Students

AFCP8002 – Professional Practice

2020 – AFC term 4, Weekday attendance, Melbourne

Notice

As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group learning activities on campus for the second half-year, while keeping an online version available for those students unable to return or those who choose to continue their studies online.

To check the availability of face to face activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff
Alison Belot
Contact via Email
Credit points Credit points
10
Prerequisites Prerequisites
(Admission to MAppFin or MAppFin(Adv)) and (AFCP801 or AFCP8001) and (ECFS866 or AFCP8003) and (ECFS867 or AFCP8004) and (ECFS868 or AFCP8005)
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

Students will integrate and apply their knowledge and skills to issues and cases that simulate professional practice in finance. Students will reflect on their roles as practitioners in the finance industry and further develop their professional identity. Critical analysis skills will be utilised to evaluate, synthesise and provide reasoned responses to issues arising in financial practice. Students will undertake research in applied finance and will be challenged to critically reflect on current issues via the preparation and presentation of a major research report. Personal communication, negotiation and collaborative skills will be further developed. This unit will be undertaken towards the end of the program of study.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Apply research principles and methods as used in contemporary professional practice in applied finance.
  • ULO2: Evaluate and synthesise established knowledge and apply professional judgement to current issues in applied finance practice.
  • ULO3: Demonstrate advanced critical, analytical and integrative thinking as applied to contemporary and ethical issues in applied finance.
  • ULO4: Communicate effectively using a variety of forms to diverse audiences.
  • ULO5: Collaborate effectively with colleagues in order to address contemporary issues in applied finance.

General Assessment Information

To pass this unit (requires a Mark of 50 or better) the student must pass the Research Project.

Information - Extension Requests / Penalties

Proposal for Research Project (15%)

No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission incurs a 20% penalty). This penalty does not apply for cases in which an application for Special Consideration is made and approved.

Late submissions will be accepted up to 96 hours after the due date and time.

Further information on submitting an Application for Special Consideration can be found at https://students.mq.edu.au/study/my-study-program/special-consideration.

 

Final Proposal for Research Project (10%)

Students who do not submit this task by the due date and time receive a result of zero. This penalty does not apply when an application for Special Consideration has been made and approved.

Further information on submitting an Application for Special Consideration can be found at https://students.mq.edu.au/study/my-study-program/special-consideration.

 

Developing Professional Skills (25%)

No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission incurs a 20% penalty). This penalty does not apply for cases in which an application for Special Consideration is made and approved.

Late submissions will be accepted up to 96 hours after the due date and time.

Further information on submitting an Application for Special Consideration can be found at https://students.mq.edu.au/study/my-study-program/special-consideration.

 

Research Project (50%)

No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission incurs a 20% penalty). This penalty does not apply for cases in which an application for Special Consideration is made and approved.

Late submissions will be accepted up to 96 hours after the due date and time.

Further information on submitting an Application for Special Consideration can be found at https://students.mq.edu.au/study/my-study-program/special-consideration.

Assessment Tasks

Name Weighting Hurdle Due
Proposal for Research Project 15% No Refer to iLearn
Final Proposal for Research Project 10% No Refer to iLearn
Developing Professional Skills 25% No Refer to iLearn
Research Project 50% Yes Refer to iLearn

Proposal for Research Project

Assessment Type 1: Plan
Indicative Time on Task 2: 0.00 hours
Due: Refer to iLearn
Weighting: 15%

Initial Proposal for Research Project of up to 1,000 words. Prepared in class.


On successful completion you will be able to:
  • Apply research principles and methods as used in contemporary professional practice in applied finance.
  • Evaluate and synthesise established knowledge and apply professional judgement to current issues in applied finance practice.
  • Demonstrate advanced critical, analytical and integrative thinking as applied to contemporary and ethical issues in applied finance.
  • Communicate effectively using a variety of forms to diverse audiences.
  • Collaborate effectively with colleagues in order to address contemporary issues in applied finance.

Final Proposal for Research Project

Assessment Type 1: Plan
Indicative Time on Task 2: 10.00 hours
Due: Refer to iLearn
Weighting: 10%

Final Proposal for Research Project of up to 1,000 words.


On successful completion you will be able to:
  • Apply research principles and methods as used in contemporary professional practice in applied finance.
  • Evaluate and synthesise established knowledge and apply professional judgement to current issues in applied finance practice.
  • Demonstrate advanced critical, analytical and integrative thinking as applied to contemporary and ethical issues in applied finance.
  • Communicate effectively using a variety of forms to diverse audiences.

Developing Professional Skills

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 15.00 hours
Due: Refer to iLearn
Weighting: 25%

Assessment of a best practice framework in selected skill area and reflection on personal application of this framework. Paper of up to 2,000 words.


On successful completion you will be able to:
  • Apply research principles and methods as used in contemporary professional practice in applied finance.
  • Evaluate and synthesise established knowledge and apply professional judgement to current issues in applied finance practice.
  • Demonstrate advanced critical, analytical and integrative thinking as applied to contemporary and ethical issues in applied finance.
  • Communicate effectively using a variety of forms to diverse audiences.

Research Project

Assessment Type 1: Professional writing
Indicative Time on Task 2: 40.00 hours
Due: Refer to iLearn
Weighting: 50%
This is a hurdle assessment task (see assessment policy for more information on hurdle assessment tasks)

An individual hurdle assessment of up to 5,000 words on the agreed research topic.


On successful completion you will be able to:
  • Apply research principles and methods as used in contemporary professional practice in applied finance.
  • Evaluate and synthesise established knowledge and apply professional judgement to current issues in applied finance practice.
  • Demonstrate advanced critical, analytical and integrative thinking as applied to contemporary and ethical issues in applied finance.
  • Communicate effectively using a variety of forms to diverse audiences.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Writing Centre for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

CLASSES

Timetable: Detailed timetable for classes are on the Centre’s website at www.mafc.mq.edu.au

Consultation Times:

Students who wish to contact any of the teaching staff may do so through:

  • The unit’s iLearn site, in relation to general queries (so that all students may benefit); or
  • Individual consultation with the lecturer by email in the first instance, if necessary.

REQUIRED AND RECOMMENDED TEXTS AND/OR MATERIALS

This unit introduces students to a type, and range, of literature different to that covered in the balance of the degree. There are no textbooks which cover the scope of this course, however    the course notes and supplementary material will provide a broad overview of the literature,  which you will need to explore as part of the various assessment tasks. Some useful books   which cover some aspects of the professional skills domain are listed below, and are considered useful material.

  • David Maister, Charles H. Green and Robert M. Galford, The Trusted Advisor, Simon and Schuster, 2004 [available as ebook]
  • John S. Hammond, Ralph L. Keeney and Howard Raiffa, Smart Choices, Broadway Books, 2015 (Reprint) [available as kindle version via Amazon]
  • Barbara Minto, The Pyramid Principle, Financial Times – Pitman Publishing, 1987

Lecture Notes:

  • Available electronically via iLearn.

Assumed Knowledge:

  • This unit is designed to be undertaken towards the end of a student’s program of study. Familiarity with the broad range of applied finance is therefore assumed.

Assumed Access:

  • Access to a computer with word processing, PowerPoint and internet capability is assumed, as is general computer literacy.

TECHNOLOGY USED AND REQUIRED

Unit iLearn Site:

  • Found by logging on to iLearn ilearn.mq.edu.au, then clicking on AFCP8002 Professional Practice.
  • This is where you will find links to forums, downloadable resources and other important pages.
  • The forum allows you to communicate with other students and lecturer(s) and may provide supplementary material.
  • You are requested to post your questions to the forum at least 24 hours prior to the assignment submission date. Questions posted after that time may not be answered. Please try to not leave your questions to the last few days.

Important Notice:

  • It is important that you familiarise yourself with the unit’s iLearn site.
  • Students should check the unit’s iLearn site regularly (including prior to all lectures) and look for updates and distribution of materials (including case studies) related to the unit or assessments and, if relevant, participate in forum discussions.

Unit Schedule

TOPIC 1: INTRODUCTION

Topics:

  1. Unit overview
  2. Weekend schedule
  3. Changing environment

Readings:

Nil

 

TOPIC 2: THE TRUSTED ADVISOR

Topics:

  1. The trusted advisor
  2. Becoming a trusted advisor

Readings:

Ch 2: “What is a Trusted Advisor” and Ch 8: “The Trust Equaion” from The Trusted Advisor by David H. Maister, Charles H. Green and Robert M. Galford, Simon & Schuster, 2004

 

TOPIC 3: RESEARCH METHODS FOR APPLIED FINANCE

Topics:

  1. Introduction
  2. Data sources and literature review
  3. Evaluating the quality of available material
  4. Assessment tasks

Readings:

“Are today’s CFOs ready for tomorrow’s demands on Finance?”, McKinsey & Company, 2016.

“Do investment banks have incentives to help clients make value-creating acquisitions?”, John McConnell, Journal of Applied Corporate Finance, Volume 26 Number 3 Summer 2016 103-118.

 “The real effects of share repurchases”, Heitor Almeida, Vyacheslav Fos, Mathias Kronlund, Journal of Financial Economics 119 (2016) 168-185.

 

TOPIC 4: LAW – INTRODUCTION TO PRINCIPLES FOR BUSINESS

Topics:

  1. Sources of law
  2. Types of law
  3. Law in practice
  4. Useful to know (laws)
  5. Case studies

Readings:

Law: A Very Short Introduction, by Raymond Wacks, 2nd Edition, Oxford University Press, 2015

 

TOPIC 5: ETHICS IN FINANCE

Topics:

  1. Sources of law
  2. Moral theories
  3. “Right vs. Right” and “Right vs. Wrong”
  4. Why do good people choose “wrong”?
  5. “Reasons and rationalisations”
  6. Practice

Readings:

Nil

 

TOPIC 6: PROBLEM SOLVING AND DECISION MAKING

Topics:

  1. Problem solving and decision making models
  2. Key steps in the process
  3. Decision making general issues
  4. Formalised decision making process
  5. Case study

Readings:

Ch 8: “Questioning the Problem Solving Process” from The Pyramid Principle by Barbara Minto, Financial Times – Pitman Publishing, 1987

Ch 1: “Making Smart Choices” and Ch 2 “The Problem” from Smart Choices by John S. Hammond, Ralph L. Keeney and Howard Raiffa, Broadway Books, 2015 [Reprint]

 

TOPIC 7: NEGOTIATION

Topics:

  1. Negotiation frameworks
  2. Preparation phase
  3. Conducting the negotiations
  4. Case study

Readings:

“Six Habits of Merely Effective Negotiators” by James K. Sebenius, Harvard Business Review,

April, 2001

Ch 5: “Planning a negotiation” from The Financial Times Essential Guide to Negotiations: How to Achieve Win-Win Outcomes by Geof Cox, Pearson, 2012

 

TOPIC 8: COMMUNICATION STRATEGIES

Topics:

  1. Background
  2. Types of communication
  3. Effective communication
  4. Gaining support
  5. Communication styles
  6. Framework for communications strategy
  7. Case study

Readings:

Ch 16: “Investor Communications” from The Cornerstones of Corporate Finance, by Tim Koller, Richard Dobbs and Bill Huyett, Wiley, 2011

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct​

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to help you improve your marks and take control of your study.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Services and Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

Student Enquiries

For all student enquiries, visit Student Connect at ask.mq.edu.au

If you are a Global MBA student contact globalmba.support@mq.edu.au

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.