Unit 520 - Managing Finance
Financial management skills are essential for all managers regardless of whether there is a dedicated finance team within an organisation. Financial acumen enhances decision making skills, which in turn supports management of projects, tasks and functional areas. This unit has been designed to enable learners to understand how financial systems within organisations operate.
Description
Elevate your financial management expertise with the CMI 520 Managing Finance course. This unit is designed to equip you with the knowledge and skills necessary to navigate the complex world of finance confidently. Whether you're a business owner, manager or aspiring financial professional, this course offers invaluable insights into interpreting financial data, devising strategic financial plans, and making informed decisions to drive growth and profitability. Through interactive sessions and practical scenarios you will develop a deep understanding of financial concepts and gain practical tools that can be immediately applied in your professional journey.
Course Benefits
Comprehensive Financial Skills: You will be equipped with a thorough understanding of financial concepts, including budgeting, forecasting, investment analysis, and risk management.
Practical Application: The course focuses on business scenarios, allowing you to apply your newly acquired skills to actual business situations.
Confident in Decision Making: Gaining financial acumen enables better decision making, as you will be equipped to analyse data, assess financial implications and make informed decisions.
Risk Mitigation: Understanding financial management aids, identifying and mitigating potential financial risks, ensuring greater stability for both personal and organisational finances.
Personal Financial Management – The skills acquired throughout the course are transferable to personal finance, helping you manage your own money, investments and long-term financial goals.
Career Advancement: Mastering financial management can enhance your career prospects by making you an asset to your current organisation or attractive to potential employers.
Course Programme
1.1 Analyse the relationship between the financial function and other functional areas within organisations
1.2 Examine the impact of financial objectives on decision making within organisations
1.3 Differentiate between management accounting and financial accounting
1.4 Analyse the impact of organisational and regulatory frameworks on an organisation’s approach to financial management
1.5 Analyse the challenges organisations face accessing finance
2.1 Differentiate between budget setting and financial forecasting
2.2 Evaluate budget setting approaches used by organisations
2.3 Formulate and justify a budget for an area of management responsibility
2.4 Analyse the factors that impact on budget management
2.5 Specify corrective actions to be taken in response to budgetary variance
2.6 Discuss reporting procedures for authorising corrective actions to a budget
Location
Option to carry out the course face-to-face or virtually.
Assessment
The CMI Level 5 Award is designed as the shortest and most concise qualification and usually takes between one and three months to complete.
To achieve the CMI Level 5 Award learners will be required to complete one 3,500 – 4,000 word written assignments that require taught theory to be applied to the organisational context:
- 520: Managing Finance
Support
As part of your course fee, you are given access to post-classroom tutorials and learning materials. These materials are to support learners with completing the assessment.
Certification
After the successful completion of the written assignment, you will gain a CMI Level 5 Management and Leadership Award qualification.