Extent: 2 ECTS (54 h)
Timing: Semester 2
Level: Supporting Studies
Type: Free Elective
This module will introduce the basic concepts and procedures of personal financial management. Student will learn to effectively plan their own personal finances in order to avoid any potential difficulties in balancing their studies and personal life.
On successful completion of this module, the student is able to do the following:
- Calculate revenues and expenses based on their own personal finance planning
- Make calculations as to how sufficient income can be generated
- Calculate cash flow and returns from stock investments
- Calculate interest rates on loans
The material for this course will consist of a book on personal finance. Various chapters will be read and analysed at home. There will be group and individual work on the relevant topics, including simulations, both in class and outside of class. There will be two guest lectures, as indicated below.
Cooperation with the business community and other organisations
There will be a visiting speaker from a bank to talk about the basics of personal financial management.
There will be a visiting financial expert who will lecture on such topics as saving money and avoiding long-term debt.
This course will be made up of international students.
Teaching and learning methods
Contact hours of teaching and other learning methods:
Contact hours – 16 hours
Group working – 24 hours
Individual learning – 70 hours
One’s own learning assessment – one hour
Recognition of Prior Learning – RPL (in Finnish AHOT)
Courses or parts of courses at other educational institutes or work experience are not accredited as such towards the HAAGA-HELIA studies directly. However, required skills and competences can be demonstrated through a skills examination.
Teacher´/s with the main responsibility for the course
The material for this course will consist of one or two of the following books:
- Get a Financial Life: Personal Finance in Your Twenties and Thirties Beth Kobliner, 2009
- Why Didn’t They Teach Me This in School: 99 Personal Management Principles to Live By Cary Siegel, 2013
- Personal Finance in Your 20s for Dummies Eric Tyson, 2011
- The Motley Fool Personal Finance Workbook: A Foolproof Guide to Organizing Your Cash and Building Wealth David Gardener, 2003
Assessment components and their respective weights
Individual homework 30% (learning diary & portfolio)
Individual simulations 30%
Team or group investment simulation 40%
The development of the student’s ability to produce financial reports and various calculations is an essential part of this course, as is the development of the student’s ability to analyse the financial feasibility of a hospitality business.
The module is evaluated on a scale excellent (5), very good (4), good (3), satisfactory (2), fair (1), fail (0). The assessment criteria is presented on a scale 1 - 3 - 5.
The student has a basic understanding of such things as revenue, expenses, cash flows, return on investment, and calculation of interest on loans. With proper instruction, the student has the ability to perform basic tasks, but needs a lot of guidance.
The student has a good understanding of such things as revenue, expenses, cash flows, return on investment, and calculation of interest on loans. With proper instruction, the student will be able to perform basic tasks with minimal guidance.
The student has an excellent understanding of such things as revenue, expenses, cash flows, return on investment, and calculation of interest on loans. The student shows the ability to apply such knowledge and skills in a management position.