BACHELOR OF APPLIED BUSINESS (FINANCE)

Transcription

1 200 King Street East P.O. Box 1015, Station B Toronto, Ontario M5T 2T9 Proposal for BACHELOR OF APPLIED BUSINESS (FINANCE) To be offered by the Centre for Financial Services Education at George Brown College, Toronto

2 GEORGE BROWN COLLEGE BACHELOR OF APPLIED BUSINESS (FINANCE) TABLE OF CONTENTS PAGE Section 1.0: College and Program Information.. 1 Section 2.0: Executive Summary 4 Section 3.0: Synopsis of Proposed Program.. 9 Section 4.0: Program Structure Requirement 14 Section 5.0: Standard 1 Applied Degree-Level Standard 15 Section 6.0: Standard 2 Program Content.. 22 Section 7.0: Standard 3 Program Delivery. 45 Section 8.0: Standard 4 Capacity to Deliver 49 Section 9.0: Standard 5 Economic Need 75 Section 10.0: Standard 6 Non-Duplication of Programs.. 82 Section 11.0: Standard 7 Credential Recognition.. 86 Section 12.0: Standard 8 Evaluation. 88 Section 13.0: Other Relevant Information Section 14.0: Additional Submission Requirements 91

3 1.0 COLLEGE AND PROGRAM INFORMATION 1.1 Submission Information Name of Institution: George Brown College Contact Person: Mr. Michael Cooke Vice President Academic Excellence and Innovation Mailing Address: George Brown College 200 King Street East P.O. Box 1015, Station B Toronto, Ontario M5T 2T9 Telephone: (416) Fax: (416) mcooke@gbrownc.on.ca Title of Program: Bachelor of Applied Business (Finance) Date of Submission: December 3,

4 1.2 Program Strengths With a proven history of successful Financial Planning and Accounting Programs, George Brown College ( GBC ) is well positioned to offer a successful Bachelor of Applied Business (Finance) program. GBC was the first Ontario College to offer a Financial Planning Program (1996), and almost 700 students have graduated from finance-related programs since that time. The Bachelor of Applied Business (Finance) is a natural addition to these successful programs. It capitalizes on the college s current strengths and establishes higher quality programming and excellence in education, surpassing what is possible from current diploma programs. The Bachelor of Applied Business (Finance) supports the economic development of Ontario by addressing the economic challenges and opportunities in the Greater Toronto Area and beyond. In September 2001, George Brown College was granted accreditation from the Financial Planners Standards Council (FPSC) as a registered program, enabling eligible students from the Financial Planning Management program to write the CFP Examination immediately upon graduation 1. The Financial Services and Accounting programs include academic association with the Institute of Canadian Bankers, preparation for the Canadian Securities Course 2, recognition of transfer credits from CGA and membership in a consortium of colleges accredited with 1 George Brown College does not award the CFP and CERTIFIED FINANCIAL PLANNER designation. The right to use the marks CFP TM, CERTIFIED FINANCIAL PLANNER and is granted under licence by FPSC to those persons who have met its educational standards, passed the FPSC CFP Examination, satisfied a work experience requirement and agreed to abide by FPSC Code of Ethics. 2 The Canadian Securities Course and CSC are registered trademarks of the Canadian Securities Institute. 2

5 the Canadian Insurance Self Regulatory Organization (CISRO) to meet insurance licensing requirements in Ontario. By offering a B.A.B. (Finance), GBC can significantly enhance opportunities for graduates. The education and industry credentials that graduates will obtain are both portable and internationally sound, connecting the diverse multicultural student populace with international business markets and also attracting international students to Canada. As part of our international strategy, we are in discussions with the Association of Chartered Certified Accountants ( to have our accounting curriculum recognized by the ACCA towards its ACCA designation, the only truly international professional accounting designation in the world. The Bachelor of Applied Business (Finance) can only serve to increase graduate employment, enhance student satisfaction, and contribute to one of the best-educated workforces in Ontario. 3

6 2.0 EXECUTIVE SUMMARY George Brown College is exceptionally well positioned to offer a successful Bachelor of Applied Business (Finance). With a commitment to academic excellence, our already high program quality and focus on excellence in financial services, combined with greatly improved, excellent student services and expanded partnerships with key employers, this initiative is strongly tied to George Brown College s strategic plan. Economic need for the proposed program is exceptionally strong. There continues to be a shortage of qualified individuals for financial services positions including accountants, personal financial planners, financial services managers and financial advisors. Every indication is that this shortage will continue to get worse over the next five years. Toronto is one on North America s most rapidly evolving cities. Its health and growth are crucially important to Ontario s future. George Brown College is ready to play an instrumental role by offering postsecondary education that is responsive, integrated and reflective of Toronto s spirit and direction. At the heart of Toronto s growth is the financial services industry. The B.A.B. (Finance) responds directly to the changing skills and knowledge requirements of employers in this industry. It supports the distinct move toward regulation of financial services industry, and provides an opportunity for George Brown College and its employment partners to be at the forefront of change. The following is a summary of research into economic need for the program: 4

7 Bank of Nova Scotia announced in June 2001 that they will hire between 750 and 900 financial advisors over the next two years, and will have to hire and train unqualified internal and external candidates, putting a considerable strain on their financial and human resources. Recent job postings at Workopolis.com include dozens of jobs including Financial Planner, Financial Advisor, Finance Business Analyst, and Tax Analyst. Required qualifications for these positions include CGA, CFP and, in many cases, a post-secondary degree. A survey of 295 Chief Financial Officers in Canada in May and June 2001 ranked personal financial planning as the most recommended area of specialization for someone beginning his or her career in accounting the B.A.B. (Finance) is the only program that provides the opportunity to combine a personal financial planning speciality with a professional accounting major. Consumer demand for higher quality professional financial services advisors is growing rapidly, and post-secondary academic programs are insufficient to keep up with the growing demand. Currently, only Quebec regulates the financial planning industry, but the trend appears to be moving to national regulation of some form. Without a doubt, high quality post-secondary education will be critical to the integrity of the financial services industry. 5

8 In 1998, the Certified General Accountants Association (CGA) added a requirement that prospective CGAs must obtain a baccalaureate degree before they can be granted the CGA designation. As most students pursue the CGA designation through the Community College system in Ontario, the B.A.B. (Finance) represents an unprecedented opportunity to help students achieve CGA accreditation more efficiently. By eliminating the need for additional degree-level studies after graduation from the B.A.B. (Finance) program, students financial burden will also be decreased. Members of our Financial Services Program Advisory Committee (representing banking, brokerage, insurance, accounting and financial planning) have all identified the applied degree as a major added value to employers. George Brown College is one of only five post-secondary institutions in Ontario to have a fully accredited CFP curriculum included in its full-time programs. An applied degree program is a natural fit for the CFP accreditation. According to the Institute of Canadian Bankers (ICB), the banking industry employs approximately 168,000 people across Canada. Graduates of the applied degree program will be highly employable with banks, accounting firms, investment firms, financial planning firms, credit unions and trust companies. The ICB has expressed interest in an alliance with an applied degree program for studies in financial services. 6

9 The applied degree provides a unique opportunity for students planning to complete their studies toward a CGA designation since graduates from this program would not have to pursue a baccalaureate designation elsewhere. The CGA Association of Ontario ( CGA Ontario ) would recognize the B.A.B. (Finance) as meeting their degree requirement, and we anticipate that the credential would also count toward advanced standing in Masters programs in Business Administration in several Ontario universities. George Brown College is committed to providing a unique learning community designed to give the student a new approach to learning and new tools and skills for today s workplace. The curriculum and its corresponding delivery reflect the real climate and complexity of today s business challenges, and foster both personal and intellectual growth. The B.A.B. (Finance) will provide the student with many ways to learn and balances a variety of methods, such as computer application, case studies, lectures, role-plays, and both team and individual projects. Students will be prepared to adapt to constantly changing circumstances in business and in their individual careers. The B.A.B. (Finance) is truly unique in Ontario. No other program provides the combination of sound business education, co-operative work experience, extensive development of critical thinking, problem-solving, team-building and communications skills, computer-based learning in many classes, accreditation towards the CFP and CGA designations and licensing fulfillment for securities and insurance. 7

10 As indicated in Appendix 1.2, the B.A.B. (Finance) is being proposed specifically to support the College s commitment to Centres of Excellence, and more specifically the Centre for Financial Services Education. Employer support for the program has already been demonstrated through an interest in providing consultation on curriculum needs and curriculum development as well as strong interest in hiring both co-op students and graduates from the B.A.B. (Finance) program. The program is expected to grow to an annual cumulative full-time enrolment of over 700 students within five years, supported by 25 full-time faculty dedicated to teaching at the applied-degree level. Financial capacity to operate the program has been clearly demonstrated by the included financial projections, indicating a strong contribution to the college operations. In summary, the proposed B.A.B. (Finance) program goes a long way toward filling a clearly demonstrated gap in business education in Ontario, fills a significant economic need, meets George Brown College s overall long-term strategic objectives, and is packaged in a unique, innovative and interesting manner that will attract quality students and provide high quality, highly employable and promotable graduates. 8

11 3.0 SYNOPSIS OF PROPOSED PROGRAM 3.1 Synopsis of Proposed Program Title: Bachelor of Applied Business (Finance) B.A.B. (Finance) Majors in Personal Financial Planning, Accounting, Financial Services Management and Administration. ( Financial Analysis major planned to launch in September 2004.) Program learning outcomes: Upon successful completion of the 4-year B.A.B program, graduates will be able to: Demonstrate a thorough understanding of personal financial planning principles; Demonstrate a detailed understanding of the personal financial planning process and its components; Demonstrate an understanding of fundamental accounting principles, and how they are applied in the financial industry; Demonstrate a sound knowledge of the principles of mathematics of finance and basic statistics, understand how they are applied in the financial industry, and use these fundamental principles on the job; Demonstrate an understanding of how businesses operate, the guiding principles behind doing business in Canada and how to be effective in business; Demonstrate an understanding of basic business concepts including marketing and organizational behaviour; Communicate clearly and concisely, in both written and spoken form, to address and educate clients; 9

12 Demonstrate an understanding of how both micro- and macro-economics impact financial markets and the economy; Use computers and other technology to effectively assist in managing databases, analysing financial information, developing financial plans and writing reports; Demonstrate an understanding of the role of ethics and professionalism in the financial industry, and an ability to adhere to ethical principles. Demonstrate an understanding of the various types of financial firms in Canada and understand the skills required for a career within the financial industry; Demonstrate an understanding of organizational, managerial and technological systems used by financial institutions in meeting their clients financial needs; Demonstrate sound communication, teamwork, problem solving and analytical thinking skills; Use critical analysis and creativity to find innovative solutions to business and personal financial problems; Use communication skills, problem solving, critical thinking, team-building skills and innovation to demonstrate leadership; Demonstrate an understanding of issues involved in the creation of wealth for retirement, including effective use of RRSPs and other retirement planning strategies; Use the knowledge gained across multiple business and breadth courses to solve real-life business problems as part of a management team in the financial industry; Understand and apply financial modeling techniques used by businesses to make sound long-term strategic business decisions; and, Demonstrate technical knowledge, professional competence and technological know-how in their chosen major. 10

13 The program learning outcomes have been developed in consultation with industry and professional accreditation and licensing bodies. Learning outcomes were established first, and curriculum designed around the required outcomes to ensure that the outcomes would be effectively achieved. In keeping with the applied nature of the program, and in order to clearly differentiate from a general baccalaureate program, the outcomes are achieved through a number of different delivery methods. Traditional lecture is used only where fundamental theoretical principles need to be established before the learning can take place in an applied setting. To ensure that the degree reflects its applied title, extensive real-life cases are used in a collaborative-learning environment. Students work through real-life problems, applying the theory that they have learned in prior classes, and filling in gaps in their knowledge through their own research with the professor acting as facilitator, mentor and guide. In upper-level courses, problem-based-learning techniques are applied, further developing students research, teamwork, critical thinking, analytical skills and problem solving. This approach allows for intellectual independence and also develops resourcefulness, helping to create graduates who can be effective in a variety of complex business situations. The following is a description of relationships to regulatory/licensing and professional bodies that have been established within the program: Accounting majors will complete all courses up to and including CGA Level 4; Personal Financial Planning majors complete the entire CFP syllabus. With its curriculum fully accredited by the Financial Planners Standards Council ( FPSC ), students choosing the Personal Financial Planning major can write the CFP exam immediately following graduation; 11

14 Articulation discussions are underway with the ICB so that Financial Services Management and Administration majors will be recognized towards ICB accreditation; Canadian Securities Course and insurance licensing are incorporated in the curriculum for Personal Financial Planning majors; Financial Analysis majors (under development for September 2004 launch) will be prepared for their CFA examinations. The work experience component of the program will enable students to understand how the knowledge they have gained in the classroom is applied to the workplace, and will help the students synthesize their practical classroom experience and increase their competency. To ensure that the stated outcomes have been achieved, students will be required to submit a report after each work-term (between 1,500 and 4,000 words) that demonstrates how they have applied knowledge that they have previously gained in the classroom to the workplace, or that demonstrates new knowledge that they have gained that can help them in their classroom learning. The work experience component will consist of three 4-month work terms in a related field. Admission Requirements: Students must have successfully completed an appropriate combination of grade 12 mathematics and English courses, with satisfactory grades (minimum 70%). Students will also be required to successfully complete an entrance test that demonstrates that their mathematics and English skills are at a satisfactory level to enter a degree-level program. 12

15 Projected Cumulative Full-Time Enrolment Per Year is as follows: Year Sept 2003 Sept 2004 Sept 2005 Sept 2006 First Year Second Year Third Year Fourth Year Total number of full-time students By year 4, anticipated ongoing annual intake will be 250 students per year, with a total cumulative full-time enrolment of 750 students in a fully mature program. 13

16 4.0 PROGRAM STRUCTURE REQUIREMENT The placement of co-op work terms may vary. Students will alternate school and work terms, and will not normally have a vacation semester during the four-year program. Vacations will consist of a period of between one and three weeks between semesters. Initially, the program structure will be as follows: Applied Degree September - January - April May - August Structure December Semester 1 Semester 2 Semester 3 Year One On-campus studies On-campus studies Paid full-time co-op Year Two On-campus studies Paid full-time co-op On-campus studies Year Three On-campus studies Paid full-time co-op On-campus studies Year Four On-campus studies On-campus studies GRADUATION Paid full-time consecutive work experience: 3 x 16 weeks = 48 weeks 14

17 5.0 STANDARD 1 APPLIED DEGREE-LEVEL STANDARD 5.1 Applied Degree-Level Standard The B.A.B. (Finance) at George Brown College meets or exceeds the Degree Level Standards for baccalaureate degrees with an applied focus in every category. Each standard is addressed below: 1. knowledge and critical understanding of the well-established principles of their area(s) of study, and of the way in which those principles have developed Students seeking a major in Personal Financial Planning will gain in-depth knowledge of the principles of financial planning from not less than 15 courses (in excess of 630 hours of study) that deal specifically with issues in personal financial planning. This exceeds the number of hours dedicated to personal financial planning in any degree-level program in Canada. Likewise, students seeking a major in Financial Services Management and Administration will gain more in-depth knowledge of the financial services industry and how it operates than any other postsecondary program in Canada. This is the only full-time post-secondary program in Ontario offering degree-level coverage in financial services, which includes not less than 15 separate courses exceeding 630 hours of study dedicated specifically to studies in financial services management and administration. Finally, students seeking a major in Accounting will gain the same in-depth knowledge of wellestablished accounting principles as other degree-level programs in Ontario universities, but with a more applied focus. Students selecting this major will 15

18 complete not less than 20 courses (in excess of 900 hours) of study in the principles and application of accounting. In all three majors, courses deal directly with the background behind the principles, how and why these principles have been established, and the manner in which they have been established. 2. ability to apply underlying concepts and principles outside the context in which they were first studied, including, where appropriate, the application of those principles in an employment context The George Brown B.A.B. (Finance) program is, in every respect, an applied program. First, the program is a notebook computer program. All students will be required to purchase a notebook computer for use throughout all of their courses of study. (Students will be assisted in their acquisition through attractive financing arrangements.) In personal financial planning and financial services courses, applications such as Quicken TM and Naviplan TM are used to demonstrate the real-life application of the principles learned. In the accounting courses, software such as MYOB TM, Simply Accounting TM, AccPac TM, QuickTax TM, Profile TM and CaseWare TM are used throughout the course of study in a similar manner. By using software prevalent in the Canadian work environment, underlying concepts can be applied to an employment context. In addition, throughout the course of study in all majors, students learn through extensive use of case studies and collaborative projects. In some courses, a problem-based approach is taken. These methods of learning, by definition, ensure that students are able to apply concepts to different contexts. Success is measured not solely by the ability to reproduce material from the 16

19 textbook, but also by the student s ability to apply the material to cases, group projects and real-world problems. 3. knowledge of the main methods of enquiry in their subject(s), and ability to evaluate critically the appropriateness of different approaches to solving problems in the field of study Critical thinking is one of the most important skills that employers seek from their employees. The ability to think critically is also a skill that helps individuals to function effectively in all aspects of their life in both business and personal situations. The B.A.B. (Finance) program begins teaching students to think critically from the first semester. Two courses, in first and second semester (Fundamental Business and Personal Skills I and II), help students to develop the critical thinking skills that they will need in order to be successful in later courses and to succeed in their careers. These courses set the groundwork for the use of problem-based and collaborative learning in specifically chosen later courses, where students learn through their own research, synthesis of information and critical thinking around various approaches to the problems presented. Just a few examples of courses that make extensive use of these techniques include (from all majors) Personal Financial Planning Principles, Database Concepts and Data Analysis, Business Ethics, Innovation and Leadership a Financial Services Perspective and Multi-disciplinary Strategic Management. In addition, collaborative and problem-based learning techniques are both used in the Personal Financial Planning major in the following courses: Selling Financial Services, Portfolio Management and Advanced Personal Financial Planning. In the Financial Services Management major, these techniques are used in: Business Risk Management, Consumer Behaviour, Management 17

20 Decision Making a Financial Services Approach, Productivity Management, Training and Development (Financial Services) and Managing Organizational Diversity and Change. Finally, in the Accounting major, these techniques are used in Corporate Finance I and II, Management Control Systems, Accounting Information Systems, Advanced Corporate Finance, Management Control Systems and Operational Auditing and Fraud, among others. 4. an understanding of the limits of their knowledge, and how this influences analyses and interpretations based on that knowledge Knowing what you don t know is as important as knowledge itself. A true professional is not afraid to say I don t know let me look into it. Once again, this is all part of the approach to learning taken in the B.A.B. (Finance) program at GBC. Early courses such as Fundamental Business and Personal Skills I and II instil this understanding in students early. In many courses, students learn to identify areas for which they are or are not qualified. In Personal Financial Planning Principles, for example, students learn that financial planners are not necessarily qualified to give specific insurance, investment or legal advice. They learn what additional knowledge they must obtain, or what other professionals they must work with in order to serve their clients interest. They learn how to assess the limits on their knowledge and communicate those limits clearly to clients when appropriate. The B.A.B. (Finance) program exceeds the requirements of the degree level standard by also addressing the following: 18

21 5. use a range of established techniques to initiate and undertake critical analysis of information, and to propose solutions to problems arising from that analysis Step 3 of the internationally accepted financial planning process states that your planner should analyze your information to assess your current situation (cash flow, net worth, tax projections, etc.) and identify any problem areas Step 4 states that your planner should develop and prepare a financial plan tailored to meet your goals and objectives, values, temperament and risk tolerance, while providing projections and recommendations. All students in the B.A.B. (Finance) program learn these steps in their first year of study. These principles are then applied continually to courses, not only within the Personal Financial Planning major, but also within the Financial Services Management and Administration and the Accounting majors. Critical analysis is a core competency instilled in students throughout the programs, in all courses and in all majors. Finally, these skills are tested in aggregate in two key fourth-year courses: Innovation and Leadership a Financial Services Perspective, and Multidisciplinary Strategic Management. 6. effectively communicate information, arguments, and analysis, in a variety of forms, to specialist and non-specialist audiences, and deploy key techniques of the discipline effectively 19

22 Effective communication is critical to success in business. Effective communication will enable the student to progress on the job and to achieve results. The B.A.B (Finance) program dedicates four courses specifically to develop students communication skills (Fundamental Business and Personal Skills I and II, Business English and Business Communications). The fundamental communication skills learned in these courses are then further developed and refined through innovative learning methods. Written communications and analyses are developed through case projects that require written reports. Oral analysis and communications are developed through presentations, debates and discussions, in real-world settings, and form a significant portion of the students grades in many courses. Students are required to address their fellow students in simulations, in some cases as CEOs and in other cases as clients with limited understanding of the issues, in order to develop their ability to assess an audience and communicate effectively with both specialist and non-specialist audiences. 7. undertake further training, develop existing skills and acquire new competencies that will enable them to assume significant responsibility within organizations The B.A.B. (Finance) program goes beyond the basic standard competencies. For example, students choosing the Personal Financial Planning major take 15 courses dedicated to studies in financial planning and related knowledge and competencies; well beyond the 8 courses required for accreditation towards the CFP designation. Similarly, students choosing the Accounting major receive courses in Securities Accounting, Operational Auditing and Fraud and Accounting Theory, among others, 20

23 that will set them apart in their organizations and allow them to move easily beyond their core knowledge. 8. have qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making Several courses have been established in the program specifically to instil in students a sense of personal responsibility for their actions, and to develop skills that will be easily transferable. Through collaborative learning, problem-based learning and casework, students learn that knowledge of the subject matter goes beyond the specific situation in which it was presented. In courses such as Innovation and Leadership and Multi-disciplinary Strategic Management, students must use their core knowledge and combine it with the critical thinking, communications skills, problem solving and teamwork to situations well outside the boundaries of their core subjects. As a result of this process, they will perform more effectively in business. This is truly the culmination of a complete, applied education at the degree-level. 21

24 6.0 STANDARD 2 PROGRAM CONTENT 6.3 Regulatory/Licensing Requirements Regulatory/Licensing Requirements License to Sell Securities The Canadian Securities Course TM (CSC), administered by the Canadian Securities Institute, is currently the only course that licenses individuals to sell securities under Canadian securities regulation. The B.A.B. (Finance) program includes the Special Institutional Version of the CSC. Students are able to write the CSC exam on-site at George Brown College as part of their course examination schedule. License to Sell Insurance Insurance licensing is now regulated nationally through the Canadian Insurance Self Regulating Organization ( CISRO ). George Brown College is a member of a consortium of 16 Colleges of Applied Arts and Technology in Ontario that has been granted approval as a qualifying licensing program. As the licensing requirements have just been finalized in the past month, details of the curriculum are still being finalized. However, George Brown s Applied Insurance course in the Personal Financial Planning major, together with Personal Risk Management and other core program courses, will exceed the insurance licensing requirements. 22

25 License to Practise as a Financial Planner Legislation has been proposed in Ontario for the licensing of financial planners who sell securities. Indications are that in order to obtain a license to practice, financial planners would either have to possess a valid professional financial planning designation or would be required to write a Financial Planning Proficiency Exam ( FPPE ). Graduates with a major in Personal Financial Planning would be fully prepared to meet these financial planning licensure requirements. On graduation, students would have exceeded the syllabus requirements of the FPSC, and would be qualified to write the CFP exam immediately. The financial planning curriculum has also been developed to ensure that the highest standards of knowledge, ethics and professional competence have been met so that these graduates would also be fully prepared to succeed in a FPPE exam if such an examination were required Professional/Accreditation or other Organizational Support CGA Association of Ontario ( CGA Ontario ) The Certified General Accountants Ontario is a self-governing body, which grants the exclusive right to the CGA designation and controls the professional standards, conduct and discipline of its members and students in the province of Ontario. CGA Ontario has an extensive syllabus that sets out the knowledge and competency requirements for becoming a CGA. The syllabus covers 4 degree levels of study, plus a 5 th professional level of study that must be completed through CGA Ontario directly. The B.A.B. (Finance) program covers the entire CGA syllabus through Level 4, so that students will either be granted full exemption from, or the ability to challenge directly, the examinations required in each CGA course. The core courses in the Accounting major 23

26 have been developed in close consultation with CGA and follow closely the CGA syllabus for each course. The proposed B.A.B. (Finance) with the Accounting major meets or exceeds the syllabus requirements in every CGA course through its level 4. Other Professional Accounting Bodies George Brown College is already in discussions with ACCA to have the B.A.B. accounting curriculum accredited towards the ACCA international accounting designation. In addition, once the B.A.B. (Finance) has been approved, the college plans to enter into discussions with the Institute of Chartered Accountants and the Certified Management Accountants Association for recognition of the B.A.B. accounting curriculum towards the C.A. and C.M.A. designations, respectively. Financial Planners Standards Council ( FPSC ) The FPSC is a not-for-profit, member organization whose members include The Canadian Association of Financial Planners; Canadian Association of Insurance and Financial Advisors; The Canadian Institute of Chartered Accountants; The Canadian Institute of Financial Planning; Certified General Accountants Association of Canada; Certified Management Accountants of Canada; and Credit Union Institute of Canada. The FPSC is a member organization in the International CFP Council, consisting of organizations awarding the CFP designation in 15 countries. The FPSC develops and regulates financial planning standards and grants the CFP license in Canada. Only students successfully completing a registered CFP program are eligible to write the CFP examination. In order to have its program registered, the academic institution must submit a comprehensive program of study to FPSC, and meet strict curriculum requirements. GBC has already completed this accreditation and registration process. 24

27 The Personal Financial Planning major in the B.A.B. (Finance) program meets, in all respects, the FPSC syllabus requirements. Students graduating from the B.A.B. (Finance) program with a Personal Financial Planning major are eligible to write the CFP exam immediately upon graduation, with no further course of study required Letters of Support - Professional/Accreditation and Other Organizations Letters of support from the following professional/accreditation bodies and are provided on the pages that follow: Financial Planners Standards Council Certified General Accountants of Ontario Note that some letters of support refer to a Bachelor of Applied Financial Services rather than a Bachelor of Applied Business (Finance). The former was the working title for the applied degree, and was inadvertently used by some supporting organizations. 25

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32 6.5 Proposed Applied Degree Program Program Level Learning Outcomes Demonstrate competency as opposed to just knowledge, in all applicable professional areas Demonstrate sound teamwork, problem solving and analytical thinking skills Demonstrate an ability to apply technical competency to areas outside of the specific course of study Demonstrate a detailed understanding of the personal financial planning process and its components Course(s) that Contribute to Outcome Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management All professional-level courses Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management All professional-level courses Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management Applied Business Communications All professional-level courses Personal Financial Planning Principles Retirement and Estate Planning Demonstrate an understanding of fundamental accounting principles, and how they are applied in the financial industry Accounting Fundamentals I Demonstrate a sound knowledge of the principles of mathematics of finance and basic statistics, understand how they are applied in the financial industry, and use these fundamental principles on the job Demonstrate an understanding of how businesses operate, the guiding principles behind doing business in Canada and how to be effective in business Mathematics of Finance Applied Quantitative Analysis Canadian Business Fundamentals 30

33 Program Level Learning Outcomes Demonstrate an understanding of basic business concepts including marketing and business ethics Course(s) that Contribute to Outcome Canadian Business Fundamentals Marketing Principles Business Ethics Communicate clearly and concisely, in both written and spoken form, to address and educate clients Demonstrate an understanding of how both micro- and macro-economics impact financial markets and the economy English for Business Fundamental Business and Personal Skills I and II Applied Business Communications Innovation and Leadership Multi-disciplinary Strategic Management Microeconomics Macroeconomics Corporate Finance Use computers and other technology to effectively assist in managing databases, analysing financial information, developing financial plans and writing reports Demonstrate an understanding of the role of ethics and professionalism in the financial industry, and an ability to adhere to ethical principles Demonstrate an understanding of the various types of financial firms in Canada and understand the skills required for a career within the financial industry Spreadsheet Concepts and Financial Modelling Database Concepts and Data Analysis Multi-disciplinary Strategic Management Corporate Finance Canadian Business Fundamentals Business Ethics Innovation and Leadership Multi-disciplinary Strategic Management Personal Financial Planning Principles Demonstrate an understanding of organizational, managerial and technological systems used by financial institutions in meeting their clients financial needs Spreadsheet Concepts and Financial Modelling Database Concepts and Data Analysis Multi-disciplinary Strategic Management Innovation and Leadership 31

34 Program Level Learning Outcomes Use fundamental marketing principles, specifically as they relate to the financial services industry, to create marketing plans Course(s) that Contribute to Outcome Marketing Principles Use critical analysis and creativity to find innovative solutions to business and personal financial problems Use communication skills, problem solving, critical thinking and innovation to demonstrate leadership Demonstrate an understanding of issues involved in the creation of wealth for retirement, including effective use of RRSPs and other retirement planning strategies Use the knowledge gained across multiple business and breadth courses to solve real-life business problems as part of a management team in the financial industry Understand and apply financial modeling techniques used by businesses to make sound long-term strategic business decisions. Fundamental Business and Personal Skills I and II Innovation and Leadership Multi-disciplinary Strategic Management Personal Financial Planning Principles Database Concepts and Data Analysis Fundamental Business and Personal Skills I and II Innovation and Leadership Applied Business Communications Retirement and Estate Planning Personal Financial Planning Principles Mathematics of Finance Multi-disciplinary Strategic Management Spreadsheet Concepts and Financial Modeling Database Concepts and Data Analysis 32

35 6.6 Academic Course Schedule Majors in Accounting, Personal Financial Planning, Financial Services Management and Administration. (Financial Analysis major is planned for September, 2004.) The program is modeled on a course-based registration system. That is, not all courses must be taken in a specific order, or in a specific semester. This provides the students with flexibility in selecting their courses, and obtaining their major. Students must complete the following: Type of Course Number of Courses Professional-Level Courses Required professional courses: Core 15 B.A.B. (Finance) professional-level course required regardless of major Required professional courses: Core 18 B.A.B. (Finance) professional-level course specific to the chosen major Elective B.A.B. (Finance) professionallevel course from another major within the 5 program Total Professional-level Courses 38 Breadth Courses from Outside the B.A.B. (Finance) Required breadth courses: Core breadth 4 courses from outside of the B.A.B. (Finance) required regardless of major Elective breadth course from outside of the 6 B.A.B. (Finance) program selected from a pool of degree-level electives Total Breadth Courses 10 Total Number of Courses in the 48 Program 33

36 The following chart summarizes the attributes of the various Majors offered in the proposed Bachelor of Applied Business (Finance) program in the Centre for Financial Services Education at George Brown College: MAJOR: PERSONAL FINANCIAL PLANNING Designations CFP, PFP, FCSI Licenses Future Careers License to sell securities, License to sell insurance Private Financial Planning Practice, Personal Financial Advisor, Investment Advisor, Financial Planning Consultant, Financial Planning Trainer/Educator Banks, Insurance Companies, Mutual Fund Companies, Trust Companies, Securities Brokerage Firms, Independent Financial Organizations Planning Firms, Financial Consulting Firms, Educational Consulting Firms, Self-Employment MAJOR: FINANCIAL SERVICES MANAGEMENT AND ADMINISTRATION A designation issued by the Institute of Canadian Bankers. ICB is Designations currently revamping their designations. Licenses Future Careers Organizations License to sell securities, if taken as electives Commissioner of Oaths Retail Bank Manager, Estate Administrator, Human Resources Manager, Pension and Benefits Specialist, Trust Administrator, any number of management-level jobs within the organizations listed below Banks, Insurance Companies, Trust Companies MAJOR: ACCOUNTING Designations Licenses Future Careers Organizations CGA. Discussions will be undertaken to include credit towards C.A. and C.M.A. designations License to sell securities, if taken as electives Private Accounting Practice, Accountant, Internal Auditor, Tax Specialist, Tax Auditor, Financial Consultant, Controller, VP Finance, any number of management jobs in industry Public Accounting Firms, Small, Medium and Large Businesses, Banks, Insurance Companies, Securities Brokerage Firms, Government, Consulting Firms, Self-Employment 33A

37 The following are the required courses regardless of major: Required Professional Courses B.A.B. (Finance) Course Type 1 Canadian Business Fundamentals P Personal Financial Planning Principles P Mathematics of Finance P Macroeconomics P Accounting Principles I P Microeconomics P Innovation and Leadership A Financial Services Perspective P Spreadsheet Concepts and Financial Modeling P Retirement and Estate Planning P Marketing Principles P Applied Quantitative Analysis P Database Concepts and Data Analysis P Multi-disciplinary Strategic Management P Corporate Finance I P Business Ethics P As stated in the previous table, in addition to these 15 professionallevel courses, students must complete any 5 professional courses from another major within the B.A.B. (Finance) program, provided they have met the prerequisite requirements for each course, plus 18 courses specific to their major, as laid out in the course schedule that follows. Required Breadth Courses Outside of Program Area Course Type 1 English for Business O Fundamental Business and Personal Skills I O Fundamental Business and Personal Skills II O Applied Business Communications O As stated in the previous table, in addition to these 4 breadth courses, students must complete any 6 breadth courses from a pool of degree-level elective from outside of the B.A.B. (Finance) program. 1 P = Professional course, or program, level course. A course within the field of study of this major. All majors have a total of 33 P courses. F = Financial elective. A course within the field of study of Applied Business (Finance), but not specific to this major. All majors have a total of 5 F electives. O = Breadth course. A course outside of the specific field of study of the B.A.B. (Finance). All majors have a total of 10 O courses. 34

38 The following is a typical course sequence for each major: Major: Personal Financial Planning Semester 1 Course Course Type Hours Course Prerequisite(s) Canadian Business Fundamentals P 42 None English for Business O 42 None Personal Financial Planning P 56 None Principles Mathematics of Finance P 42 None Macroeconomics P 42 None Fundamental Business and Personal O 28 None Skills I Semester 2 Accounting Principles I P 56 None Microeconomics P 42 None Canadian Financial Systems P 42 None Applied Business Communications O 42 English for Business Fundamental Business and Personal Skills II O 28 Fundamental Business and Personal Skills I Spreadsheet Concepts and Financial P 42 None Modeling Semester 3 Applied Personal Financial Management Systems P 42 Personal Financial Planning Principles Applied Accounting P 42 Accounting Principles I Canadian Securities I P 56 Personal Financial Planning Principles, Macroeconomics Retirement and Estate Planning P 42 Personal Financial Planning Principles, Mathematics of Finance Marketing Principles P 42 None Applied Quantitative Analysis P 42 Mathematics of Finance Semester 4 Selling Financial Services P 42 Canadian Financial Systems, Personal Financial Planning Principles, Applied Business Communications Business and Family Law P 42 Personal Financial Planning Principles Canadian Securities II P 42 Canadian Securities I (Corporate) Finance I P 42 Canadian Securities I or Intermediate Accounting I Breadth Elective O 42 Finance Elective F 42 35

39 Major: Personal Financial Planning (cont.) Semester 5 Income Taxation I P 56 Accounting Principles I, Retirement and Estate Planning Investment Management P 42 Canadian Securities II Personal Risk Management P 42 Retirement and Estate Planning Finance Elective F 42 Finance Elective F 42 Breadth Elective O 42 Semester 6 Income Tax Planning P 56 Income Taxation I Productivity Management P 42 Fundamental Business and Personal Skills II Marketing Financial Services P 42 Selling Financial Services, Marketing Principles Database Concepts and Data Analysis P 42 Spreadsheet Concepts and Financial Modeling Breadth Elective O 42 Finance Elective F 42 Semester 7 Derivatives Fundamentals P 42 Investment Management Portfolio Management P 42 Investment Management Business Ethics P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Innovation and Leadership A Financial Services Perspective P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Finance Elective F 42 Breadth Elective O 42 Semester 8 Training and Development P 42 Productivity Management Advanced Personal Financial Planning Multi-disciplinary Strategic Management P 42 Business Ethics, Personal Risk Management, Personal Income Tax Planning P 42 Innovation and Leadership A Financial Services Perspective Applied Insurance P 56 Personal Risk Management Breadth Elective O 42 Breadth Elective O 42 36

40 Major: Financial Services Management and Administration Semester 1 Course Course Type Hours Course Prerequisite(s) Canadian Business Fundamentals P 42 None English for Business O 42 None Personal Financial Planning P 56 None Principles Mathematics of Finance P 42 None Macroeconomics P 42 None Fundamental Business and Personal O 42 None Skills I Semester 2 Accounting Principles I P 56 None Microeconomics P 42 None Canadian Financial Systems P 42 None Applied Business Communications O 42 English for Business Fundamental Business and Personal Skills II O 42 Fundamental Business and Personal Skills I Spreadsheet Concepts and Financial P 42 None Modeling Semester 3 Applied Accounting P 42 Accounting Principles I Retirement and Estate Planning P 42 Personal Financial Planning Principles, Mathematics of Finance Canadian Securities I P 56 Personal Financial Planning Principles, Macroeconomics Financial Products and Services P 42 Canadian Financial Systems Marketing Principles P 42 None Applied Quantitative Analysis P 42 Mathematics of Finance Semester 4 Selling Financial Services P 42 Financial Products and Services. Co-requisite: Consumer Behaviour in Financial Services Business and Family Law P 42 Personal Financial Planning Principles Consumer Behaviour in Financial Services Applied Personal Financial Management Systems Breadth Elective O 42 Finance Elective F 42 P 42 Applied Business Communications. Corequisite: Selling Financial Services P 42 Personal Financial Planning Principles 37

41 Major: Financial Services Management and Administration (cont.) Semester 5 International Financial Systems P 42 Canadian Financial Systems Marketing Financial Services P 42 Selling Financial Services, Marketing Principles Estate and Trust Administration P 56 Business and Family Law, Retirement and Estate Planning Finance Elective F Finance Elective F Breadth Elective O Semester 6 Mortgage Underwriting and Administration P 42 Applied Personal Financial Management Systems Business Risk Management P 56 Applied Accounting or Management Accounting I Database Concepts and Data Analysis P 42 Spreadsheet Concepts and Financial Modeling Productivity Management P 42 Fundamental Business and Personal Skills II Breadth Elective O Finance Elective F Semester 7 Management Decision Making a P 56 Business Risk Management Financial Services Approach Training and Development P 42 Productivity Management Business Ethics P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Innovation and leadership A Financial Services Perspective P 42 Fundamental Business and Personal Skills II, Business and Family Law or Commercial Law Finance Elective F Breadth Elective O Semester 8 Human Resources Management (FS) P 42 Training and Development Applied Bank Financial Management P 56 Management Decision Making a Financial Services Approach Multi-disciplinary Strategic Management Managing Organizational Diversity and Change Breadth Elective Breadth Elective P 42 Innovation and Leadership A Financial Services Perspective P 42 Innovation and Leadership A Financial Services Perspective O O 38