Plan for the Bachelor s Degree in Business Administration

Transcription

1 Plan for the Bachelor s Degree in Business Administration Adopted 17 October 2011 Introduction This plan is part of the national effort to coordinate the bachelor-level studies in Business Administration. The aim is to ensure a high academic standard and a shared knowledge base. At the same time, the plan gives latitude for making adaptations at the local level so that the institutions can draw on their own academic strengths. The plan was adopted by the National Council of Higher Education in Business Administration (NRØA) following a broad-based consultation process in the winter of A total of 29 responses were received; 11 of these were submitted by consultative bodies that are not members of the Council. The consultation round concluded with a seminar on 11 April 2011 and included speakers from the Confederation of Norwegian Enterprise (NHO), Orkla, DnB NOR and the National Union of Students in Norway. The input from the consultation round was discussed at a meeting of the Council on May 2011, and the final plan was adopted at a Council meeting on October The plan replaces the previous plan of 18 September 2001, which was amended on 9 September The plan supplements Act No. 15 of 1 April 2005 relating to universities and university colleges, the regulations on standards and criteria for accreditation of studies and criteria for accreditation of Norwegian higher education institutions of 25 January 2006 issued by the Norwegian Agency for Quality Assurance in Education (NOKUT), and the National Qualifications Framework for Higher Education, cf. the letter dated 20 March 2009 from the Ministry of Education and Research. 1

2 General descriptions of learning outcomes 1 The study programme will provide candidates with a broad-based platform of knowledge that qualifies them to work as professionals or consultants in the private sector, the public sector and other organisations. Upon completion, candidates will have knowledge of research and development activity in the field so that they possess broad, up-to-date knowledge of relevant theories and methods. Candidates will have the ability to apply this knowledge to practical problems they may encounter in working life, and they will be able to update their own knowledge throughout their entire professional life. Candidates will thus have a solid basis for lifelong learning. They will also be well prepared to continue with master s studies in Norway and abroad. Scholarly insight and analytical skills are important for the candidates. They will be able to plan and implement their own projects, work together with others in groups, disseminate academic material verbally and in writing, and exchange points of view and experiences, thereby contributing to the development of good practice. Candidates will be knowledgeable about decisions at the micro-level within private and public organisations with a view to coordinating the use of scarce resources in order to achieve the organisation s goals. They will be able to take part in development activity to advance the organisation s ability to innovate, and they will understand the social ramifications of decisions and act in accordance with legal, environmental and ethical standards. The general descriptions of learning outcomes apply to the entire programme of study. The following general descriptions of learning outcomes for the four main subject areas have been established: Business Economics: Candidates will have knowledge of how companies are financed, be capable of assessing new investments, be able to analyse revenues and expenses, understand how management tools are used, and have the ability to prepare and analyse accounting statements. 1 The plan is based on the National Qualifications Framework for Higher Education which was established in a letter of 20 March 2009 from the Ministry of Education and Research. Accordingly, learning outcomes in the areas of knowledge, skills and general competency have been described, but emphasis has not been placed on making a clear distinction between these three areas. 2

3 Administrative Sciences: Candidates will be able to perform strategic analyses, understand how organisations function and know how they can be organised and managed. They will also acquire knowledge about how products and services can be developed and marketed. Economics: Candidates will understand how a country s economy may be affected by e.g. changes in demand, government policies, international conditions or technological development. They will also have a knowledge of and be able to analyse various competitive situations from a company s point of view. Methodology: Candidates will have a good basis in mathematical, statistical and social science methodology. They will be able to apply their knowledge and skills to a broad range of problems in the field of Business Administration. The Methodology subjects are thus intended to contribute to the attainment of learning outcomes in the other subject areas. Candidates will have the ability to view the various subject areas in connection with each other, thus enabling them to apply the knowledge and skills acquired from several areas to a specific problem. Admission requirements The admission requirement is Higher Education Entrance Qualification. It is recommended that students have a solid foundation in mathematics (S1+S2 or the equivalent). Minimum requirements for Business Administration Upon completion of the study programme, candidates will be capable of assuming a number of roles in the private business sector and various public organisations. They are not expected to be specialists in all these possible functions, but given further training and experience, they should have the knowledge, skills and general competency needed to become valuable employees in many different areas of an organisation. Candidates should also be capable of 3

4 developing themselves as managers. The candidates must therefore have a broad knowledge base. The plan requires that at least 120 ECTS (European Credit Transfer and Accumulation System) credits are taken within the following areas of Business Administration: Business Economics (finance, investment, financial management and accounting); Administrative Sciences (strategy, organisation, management and marketing); Economics (micro- and macroeconomics); and Methodology (mathematics, statistics and social science methodology). Within the 120 ECTS credits, the following minimum requirements for the four main subject areas have been established: Business Economics: 30 ECTS credits Administrative Sciences: 25 ECTS credits Economics: 15 ECTS credits Methodology: 20 ECTS credits These minimum requirements form the following basic structure of the study programme: Mandatory courses (minimum 90 ECTS credits): The mandatory courses provide a common knowledge base for the Bachelor s Degree in Business Administration in Norway. The minimum learning outcome that students must achieve in each of the four areas follows below in this document. The individual educational institutions must ensure that the mandatory courses in the study programme are organised to facilitate progression between the courses and interdisciplinary cohesiveness. Supplementary courses (minimum 30 ECTS credits): A minimum of 120 ECTS credits must be taken in the main areas of Business Administration. Various models may be used to satisfy this requirement. Institutions may increase the number of mandatory courses, and they may offer elective courses within Business Administration. In any case, these must build on the knowledge the student has obtained in the mandatory courses, and may be a form of specialisation. Other courses (up to 60 ECTS credits): The educational institutions are free to use these 60 ECTS credits as they wish, but the purpose must still be to provide the students with the knowledge, skills and general competency that make them more capable of 4

5 performing business administrative functions in an organisation. Thus the institutions must offer the students the opportunity to specialise further in the main areas of Business Administration (including Methodology), but courses may also be offered in other subjects that are relevant for the student s development in that direction, such as computing, languages, economic history, economic geography or law. These subjects may be offered as mandatory courses, elective courses or in the form of a bachelor s thesis. In other words, supplementary courses and other courses must also develop the student s knowledge, skills and general competency as these are described under the general descriptions of learning outcomes for the studies. It is not the intention that all of the general learning outcomes must be achieved within the mandatory courses. The institutions may decide themselves where within the programme s 180 ECTS credits the students should attain the knowledge, skills and general competency required. In addition, the following minimum requirement for the study of ethics has been established: Ethics and Corporate Social Responsibility (minimum 5 ECTS credits): The minimum learning outcome that students must have in Ethics and Corporate Social Responsibility is stated in this document below. It is recommended that the instruction is organised as a separate course, but it may also be integrated into other courses including the mandatory courses. The institutions must nonetheless have a separate study sequence dedicated to ethics equivalent to a minimum of 2 ECTS credits. Instruction in ethics is considered to fall under the main subject areas of Business Administration, and may therefore be organised as part of the 120 ECTS credits required in these subjects. Other programme requirements Methodology: Instruction in Methodology must provide students with the knowledge and skills that are applied to problems within the field of Business Administration. Business Economics, Economics and Administrative Sciences must therefore build further on and apply the knowledge and skills attained by the students in Methodology, while at the same time the instruction in Methodology should be linked to the other subject areas by actively using applied examples. It is recommended that the institutions 5

6 offer supplementary instruction in mathematics for students lacking proficiency in mathematics from upper secondary school. ICT/digital competency: ICT stands for information and communication technology. Digital competency refers to the ability to deal with digital media and data. Students must have digital competency at two levels: 1. They must have knowledge about and skills in the use of computers in networks so that they can use relevant software and hardware effectively in their bachelor s programme, in advanced studies and in professional working life. 2. They must have insight into the opportunities and challenges an organisation may face related to the effective utilisation of ICT. Concentration: The individual institution may offer or require that students take a concentration within the 90 ECTS credits that are not mandatory, but this plan does not set any such requirement. It would be natural that any concentration would be offered within subjects in which the institution is strong academically. Bachelor s thesis: The plan does not require that students complete a bachelor s thesis, but the individual institution may offer or require a bachelor s thesis within the 60 ECTS credits not encompassed by specific requirements in this plan. The bachelor s thesis may comprise up to 20 ECTS credits. Research-based instruction: Instruction and supervision must be research-based in order to provide students with broad, up-to-date knowledge. The students must attain insight into recent development trends within the subject areas. The instruction must train students to think and assess information sources critically. Applications/practice: The theory taught must be related to practice in private business and public administration when it is natural to do so, using examples, problem-based learning, case studies and guest lecturers. A short-term period of practical training may be included as part of the study programme, provided that students receive a thorough academic follow-up to ensure a satisfactory learning outcome. 6

7 Requirement on course progression: There must be an interdisciplinary cohesiveness and clear requirements for progression in the mandatory and supplementary courses. Academic integration: The students must be trained to see connections between the courses. An overall structure for the study programme, references to other courses taken and the use of interdisciplinary case studies and projects will help to facilitate academic integration. Forms of instruction: A variety of forms of instruction must be used throughout the study programme. The teaching plan for a course must be adapted to the anticipated learning outcome. Students must be activated and trained in applying the knowledge acquired in the course. Training in analytical skills is especially crucial in this study programme. Students must also be trained in finding, assessing and citing information and academic material and presenting this in a way that sheds light on the problem at hand. Thus they must practice written and verbal communication. The forms of instruction must train the students to work both independently and in groups. Forms of assessment: A variety of forms of assessment must be used throughout the study programme, and these must be adapted to the anticipated learning outcome and the teaching plan for the course. Thus the forms of assessment must also be used to promote student activities that provide good learning opportunities throughout the semester. The assignments throughout the semester may be given a mark (alone or with other elements) or they may be regarded as pre-requisites for a formal examination (in the form of mandatory assignments that must be approved). Some assessments should be group based to train the students to work with others, while individual assessments should remain the primary form of assessment in the programme to train students in independent work and to test individual learning outcomes. The institutions are encouraged to cooperate on acting as external examiners. International orientation: The study programme must have an international orientation. As a minimum, institutions must offer students the opportunity to participate in a student exchange programme for one semester, and students must be exposed to 7

8 academic literature in English during the study programme. It is recommended that foreign language courses are offered as part of the bachelor s programme. Advanced studies: In general, the study programme must provide the students with a solid foundation for advanced studies at the master s level. It must be specially adapted to a Master s Degree in Business Administration (which gives the additional Norwegian title of siviløkonom.) Title On completion of the study programme, students will receive the Norwegian title of Bachelor i økonomi og administrasjon or Bachelor i økonomi og ledelse. Any concentration completed by the student may be specified in the title. The title may be translated into English as Bachelor of Business Administration, but the individual institution is free to use another translation. Descriptions of learning outcomes for mandatory courses As described above, this plan stipulates that a minimum of 90 of the 120 ECTS credits must be completed in the main subject areas within Business Administration: Business Economics: Administrative Sciences: Economics: Methodology: 30 ECTS credits 25 ECTS credits 15 ECTS credits 20 ECTS credits The study programme must also include instruction in Ethics and Corporate Social Responsibility equivalent to a minimum of 5 ECTS credits. Below is a description of the learning outcomes to be achieved in the four main subject areas as well as in ethics. These descriptions are based on the National Qualifications Framework for 8

9 Higher Education established in a letter dated 20 March 2009 from the Ministry of Education and Research. Accordingly, learning outcomes for knowledge, skills and general competency have been described, but emphasis has not been placed on making a clear distinction between these three areas. To make the plan easier to read, the learning outcomes for the individual subject areas are divided into several topics, but the individual institutions are not required to use these topics when establishing their own courses. Hence, it is up to the individual institution to decide how to divide the subject areas into specific courses. The descriptions of learning outcomes established for the mandatory 90 ECTS credits and ethics are not intended to cover all the general learning outcome descriptions provided under the headings General descriptions of learning outcomes and Other requirements for the study programme. It is up to the institutions to assess where and how the students should attain the knowledge, skills and general competency that are not described in more detail here. 9

10 Topics for which learning outcome descriptions have been prepared: Business Economics (30 ECTS credits) Financial Accounting Management Accounting Investment Analysis Administrative Sciences (25 ECTS credits) Marketing Organisation and Leadership Business Strategy Economics (15 ECTS credits) Macroeconomics Microeconomics Methodology (20 ECTS credits) Mathematics for Economists Statistics for Economists Research Methods in the Social Sciences Ethics and Corporate Social Responsibility (5 ECTS credits) 10

11 Business Economics (30 ECTS credits) Students will have a knowledge of how companies are financed, be capable of assessing new investments, be able to analyse revenues and expenses, understand how financial control tools are used, and have the ability to prepare and analyse accounts. In general, students will have knowledge about the company, the company s goals and its place in the economic system. Financial Accounting Students will first learn to prepare simple accounts. They will then be able to explain the content of financial accounts, accounting principles and assessment rules, and they will have the ability to analyse and assess a company s financial result and position. Students will: have a basic knowledge of the purpose and keeping of financial accounts; know how to record the most common transactions, including value-added tax, in the accounting system; understand the terms expenses, costs, payments, income and receipts, deposits and stocks, and be able to carry out ordinary accruals postings (including for wages, holiday pay and employers contribution); be familiar with the standard chart of accounts; be able to explain connections between transactions and their effect on the profit and loss account and balance sheet; be able to prepare an annual report and accounts with simple year-end postings and allocation of annual profit in sole proprietorships and limited companies; be able to set up consolidated financial statements in accordance with the provisions of the Norwegian Accounting Act; have insight into the structure and framework conditions of financial accounts, explain the accounts as a source of information and understand accounting principles and reporting requirements; 11

12 be able to handle key accounting-related measurement and assessment problems; be able to prepare a cash flow statement; be able to make adjustments and corrections to accounts figures for the purpose of analysis; be able to calculate key figures in connection with financial statement analysis and assess a company s profitability, liquidity, financing and financial strength. 12

13 Management Accounting Students will be given an introduction to the basic methods and techniques related to management accounting and budgeting. They will acquire knowledge and skills in the acquisition, analysis and communication of information relevant to decision-making. Students will: have a knowledge of the role and place of the company s accounting and control function and be able to discuss the basic features of the company s management accounting; be thoroughly familiar with the cost concept and have a good understanding of cost variability; have knowledge about various product calculation principles and be able to run calculations according to full cost and contribution accounting principles for companies in various industries; be able to allocate costs according to type via cost centre/activity of the costing object; understand the basic assumptions underlying and the weaknesses of the traditional methods of calculation; understand the idea behind standard costing and know the assumptions and purpose of management accounts based on standard costing, and be able to prepare standard cost accounts; be able to perform cost, profit and volume analyses; be able to perform calculations according to the standard costing method, activityadjust a company s budget, and prepare management accounts based on standard costing, including flexible budget; be able to calculate and explain the effect of changes in stocks on profit; be able to perform variance analysis, understand the reasons for variance and be able to recommend measures for implementation; be able to prepare calculations based on activity-based costing and understand the basic assumptions underlying and weaknesses of this method of calculation; be able to identify the expenses and revenues relevant for decision-making and be able to solve various decision-making problems; 13

14 be able to perform simple analyses of optimal product choice in situations with limited access to resources; have knowledge about various perspectives on pricing in practice, viewed in relation to various types of markets; be able to discuss the purpose of budgeting and prepare the main cash-flow, profit and balance budgets, and understand how budget processes can be organised; have a knowledge of various financial and non-financial performance targets and have the ability to assess the advantages and disadvantages of these; have knowledge about recent ideas and tools for planning, follow-up and control. 14

15 Investment Analysis Students will learn to evaluate the profitability of investment and financing decisions, with emphasis on the time value of money, risk management and calculation of relevant cash flows. Students will: know the basis for the time value of money and be able to compute the risk-adjusted required rate of return in order to estimate the alternative cost of capital; understand the relationship between the use of net present value as a criterion for making investment decisions and the owners' financial interests in the enterprise; be able to budget cash flows that are relevant for investment and financing decisions and perform profitability analyses on the basis of net present value, taking into account any tax, inflation, debt financing and risk with associated required rate of return; be acquainted with other methods of evaluating investment and financing projects, be able to calculate internal rate of return and understand the relationship with net present value; be able to calculate effective interest rate and use it in different financing decisions; be able to analyse the risk associated with investment projects when total risk is relevant; have insight into the capital asset pricing model and be able to apply it in order to establish a risk-adjusted required rate of return when market risk is relevant; have a general understanding of the value of flexibility in investment projects. 15

16 Administrative Sciences (25 ECTS credits) Students will be able to perform strategic analyses, understand how organisations function and know how they can be organised and managed. They will also have insight into how products and services can be developed and marketed. Marketing The primary objective of marketing is to develop knowledge and skills related to factors that affect the demand for products and services, and thus a company s revenues. Marketing studies focus on processes for developing a company s products and services for the market, as well as on communication and delivery of these to the market. Models, theories and templates in key areas of marketing are tools that may be used to implement development processes. Students will: have a knowledge of how market-oriented companies can develop their products and services for the market and how the companies communicate and deliver these to the market; have insight into ethical and environmental challenges associated with central issues in marketing practice; understand and be able to apply key models and theories in the areas of: - market and customer orientation - ethics, environment and corporate social responsibility: defensive and offensive strategies - segmentation, differentiation and positioning - buying behaviour in retail and wholesale markets - sales - relationship marketing - product and service development - brand and reputation management - market channels - pricing - market communication (also through e.g. social media) - planning, organising, financial analyses, budgeting and control 16

17 Organisation and Leadership Students will learn about key phenomena related to organisations. The primary objective is that students will be able to apply this knowledge to understand what happens in organisations. Students will have a knowledge of: basic organisational processes related to goal-setting, decision-making, communication and information; formal and informal organisational structure; organisational culture, power and conflicts in organisations; theories on motivation and reward; learning and change at the individual and organisational levels; interpersonal relationships in the organisation, with emphasis on cognitive, emotional and social processes; various leadership theories; the organisation s interests and environment; ethical dilemmas in an organisational context; what the organisation s corporate social responsibility may entail. Students will also: be able to apply various theoretical approaches and perspectives to understanding organisations manner of operation and dilemmas; be aware of the basic complexity of organisations; be able to assess, on an independent, professional basis, proposed solutions, priorities and choices in organisational contexts; be able to reflect on organisations ethical dilemmas and corporate social responsibility. Only basic learning outcomes are provided in this document. Students are also expected to acquire advanced knowledge and skills, but the specific learning outcomes are to be formulated by the individual institutions based on their own expertise and academic priorities. For the advanced segment, emphasis must be placed on recent research literature, and various 17

18 theoretical approaches to the study of organisation and leadership must be included. The link between theory and practice should be made clear, e.g. by using case studies in the classroom. Business Strategy Students will be given an introduction to strategic analysis and management. The primary objective is to give students insight into and an understanding of strategic analysis, strategic thinking and a strategic approach, thus qualifying them to recommend and participate in strategic planning processes in a company. Business Strategy is based on and applies knowledge and skills from the other Business Administration courses, enabling students to view the various subject areas in relation to each other. For this reason, a course(s) in this area should come at a later stage in the study programme. Students will have a knowledge of: the concept of strategy in a historical perspective; how strategies can help to achieve objectives related to value creation, efficiency and profitability; strategic market and resource analyses; generic strategies; strategic processes and perspectives, emphasising a leadership perspective; theories and assumptions on which strategic tools are based; corporate strategies and strategic business areas; strategic marketing, differentiation, choice of target groups, positioning, profiling and e- strategies; strategy in dynamic environments, innovation and learning; corporate social responsibility and ethics. Students will also: be able to use key strategic tools to make well-considered analyses and choices; be able to perform a strategic analysis for a business unit with a focus on both environmental and market factors and the company s internal resources. Students will be able to apply and integrate relevant models and analyses from other Business 18

19 Administration subjects that are part of the study programme. The strategic analysis should be performed using the stages of the strategic process: - objective (mission), vision, business concept(s), values and goals - strategic analyses (external factors, internal factors) and strategic opportunities - strategic assessments and choices - implementation of strategies, evaluation and control 19

20 Economics (15 ECTS credits) Students will understand how a country s economy can be affected by e.g. changes in demand, government policies, international conditions or technological development. They will also have a knowledge of and be able to analyse various competitive situations from a company s point of view. Macroeconomics Students will gain insight into macroeconomic methods and learn how these methods can be applied to analyse the Norwegian and the global economy. At the general level, students will acquire knowledge and skills that enable them to understand basic macroeconomic contexts, and thus understand how the economy is affected by changes in national and international conditions, such as cyclical changes and changes in economic policy. Mathematics for Economists or the equivalent is a pre-requisite. Students will be able to: explain key macroeconomic concepts; explain basic macroeconomic relationships; acquire relevant macroeconomic data and indicators; analyse macroeconomic problems using mathematical and graphical presentations of macroeconomic models; understand how changes in demand in one part of the economy can impact the general level of economic activity in a country (multiplier theory); analyse how different types of macroeconomic policy affect key macroeconomic variables in open economies; understand how macroeconomic policy, with emphasis on monetary and fiscal policy, can be used to smooth cyclical fluctuations; explain how national economies, especially small open economies such as Norway s, are affected by international conditions; explain the labour market and the connection between unemployment, potential domestic product and inflation; 20