Financial Strategy ASET Level 4
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A Distance Learning Course of 6 Lessons.
Course Description:
This course builds directly on the Finance and Accounting Foundation Course.
Topics in accounting usually have a fairly clearly defined answer. There are techniques available to generate a solution, often in the form of an accounting statement. However, accounting, especially financial accounting, tends to be historic in outlook (i.e. backward-looking), focusing on reporting and analysing past behaviour and performance.
The perspective of finance is rather different. Finance focuses on recommending appropriate financial policies designed to optimise the interest of the owners of the firm. Because none of us can predict the future, our policy recommendations are often hedged in with uncertainty.
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Further Details
Course Syllabus:
Unit 1: Introductory Issues and Concepts,
* Introduction
* Objectives
* Role of the financial manager
* The finance decision
* Concept of value
* Value determinants
* Risk-return trade-off
* The accountant versus the strategist
* Delivering value
* Limitations on value-creating behaviour
* Corporate governance
* Summary
Unit 2: Company Valuation,
* Introduction
* Objectives
* Valuation of quoted companies
* Valuing unquoted companies using alternative valuation techniques
* Shareholder value analysis (SVA)
* Summary
Unit 3: Investment Decisions,
* Introduction
* Objectives
* Investment decisions and appraisal methods
* Investment appraisal techniques
* Discounting methods/discounted cash flow (DCF)
* Applications of project appraisal
* Risk and uncertainty in project appraisal
* Summary
Unit 4: Financing Decisions,
* Introduction
* Objectives
* Financial planning
* Working capital management
* Sources of long-term finance
* Summary
Unit 5: Required Return on Investment,
* Introduction
* Objectives
* Cost of debt
* Cost of equity (Return required by shareholders)
* Capital Asset Pricing Model (CAPM)
* Required rate of return when equity and debt are combined
* Gearing and company value
* Summary
Unit 6: Delivering Value,
* Introduction
* Objectives
* Total shareholder return (TSR)
* Theories of dividend policy
* Evaluation of the irrelevance argument
* Objections to divided irrelevance
* Divided policy: key determinants
* Share buy-backs
* Summary.
Payment plans are available on request.
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