ELE 3743 Personal Finance

ELE 3743 Personal Finance

Course code: 
ELE 3743
Department: 
Law and Governance
Credits: 
7.5
Course coordinator: 
Ole Tellef Grundekjøn
Product category: 
Bachelor
Portfolio: 
Bachelor - Electives
Semester: 
2018 Autumn
Active status: 
Active
Teaching language: 
Norwegian
Course type: 
One semester
Introduction

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.
Learning Outcome - Reflection

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/cohabiation and after a break-up.
  • Act on Debt
Learning process and requirements to students

The course will be conducted with a combination of 2 sessions á 6 hours, group projects, as well as guidance. In addition, there will be teaching on Itslearning where it will be online learning resources across all BI campuses. 

The students will during the course work with practical / empirical issues and analyze them using theories and models of curriculum. There will be online activities and participation in online discussions. 

As a means to promote motivation and learning teaching will be based on electronic folders and participation in the course. The exact date and exam for submissions / publications announced at course start. 

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.

Qualifications

Higher Education Entrance Qualification.

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 categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
ELE37431
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination when next scheduled course
100Yes3 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • Compilation of tax laws
  • Book: Langfeldt, S. F. "Lov og rett for næringslivet" or offprints of laws
Individual
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
  • Compilation of tax laws
  • Book: Langfeldt, S. F. "Lov og rett for næringslivet" or offprints of laws
Duration:3 Hour(s)
Comment:
Exam code:ELE37431
Grading scale:ECTS
Resit:Examination when next scheduled course
Exam organisation: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching35Hour(s)
Review of assignments in plenary10Hour(s)
Prepare for teaching60Hour(s)Preparations for lectures (about 1.5 hours per hour of lectures)
Self study60Hour(s)
Examination35Hour(s)Preparations incl. exam.
Expected student effort:
Workload activity:Teaching
Duration:35 Hour(s)
Comment:
Workload activity:Review of assignments in plenary
Duration:10 Hour(s)
Comment:
Workload activity:Prepare for teaching
Duration:60 Hour(s)
Comment:Preparations for lectures (about 1.5 hours per hour of lectures)
Workload activity:Self study
Duration:60 Hour(s)
Comment:
Workload activity:Examination
Duration:35 Hour(s)
Comment:Preparations incl. exam.
Sum workload: 
200

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.

Talis literature

Obligatorisk/Compulsory

Book
Authors/Editors År Tittel Edition Publisher StudentNote
Døskeland, Trond M. Personlig finans: et helhetlig rammeverk for hvordan vi skal forholde oss til finansmarkedet siste utg. Fagbokforl
Hveem, Dag Jørgen Personlig økonomi - juss siste utg. Fagbokforl
Langfeldt, Sverre F. Lov og rett for næringslivet: lovsamling siste utg. Gyldendal juridisk
Document
Authors/Editors År Tittel Edition Publisher StudentNote
I tillegg til angitt litteratur kan det komme 1 - 5 relevante artikler. Publiseres på Itslearning
Authors/Editors År Tittel Edition Publisher StudentNote
2016 Skatteloven: med endringer, sist ved lov av 17. juni 2016 nr. 40 - SÆRTRYKK Cappelen Damm AS