Required skills

welldeveloped communication skills to

determine and confirm forecasting and projection requirements using questioning and active listening as required

negotiate timelines and responsibilities

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

welldeveloped research and analysis skills for accessing analysing and managing financial services information and analysing data

welldeveloped literacy skills for preparing clear written reports for organisations and business units in required formats

highly developed numeracy skills for financial calculations and analysis estimating and forecasting

IT skills for using integrated financial systems and using spreadsheets and databases and internet information

learning skills to maintain knowledge of forecasting systems and best practice and procedures

problem solving skills to identify any forecasting issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills including the ability to plan and sequence work and correctly schedule reporting

Required knowledge

financial industry codes of practice

forecasting techniques models and best practice

organisation policy and procedures

relevant Acts and regulations impacting on the financial services industry

relevant legal systems and procedures impacting on the financial services industry

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

identify interpret and comply with organisation policies and procedures regarding preparing financial forecasts and projections

apply standard accounting principles and techniques

accurately identify assumptions and parameters of forecasts

collect consolidate model and analyse data in a timely manner document results and obtain approval where required

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to an integrated financial software system and data

access to organisational policies and procedures documentation

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Forecasts may include:

Organisation policy and procedures may include:

Current and historical financial reports may include:

External environment may include:

Financial models may include:

Users may include: