BSBFIN501

Application

This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.

The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.

Unit mapping information

Supersedes and is equivalent to BSBFIM501 Manage budgets and financial plans.

Supersedes but is not equivalent to BSBGOV403 Analyse financial reports and budgets.

Licensing, legislative, regulatory or certification requirements

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Foundation skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit sector or competency field

Business Competence – Financial Literacy

Prerequisite, co-requisite or interdependent assessment of units

Not applicable

Assessment conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

• workplace policies and procedures
• workplace budgets and financial plans.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.