Unit of competency Outline
Date retreived
22/07/2026 10:55 AM AWST
22/07/2026 10:55 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Interpret and use financial statistics and tools
Interpret and use financial statistics and tools
Unit of competency
National Code
FNSINC602A
FNSINC602A
State Code
D4172
D4172
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
07/07/2014
Field of Education
091903 - Econometrics
Original Release Date
07/07/2014
Nominal Hours
55
Description
This unit covers the application of techniques to access, interpret and analyse statistical data relevant to the financial services industry. It encompasses producing new statistical information and reports from existing data using a range of tools and processes.There are no regulatory or licensing requirements applicable to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Apply statistical methods to work
- 1.1. Appropriate statistical methods that apply to financial services work are evaluated and chosen to suit the required work outcome
- 1.2. Suitable tools and techniques for statistical analysis are known and used effectively
2. Source and interpret statistical data
- 2.1. Internal and external data and information sources are identified and accessed to source relevant current data
- 2.2. Data are validated in accordance with industry statistical standards
- 2.3. Data summaries and trends are used to verify currency and utility
- 2.4. Sampling techniques and diagrammatic, graphical and tabular information are correctly interpreted and used for the required purpose
3. Analyse data using appropriate techniques and tools
- 3.1. Organisational requirements and priorities are reflected in the analysis of statistical data
- 3.2. Analysis and descriptive tools and techniques are used to meet the required outcomes with any data errors corrected
- 3.3. Reports of analysis are produced on time and in the appropriate detail and format including use of diagrammatic, graphical and tabular information
4. Record statistical data analysis results and records
- 4.1. Records of data and statistical analysis are validated to ensure accuracy and consistency with industry and organisational standards
- 4.2. Records are filed and stored for easy retrieval while meeting all security requirements
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Statistical methods may include:
econometric modelling:
linear and nonlinear regression
multivariate analysis
time series analysis
trend analysis
moving average analysis
weighted moving averages
cash flow forecasting.
Tools and techniques for statistical analysis may include:
liquidity ratios:
current ratio
quick ratio
working capital ratio
profitability ratios:
return on assets (ROA)
return on equity (ROE)
return on investment (ROI)
profit margin by assets turnover ratio
gross margin ratio
net profit margin ratio
average stockholders' equity
activity analysis ratios:
asset turnover ratio
accounts receivable turnover ratio
inventory turnover ratio
capital structure analysis ratios:
debt to equity ratio
interest coverage ratio
capital market analysis ratios:
price earnings (PE) ratio
market to book ratio
dividend yield ratio
dividend payout ratio.
Data and information sources can include but are not limited to:
Reserve Bank of Australia
Australian Taxation Office (ATO)
Australian Bureau of Statistics (ABS)
National Statistical Service (NSS)
Australian Securities and Investments Commission (ASIC)
Australian Prudential Regulation Authority (APRA)
industry association data and information
organisational data and information (public record)
international government and organisation data and information.
Statistical standards can include:
definitions
statistical units
classifications
coding processes
questionnaire modules
output categories
Sampling techniques can include:
surveys
descriptive statistics
inferential statistics
trends over time
statistical associations
variability.
Diagrammatic, graphical and tabular information includes:
graphs:
line
bar
pie
scatter plot
histogram
pictograph
cosmograph
diagrams:
tree
flowcharts
network
cluster
Venn
tables:
XY
column
one or two grouped
contingency.
Analysis tools and techniques include:
mean
median
mode
standard deviation
standard error
relative standard error.
Data errors can include:
incorrect data
mismatched data sets
sampling variation
incorrect measurements
transcription errors.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Statistical methods may include:
econometric modelling:
linear and nonlinear regression
multivariate analysis
time series analysis
trend analysis
moving average analysis
weighted moving averages
cash flow forecasting.
Tools and techniques for statistical analysis may include:
liquidity ratios:
current ratio
quick ratio
working capital ratio
profitability ratios:
return on assets (ROA)
return on equity (ROE)
return on investment (ROI)
profit margin by assets turnover ratio
gross margin ratio
net profit margin ratio
average stockholders' equity
activity analysis ratios:
asset turnover ratio
accounts receivable turnover ratio
inventory turnover ratio
capital structure analysis ratios:
debt to equity ratio
interest coverage ratio
capital market analysis ratios:
price earnings (PE) ratio
market to book ratio
dividend yield ratio
dividend payout ratio.
Data and information sources can include but are not limited to:
Reserve Bank of Australia
Australian Taxation Office (ATO)
Australian Bureau of Statistics (ABS)
National Statistical Service (NSS)
Australian Securities and Investments Commission (ASIC)
Australian Prudential Regulation Authority (APRA)
industry association data and information
organisational data and information (public record)
international government and organisation data and information.
Statistical standards can include:
definitions
statistical units
classifications
coding processes
questionnaire modules
output categories
Sampling techniques can include:
surveys
descriptive statistics
inferential statistics
trends over time
statistical associations
variability.
Diagrammatic, graphical and tabular information includes:
graphs:
line
bar
pie
scatter plot
histogram
pictograph
cosmograph
diagrams:
tree
flowcharts
network
cluster
Venn
tables:
XY
column
one or two grouped
contingency.
Analysis tools and techniques include:
mean
median
mode
standard deviation
standard error
relative standard error.
Data errors can include:
incorrect data
mismatched data sets
sampling variation
incorrect measurements
transcription errors.
EVIDENCE GUIDE
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:
apply knowledge of statistical methods used in the financial services industry
source and access statistical and other data and produce and interpret statistics
use financial data tools and calculations to produce accurate and informative statistical reports from data
record and store data for retrieval.
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
statistical modelling software
a range of financial services industry statistical data.
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 which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work.
Guidance information for assessment
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:
apply knowledge of statistical methods used in the financial services industry
source and access statistical and other data and produce and interpret statistics
use financial data tools and calculations to produce accurate and informative statistical reports from data
record and store data for retrieval.
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
statistical modelling software
a range of financial services industry statistical data.
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 which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUP48 | FNSINC602 | Interpret and use financial statistics and tools | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| S718 | FNS50210 | Diploma of Accounting | Qualification |
| J324 | PSP60312 | Advanced Diploma of Government (Financial Management) | Qualification |