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Qualification - OTHM Level 5 Diploma in Accounting and Business
Unit Name - Financial Management
Unit Level - Level 5
Unit Reference Number - T/617/3298
Assignment Title - Financial Management
Unit Credit - 20
Learning outcome 1: Understand key financial theories.
Learning outcome 2: Understand working capital management.
Learning outcome 3: Be able to review techniques to manage global risk.
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The aim of this unit is to provide learners with knowledge of key financial theories and working capital management, and the skills to review techniques for managing an organisation's global financial risk.
Financial theories: theories and their application to financial decision making; theories - Arbitrage Pricing Theory, Rational Choice Theory, Prospect Theory, Cumulative Prospect Theory, Monte Carlo Option Model, Binomial Options Pricing Model, Gordon Model and International Fisher Effect.
Techniques and tools: portfolio management tools; models of strategic management; objective setting; definition of the balanced scorecard; using balanced scorecard to implement strategy; portfolio theory and risk.
Nature, elements and importance of working capital: definition of working capital; characteristics of working capital; elements of working capital; objectives of working capital (liquidity, profitability); conflict between liquidity and profitability; role in financial management; importance for different types of business organisations to include (sole trader, partnership, private limited company, public limited company, third sector organisations).
Assessment of needs and funding strategies: calculating working capital requirement: working capital cycle; terms of trade; investment in current assets; liquidity of assets; funding strategies (permanence of current assets; long and short term finance; matching principle; attitude to risk.
Management of working capital: cash operating cycle; use of rations (current, quick, inventory turnover, debtor turnover, sales revenue to working capital); inventory management (e.g. economic order quantity, just in time); managing accounts receivable (establishing creditworthiness, collection of debt; settlement incentives; factoring and discounting); managing trade credit; managing cash (cash flow forecast, cash management models (e.g. Baumol, Miller-Orr), using short term investment).
Financial risk: costs and risks of different sources of finance; foreign currency risks; interest rate risks; causes of fluctuations in exchange and interest rates;
Risk mitigation: hedging techniques for foreign currency; hedging techniques for interest rates; methods; types of exchange rates and interest that can be managed through hedging.
Evaluation of techniques: comparison of techniques; limitations and benefits of different techniques; success in using techniques to manage interest and currency risks.
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Learning Outcomes- The learner will:
Assessment Criteria- The learner can:
1. Understand key financial theories.
Evaluate key financial theories.
Assess strategic implementation techniques using balanced scorecard and portfolio management tools.
2. Understand working capital management.
Explain the nature, elements and importance of working capital in a business organisation.
Evaluate how a business organisation assesses their working capital needs and funding strategies.
Analyse how a business organisation will manage their working capital needs.
3. Be able to review techniques to manage global risk.
Analyse financial risks in the global market.
Analyse risk mitigation techniques.
Review the suitability of techniques used by a business organisation to manage their global risk.
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