Finance. Boost your financial know-how.

This masterclass course is designed to provide non-finance professionals with the skills, knowledge and confidence to fully understand current and fundamental finance terminology, concepts, tools and principles.

In the contemporary business environment, it is beneficial for all current and emerging leaders to have some level of financial acumen in order to effectively contribute to both their own business area as well as the broader company’s financial success. Having financial literacy also aids leaders in building confidence, being able to contribute more in strategic meetings across the business and simultaneously aids in career progression and development.

Over a six-week period, this masterclass will immerse non-finance leaders in foundational areas such as financial concepts, accounting principles, key performance indicators, financial statements, the importance of financial ratios, effective budgeting, business planning and forecasting. The course will also provide a grounding in financial risk management and associated introductory governance principles.

By the end of the course, participants should feel ready to apply their new skills and knowledge immediately in their workplace and will be supported by the provision of practical and easy to apply tools, templates and checklists to achieve this and continue to build ongoing confidence and capability.

Aims

The aim of this course is to provide non-finance professionals with foundational knowledge, easy-to-implement tools, techniques and literacy in fundamental aspects of finance. It aims to increase participants’ confidence and ability to assess, interpret and communicate on a wide range of finance areas consistently used in the contemporary workplace, and in doing so, will add value to their team and broader key stakeholder group.

Outcomes

By the end of this course, you should be able to:

• understand fundamental finance and accounting definitions and terminology
• be cognisant of the chief components of the main financial statements across balance sheet, profit & loss and cashflow statements
• interpret and analyse the above financial statements
• comprehend the importance of key performance indicators and financial ratios
• create strategic budgets and forecasts including their associated risks and reporting requirements
• understand the basics of financial risk governance and how it relates to non-financial risk management
• recognise your improved confidence in overall financial literacy
• converse comfortably with all stakeholders in either finance or non-finance business areas and with other key stakeholders including the executive, clients and the board.

Content

The course will cover the following 6 modules over consecutive weeks:

Module 1: An introduction to finance

• Finance defined and explained
• Importance of financial literacy and acumen for non-finance leaders
• Key finance, business and accounting terms and jargon
• Main finance products and services
• Banks and other financial institutions

Module 2: Financial statements

• Balance sheet, profit & loss and cashflow statements composition
• How to read and interpret financial statements
• Shareholder equity and retained profits
• Depreciation and asset valuation basics including EBITDA
• Financial statement trend analysis to identify risks and opportunities

Module 3: Financial decision-making

• Time value of money
• Risk vs return
• Financial ratios: what are they are what do they mean?
• Understanding key performance indicators
• Understanding the levers available to positively impact these KPIs for your company
• Introductory interest rate and foreign currency risk

Module 4: Cashflow management

• What cashflow is and how is it measured
• Operating, investing and financing cashflow types
• The working capital cycle
• Debtors, creditors, stock on hand and asset turnover
• Main cashflow management problems
• Building a cashflow statement

Module 5: Financial management

• Introduction to the importance of budgeting and forecasting
• Similarities and differences: what are each trying to achieve?
• An exploration of the different methodologies for each
• Exercises to demonstrate practical creation of budgets and forecasts
• Tracking budgets and forecasts over time including variance analysis
• Common mistakes to be aware of

Module 6: An overview of financial risk governance

• Non-finance leaders need to understand both finance and non-finance risks
• The key regulators in Australia and their respective roles
• What is important to the board, CEO, CFO and General Manager?
• Overview of main finance risks categories: what to look out for and monitor
• Environmental, Social and Governance (“ESG”)

Intended audience

This course is designed to appeal to a wide spectrum of non-finance professionals who wish to improve their confidence with respect to financial knowledge and literacy. It will also help leaders at all levels who manage teams in non-finance business functions by enhancing their financial acumen and understanding, which will aid in strategic budget and forecast planning.

The course will also assist attendees seeking to enhance their career development opportunities by providing them with new skills and broader experience. Examples of attendees include: senior executives and general managers; small to medium-sized business owners, corporate and not-for-profit organisations, state and federal government leaders.

Prerequisites

None

Delivery mode

This course will be delivered over 6 consecutive weeks, comprising:

• 6 x self-paced online modules
• 4 x 1 hour live facilitated group sessions (online via the platform Zoom).

The self-paced modules will be released weekly and you should allow around 3 hours per week to complete these modules. The 1-hour online group sessions will solidify the knowledge attained in the self-paced modules and will be held in weeks 1, 2, 4 and 6.

Delivery style

To be delivered across a range of methods including:

• self-paced learning modules
• online live interactive sessions via Zoom x 4
• group discussions
• case studies
• exercises and quizzes
• links to further reading via references, videos and podcasts.

Materials

This course is managed through the Learning Management System, Canvas. Once enrolled, you will be provided with login details and will have access to Canvas for 3 months after the conclusion of the course.