Award in Essentials of Financial Management 1

The Award in Essentials of Financial Management 1 is an EQF/MQF Level 5 course accredited with 1 ECTS credit. The course will provide tools and necessary knowledge and the skill in financial management practices which would help grow a business. It is based on current best practices, which we ourselves apply in the consultancy roles in applying management practices in different organisations. Particularly, the course deals with the core concepts of accounts, financial statements, ratios, investment appraisal, and core concepts of finance. The course is delivered fully online typically over a period of 1 week (up to 4 weeks).

Sessions Covered:

• Session 1 – Basic Principles of Accounting
• Session 2 – Using Financial Statements
• Session 3 – Using Ratio Analysis
• Session 4 – Basic Principles of Budgeting
• Session 5 – Accounting Fundamentals – Costs & Costings
• Session 6 – Accounting Fundamentals – Cost of Sales

Hours of Total Learning for this module:

• Contact Hours: 6
• Self-Study Hours: 18
• Assessment Hours: 1
• Total Learning Hours: 25

Learning Outcomes:

At the end of the module/unit the learner will have acquired the following skills:

1. Demonstrate how the elements of the financial setup affect the operations of a business.
2. Use critical thinking skills to analyse data reported in the financial statements.
3. Review and analyse underlying budget assumptions and variances.
4. Review and analyse product/service costs vs period costs.
5. Use the basic concepts in job costing  and information systems for job costing environments.

Each module will be assessed based on the following components:

1. 6 Self-Assessment Tests: 60%
   • The Self-Assessment tests consists of a data bank of questions typically true or false and multiple choice, from which a randomised selection is provided to the student. Negative marking is used to discourage the students from trying to guess the answers. Students have a maximum of three attempts to pass each Self-Assessment Test.
2. Module Evaluation question: 40%
   • This is an essay style question which must be completed on the eLearning platform.

Passing Criteria:

• Students must achieve an aggregate of 50% or higher across the two components to pass the module.

Scholarship Schemes for Maltese residents:

• MySkills Scheme: Malta residents are eligible for up to 80% reimbursement, capped at €5,000, subject to eligibility criteria. International students would be able to apply for the MySkills Scheme once they obtain their Student Temporary Residence Card (TRC). (For individual modules only)
• Get Qualified Scheme ( Scheme available for Maltese residents ) – 70% refund of course fee as a tax rebate