ELE 3743 Personal Finance

ELE 3743 Personal Finance

Course code: 
ELE 3743
Law and Governance
Course coordinator: 
Ole Tellef Grundekjøn
Course name in Norwegian: 
Personlig økonomi
Product category: 
Bachelor - Electives
2025 Spring
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

This is a practical and useful course which presents an individual's normal life cycle (from birth to death) involving economic threats and opportunities as well as necessary everyday law. The course covers financial needs (with necessary law) in a time perspective, including inheritance and inheritance issues, generation changes, National Insurance and pensions, tax, as well as legal issues as a consequence of marriage and cohabitation.

The course can not be taken by students in Bachelor Programme in Finance due to overlap with other courses in the programme.

Learning outcomes - Knowledge

After having completed the course the students shall have

  • Learned about personal finance issues such as investment planning, loans, taxes, pensions, inheritance and economic consequences of break-ups
  • Learned to see the connection between law and finance, and that a change in their personal lives may require financial and legal adjustments.
Learning outcomes - Skills

After having completed the course the students shall be able to:

  • Theoretically understand the subject and have a practical understanding of the methodology
  • Show skills in planning, carrying out and evaluating personal financial situations in various stages of the life cycle.
General Competence

After the course the students shall be able to identify and analyse personal finance needs, evaluate risks and choose a joint venture partner and process leading to suitable and ethically sound solutions.

Course content

Financial life cycles and transactions 

  • Family budget
  • Loan, financing and the concept of profitability 
  • The concept of interest, some financial mathematics 
  • Tenancy or ownership 
  • Basic saving philosophy, bank deposits, shares, bonds and funds 
  • Financial investments, saving and insurance 
  • Purchase and funding of private home 

Inheritance and inheritance issues 

  • Inheritance and taxes
  • Generation change, holiday cottage, house and other values 

Basic finance and taxation

  • Introduction to taxation concepts and tax rules 
  • Rules for personal taxation, income and property 
  • Tax on private homes 

National insurance and pensions

  • In addition to calculations of pensions the syllabus covers legal choices as well. 
  • Pension contributions in the National Insurance Scheme 
  • Various forms of occupation pensions 
  • Survivor pensions 
  • Saving for retirement, paid-up policies 

Relevant legal issues

  • Minors, guardians and the Public Guardian's Office 
  • Financial consequences of marriage and cohabitation - during marriage/cohabitation and after a break-up.
  • Act on Debt
Teaching and learning activities

The course consists of lectures and lecturer-led assignment review.

Lectures will mainly focus on parts of the syllabus that are central and also subjects that can be challenging from experience. Assignments will be given continuously throughout the course, which will be the subject of a review during the lecture. It is assumed that the students continuously use the textbook and assigned tasks alongside the lectures.

Assignments (optional, but exam candidates are expected to submit)


Where the course is delivered as an online course, the lecturer will, in collaboration with the study administration, arrange an appropriate combination of digital learning resources and activities. These activities will correspond to the stated number of teaching hours delivered on campus. Online students are also offered a study guide that will provide an overview of the course and contribute to course progression. The total time students are expected to spend completing the course also applies to online studies.

Software tools
No specified computer-based tools are required.
Additional information

For electives re-sit is normally offered at the next scheduled course. If an elective is discontinued or is not initiated in the semester it is offered, re-sit will be offered in the electives ordinary semester.


Higher Education Entrance Qualification


Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.

Required prerequisite knowledge

It is recommended that the students have pre-knowledge on a level with one of the following courses:

  • BØK 1113 Managerial Accounting
  • BØK 3422 Managerial Accounting
  • BØK 3434 Managerial Accounting and Finance
Exam category: 
School Exam
Form of assessment: 
Written School Exam - digital
Exam/hand-in semester: 
First Semester
Support materials: 
  • BI-approved exam calculator
  • Simple calculator
  • Compilation of laws
  • Compilation of tax laws
  • Book: Langfeldt, S. F. "Lov og rett for næringslivet" or offprints of laws
3 Hour(s)
Exam code: 
Grading scale: 
Examination when next scheduled course
Type of Assessment: 
Ordinary examination
Total weight: 
Student workload
35 Hour(s)
Feedback activities and counselling
10 Hour(s)
Review of assignments in plenary
Prepare for teaching
60 Hour(s)
Preparations for lectures (about 1.5 hours per hour of lectures)
Student's own work with learning resources
60 Hour(s)
35 Hour(s)
Preparations incl. exam.
Sum workload: 

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.