Financial Services record of changes

Updated exam specifications for HSC VET exams

(Official notice NESA 29/23)

NESA has updated the HSC exam specifications for Financial Services.

Section II will include 4 to 6 short-answer questions and 10 to 12 items in total. Section III now structured extended response questions. Section IV now extended response question.

Effective from the 2024 HSC exam.

Updated performance band descriptions for HSC VET exams

(Official notice NESA 28/23)

NESA has updated the performance band descriptions for Financial Services.

Effective from the 2024 HSC exam.

Revised Stage 6 Financial Services Curriculum Framework syllabus

(Official Notice NESA 24/22)

NESA has revised the Stage 6 Financial Services Curriculum Framework syllabus following the release of version 8 (15 June 2022), version 8.1 (23 September 2022) and version 8.2 (3 November 2022) of the FNS Financial Services Training Package on training.gov.au.

The revised syllabus and support materials based on FNSv8.2 are now available. A summary of changes is listed below. New course numbers are detailed in the syllabus.

Implementation commences from 2023 with Year 11. The first HSC exam based on the revised syllabus will be in 2024.

Students who commenced a Financial Services course in 2022 and are completing the course in 2023, will continue the course as outlined in the ‘old’ Financial Services syllabus (final year of delivery with Year 12, 2023).

Students who want to undertake the 240-hour Financial Services course in one year in 2023 will also complete the course as outlined in the ‘old’ syllabus.

This is in line with Australian Skills Quality Authority’s (ASQA) approval of an extended learner transition period for qualification pathways from FNSv7 in the ‘old’ syllabus until 31 January 2024.

Any student wanting to sit the 2023 HSC exam must complete the 240-hour course from the ‘old’ syllabus.

Summary of changes – revised syllabus:

• qualifications:
  • FNS30122 Certificate III in Financial Services supersedes FNS30120 (equivalent)
  • FNS30322 Certificate III in Accounts Administration supersedes FNS30317 (equivalent)
• associated HSC mandatory units of competency:
  • FNSACC321 Process financial transactions and extract interim reports supersedes FNSACC311 (equivalent) – Financial operations focus area
  • FNSACC323 Perform financial calculations supersedes FNSACC313 (equivalent) – Financial operations focus area
  • BSBXCM301 Engage in workplace communication – added to Industry context and Work focus areas
  • FNSINC311 Work together in the financial services industry supersedes FNSINC301 Work effectively in the financial services industry (equivalent) – Industry context, Safety and Work focus areas
• formerly associated HSC mandatory unit of competency – deleted from the Framework
  • BSBTWK201 Work effectively with others
• associated HSC stream units of competency:
  • FNSACC421 Prepare financial reports – added to Accounting stream
  • FNSACC322 Administer subsidiary accounts and ledgers supersedes FNSACC312 (equivalent) – Accounting stream
• formerly associated HSC stream unit of competency – deleted from the Framework
  • BSBFIA401 Prepare financial reports (superseded)
• HSC elective units of competency:
  • updated to reflect current unit of competency codes and titles
  • deleted from the Framework:
    • BSBOPS404 Implement customer service strategies
    • FNSTPB412 Establish and maintain payroll systems
• HSC focus areas:
  • 4 mandatory retained – HSC Content updated and added
  • 2 streams retained:
    • Accounting stream – HSC Content updated and added
    • Financial Services stream – unchanged.

Amendment – Financial Services Curriculum Framework syllabus

(NESA News)

NESA has amended the Stage 6 Financial Services Curriculum Framework syllabus following the release of version 7 (27 January 2022) of the FNS Financial Services Training Package on training.gov.au.

No impact on HSC courses and their requirements. No changes to HSC content.

The cover page of the syllabus and qualification overview documents now reference version 7 of the Training Package.

Amendment to Stage 6 Financial Services Curriculum Framework syllabus

(NESA News)

NESA has amended the Stage 6 Financial Services Curriculum Framework syllabus following the release of version 6.2 (9 July 2021) of the FNS Financial Services Training Package on training.gov.au.

No impact on HSC courses and their requirements. No changes to HSC Content.

The cover page of the syllabus and qualification overview documents now reference version 6.2 of the Training Package.

Updated – Stage 6 Financial Services Curriculum Framework syllabus

(Official notice NESA 10/21)

NESA has updated the Stage 6 Financial Services Curriculum Framework syllabus following the release of:

• version 4 (1 July 2020)
• version 5 (4 November 2020)
• version 6 (2 February 2021)
• version 6.1 (12 February 2021)

of the FNS Financial Services Training Package.

The updated syllabus and support documents based on FNSv6.1 are now available.

Implementation commences from 2021 for both Year 11 and Year 12, with an option for Year 12 continuing students completing Certificate III in Financial Services*.

There are no changes to HSC content.

Summary of changes:

• qualification:
  • FNS30120 Certificate III in Financial Services supersedes FNS30115 (not equivalent)
• associated HSC mandatory units of competency (Table 3):
  • BSBTWK201 Work effectively with others supersedes BSBWOR203 (equivalent)
• associated HSC stream units of competency — Financial Services (Table 5):
  • BSBINS309 Maintain business records supersedes BSBRKG304^# (equivalent)
  • FNSACM313 Process authorised payments supersedes FNSACM303 Process payment documentation^# (not equivalent)
  • FNSRTS311 Provide customer service in a retail agency supersedes FNSRTS301^# (equivalent)
• HSC elective units of competency (Table 6):
  • updated
    • BSBOPS202 Engage with customers supersedes BSBCUE203 Conduct customer engagement (equivalent)
    • BSBTEC201 Use business software applications supersedes BSBWOR204 Use business technology (equivalent)
    • BSBTWK301 Use inclusive work practices supersedes BSBDIV301 Work effectively with diversity (equivalent)
    • BSBWHS211 Contribute to health and safety of self and others supersedes BSBWHS201 (equivalent)
    • FNSFLT211 Develop and use personal budgets supersedes FNSFLT201 Develop and use a personal budget (equivalent)
    • FNSFLT311 Develop and apply knowledge of personal finances supersedes FNSFLT301 Be MoneySmart (equivalent)
  • added
    • BSBFIN401 Report on financial activity supersedes BSBFIA401 Prepare financial reports^β (not equivalent)
    • BSBHRM416 Process payroll supersedes BSBFIA302^β (equivalent)
    • BSBINS307 Retrieve information from records supersedes BSBRKG303^β (equivalent)
    • BSBITU315 Purchase goods and services online supersedes BSBITU305 Conduct online transactions^β (equivalent)
    • BSBOPS304 Deliver and monitor a service to customers supersedes BSBCUS301^β (equivalent)
    • BSBOPS404 Implement customer service strategies supersedes BSBCUS403 implement customer service standards^β (not equivalent)
    • BSBPEF301 Organise personal work priorities supersedes BSBWOR301 Organise personal work priorities and development^β (equivalent)
    • BSBTEC301 Design and produce business documents supersedes BSBITU306^{^} (equivalent)
    • BSBWRT311 Write simple documents supersedes BSBWRT301^{^} (equivalent)
    • FNSACM311 Process and manage payments supersedes FNSACM301 Administer financial accounts^β (not equivalent)
    • FNSACM312 Reconcile financial transactions supersedes FNSACM302 Prepare, match and process receipts^β (not equivalent)
    • FNSCRD311 Process applications for credit supersedes FNSCRD301^β (equivalent)
    • FNSRTS312 Execute foreign currency transactions supersedes FNSRTS312 Handle foreign currency transactions^β (equivalent)
  • deleted
    • FNSINC401 Apply principles of professional practice to work in the financial services industry (superseded and not equivalent)
    • FNSPRT301 Establish entitlements to an intestate estate (deleted).

The 2021 Financial Services HSC exam will be based on the updated syllabus.

Schools and colleges should consult with their school system and/or registered training organisation (RTO) regarding this update and delivery of courses from this Framework for all their financial services students in 2021.

* RTOs and their students who commenced study in the Framework in 2020 with intended qualification outcome of Certificate III in Financial Services, and are continuing in 2021, have the option of doing so through FNS30115 provided that all training and assessment is completed within the learner transition period.

VET data would need to be finalised in Schools Online by 21 June 2021 to enable the VET Certificate or Statement of Attainment to be issued by 30 June 2021. As there was no change to HSC content in the updated syllabus, eligible students can sit the 2021 HSC exam

^# This superseded unit of competency is a listed elective for FNS30317 and will be included in Table 6 (HSC electives).

^β This superseded unit of competency is a listed elective for FNS30317 and will remain in Table 6 (HSC electives).

^{^} This superseded unit of competency is core for FNS30317 and will remain in Table 6 (HSC electives).

Revisions to suggested time allocation in some HSC VET exams

(NESA News)

NESA has revised the suggested allocated time for sections of some HSC VET exams from 2020. This will improve consistency of advice across the suite of VET exams.

The suggested allocation of time for each section in the Financial Services HSC exam from 2020 is as follows:

• Section 1 —  objective response questions (15 marks) — allow about 20 minutes
• Section 2 —  short answer questions (30 marks) —  allow about 45 minutes
• Section 3 —  extended response question (15 marks) —  allow about 25 minutes
• Section 4 —  structured extended response question, based on stream (20 marks) —  allow about 30 minutes.

Updated – Financial Services Curriculum Framework syllabus

(Official notice NESA 31/18)

NESA has updated the Stage 6 Financial Services Curriculum Framework syllabus following the release of version 3 of the FNS Financial Services Training Package. The updated syllabus, associated documents and support materials are now available.

Implementation commences from 2019 for both Years 11 and 12.

Summary of changes:

• qualifications:
  • FNS30317 Certificate III in Accounts Administration supersedes FNS30315 Certificate III in Accounts Administration (not equivalent)
• units of competency:
  • BSBWHS201 Contribute to health and safety of self and others has been moved to the elective pool (ie it is no longer mandatory for the 120-hour and 240-hour courses) and HSC indicative hours have been reduced from 15 to 10
  • FNSACC311 Process financial transactions and extract interim reports supersedes FNSACC301 (equivalent)
  • FNSACC313 Perform financial calculations supersedes FNSACC303 (equivalent)
  • HSC indicative hours for FNSINC301 Work effectively in the financial services industry have been increased from 25 to 30
  • FNSACC312 Administer subsidiary accounts and ledgers supersedes FNSACC302 (equivalent)
  • FNSACC304 Conduct business activities using a computerised accounting system (new unit of competency and core for FNS30317) has been added to the HSC elective pool
  • FNSACC406 Set up and operate a computerised accounting system has been superseded and is no longer available for selection as an elective
  • FNSTPB402 Establish and maintain payroll systems supersedes FNSBKG405 Establish and maintain a payroll system (equivalent)
• HSC focus areas:
  • references to 'batching' removed from Financial operations
  • WHS legislation updated in Safety
  • text from the Training Package updated.

The first Financial Services HSC exam based on the updated syllabus will be in 2019.

Students who commenced the Financial Services 240-hour course with the Accounting stream in 2018, and are completing the course over two years, have been working towards FNS30315 in Year 11 (Preliminary). They will transition in 2019 to FNS30317 in Year 12 (HSC).

Schools and colleges should consult with their school system and/or Registered Training Organisation (RTO) regarding this update and delivery of courses from the Financial Services Curriculum Framework for all their financial services students in 2019.