Financial Management (5cr)

Objectives (course unit)

The course provides its students with a complete big picture of the current financial and management accounting fundamentals. Its main objective is to enable the students to relate both their basic and advanced financial knowledge and skills to their business development actions and projects in practice, and to utilize the studied approaches, methods, and frameworks of the course as part of that, especially in their educational contexts.
After completing the course, the student will be able to

• use the financial and management accounting terminology and information to support decision-making
• read, interpret, and analyze financial closing and statement information, and apply it also in budgeting and forecasting, in an educational context
• solve the values of typical profitability, liquidity, and solvency measures
• perform sensitivity analyses as part of profitability and cash planning
• take into consideration the effects of digital transformation and sustainability in business planning
• tentatively apply a strategic performance measurement and evaluation framework in an example educational context
• communicate financial information and analysis work outcomes efficiently.

Content (course unit)

• Accounting and decision-making: the role of financial management
• Financial and management accounting: definitions, terms, and concepts
• Financial closing, fundamentals of the income statement and the balance sheet
• Profitability, liquidity, and solvency measures, in an educational context
• Financial planning and control, annual budgeting, forecasting
• Sensitivity (i.e., “what-if”) analysis, e.g., ROI DuPont
• Cash and working capital management, e.g., The Cash Conversion Cycle
• Considerations of digital and sustainable finance
• The students’ applications of theory to practice, in the educational cases of theirs.

Prerequisites (course unit)

None

Assessment criteria, satisfactory (1-2) (course unit)

The students can explain the role of accounting in businesses understandably and identify and name most of the core concepts in the fields of financial and management accounting. The students can read and communicate basic-level financial accounting information. They can solve the values of basic accounting measures quite reliably and apply some of the more advanced frameworks and methods acceptably. They recognise the potential benefits of modern forecasting and analysis tools and methods, and are partly able to test them, e.g., in the context of assignments. They perform the main course assignment acceptably. The students give and receive feedback, take responsibility as an individual and as part of a team under supervision. They recognise and can analyse their own level of interaction.

Assessment criteria, good (3-4) (course unit)

The students can define the key financial and management accounting terms and concepts. They can identify needs for applicable accounting methods. They can utilise the financial statement and related performance measurement information, with the help of also the recognition of connections between the financial statements. They can solve the values of accounting measures correctly and prepare company-level main budgets and forecasts relevantly. They can apply even the most advanced forecasting and analysis tools and methods mainly correctly, e.g., in the context of assignments. They know strong commitment and contribution to the main course assignment. The students give and receive constructive feedback, act professionally, recognise relevant business development needs, and can further develop their interaction skills, adding value to the team.

Assessment criteria, excellent (5) (course unit)

The students master the key financial and management accounting terms and concepts. They can identify needs for accounting methods and make initiatives to apply them. They can analyse and utilise the financial statement and related performance measurement information skillfully, also considering the connections between the financial statements. They can solve the values of numerous accounting measures correctly and prepare company-level main budgets and forecasts case-specifically. They can apply even the most advanced forecasting and analysis tools and methods very skillfully, even in demanding contexts. They show excellent commitment and contribution to all the course assignments. The students give and receive constructive feedback, act professionally and creatively, recognise relevant business development needs, and can further develop their strong interaction skills, adding remarkable value to the team.

Location and time

The course starts as of Friday 23rd August with intensive week, The course is to be implemented by 20th October.

Exam schedules

There are no exams during the course. The course evaluation is based on two reports, individual report and team report.

Assessment methods and criteria

The course evaluation is based on two reports, individual and team report, scale 0-5.

Assessment scale

0-5

Teaching methods

This an on-line course, with contact teaching during the intensive week (4 hours).

Learning materials

- The course core are the slides, provided by the lecturer.
- Excel exercises bring the practise for making various financial calculations
- As supportive material we have the book: McLaney-Atrill, accounting and finance, an introduction.

Student workload

This is 5 credits course, as student work average 135 hours consisting of independent reading and exercises. Also the two reports make a relevant part of the course.

Content scheduling

The course is dividend into 2 sections, financial accounting and management accounting. Financial accounting is generic essentials about financials. Management accounting is more practical with selected themes.

Completion alternatives

As being an on-line course, a proactive attitude is required. Otherwise the students can proceed according their own schedule, within the set course time frame.

International connections

An international course, teaching in english.

Further information

None

Assessment criteria - fail (0) (Not in use, Look at the Assessment criteria above)

No participation, no reports submitted.

Assessment criteria - satisfactory (1-2) (Not in use, Look at the Assessment criteria above)

Low participation in team working (team report), very basic reports submitted. Low efforts.

Assessment criteria - good (3-4) (Not in use, Look at the Assessment criteria above)

Participation in team works at good level, reports submitted with good level of analysis and efforts. Themes of of the course adopted, mature text in reports.

Assessment criteria - excellent (5) (Not in use, Look at the Assessment criteria above)

Course and team participation at high level. Both reports indicating high level of work and efforts. Professional reports, with authentic type content. Creative solutions with deep analysis. Very mature approach overall.