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  • 1. METROPOLITAN COMMUNITY COLLEGE COURSE OUTLINE FORM COURSE TITLE: Fundamentals of Financial Planning COURSE PREFIX AND NO. FINA 2206 LEC 4.5 LAB 0 CREDIT HOURS 4.5 COURSE DESCRIPTION: This course is the first of two courses investigating the fundamentals of financial planning. In this course, students will examine the principles of financial planning (e.g. steps in the financial planning process, etc.), tools and techniques used in the planning process, and explore careers associated with financial planning. COURSE PREREQUISITES: None RATIONALE: Since inception in the late 1960s, financial planning has evolved from a small number of disparate industry participants to an organized profession with thousands of highly trained specialists including Certified Financial Planners and Personal Financial Specialists. As with any emerging industry, the need for educated occupational and technical support has become essential. This course is the first of two courses designed to provide the knowledge and skills necessary to those who want to participle in the financial planning industry as specialists and paraprofessionals. REQUIRED TEXTBOOKS: Title: Financial Planning Edition: Current (2009, 8th edition is current) Author: Leimberg, Satinsky, Doyle, Jackson Publisher: The National Underwriters Attached course outline written by: Lori Lothringer, Ph.D., AFCDate: 4/09 Reviewed/Revised by: ___________________________________ Date: _____ Effective quarter of course outline: 09/FA Dean ___________________________________ Date _______________ Daryl Hansen Course Objectives, Topical Unit Outlines, and Unit Objectives must be attached to this form. 1
  • 2. COURSE OBJECTIVES/TOPICALUNIT OUTLINE/UNIT OBJECTIVES TITLE: Financial Planning Principles PREFIX/NO. FINA 2210 COURSE OBJECTIVES: I. Understand the principles of the financial planning process and identify essential participants, steps, tools, and rules/regulations. II. Comprehend basic financial planning concepts specific to specific planning goals and objectives (e.g. retirement planning, estate planning, etc.). III. Analyze fundamental tools essential to the planning process including cash flow management, personal financial statements, financing strategies, basic economic concepts, and the role of financial institutions. IV. Utilize quantitative analysis (e.g. time value of money techniques) when evaluating financial planning alternatives. V. Describe legal considerations including those associated with business entities, ownership of property, and business law. VI. Explore the major specializations in the financial planning profession including risk management and insurance, income tax planning, investment planning, retirement planning and estate planning. TOPICAL UNIT OUTLINE/UNIT OBJECTIVES: UNIT I. Understand the principles of the financial planning process and identify essential participants, steps, tools, and rules/regulations. A. Identify the nature of financial planning (e.g. purpose, benefits, and components) and define basic terms associated with the financial planning process. B. Describe the steps in the financial planning process. C. Explain the responsibilities of those involved in the planning process (e.g. financial planner, client, and other advisors). D. Explore how attitude and behavior impact the planning process. E. Detail the importance of ethics in the planning process. UNIT II. Comprehend basic financial planning concepts specific to planning goals and objectives (e.g. retirement planning, estate planning, etc.). A. Explain how financial goals are established. B. Describe the process for establishing and accomplishing education funding goals. C. Describe the process for establishing and accomplishing retirement funding goals. D. Describe the process for establishing and accomplishing estate funding goals. E. Identify unique issues associated with planning for special circumstances and needs (e.g. divorce, disabilities, terminal illness, etc.). 2
  • 3. UNIT III. Analyze fundamental tools essential to the planning process including cash flow management, personal financial statements, financing strategies, basic economic concepts, and the role of financial institutions. A. Demonstrate the importance of cash flow management (e.g. budgeting, emergency fund planning, use of debt management techniques) in the financial planning process. B. Explain the role and purpose of personal financial statements (e.g. statement of financial, cash flow statement) in the financial planning process. C. Distinguish between various types of financing strategies (e.g. long-term vs. short-term debt, secured vs. unsecured debt, buying vs. leasing). D. Describe basic economic concepts relevant to the financial planning process (e.g. opportunity cost, supply and demand, fiscal and monetary policy, economic indicators, business cycles). E. Describe the function, purpose, and regulation of financial institutions. UNIT IV. Utilize quantitative analysis (e.g. time value of money techniques) when evaluating financial planning alternatives. A. Utilize present value techniques to evaluate financial planning alternatives. B. Utilize future value techniques to evaluate financial planning alternatives. C. Differentiate between an ordinary annuity and annuity due. D. Utilize capital budgeting techniques (e.g. payback method, net present value and internal rate of return) to evaluate financial planning alternatives. E. Explain the importance of risk assessment and probability analysis when evaluating financial planning alternatives. UNIT V. Describe legal considerations including those associated with business entities, ownership of property, and business law. A. Describe the form, function, and legal considerations, associated with various types of business organizations (e.g. proprietorship, partnership, corporation). B. Differentiate between the various forms of property ownership (e.g. tenancy in common, community property, trusts, etc.) and identify how property can be transferred. C. Identify business laws relevant to the financial planning process (e.g. contracts, agency, fiduciary liability, etc.) D. Define the terms and concepts associated with monetary settlement planning. UNIT VI. Explore the major specializations in the financial planning profession including risk management and insurance, income tax 3
  • 4. planning, investment planning, retirement planning and estate planning. A. Evaluate career considerations (e.g. personal characteristics, educational qualifications, certification/accreditation requirements, employment opportunities) for those interested in risk management and/or insurance. B. Evaluate career considerations (e.g. personal characteristics, educational qualifications, certification/accreditation requirements, employment opportunities) for those interested in investment planning. C. Evaluate career considerations (e.g. personal characteristics, educational qualifications, certification/accreditation requirements, employment opportunities) for those interested in income tax planning. D. Evaluate career considerations (e.g. personal characteristics, educational qualifications, certification/accreditation requirements, employment opportunities) for those interested in retirement planning. E. Evaluate career considerations (e.g. personal characteristics, educational qualifications, certification/accreditation requirements, employment opportunities) for those interested in estate planning. 4
  • 5. COURSE OBJECTIVES/ASSESSMENT MEASURES COURSE OBJECTIVES ASSESSMENT MEASURES Understand the principles of the financial Team project, oral report/presentation, test, planning process and identify essential team testing, portfolio construction, case participants, steps, tools, and analysis. rules/regulations. Comprehend basic financial planning Team project, oral report/presentation, test, concepts specific to specific planning goals team testing, portfolio construction, case and objectives (e.g. retirement planning, analysis. estate planning, etc.). Analyze fundamental tools essential to the Team project, oral report/presentation, test, planning process including cash flow team testing, portfolio construction, case management, personal financial statements, analysis. financing strategies, basic economic concepts, and the role of financial institutions. Utilize quantitative analysis (e.g. time Team project, oral report/presentation, test, value of money techniques) when team testing, portfolio construction, case evaluating financial planning analysis. alternatives. Describe legal considerations including those Team project, oral report/presentation, test, associated with business entities, ownership team testing, portfolio construction, case of property, and business law. analysis. Explore the major specializations in the Team project, oral report/presentation, test, financial planning profession including risk team testing, portfolio construction, case management and insurance, income tax analysis. planning, investment planning, retirement planning and estate planning. Technology Tool: Students will utilize internet resources to explore basic financial planning information including various investment vehicles, planning tools and techniques, and professional services available. International Dimension: Students will investigate how issues pertaining to financial planning are treated in various countries and cultures. Ethical Breadth: Students will explore ethical issues related to the financial planning process. 5