Executive Masterof Finance & Control for the Energy Industry

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I nclu dI ngmodu l es I n

I n t er n at Ion a l en erg y I n dust ry h u bs

such a s moscow,doh a , houston a n d

r Io de Ja n eI ro

In cooperation with

In our joint excellence programmes, we partner with internationally recognized knowledge institutes, to guarantee high quality. In this particular programme, we work together closely with PwC and the University of Groningen. Eminent speakers with a broad international overview set the scene. Lecturers come from both academia and the industry – ensuring scientific soundness and practical applicability. This joint excellence is what makes EDI unique.

Executive Masterof Finance & Control for the Energy Industry

Moscow

Sharing the Energy of Knowledge.

“ due to the programme’s international character, companies will be able to employ their controllers in countries all over the world and in international projects.”

Prof. dr. Jan willem Velthuijsen, Pricewaterhousecoopers, Partner economics, Valuation and strategy

The EMFC-EI programme supports companies in the energy industry with the development of executive financial staff at a post-academic level, thus helping them to ensure the financial stability and reliability of the organisation.

more specifically...The EMFC-EI programme prepares participants for senior financial professional positions within the energy industry and for the challenges of managing an energy business in a dynamic and – in terms of regulatory requirements – complex internal context.

The EMFC-EI graduate gains profound insight into:•Financial-economiccharacteristicsoftheenergy

value chain.•Managementandcontrolinstrumentsandbest

practices.•State-of-the-artaccountingprinciples,

regulations and practices. •Corporatefinance,financeandtreasury.

•Supplychainmanagement&logistics•Energylaw,taxlawandcontractual

arrangements.•Ethics&compliance–includingfrauddetectionandprevention–andlaws&regulations.

•Sustainabilityinenergyoperations.•Riskmanagementandshareholder/stakeholder

value.•Accountinginformationsystems.

After completion of the programme the participant: •Willbeabletoproduce,analyzeandcombine

financial information for high-level decision-makingprocesses.

•Willhavetheknowledgeandskillstoeffectivelycontrol the management of any organisation in the industry.

•Willbefullyequippedtopro-activelyinitiate and supervise the implementation of sophisticated and state-of-the-art financial and management control systems.

your profile Youhaveanacademicbackgroundandhavebeenworkingforamultinationaloil&gascompanyorin the energy industry for a minimum of 5 years in a financial job. Typically, supporting employers will value you as a ‘high potential’.

The EMFC-EI is geared to other programmes. Shouldyouhavecompletedapost-masterprogramme in finance and control (e.g. Chartered Controller Programme or Certified Public Accountant),youwillbeexemptedfromcertainmodules of the programme.Theintakediscussionisanintegralpartoftheenrolment procedure. Before you enrol, additional individual instruction and training might be required–theso-calleddeficiencyweek,duringwhich tailor-made education will be given in ordertoequaliseyourbackgroundwiththerestof the students. Your employer will have to state their official support.

the programme structureThe EMFC-EI programme bridges the gap between practice and theory. It benefits from a close, high-level cooperation between business and university. Teaching in the EMFC-EI programme is problem-based, using cases from the practice. The programme consists of six 2-weeksessionsovertwoyears.Thestructureisfast-track(on-campus,off-campus),timebetween each session will be spent on reading andcasework.

why emFc-eI?Energy companies worldwide are facing increasingly complex competition, impactful political decisions, growing societal concerns for security and environment, revolutionary technical developments, and volatile markets. Partly as a consequence, the energy industry is also subject to rigorous regulation, including “Reserve Recognition Accounting.” These trends require highly sophisticated and effective financial management and control at all levels. At the same time the industry is facing a serious demographical financial brain drain. Many of the experienced financial controllers will retire over the next decade, likely leading to a shortage of skilled financial experts in the industry, for the established oil majors and new oil and gas companies alike.

Executive Masterof Finance & Control for the Energy Industry

Houston

Sharing the Energy of Knowledge.

six 2-week sessions In all, the EMFC-EI consists of twelve modules, referred to as “competence areas” and each 2-weeksessionwillcoveratleasttwomodules.The programme concludes with a thesis project in which the participant will be encouraged to integrateallacquiredcompetencesandskills.Tosupport effective learning and minimise travel, an innovative electronic learning environment hasbeencreated.Allteachingmaterialswillbeavailable on the internet and a discussion board will enable group discussions and information exchange.

the modules The EMFC-EI programme is modular and designed to integrate academic and practical knowledgewithcorrespondingenergybusinessissues. The modules are centred around the following topics: 1. The Energy Value Chain 2. AdvancedCorporateFinanceandEconomics3. ITInformationManagement&Control andBIV/AO

4. FinancialAccounting5. Finance 6. Management Control 7. ManagementAccounting8. Fraud,Governance,Sustainability, Ethics&Compliance9. StrategicManagement&SupplyChain

Management and Logistics10. Organisation,Management&Culture11. TaxRiskManagement12. Energy Law and Contracts13. Master thesis

the educational partners The programme is aimed at a perfect balance between practical business experience and academicknowledge.PwC provides lecturers with direct industry knowledge,whiletheUniversityofGroningenhas accredited the EMFC-EI and provides the lecturers focusing on the academic aspects. EDI implements the overall organisation of the programmeandputsitsnetworkofindustryexperts to use and ensures quality during the whole programme.

the governing boards Qualityrequiresqualitycontrol.ASupervisoryBoard structurally monitors the programme and there are written evaluations throughout the course.ThisSupervisoryBoardconsistsofseniorexecutives from the energy industry, agencies and research institutes. There will also be regular meetings with participants, lecturers, and business representatives as well as annual meetings with the programme coordinators.

the study load The EMFC-EI degree is earned on the basis of successful completion of the 24-month programme. In addition to 60 course days, a substantial load of private study is required. During the off-campus periods you will stay in contact with lecturers, thesis coaches and participants via the internet and e-mail, while workingonassignmentsandyourthesisproject.The on-off campus modular structure of this Executive Master programme allows you to maintain your home base and professional jobwhileworkingtowardsaninternationallyrecognised degree.

“ It is an academic, tailor-made training programme with a focus on specific energy issues that gives our financial staff the means to excel in this important discipline.

I would urge everyone involved with finance in the energy business to consider this unique master programme.”

martin ten brink, guest lecturer emFc-eI Vice President controller, shell exploration & Production

groningen

Executive Masterof Finance & Control for the Energy Industry

RiodeJaneiro

Sharing the Energy of Knowledge.

“ this master programme helps meeting the sector’s need for experts that not only need high professional standards with respect to finance and control but also have an in-depth understanding of the energy sector.”

eric dam, President edI

session 1: This introductory session sets the external stage of a company, elaborating on the economic, financial, technological and political environment in which the energy industry operates. In addition, the participants will be brought up to speed with the latest state of academic and businessknowledgeoffinance,corporatefinance,valueandriskanalysis.Thismodulealsotreatsthe use and management of information and communicationtechnology(ICT).Thecontrolofcosts, benefits and uncertainties is at the forefront. The module is geared towards preparation for the DutchaccreditedexaminationBIV/AO.

session 2: This module addresses the methodologies and instruments by which management controls the execution of its strategy and achieves its objectives. Management control systems including budgeting, performance measurement, and incentive systems are a crucial part of the module. This session also discusses finance and treasury issues, centring on managing, structuring and financing investments, funding, and financial instruments and trading.

session 3: The third session has an in-depth focus on financial accounting, dealing with topics such as understandingandanalyzingfinancialstatements,detailed reviews of accounting principles, practices and procedures in various stages of energyoperations,andkeyelementsoftheUSGAAPandIFRSaccountingstandardsfortheenergy industry.

session 4: The first part of the session discusses governance ofthevaluechain,ethics&compliance,sustainabilityandfrauddetection&prevention.This session describes aspects of value chain management and value creation. The second partofthesessionexaminestheorganizational,cultural and ethical issues that affect the energy business.Topicscoveredareorganization,management and ethical considerations.

session 5: TheManagementAccountingsectionprovidesatheoreticalbackgroundandthepracticalapplications of internal accounting which are used tomakedecisions,assessperformanceanddeliverinformation to guide and control the company. Understandingtheinterrelationshipbetween

logistics and strategic management is one of thekeyissuesduringthemodule.TheStrategicManagement section provides the theoretical backgroundofstrategicmanagementconceptsandstrategicthinking.

session 6: This ‘legal’ session highlights both the energy law and tax law aspects of the energy sector. Specifictopicsofenergylawincludecontracting,joint ventures and operating agreements, and shareholder management. Tax legislation refers to comparative international tax systems, tax treaties, taxation of domestic versus foreign operations, andcrucialUStaxsystemcharacteristics.Theseaspects heavily affect international structuring and tax optimisation. locations Sessionswilltakeplaceatinternationallocationsand may include energy industry hubs such asHouston(USA),Doha(Qatar),Moscow(TheRussianFederation)andRiodeJaneiro(Brazil).SeveralEMFC-EIsessionswilltakeplaceat‘HetKasteel’(TheCastle)inGroningen.Visiting energy hubs profoundly adds to the understanding of the global ways of the industry. Sitevisitswillenhancethetrueappreciationsofissues across the value chain.

The programme in more detail

T +31(0)881166800F +31(0)881166899E info@energydelta.nlI www.energydelta.org

About Energy Delta Instituteenergy delta Institute (edI) is an international energy business school, with a primary focus on natural gas. edI was founded in 2002 by n.V. nederlandse gasunie, gasterra b.V., oao gazprom and the university of groningen, later joined by shell, dong energy, ebn, eneco, taqa, a.hak, tebodin and denys. The energy community has come to appreciate edI both as a platform of knowledge exchange between partners and participants alike. The changing energy world is forcing energy companies to innovate in order to stay competitive. In addition, the energy sector is confronting the possibility of a growing shortage of qualified personnel in the coming decades. The sector has only one choice: to invest in knowledge.

edI’s main objective is to contribute to the professional development of current and future energy managers. edI develops and organizes training programmes and network events with a focus on the economic, management, legal and geopolitical aspects of the energy business.

Sharing the Energy of Knowledge.

For more information about dates and locations, please visit our website www.energydelta.org .

thesis The EMFC-EI is concluded with a thesis project approved by a supervisor and defended in front of a commission consisting of academics and top level company representatives. The goal of this Masters thesis is to stimulate students to combine theknowledgetheyacquiredintheprogrammewith their daily practice.

Apositivesideeffectisthatparticipantscanadddirectvaluetotheirorganizationbyresearchingan existing problem from their own practice. The thesis will furthermore allow the programme staff to evaluate a student’s overall performance and hence functions as a Masters thesis before graduation.

thesis supervisor Athesissupervisorisassignedtoeachparticipanttosupporthim/herinhis/herthesisproject.Thissupervisor will be selected on the basis of the individual student’s requirements and availability. Togethertheywilllookintohowthesupervisorcan guide and counsel the student. For this matter, the supervisor will assess the student’s research andwritingskillsduringthethirdsession,aswellashis/hertheoreticalknowledgeandpracticalexperience. This assessment will be decisive for the intensity of the degree of supervision.

degree The current program is accredited under an existing Dutch-oriented Finance and Control ProgrammeoftheUniversityofGroningen.Uponsuccessfulcompletionoftheprogramme,and after examination and approval of the thesis youwillreceivetheinternationallyacknowledgeddegree ‘Executive Master of Finance and Control for the Energy Industry’. This degree gives graduates the right to enter for the Dutch RegisteredControllersexam(RC).Forthosewho wish there is also the option to apply for registrationasaCMA.