Elements and Performance Criteria

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.


organisation capability

appropriate business structure

level of client service which can be provided

internal policies, procedures and practices

staff levels, capabilities and structure

market

market definition

market changes/market segmentation

market consolidation/fragmentation

revenue

level of commercial activity

expected revenue levels, short and long term

revenue growth rate

break even data

pricing policy

revenue assumptions

business environment

economic conditions

social factors

demographic factors

technological impacts

political/legislative/regulative impacts

competitors

competitor pricing and response to pricing

competitor marketing/branding

competitor products


services/products

fees

location

timeframe


internal strengths such as staff capability, recognised quality

internal weaknesses such as poor morale, under-capitalisation, poor technology

external opportunities such as changing market and economic conditions

external threats such as industry fee structures, strategic alliances, competitor marketing


salary cost and staffing

personnel productivity (particularly of principals)

profitability

fee structure

client base

size staff/principal

overhead/overhead control


legal structure (partnership, limited liability company etc)

organisational structure/hierarchy

reward schemes

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

To achieve competency in this unit, a person must be able to demonstrate:

ability to identify the key indicators of business performance for the practice
knowledge of a wide range of available information sources
ability to acquire information not readily available within a practice
ability to analyse data and determine areas of improvement for practice
ability to negotiate required improvements to ensure implementation

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to relevant legislation, regulations and codes of practice.