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Finance for non-financial managers

This course is designed to help managers understand how the decisions they make will affect the financial performance of their organisation. The materials and activities are designed to help you demystify the jargon of finance and to understand and use a range of different financial techniques to improve your abilities as a manager. You will look at the different financial reporting statements and financial measures to improve performance. You will learn about different mechanisms of costing and financial methods such as budgeting to assist in planning and controlling performance. Throughout this course you will be asked to relate your studies to your own work context.

Standalone study only

You will not be awarded credits for studying this course. It is available for standalone study only and cannot be counted towards an OU qualification.

Short course

Short course code
BG006
Credits
This is a non-credit bearing course.
Study method
Distance Learning
Short course cost
See Registration
Entry requirements
See Am I ready?

What you will study

The module consists of four units:
 
Unit 1 Financial reporting considers the importance of financial reporting for managerial use and the role of accounting in how an organisation’s transactions are recorded and reported. You will learn about the importance of cash and how it differs from profit. You review accounting terms and terminology and the two main financial reporting statements: the income statement (often called the ‘profit and loss account’) and the balance sheet.
 
Unit 2 Measuring financial performance explains the use of financial ratios to measure financial performance. Most owners of businesses or managers in organisations want to assess their performance in a structured way and financial reports are an important mechanism to achieve this. Without financial reports, managers cannot make decisions about how to develop or change the activities that they manage in their organisation. You will learn about and practise using some of the key financial ratios that help managers assess performance and identify some useful ratios for your own organisation.
 
Unit 3 Cost management explores a range of techniques and approaches that help managers assess the impact on costs of changing scenarios, as well as assess the implications of allocating overhead costs. Managerial planning and decision-making require knowledge of what might change when decisions are taken. Unit 3 has as its main focus organisational costs and cost management, in particular how costs might change as decisions are taken.
 
Unit 4 Cash management and budgeting shows you how to use cash reporting in decision making. Cash is an essential organisational resource and managers need to know how and why cash has been used. Cash forecasts are useful for planning and decision making for the future. This unit will introduce you to budgets – what they are, what they record, what they are used for and how they can help you exercise financial control in your area of managerial responsibility. 

You will learn

After completing this course you should be able to:
  • Understand the importance of cash as an organisational resource and explain the difference between cash and ‘profits’.
  • Understand the purpose of financial reporting statements.
  • Use financial measures to evaluate performance.
  • Understand different types of cost and associated cost behaviours and apply costing techniques in managerial decision-making. 
  • Understand the budgeting process, the behavioural implications of budgeting and how budgeting can help managers to achieve their objectives. 
  • Use financial techniques, such as budgeting, in planning, controlling and assessing performance.
 

Professional recognition

Successful completion of this course enables us to recognise your achievement of the course learning by issuing an OU certificate that you can use to document your commitment to continuing professional development in your personal portfolio, or to provide evidence to employers or professional body.

Learner support

Expert, confidential learner support is available when you need it from a learning adviser, who will respond to you direct within 24 hours. Other support is available via the course forum, library, StudentHome website and computing helpdesk.

Work-based activity

The work-based activity for this course has been designed as an integrated ongoing activity that you submit at the end of your study. It will allow you to reflect on your learning and how to use it in your professional work.

Outside the UK

This course has been written primarily for a UK context, but will have relevance to other contexts.

Regulations

As a student of The Open University, you should be aware of the content of the academic regulations which are available on our Essential Documents website.


    Entry requirements

    Although there are no formal academic requirements to study any of our CPD courses, you are expected to have some experience in the field and the course assumes a familiarity with the subject.
     
    You can register and begin at any time during the life of the course. You can study at your own pace and submit your work-based activity at any date before the final submission date for the course. Information about the final submission date is available when you register for the course.
     

    Register

    Start End England fee Register
    At anytime Flexible - see Entry requirements for more detail £295.00 Register

    Ways to pay

    Credit/Debit Card – We accept American Express, Mastercard, Visa/Delta or Visa Electron.

    Sponsorship – If this course is geared towards your job or developing your career, you could ask your employer to sponsor you by paying some or all of the fees. Your sponsor just needs to complete a simple form to confirm how much they will be paying and we will invoice them.

    If you have a disability

    The course is delivered online and makes use of a variety of online resources. If you use specialist hardware or software to assist you in using a computer or the internet you are advised to contact us about support which can be given to meet your needs. If you are a new learner with the OU, make sure that you look at our website.