• Length:
    8 Weeks
  • Effort:
    8–10 hours per week
  • Price:

    FREE
    Add a Verified Certificate for $249 USD

  • Institutions
  • Subject:
  • Level:
    Advanced
  • Language:
    English
  • Video Transcript:
    English
  • Course Type:
    Instructor-led on a course schedule

Associated Programs:

Prerequisites

To pursue a MicroMaster certificate in Accounting and Financial Management, an undergraduate degree from an accredited college or university is required. If you are not pursuing a MicroMasters certification, a basic understanding of managerial decision making will suffice.

About this course

Skip About this course

Need a career boost? Every business depends on the acumen of its financial leaders. Learn to make profitable financial decisions from UMGC professors who have been distance educators since the birth of the Internet. This course is designed for anyone interested in improving their decision making skills.

In this first MicroMasters course in Accounting and Financial Management, you will gain knowledge of the fundamental concepts of financial accounting, finance, and managerial decision making. This course investigates financial decision making in business, government, and not-for-profit organizations. Emphasis is on the application of financial and nonfinancial information to a wide range of managerial decisions, including the time value of money, financial analysis, budgeting, incremental analysis, long-term planning and cost-volume-profit analysis. A variety of decision-making tools (such as break-even analysis, activity-based costing procedures, and discounted cash flow techniques) are studied. Contemporary managerial practices are explored.

This course is part of the Accounting and Financial Management MicroMaster’s program from UMGC. Upon completion of the program and receipt of the verified MicroMaster’s certificate, learners may then transition into the full UMGC Master’s Program in Accounting and Financial Management without any application process or testing. See the MicroMasters program page for more.

What you'll learn

Skip What you'll learn
  • How to perform basic financial analyses to support decision-making
  • The role financial decisions play in the overall management function
  • Methods for applying financial and non-financial information to management decisions
  • The relationship between risk and return in publicly-traded corporations
  • How to apply discounted cash flow techniques to compare projects costs

Week 1: Foundations of Financial Decision Making for Managers
An introduction to the role of financial management in corporations. Learn how management selects the best type of business formation and ownership, identifies tactical and strategic goals, and balances profits vs. shareholder value.
Week 2: Financial Statements: Make more informed decisions understanding and analyzing financial statements.
Learn to use financial information to assist in the management decision-making process, including the relationship between financial statements, financial ratio analysis, financial statement analysis, and other metrics to improve managerial decision making.
Week 3: Risk and Return
Use discount rates to estimate the risk and return on investments, and compare investment risks and returns to analyze financial challenges and opportunities. Learn how the passage of time affects the value of a dollar which affects investment, divestiture, and other operational decisions.
Week 4: Management Accounting Overview
Managers use managerial reports to more effectively operate their unit of responsibility, maintain a competitive market position, and ensure a safe working environment. Distinguish between accounting and economic profit, know when to consider opportunity costs, use management control systems, understand the value chain, and make decisions from management reports.
Week 5: Activity Based Costing and Cost-Volume-Profit Analysis
Learn how managers use activity based costing to promote business activities that result in higher profits. Make pricing decisions using various methods, including customer behavior in response to price changes and pricing changes in the competitive market. Compute the cost and volume of sales necessary to break even or achieve a desired profit level. Use cost-volume-profit analysis to make pricing, marketing, and other operational decisions, such as quality control.
Week 6: Budgeting & Forecasting
Create master, static, and flexible budgets based on historical information and projected results in the future. Use budgets and other financial information to forecast future economic and financial trends, and create pro forma financial statements.
Week 7: Capital Budgeting
Prepare capital budgets for better long-term investment decisions. Compare alternative capital improvement projects and accept or reject proposed projects. Make outsourcing decisions.
Week 8: Final Assessment

Meet your instructors

Sharon L. Levin
Chair and Professor of Accounting and Financial Management
University of Maryland Global Campus
Galit Kushnier, M.S.
Instructor
University of Maryland Global Campus

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Frequently asked questions

Important Information

Accounting and Financial Management

Thank you for your interest in the MicroMasters Program in Accounting and Financial Management. Please note that this program is being discontinued. No courses will be offered after December 2020. The schedule for the final offering of each course in this program is provided below. In order to transfer these courses to UMGC, you will need to purchase the Verified Certificate, complete, and pass all 4 courses. If you are currently in the first course of this program (Financial Decision Making), you will need to purchase the Verified Certificate by June 2, 2020. We apologize for any inconvenience this may cause.

  1. Financial Decision Making - 5/5/20 - 6/30/20
  2. Financial Accounting for Corporations - 7/14/20 - 9/8/20
  3. Financial Management in Organizations - 9/22/20 - 11/17/20
  4. Long-term Financial Management - 12/1/20 - 1/26/21

How long does a student have to apply to and complete the full UMGC degree?

To ensure that your program remains relevant and up-to-date, UMGC sets time limits for completing a program. Students have five (5) consecutive years from the start of the graduate degree to complete their degree. For students who start with a MicroMasters program, their “time clock” begins on the date that they complete their last course in the MicroMasters program and receive their Verified Certificate. This means that students should apply to UMGC promptly to begin the degree and have as much time as possible to complete it.

Who can take this course?

Unfortunately, learners from one or more of the following countries or regions will not be able to register for this course: Iran, Cuba and the Crimea region of Ukraine. While edX has sought licenses from the U.S. Office of Foreign Assets Control (OFAC) to offer our courses to learners in these countries and regions, the licenses we have received are not broad enough to allow us to offer this course in all locations. EdX truly regrets that U.S. sanctions prevent us from offering all of our courses to everyone, no matter where they live.