trading Stocks
  • Stock analysis and company valuation

9

Monday

November15

Chapters 12 & 13

Quiz – Lecture 8

Personal Investing – Bonds / Investment Funds

  • Background on bonds
  • Types of bonds
  • Other fixed-income securities
  • Bond investment return
  • Bond valuation
  • Bond investment risk
  • Bond investment strategies
  • Background on pooled investments
  • Mutual funds
  • Investment fund risk and return
  • Exchange-traded funds
  • Segregated funds

10

Monday

November 22

Chapter 14

Quiz – Lecture 9

Retirement Planning

  • Sources of retirement income
  • Canada Pension Plan and Old Age Security
  • Employer-sponsored retirement plans
  • Individual retirement savings plans
  • Retirement income conversion options
  • Retirement income planning strategies
  • Estimating future retirement needs

11

Monday

November 29

Chapter 15

Quiz – Lecture 10

Estate Planning

  • Background on estate planning
  • Wills
  • Probate fees and taxes at death
  • Dying intestate
  • Powers of attorney
  • Representation agreements
  • Planning strategies for death
  • Planning strategies for incapacity
  • Final Exam preview

12

Monday

December 6

Quiz – Lecture 11

FINAL EXAM

  • 30% of Final Grade. Final exam is cumulative.

BCIT Policy

Any student who needs special assistance in the event of a medical emergency or building evacuation (either because of a disability or for any other reason) should promptly inform their course instructor(s) and Accessibility Services of their personal circumstances.

Human Rights, Harassment and Discrimination:
The BCIT community is made up of individuals from every ability, background, experience and identity, each contributing uniquely to the richness and diversity of the BCIT community as a whole. In recognition of this, and the intrinsic value of our diversity, BCIT seeks to foster a climate of collaboration, understanding and mutual respect between all members of the community and ensure an inclusive accessible working and learning environment where everyone can succeed.

Respect, Diversity, and Inclusion is a supportive resource for both students and employees of BCIT, to foster a respectful learning and working environment. Any student who feels that they are experiencing discrimination or harassment (personal or human rights-related) can confidentially access this resource for advice and support. Please see Policy 7507 – Harassment and Discrimination and accompanying procedure.

Students should make themselves aware of additional Education, Administration, Safety and other BCIT policies listed at https://www.bcit.ca/about/administration/policies.shtml

Guidelines for School of Business + Media

Attempts:
Students must successfully complete a course within a maximum of three (3) attempts at the course. Students with two attempts in a single course will be allowed to repeat the course only upon special written permission from the Associate Dean. Students who have not successfully completed a course within three attempts may not be eligible to graduate from their respective program.

Attendance:
Regular attendance in lectures and labs is seen as integral to student success, therefore, attendance in class is monitored. Unexcused absences in excess of 10% of the time prescribed for this course may result in the assignment of a failing grade. Attendance may be taken at any time during class. A student not present for attendance will be marked absent. A student who leaves class for a period of time deemed excessive by the instructor may be considered absent regardless of whether they are present when attendance is taken.

In case of illness or other unavoidable absence, students must communicate with the instructor, or the appropriate Program Head, as soon as possible (preferably in advance) indicating the reason for the absence. Students who are seeking accommodation for a medical absence must have a BCIT-approved medical certificate ). For other absences, students must be prepared to provide appropriate supporting documentation.

A student who has unexcused absences in excess of 10% of the time prescribed for the course by the Withdrawal Deadline is considered to have ‘Vanished’ and will be assigned a grade of ‘V’. In these cases, no further work will be graded.

These requirements are set out in accordance with BCIT Policy 5101 Student Regulations. More information regarding withdrawals from PTS courses is available at https://www.bcit.ca/pts/pts_withdrawals.shtml.

Approved

I verify that the content of this course outline is current.
David Rose, Instructor
July 20, 2021

I verify that this course outline has been reviewed.
Nitasha Naicker, Program Head
July 22, 2021

I verify that this course outline has been reviewed and complies with BCIT policy.
Robin Day, Associate Dean
August 03, 2021

Note: Should changes be required to the content of this course outline, students will be given reasonable notice.