CMI Unit 520 Managing Finance
Financial management skills are essential for all managers regardless of whether there is a dedicated finance team within an organisation. Financial acumen enhances decision making skills, which in turn supports management of projects, tasks and functional areas.
About this course
The aim of this unit is to enable learners to understand how financial systems operate within organisations. Learners will evaluate the sources of finance for organisations, and understand the principles for setting and managing budgets in line with regulatory and organisational guidelines. This unit has been designed to enhance the learner’s confidence and credibility in financial management, which will translate into improved management skills.
Learning outcomes
- Understand finance within organisations
- Know how to set and manage budgets
Course content
1.1 Analyse the relationship between the financial function and other functional areas within organisations
1.2 Examine the impact of financial objectives on decision making within organisations
1.3 Differentiate between management accounting and financial accounting
1.4 Analyse the impact of organisational and regulatory frameworks on an organisation’s approach to financial management
1.5 Analyse the challenges organisations face accessing finance
2.1 Differentiate between budget setting and financial forecasting
2.2 Evaluate budget setting approaches used by organisations
2.3 Formulate and justify a budget for an area of management responsibility
2.4 Analyse the factors that impact on budget management
2.5 Specify corrective actions to be taken in response to budgetary variance
2.6 Discuss reporting procedures for authorising corrective actions to a budget
Key Features
Learn at your own pace, choose when to start and finish the course
Apply the learning directly to your current or future work setting
CMI qualifications show commitment to continual learning to clients, colleagues and industry
Achieve foundation Chartered or work towards full Chartered Manager status
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