MSc. (cand.merc.) in Accounting, Strategy and Control (ASC) 2014/15

Transcription

1 MSc. (cand.merc.) in Accounting, Strategy and Control (ASC) 2014/15 Faculty Allan Hansen, Dept. of Operations Management John Christiansen, Dept. of Operations Management Ivar Friis, Dept. of Operations Management Carsten Rohde, Dept. of Accounting & Auditing Jytte Larsen, Dept. of Accounting & Auditing Ole Vagn Sørensen, Dept. of Accounting & Auditing Peter Skærbæk, Dept. of Accounting & Auditing Jen Dick-Nielsen, Dept. of Finance Coordinator Carsten Rohde, Dept. of Operations Management Administrator Dept. of Operations Management, Solbjerg Plads 3, Section B, 4 th floor Themes Measurement of organizational performance, costs and risks are crucial for strategic as well as operational decision making and control in organizations. The Accounting, Strategy and Control program provides the candidate with strong competences in designing, analyzing and implementing strategy, accounting and control systems vital for business controllers, business analysts or business consultants working in private companies as well as the public sector. Analyses of cost and value drivers as well as capital structures and financial statements are decisive for understanding organizational economics and the design of responsibility centers, budgeting systems, transfer pricing, performance measures and risk management all crucial elements in the strategic alignment in modern organizations. The Accounting, Strategy and Control program provide the candidate with a framework embedded in economic, strategic, accounting and finance theory for designing, analyzing and implementing strategy, accounting and control systems decisive for decision making, coordination, motivation and control in organizations. Aim of the concentration The objective of the Accounting Strategy and Control concentration is to produce graduates that possess the skills to conduct and use both financial and non-financial performance and risk measurements for analysis purposes and to make operational and strategic business decisions. In addition, graduates of the ASC concentration will be trained in strategic analysing, strategy development and strategy evaluation as well as, using corporate management accounting systems for coordination and motivation in organisations.

2 Graduates of the ASC concentration will be able to: analyse the strategic attractiveness of industries and firms resources and competences develop and evaluate organizations strategies strategy implementation through the design of organizational structures, management processes and control systems analyse cost and value drivers that determine organisational value creation; understand financial as well as non-financial measurements relevant for evaluating and controlling value creation processes in organisation; measure growth, risk and performance in businesses and estimate the value of businesses; develop and measure cash flows; apply cost, performance and risk measures for business decision-making and strategy implementation; implement accounting systems and other measurement systems in a cross-functional perspective; understand and apply the factors that determine the value of specific risk, cost and performance measures and issues in organisations; understand and apply traditional as well as new accounting and measurement concepts and their relevance and adjustment to specific organisational settings. Analyse and understand the impacts and processes of using and implementing accounting in organizations; Graduates of the ASC concentration will be qualified to fill positions such as business controller, financial controller, business analyst, management consultant and economic consultant in both private and public organisations. Contents The topics on the first graduate year are: (i) Financial Statement Analysis, (ii) Cost and Management Accounting, (iii) Accounting and Control, (iv) Risk Management and Corporate Finance, (v) Performance Measurement and Incentives, (vi) Implementation of Accounting and (vii) Project. (i) (ii) (iii) Financial Statement Analysis is focussed on how decision makers should structure accounting information as a basis for a variety of decisions. The required accounting information depends on the specific task at hand (e.g. valuation) and the decision model applied (e.g., discounted cash flow model). For instance, analysts within corporate finance use financial statement analysis to determine the historical level of profitability in order to estimate future earnings. Cost and Management Accounting offer the students the opportunity to develop a fundamental knowledge of financial management of a company. The focus is on how to design, implement and use different conventional as well as modern management accounting models and techniques for analysis, decision making and control purposes. The Accounting and Control course provide the students with an opportunity to learn to apply qualifications (knowledge and skills) in transaction cost, agency and behavioral theory to control problems in firms.

3 (iv) (v) (vi) (vii) Risk Management and Corporate Finance provide students with a basic knowledge of theories and models for corporations capital budgeting, financing decisions, investment decisions, hedging, and risk management. Performance Measurement and Incentives provide the students with the opportunity to strengthen their competence to design incentive systems in organizations. By building on the student s knowledge of accounting as a tool for strategy implementation this course advances the discussion of multi-dimensional performance measurement, target setting, evaluation and compensation which are all key issues in the provisions of incentives in organisations. Implementation of Accounting offers the students the opportunity to develop their skills to understand and analyse the effects and conditions of accounting in practical settings such as the company or other organizations. The focus is on a variety of theories from sociology, economic sociology and organizational theory that are used to understand empirically the processes of the use and implementation of accounting. The Project provides the students with a competence in the application of the theories, models and tools taught at the program. The students are encouraged to carry out case studies to analyse and reflect upon the various accounting issues in practice, and develop analytical, design and implementation competencies. In addition to the courses on the first graduate year CBS offers progressive electives relevant for CM ASC students in the 3 rd semester. On the fourth semester, which is reserved for the writing of the master thesis, the student has opportunity to combine, synthesise and use the knowledge achieved in one or several of the courses in the three preceding semesters on a relevant problem in a private or public firm.

4 ASC Study Structure

5 1 st Semester AS20: Financial Statement Analysis 15 ECTS Access requirements for non-asc students Students are expected to possess knowledge about accounting including bookkeeping at least at the bachelor level. Admission req. Bachelor level Indicative course duration Fall Indicative class hours Sixty Six class hours. 6 hours in 11 weeks. Exam date Januar 2015 Coordinator Ole Vagn Sørensen, os.acc@cbs.dk Teachers Ole Vagn Sørensen, Department of Accounting and Auditing. Aim of the course The purpose of Financial Statement Analysis for Decision Makers is to provide the students with the rigorous tools that are needed to carry out financial statement analysis from a decision oriented perspective. At the exam the students must be able to: Describe how elements in the annual report are recognized, measured and classified. Analyse a firm s profitability, growth and risks based on the analytical profit and loss statement and balance sheet Calculate and interpret financial ratios that describe a firm s economic well being. Assess accounting quality in a firm s financial data. Value firms based on a variety of valuation models. Demonstrate the ability to assess the strengths and weaknesses of various economic decision models used for valuation, credit rating and incentive program purposes. Contents Accounting information is used by decision makers as input to a variety of decision models. The required accounting information depends on the specific task at hand (e.g. valuation) and the decision model applied (e.g., discounted cash flow model). For instance, analysts within corporate finance use financial statement analysis to determine the historical level of profitability in order to estimate future earnings.

6 The course contains the following core elements: Introduction to the elements of the annual report. Methods for measuring profitability (the ability to create value for shareholders), growth and operational and financial risks Assessment of accounting quality (earnings quality) Budgeting Firm valuation Accounting issues in compensation contracts and credit analysis Learning process Research and theory based lectures are mixed with exercises and cases. Lectures provide the students with the necessary tools to make financial analyses. Through cases the students learn how to apply theory and use a variety of decision models in practice. Teaching methods Student involvement is an integral part of the course. The course offers plenty of opportunities for students to participate actively through discussions and casework. They get plenty of opportunity to apply theory to practical issues (e.g., estimate firm value by applying different valuation models). Development of individual and social skills (competencies) Candidates are trained in presenting solutions to a variety of issues in financial statement analysis and valuation. Student presentations include verbal as well as written communication. Students are responsible for their own learning. They are encouraged to engage in study groups. Indicative literature Christian Petersen and Thomas Plenborg: Financial Statement Analysis for decision makers (draft). Financial Reporting, Financial Statement Analysis, and Valuation. Sixth edition Selected articles Examination 4-hour written, open book exam; External examiner.

7 AS50: Cost and Management Accounting (CMA) 7.5 ECTS points Admission req. Bachelor level Course duration Fall 2014 Class hours Thirty Three class hours. 6 hours in 5 ½ weeks. Exam date Oral exam in October Teachers Jytte Larsen, Department of Accounting & Auditing Carsten Rohde, Department of Accounting & Auditing Coordinator Carsten Rohde: cr.acc@cbs.dk Aim of the course The purpose of the course is to offer the students the opportunity to develop a fundamental knowledge of financial management of a company. The focus is on how to design, implement and use different conventional as well as modern management accounting models and techniques for analysis, decision making and control purposes. Learning objectives At the exam the students must be able to: Understand the purpose and content of different management accounting models and techniques Be able to apply and use the techniques for different analysis, decision making and planning tasks Analyze and evaluate the strengths and weaknesses of each model and technique used for different tasks Contents Financial and non financial data is a very important basis for evaluation of profits of different segments as well as evaluating and managing the efficiency of departments, people and processes in the organization. But it is also important as a basis for pricing decisions and planning purposes. The course put focus on how to capture financial and non-financial data as well as organize and use them for decision making and control. The course contains the following core elements Revenue and Cost behavior Contribution margin accounting and analysis Activity Based Costing and Management Target Costing, Kaizen Costing etc. Value Based Management The Balanced Scorecard as a measurement and management system

8 Budgeting/Activity Based Budgeting Teaching methods Research and theory based dialog lectures are mixed with exercises and cases. The lectures provide the students with the necessary understanding of purpose and content of the techniques and what type of theory they are based on. Through the use of examples and cases from practice the students learn to apply theory and techniques for analysis, decision making and control purposes in practice. Involvement of the students is an important part of the learning principle this done through dialog, casework and presentations. Development of individual and social skills (competencies) Through dialog and presentations the student will develop their oral skills. Since cases are prepared and presented in teams the students will also develop cooperative skills. Indicative literature Management Accounting 4th Edition, Will Seal, Ray H Garrison & Eric W Noreen ISBN: Publisher:McGraw Hill Selected articles Examination Individual oral examination; External examiner.

9 AS51: Accounting and Control 7.5 ECTS Course duration Fall 2014 Class hours Thirty Three class hours. 6 hours per week. Exam date December 2014 Teacher Ivar Friis, Department of Operations Management Coordinator Ivar Friis, if.om@cbs.dk Aim of the course The objective of the course is to provide the students with an opportunity to learn to apply qualifications (knowledge and skills) in agency and behavioral theory to control problems in firms. At the exam the students must be able to: Understand, describe structure and combine the various concepts, which are used in the course. Show how these concepts can be used to identify problems concerning the control of firms Show an ability to look critically on the various proposed solutions to a control problem Contents Accounting is used as an important tool to influence decision making in firms. Accounting carries information of costs and benefits to decentralized decision makers, and thereby provides them with information which ideally helps them make decisions that are aligned with the firm s interest. The course contains the following core elements: Introduction to the elements of accounting as a control device Understand the difference between control and decision making and coordination and motivation. Transfer pricing. Responsibility centers (profit centers, cost centers). Cost allocation. Budgetting. Teaching methods Research and theory based dialog lectures are mixed with exercises and cases. The lectures provide the students with the necessary understanding of purpose and content of the different control techniques and the theoretical assumptions they are based on. Through the use of cases the students learn to apply theory and techniques for control purposes in practice. Involvement of the students is an important part of the learning principle. This done through dialog, casework and presentations.

10 Development of individual and social skills (competencies) Through debate and dialog the student will develop oral and presentation skills. Since case preparation and presentation is conducted in teams the students develop cooperative skills. Indicative literature Zimmerman, J. (2008): Accounting for Decision Making and Control McGraw-Hill Selected articles Examination Individual oral examination; External examiner.

11 2 nd Semester AS52: Risk Management and Corporate Finance (RMCF) 7.5 ECTS Admission req. Bachelor level Course duration Spring 2015 Class hours Thirty Three class hours. Exam date Exam in April 2015 Teachers Jens Dick Nielsen - jdn.fi@cbs.dk Coordinator Jens Dick Nielsen Department of Finance Aim of the course The objective of the course is to provide students with a basic knowledge of theories and models for corporations capital budgeting, financing decisions, investment decisions, hedging, and risk management. At the exam the students must be able to: Describe the various types of risk related to a corporation and how these impact the investment and financing decision Be able to apply various techniques for valuation of projects and corporations taking the riskiness of these into account Describe financial and real options and apply financial options for hedging and risk management Contents The course contains the following core elements: The relationship between risk and return and the Efficient Market Hypothesis The valuation of investment projects and the effects of risk, agency problems, and asymmetric information on the allocation of capital An overview of corporate financing and an introduction to executive compensation. Corporate finance policy and payout policy Financial and real options Real options in a strategic perspective Corporate risk management and hedging of financial and non-financial risk exposure

12 Teaching methods Research and theory based dialog lectures are combined with exercises, Excel calculations, and some cases all of practical relevance. This way, the students will learn to apply theory and tools for analysis and decision making but also to be aware of potential pitfalls. Involvement of the students is an important part of the learning principle. This is done through exercises, discussions, and presentations. Development of individual and social skills (competencies) The students will primarily develop their analytical skills through solving, presenting, and discussing various exercises. Indicative literature Brealey, R. A., S. C. Myers and F. Allen (2006). Corporate Finance (9th edition). McGraw Hill. Selected academic articles and articles from practitioners journals Examination 4-hour written open book exam weight: 100%.

13 AS53: Performance Measurement and Incentives (PMI) 7.5 ECTS Admission req. Accounting and control (2st semester) Course duration Spring 2015 Class hours Thirty Three class hours. 6 hours per week Exam date April 2015 Teachers Allan Hansen, Department of Operations Management and others Coordinator Allan Hansen: ah.om@cbs.dk Aim of the course The aim of the course is to strengthen the student s competence to design incentive systems in organizations. By building on the student s knowledge of accounting as a tool for strategy implementation (obtained at the course Accounting and Control, 1. semester) this course advances the discussion of multi-dimensional performance measurement, target setting, evaluation and compensation which are all key issues in the provisions of incentives in organisations. At the exam the students must be able to: Explain, structure and combine the various concepts, issues and models related to performance measurement and incentives introduced at the course. Identify and analyze problems related to the provision of incentives in firms by using the concepts and models from the course Critically reflect upon various design solutions proposed by theories and models applied at the course. Contents The course continues the analysis of strategic control systems in a transaction cost/agency theory perspective as introduced in the course Accounting and Control and adds game theory as the basis for understanding, analysing and designing incentive systems. Key topics addressed at the course are: Congruity and controllability of performance measures Subjective and objective performance measures Target setting Intrinsic and extrinsic reward Promotion versus pay-for-performance as incentive systems High powered and low powered incentives

14 Control and trust Teaching methods Theoretical dialog lectures are mixed with exercises and cases. The lectures introduce concepts and models decisive for understanding incentive and measurement issues and outline their theoretical assumptions. Through cases and exercises students train the application of concepts, theories and models in order to design value creating incentive systems in organizations. The teaching methods is through debate, case studies and a constant dialog between theory and practice Development of individual and social skills (competencies) Through debate and dialog the student will develop oral and presentation skills. Since case preparation and presentation is conducted in teams the students develop cooperative skills. Indicative literature Selected chapters from Lazear & Gibbs: Personnel Economics in Practice, Wiley and Miller: Managerial Dilemmas, Cambridge University Press + Selected papers on Performance Measurement and Incentive Systems. Examination Individual oral examination.

15 AS54: Implementation of Accounting (IA) 7.5 ECTS Admission req. Bachelor level Course duration Spring 2015 Class hours Thirty Three class hours Exam date June 2015 Teachers Peter Skærbæk, Coordinator Peter Skærbæk: Aim of the course The purpose of the course is to offer the students the opportunity to develop their skills to understand and analyse the effects and conditions of accounting in practical settings in business life as well as the public sector. The focus is on a variety of theories from sociology, economic sociology and organizational theory that are used to understand empirically the processes of the use and implementation of accounting. The course is also designed to develop the students skills in applying interpretive case study methods that can be used in project work and thesis writing. At the exam the students must be able to: Understand the processes of the use and implementation of various accounting techniques and concepts. Be able to apply and use the theoretical models for analysis of practical cases/examples Evaluate and compare the use and strengths/weaknesses of each theory presented in the course. Contents Accounting systems, techniques, concepts and reports are used in organizations and companies to improve efficiency/effectiveness and facilitate internal and external accountability to third party agencies such as owners and the wider society. The course puts focus on how such accounting devices are developed and used in practice to understand how and weather expected effects are achieved in practice. The course contains the following core elements: The processes of implementing accounting systems and concepts such as ABC and BSC The (political) strategies of external and internal reporting The link between accounting and strategy (from bean counter to strategic accountant How accounting systems influence employees identities (the skepticisms and resistances to accounting change) How accounting concepts are diffused globally and implemented in various local companies and organizations

16 Teaching methods Research and theory based dialog lectures are mixed with cases and student presentations. To maximize the outcome of the course it is highly recommended that the students establish groups for reading and discussion. Involvement of the students is an important part of the learning principle this done through dialog, casework and presentations. Development of individual and social skills (competencies) Through dialog and presentations the student will develop their oral skills. Since cases are prepared and presented in teams the students will also develop cooperative skills. Indicative literature A collection of articles from books and scientific journals. Examples are: Skærbæk and Tryggestad (2008). The role of accounting devices in performing corporate Strategy. Granlund and Lukka (1998). It is a small world of management accounting practices. Skærbæk (2005). Annual reports as interaction devices: The hidden constructions of mediated communication Examination Individual oral examination; External examiner.

17 AS55: Project 7.5 ECTS Course duration Spring 2015 Exam date June 2015 Coordinators Allan Hansen, Department of Operations Management Aim of the course The objective of the course is to provide the students with a competence in the application of the theories, models and tools taught at the program. The students are encouraged to carry out case studies to analyse and reflect upon the various accounting issues in practice, and develop analytical, design and implementation competencies. At the exam the students must be able to: - Formulate relevant accounting problems. - Apply theories to an empirical setting. - Solve real practical issues. - Show an ability to choose relevant theories. - Critically reflect upon accounting practices. Contents The student should formulate relevant accounting problems and use theories to solve these problems Teaching methods The aim of the course is to train the students in the use of the different theories and models used in the concentration. The course provides an opportunity to apply the theoretical foundation in a real life setting, and develop their analytical, design and implementation competencies. Additionally, it is sought to train the student in the application of theory through the writing process. Development of individual and social skills (competencies) Writing and cooperative skills are developed through teamwork and the writing process. Indicative literature Materials from the other courses Examination Written project with an individual oral exam

18 3 rd Semester Most electives are worth 7.5 ECTS and 30 ECTS are needed for completing the 3 rd semester. Studying abroad As an alternative to electives at CBS, students can study abroad or at other Danish universities. However, all elective courses offered by other universities must be approved by the Study Board for M.Sc. Studies at CBS, Solbjerg Plads 3, Student Hub, DK-2000 Frederiksberg. 4 th Semester Master's Thesis Overview of Exams and Weights 1 st semester: Exams: Weight: Financial Statement Analysis 4-hour written exam 15 Cost and Management Accounting Individual oral exam 7.5 Accounting and Control Individual oral exam nd semester: Risk Management and Corporate Finance 4-hour written exam 7.5 Performance Measurement and Incentives Individual oral exam 7.5 Implementation of Accounting Individual oral exam 7.5 Project Written Project with Individual oral exam 3 rd semester: 4 electives of 7.5 ECTS each 30 4 th semester: Master s Thesis 30 Total 120 Disclaimer: Since the course catalogue is finalized several months before the start of a new academic year, minor changes concerning literature, syllabi, class schedules, and exam dates or exam forms can occur. 7,5