ELECTIVES INFO SESSION MScBA in Accounting & Financial Management 29 October 2015 Department of Accounting & Control
BMME001 ACCOUNTING ANALYTICS
ACCOUNTING ANALYTICS From information origin (core courses) to information use The role of accountants and controllers is evolving: IT/ERP skills New business reporting technologies (e.g., XBRL) Business analytics skills Approach: theory and practice (e.g., case studies, guest lectures, hands-on exercises)
ACCOUNTING ANALYTICS Source: PwC, 2015. Data Driven: What Students Need to Succeed in a Rapidly Changing Business World 4
MAIN TOPICS Main business processes: Revenue cycle Expenditure cycle Production cycle Decision making, data analysis, and visualization: Big Data Predictive analytics and risk analysis Continuous auditing through process mining 5
TUTORIALS Case studies / problems / software demonstrations Hands-on exercises with a real Enterprise Resource Planning (ERP) system 6
SAP UNIVERSITY ALLIANCES Why SAP? Market leader and well-recognized brand Network of 1.450 universities worldwide http://scn.sap.com/community/uac Same software platform adopted by SAP customers and partners, not a demo version Enhanced learning experience with new skills
FURTHER QUERIES Dr. Nicola Dalla Via: dallavia@rsm.nl 8
BMME002 ADVANCED BUSINESS ANALYSIS & VALUATION
ADVANCED BUSINESS ANALYSIS & VALUATION Practical sessions with topical examples from different sectors Group and individual assignments around cases Use of guest speakers from banking and industry Focus on three different topics: Accounting and valuation of banks Evaluating M&A Activity Understanding Corporate Risk Management 10
EVALUATING M&A ACTIVITY
UNDERSTANDING RISK MANAGEMENT
FURTHER QUERIES Dennis Jullens MSc jullens@rsm.nl Dr. Solomon George Zori zori@rsm.nl 13
BMME003 NEUROACCOUNTING
NEUROACCOUNTING: LEARNING OBJECTIVES Explain how brain processes are related to financial decision making Explain the techniques used to study brain processes in neuroscience at a basic level Explain findings from extant neuroscience research papers Apply knowledge of neuroaccounting to practical problems in finance and control Formulate a research question that applies social cognitive neuroscience
NEUROACCOUNTING: TOPICS & FORMAT Introduction to neuroscience: brains, neurons & behavior Decision making and the brain Neuroscientific methods Neuroscience and: (Behavioral) economics Cognitive & social psychology Accounting applications: Financial reporting Financial decision making Controllership Working format Lectures Working groups Lab visit(s)
Q&A
FURTHER QUERIES Prof. Dr Frank Hartmann (course coordinator): fhartmann@rsm.nl Ph.D. Students: Anke Murillo Oosterwijk MSc Aljaž Sluga MSc
BMME004 TAXATION
TAXATION Taxation affects many business decisions, such as: how to finance the business, where to invest, when and where to recognize elements of revenues and expense, and what transfer prices to charge. This course provides a conceptual overview of how taxes (should) affect financial managers decisions: Taxes are considered as a cost; And we will consider how these costs affect several decisions: Managerial compensation (e.g., deferred compensation) Financing decisions (e.g., payout decisions) Investment decisions (type and location) Please note: while during this course some legal and accounting aspects of taxation will be introduced, the aim of this course is NOT covering specific rules or tax treatments.
TRANSFER PRICING AS KEY RELATED AREA
FURTHER QUERIES Pooyan Ghazizadeh MSc: pghazizadeh@rsm.nl 22
BMME005 ASSURANCE SERVICES
ASSURANCE SERVICES Definition: An independent professional service, typically provided by a certified public accountant (Dutch: Register Accountant), with the goal of improving the (context of) information so that decision makers can make more informed, and presumably better, decisions. (Wikipedia) This course Demand for assurance services Quality (determinants) of assurance services and audits The auditing process Internal control Recent developments in assurance services: e.g., IT, laws and regulations 24
ASSURANCE SERVICES Course Approach: A mix of lectures Theory based Hands-on exercises Guest lectures and work sessions Cases Presentations Academic articles Home assignments Mostly group work A mix of theoretical, practical and academic perspectives on assurance services and auditing Good start as a basis if you are considering pursuing a CPA (RA), or a controlling or internal auditing position as future career options 25
FUTHER QUERIES Dr. Nadine Funcke: funcke@rsm.nl 26
BMME006 CONTROLLERSHIP (CMA TRACK)
WHAT IS THE CMA? IMA s certification for accountants and financial professionals in business. The CMA validates mastery of financial planning, analysis, control, and decision support the critical skills required of valuable strategic advisors in your organization. w www.imanet.org 28
WHY THE CMA? CMA certification can expand your career opportunities Organizations of all types and sizes seek professionals with critical accounting and financial management skills Multinational Corporations Private Firms Not-for-Profit Organizations Government Organizations IMA has over 300 professional and student chapters worldwide. Today, there are more than 20,000 active CMAs (Certified Management Accountants). Globally, CMAs earn 59% more in median salary and 63% more in median total compensation than their non-cma peers. 29
IMA IN EUROPE More than 75,000 Members, thereof 2,600 in Europe http://www.europe.imanet.org/ima-in-europe 62% U.S. 38% Non-U.S. 30 9 European chapters: Germany, Netherlands (Amsterdam), Benelux, Switzerland, Austria, Turkey, Russia, France and Kazakhstan Chapter. IMA Europe Office located in Zürich. IMA s international community is growing rapidly. More than 2,000 CMAs granted in Europe, thereof 679 in the Netherlands More than 700 exams taken in Europe in 2015, thereof 250 in the Netherlands More than 600 active members in the Netherlands Membership in the Netherlands has grown for each of the last 10 years.
CMA CERTIFICATION PROGRAM Education Qualification Bachelors Degree (in any area, from an accredited college or university). This may be completed prior to application or within 7 years of passing the examination. Experience Qualification Candidates for certification must complete two continuous years of professional experience in management accounting or financial management. This may be completed prior to application or within 7 years of passing the examination. Exam Part 1: Financial Planning, Performance and Control Part 2: Financial Decision Making Each part takes 4 hours: 100 multiple-choice questions (3h) & two 30-minute essay-questions (1h) 3 years to complete the exams from date of program enrollment. Must take at least 1 exam part within 1 year from enrollment Testing window periods: January & February / May & June / September & October 31
ELECTIVE CONTROLLERSHIP CONTENTS Lecture 1 6: CMA Part 1: Financial Planning, Performance and Control Planning, budgeting and forecasting (30%) Performance measurement (25%) Cost management (25%) Internal Controls (15%) Professional Ethics (5%) Lecture 7 12: CMA Part 2: Financial Decision Making Financial statement analysis (25%) Corporate finance (25%) Risk management and decision analysis (25%) Investment decisions (20%) Professional Ethics (5%) 32
COSTS AND FEES (SEP 2015) All costs in USD per person Regular Prices RSM fee Annual Membership Fee $220 $25 One-time application fee $15 0 CMA Program Entrance Fee $180 $75 Fees for 2 exams $760 $450 TOTAL $1,175 $550 CMA Learning Material (2015): 470 included shipping and any applicable sales tax. Includes a self-study book, participant guide, and online access to CMA practice tests. Dutch RC program fees & materials 23.380 33
PASS RATES FOR FIRST-TIME TEST TAKERS SOURCE: STRATEGIC FINANCE, AUGUST 2014 Pass rate for RSM in 2015 is 69%, 51 out of 74 exams. 34
FURTHER QUERIES Dr. Stephan Kramer: skramer@rsm.nl 35
BMME007 MERGERS & ACQUISITIONS AND CORPORATE GOVERNANCE
MERGERS & ACQUISITIONS AND CORPORATE GOVERNANCE This course provides students with a guide to understand merges and acquisitions in today s competitive markets. It combines: lectures providing a comprehensive overview of accounting, economic, and financial issues related to mergers and acquisitions. Specifically, we review the market for corporate control and discuss strategic and corporate governance issues related to firms' decision to acquire or be acquired guest lectures that give students insights from professionals hands-on experience Case study discussions of empirical research about M&As and/or corporate governance, e.g. Flights of Fancy: Corporate Jets, CEO Perquisites, and Inferior Shareholder Returns, David Yermack (2006), Journal of Financial Economics 37
MERGERS & ACQUISITIONS AND CORPORATE GOVERNANCE During the course we try to answer the following questions Why do firms merge, or acquire others? What role does the management and board of directors play? What role do hedge funds play? What are the costs and benefits of M&A? and if the WSJ is right in saying that investors fall out of love with deals 38
FURTHER QUERIES Dr. Caspar David Peter: peter@rsm.nl 39
CAREER IN AUDITING/ASSURANCE SERVICES Students who already know they wish to become an auditor (Certified Public Accountant /Register Accountant), for instance working at one of the Big-4 firms, must have successfully completed the following electives before enrolling in the Dutch (RA) post-graduate program: Accounting Analytics (MEL1) Taxation (MEL2) Assurance Services (MEL3) For international students pursuing a career in auditing, these electives are equally advisable given their content and alignment with the job profile. 40
CAREER IN CONTROL/FINANCIAL MANAGEMENT If you wish to become a controller (Certified Management Accountant/Register Controller), we advise you to choose Controllership (MEL3), which helps you to prepare for the CMA exam. Also, following Accounting Analytics (MEL1) is a strongly recommended choice for most controllers, but you may have reasons to deviate. Whereas we advise you to choose a third elective based on your needs or interests, we emphasize that Taxation (MEL2) is potentially relevant for a career in financial management. 41
CAREER IN FINANCIAL ADVISORY If you wish to pursue a career in financial advisory, with a focus on financial analysis and valuation, we suggest you to consider Advanced Financial Statement Analysis (MEL1) and Mergers & Acquisitions and Corporate Governance (MEL3) based on your personal needs or interests. Following Accounting Analytics (MEL1) or Neuroaccounting (MEL2) will leave many options open, but you can also tailor the program completely to your needs/interests. 42 42
QUESTIONS? Should you have any further query, feel free to contact: Dr. Paolo Perego Thesis coordinator and Academic Director MScBA Accounting & Financial Management Room T10-47 e-mail pperego@rsm.nl 43