Fundamentals of Financial Management (6cr)

Objective

In this course, you will acquire the most important knowledge and skills in the basics of financial management. You will gain an understanding of the laws of economics and the prerequisites for sustainable value creation in the natural resource sector. You will learn what is meant by real and monetary processes, and how they are interconnected. You will learn to interpret the income statement and balance sheet and to assess the financial condition of a company using key figures.

You will learn to assess production costs and profitability and to plan investments and financing taking into account their financial impacts and risks. You will learn the basics of budgeting and its importance for financial management.

EUR ACE INTEGRATED COMPETENCE
You develop the skills to operate in multidisciplinary collaboration by integrating economic, technical, and environmental perspectives into decision-making.

EUR ACE COMMUNICATION AND TEAMWORK
You will learn to communicate clearly and appropriately about economic phenomena and solutions to different stakeholders, as well as to work constructively in a team that combines expertise from various fields.

Content

Real and monetary process
External and internal accounting
profit and loss and balance shee
Interpretation of key figures
Profitability and cost accounting
Investment planning
Financial planning
Budgeting

Assessment criteria, satisfactory (1)

You recognize basic economic concepts and can describe them at a simple level. You can identify the structure of financial reports and name some key points. You are familiar with accounting principles and can make simple estimates. You know the basics of investments and financing. You can prepare a simple budget.

Assessment criteria, good (3)

You can use key financial indicators and make justified assessments of a company's financial situation. You are able to perform basic calculations and evaluations of costs and profitability. You can identify the main impacts of investments and financing and take economic risks into account. You can prepare a functional budget and understand its role in financial planning.

Assessment criteria, excellent (5)

You use key figures analytically and are able to connect them to the overall picture of the company. Your reasoning is consistent and demonstrates profound understanding. You assess costs and profitability comprehensively and are able to consider different perspectives. You show the ability to apply accounting in practical situations. You plan investments and financing realistically and are able to evaluate their effects and risks holistically. You prepare a budget that is realistic and supports financial management. You can justify your choices and assess the impacts of the budget.

Materials

Online learning material