ELECTIVES INFO SESSION...– full coverage of CMA Learning Material costs b) 10 scholarships awarded...
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ELECTIVES INFO SESSION MSc Accounting & Financial Management 31 October 2017 Department of Accounting & Control
Transcript of ELECTIVES INFO SESSION...– full coverage of CMA Learning Material costs b) 10 scholarships awarded...
ELECTIVESINFO SESSIONMSc Accounting & Financial Management
31 October 2017Department of Accounting & Control
AGENDA
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AGENDA
• 15.00-15:45: Electives
• 15.45-16.00: Break
• 16.00-16.45: AFM Thesis Trajectory
• (16.45-17.00: Break)
• 17.00-17.45: AFM Thesis Topics
• 18.00: Drinks at Paviljoen
• The time indication are MAX times. I planned plenty of time for questions, but if we are finished earlier that’s also fine
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MSC CURRICULUM 2017-18
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Core
Period 1
Core
Period 2
Elective
Period 3
Elective
Period 4
Elective
Period 5
Financial
Information
and
Decision
Making
5 ECTS
International
Financial
Reporting
6 ECTS
11 ECTS
Management
Control
6 ECTS
Business
Analysis and
Valuation
5 ECTS
11 ECTS
Accounting
and Financial
Management
Research Skills
4 ECTS
4 ECTS
Assurance
Services
Controllership
Advanced
Business
Analysis and
Valuation
6 ECTS
Accounting
Analytics
Accounting
Analytics,
Neuroaccounting
and Finance,
FI electives
Accounting
Analytics,
Neuroaccounting
and Finance,
FI electives
Taxation
Taxation,
M&A and CG
M&A and CG
Financial
Assurance
Track
Financial
Management &
Control Track
Financial
Analysis &
Advisory Track
6 ECTS 6 ECTS
September November January February Mid March May July/August
Master Thesis Trajectory 16 ECTS
BMME003NEUROFINANCE AND ACCOUNTING
LEARNING OBJECTIVES
• Explain how brain processes are related to financial decision making
• Explain the techniques used to study brain processes in neuroscience at a basic level
• Explain findings from extant neuroscience research papers• Apply knowledge of neuroaccounting to practical problems
in finance and control• Formulate a research question that applies social cognitive
neuroscience
TOPICS & FORMAT
• Introduction to neuroscience: brains, neurons & behavior• Decision making and the brain• Neuroscientific methods• Neuroscience and:
– (Behavioral) economics– Cognitive & social psychology
• Finance and accounting applications:– Financial markets and financial reporting– Financial decision making and Controllership
• Working format– Lectures– Working groups
– Lab visit(s)
FURTHER QUERIES
Prof. Dr Frank Hartmann (course coordinator): [email protected]
Ph.D. Students:• Aljaž Sluga, MSc• Anke Murillo Oosterwijk, MSc
BMME002ADVANCED BUSINESS ANALYSIS & VALUATION
ADVANCED BUSINESS ANALYSIS & VALUATION
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• Practical sessions with topical examples from different sectors
• Group and individual assignments around cases • Use of guest speakers from industry• Focus on different topics:
– Accounting and valuation of banks– Valuing Private Companies– Understanding Corporate Risk Management– Valuing Firms in Financial Distress and Real Option
Valuation
WORKSHOPS
• Case studies on firm valuation multiples• Company valuation exercises
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UNDERSTANDING RISK MANAGEMENT
BMME005ASSURANCE SERVICES
ASSURANCE SERVICES
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Source: Mathhews, C. & Gandel, S. (2015, December 27). The 5 biggest corporate scandals of 2015. Fortune. Retrieved from http://fortune.com
Assurance Services:An independent professional service, provided by a certified public accountant (RA), with the goal of improving the information so that decision makers can make more informed, and presumably better, decisions
This course:• Demand for assurance services• Quality (determinants) of assurance
services and audits• The auditing process• Internal control• Recent developments: Fraud cases, Big
Data & IT, Laws & regulations
Course Approach:
A mix of lectures• Theory based• Hands-on exercises• Practical insights
� A mix of theoretical, practical and academic perspectives on assurance services and auditing
� Good start as a basis if you are considering pursuing a CPA (RA) or internal auditing position as future career option
and work sessions • Cases• Presentations• Academic articles• Home assignments• Mostly group work
ASSURANCE SERVICES
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FUTHER QUERIES
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Karin Engelmann (Workshops)PhD Candidate
Arnoud Kuijpers (Lectures)Partner EY
BMME006CONTROLLERSHIP
WHAT IS THE CMA?
IMA’s certification for accountants and financial professionals in business
The CMA (Certified Management Accountant) titlevalidates mastery of financial planning, analysis, control,
and decision support– the critical skills required of valuable strategic advisors in an organization
wwww.imanet.org
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WHY THE CMA?
• CMA certification can expand your career opportunities
• Organizations of all types and sizes seek professionals with critical accounting and financial management skills
– Multinational Corporations
– Private Firms
– Not-for-Profit Organizations
– Government Organizations
• IMA has over 300 professional and student chapters worldwide.• Today, there are more than 20,000 active CMAs • Globally, CMAs earn 59% more in median salary and 63% more in
median total compensation than their non-CMA peers.
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CMA CERTIFICATION PROGRAM
• Experience QualificationCandidates for certification must complete 2 continuous years of professional experience in management accounting or financial management. This may be completed prior to application or within 7 years of passing the examination.
• Exam
– Part 1: Financial Planning, Performance and Control – Part 2: Financial Decision Making– Each part takes 4 hours: 100 multiple-choice questions (3h) & two 30-minute
essay-questions (1h)– 3 years to complete the exams from date of program enrollment. Must take
at least 1 exam part within 1 year from enrollment– Testing window periods: January & February / May & June / September &
October
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ELECTIVE “CONTROLLERSHIP” CONTENTS
– CMA Part 1: Financial Planning, Performance and Control• Planning, budgeting and forecasting (30%)• Performance measurement (25%)• Cost management (25%)• Internal Controls (15%)• Professional Ethics (5%)
– CMA Part 2: Financial Decision Making• Financial statement analysis (25%)• Corporate finance (25%)• Risk management and decision analysis (25%)• Investment decisions (20%)• Professional Ethics (5%)
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RSM PASS-RATE VS. OVERALL PASS-RATE
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YEAR RSM OVERALL
Part 1 Part 2 Part 2 Part 2
2014 77% 73% 35% 49%
2015 70% 75% 36% 55%
2016 86% 83% 34% 49%
2017 85% 86% 35% 49%
ELECTIVE CONTROLLERSHIP & CMA EXAM FEES
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All costs in USD
per person (as of July 2016)
Regular
Prices
RSM
fees
Annual Membership Fee $230 $25
One-time application fee $15 0
CMA Program Entrance Fee $250 $83
Fees for 2 exams $830 $479
TOTAL $1,325 $587
Wiley CMA Learning Material (2016): ~ €470 included shipping and any applicable sales tax. Includes a self-study book, participant guide, and online access to CMA practice tests
- 2016 numbers
- Dutch RC-program
fees (for 2-years)
€25,580
CMA SCHOLARSHIP PROGRAM
a) 5 scholarships by the Department of Accounting & Control :
– full coverage of CMA Learning Material costs
b) 10 scholarships awarded by IMA covering a comprehensive package of benefits to take the CMA exam at no cost:– IMA membership registration fee– Entrance fee to the CMA program ($250)– Registration fees for the first attempt at both parts of the CMA exam – Exam Support Package: a tool assessment that can help assess the
content covered on the CMA Exams
• Scholarships will be awarded to 10 students enrolled in the elective on the basis of the 4 MSc AFM core courses’ grades
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FURTHER QUERIES
Dr. Stephan Kramer: [email protected]
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David Unterdorfer MSc CMA Ph.D. candidate & CMA 2014 Bronze Medal
BMME001ACCOUNTING ANALYTICS
ACCOUNTING ANALYTICS
• From information origin (core courses) to information use
• The role of accountants and controllers is evolving:– IT/ERP skills– New business reporting technologies (e.g., XBRL)– Business analytics skills
• Approach: theory and practice (e.g., case studies, guest lectures, hands-on exercises)
ACCOUNTING ANALYTICS
Source: PwC, 2015. Data Driven: What Students Need to Succeed in a Rapidly Changing Business World
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MAIN TOPICS
• Main business processes:– Revenue cycle– Expenditure cycle– Production cycle
• Decision making, data analysis,and visualization:– Big Data– Predictive analytics and risk analysis– Continuous auditing through process mining
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TUTORIALS
• Case studies / problems / software demonstrations• Hands-on exercises with a real Enterprise Resource
Planning (ERP) system
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SAP UNIVERSITY ALLIANCES
• Why SAP? Market leader and well-recognized brand• Network of 1.450 universities worldwide
– http://scn.sap.com/community/uac
• Same software platform adopted by SAP customers and partners, not a demo version
• Enhanced learning experience with new skills
BMME004TAXATION
TAXATION: COURSE OUTLINE
• Taxation affects many business decisions, such as:
– where to invest,
– what organizational forms to choose,
– how to finance the business,
– when and where to recognize elements of revenues andexpense for financial accounting and tax purposes,
– what transfer prices to charge.
• This course provides a conceptual overview of how taxes (should)affect financial decisions:
– Financing decisions– Investment decisions (type and location)– Managerial compensation (e.g., deferred compensation)
TAXATION: LEARNING OUTCOMES
During the course we will answer the following questions:– Who are the stakeholders in (business) taxation.– Why taxes may distort firm’s decisions.– How taxes affect firm’s decisions regarding locational and
organizational form choices, financing, and transfer pricing.
– … and can every company reduce its taxes as much as, for example, Apple, Google, or Starbucks?
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TAXATION: FORMAT
• Working format– Lectures– In-class discussion and exercises– (Group) assignments
• General remark: during this course legal and accounting aspects of taxation will be introduced. However, the aim of this course is NOTcovering specific rules or tax treatments.
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BMME007MERGERS & ACQUISITIONS AND
CORPORATE GOVERNANCE
MERGERS & ACQUISITIONS AND CORPORATE GOVERNANCE
This course provides students with a guide to understand merges and acquisitions in today’s competitive markets. It combines:
• lectures providing a comprehensive overview of accounting, economic, and financial issues related to mergers and acquisitions. Specifically, we review the market for corporate control and discuss strategic and corporate governance issues related to firms' decision to acquire or be acquired
• guest lectures that give students insights from professionals
• hands-on experience – Case study
• discussions of empirical research about M&As and/or corporate governance:
– e.g. Yermack (2006), “Flights of Fancy: Corporate Jets, CEO Perquisites, and Inferior Shareholder Returns”, Journal of Financial Economics.
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MERGERS & ACQUISITIONS AND CORPORATE GOVERNANCE
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During the course we try to answer the following questions:
• Why do firms merge, or acquire others?
• What role does the management and board of directors play?
• What role do hedge funds play?• What are the costs and benefits of
M&A?
… and if the WSJ is right in saying that “investors fall out of love with deals”
CHOICE OF ELECTIVES (1)
• How to choose your MSc electives depends somewhat on your situation and your desired job profile.
• If you already know that you’ll be working in a specific job/function, it would be best to tailor your MSc curriculum to that job and the associated post-graduate education (for Dutch students).
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CHOICE OF ELECTIVES (2)
• Selecting a pre-defined combination of electives (‘track’) is not mandatory; if you do not have the intention of becoming an auditor (and enrolling into a post-graduate accountancy Dutch program), you have much freedom in choosing any combination of electives.
• Whichever choice you make, it will likely not cut-off any of the career opportunities in accounting & finance, as long as you graduate from MSc AFM; – e.g. getting hired by a Big-4 audit firm does not require that you
to follow all 3 recommended electives; but doing so would align your program more with the job and later professional education, thus preventing extra work at a later stage.
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CAREER IN AUDITING/ASSURANCE SERVICES
• Students who already know they wish to become an auditor (Certified Public Accountant /Register Accountant ), for instance working at one of the Big-4 firms, must have successfully completed the following electives before enrolling in the Dutch (RA) post-graduate program:
� Assurance Services (Block 3)� Accounting Analytics (Block 4)�Taxation (Block 5)
• For international students pursuing a career in auditing, these electives are equally advisable given their content and alignment with the job profile.
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CAREER IN CONTROL/FINANCIAL MANAGEMENT
• If you wish to become a controller (Certified Management Accountant/Register Controller), we advise you to choose Controllership (Block 3), which helps you to prepare for the CMA exam.
• Also, following Accounting Analytics (Block 4) is a strongly recommended choice for most controllers, but you may have reasons to deviate.
• Whereas we advise you to choose a third elective based on your needs/interests, we emphasize that Taxation (Block 5) is potentially relevant for a career in financial management.
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CAREER IN FINANCIAL ADVISORY
• If you wish to pursue a career in financial advisory , with a focus on financial analysis and valuation, we suggest you to consider Advanced Financial Statement Analysis (Block 3) and Mergers & Acquisitions and Corporate Governance (Block 5) based on your personal needs or interests.
• Following Accounting Analytics (Block 4) or NeuroAccounting(Block 4) will leave many options open, but you can also tailor the program completely to your needs/interests.
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JOINT ELECTIVES WITH MSc FINANCE & INVESTMENTS
• BMME02 Advanced Business Analysis and Valuation (Block 3)• BMME024 Treasury Management (Block 4)• BMME115 Behavioral Finance (Block 4)
• Based on students’ preferences• Detailed information on new system will be given soon directly
by MSc Program Management– Round 1 (Nov 24-27): Students rank all their master program
electives. After the registration is closed, students will be assigned to two electives in two different blocks. Students are informed about their electives on Dec 8.
– Round 2 (Dec 11-13): Choice of a third elective or a ‘free’ elective (= elective from another program)
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SEATS AVAILABLE PER ELECTIVE
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Code Block ECTS Other MSc Max # students
Assurance Services BMME005 block 3 6 yes OPEN
Controllership (AFM only) BMME006 block 3 6 no OPEN
Advanced Business Analysis and Valuation (AFM/FI) BMME002 block 3 6 yes 70 (30 AFM)
Accounting Analytics BMME001 block 4 6 yes OPEN
Neurofinance and Accounting BMME003 block 4 6 yes OPEN
Treasury Management (FI/AFM) BMME024 block 4 6 yes 52 (17 AFM)
Behavioural Finance BMME115 block 4 6 yes 52 (17 AFM)
Taxation BMME004 block 5 6 yes OPEN
M&A's and corporate governance BMME007 block 5 6 yes 52
COMING UP: THESIS TRAJECTORY
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