Accounting for Managers: The skills and knowledge necessary to navigate the complex world of finance

This said current Master in Management student Shwetank Sharma after successfully completing the Accounting for Managers module. “The module covered various financial topics that are relevant to decision-making in a business setting. Some of the lessons learned in this module included financial statement analysis, cost accounting, budgeting, and forecasting. The knowledge and skills gained from studying Accounting can be applied to various aspects of a professional career. For instance, it can help me to make informed financial decisions, monitor the financial performance of the organisation, identify areas for cost reduction and efficiency improvement, and communicate effectively with financial professionals.”

Shwetank also highlighted the emphasis on the practical applications. “I worked on case studies and simulations that simulate real-world scenarios. This allowed me to develop critical thinking skills and how to apply accounting concepts to make strategic decisions. The module focused on the fundamental principles of accounting, including financial statements, transactions, and analysis. I learned how to interpret and evaluate financial information to identify opportunities and challenges in the business world. I also experienced the new techniques for financial forecasting and budgeting, which are essential skills for managing resources effectively.”

Some of the key learning outcomes for Shwetank involved budgeting, forecasting, calculation, and analysing costs. “The purpose of this module was to provide us as aspiring business leaders with the skills and knowledge necessary to navigate the complex world of finance. Managers need to possess a strong financial acumen to make informed decisions and drive growth. For me learning about budgeting and forecasting was the key outcome from this module. Budgeting and forecasting shows how to develop budgets and forecasts, and how to use these tools to help make informed decisions about resource allocation and planning. Another interesting topic to learn was about the calculation and analysing costs associated with products, services, and operations, including variable and fixed costs, direct and indirect costs, and break-even analysis.”

“The professor employed a dynamic and interactive approach to teaching by utilising the Kahoot quiz platform in the classroom,” adds Shwetank. “This method of instruction proved to be engaging and intellectually enriching for me. By leveraging the gamification elements of Kahoot, the professor was able to enhance the learning experience and promote active participation among the students. This approach not only made the class more enjoyable but also facilitated the retention of the material being taught. In addition, the interaction with the professor has been positive and valuable. The professor is knowledgeable and engaging and provided clear explanations and examples to help the class understand the concepts.”

Shwetank also points out the interaction with the fellow Master in Management participants. “My fellow classmates have also been great to work with. We had the opportunity to collaborate on group assignments and discuss the material together. This allowed us to learn from each other and gain different perspectives on the course materials. Overall, the interaction with the lecturer and my fellow classmates has enhanced my learning experience in the Accounting class.”

Shwetank also addresses that studying at the Tapijnkazerne offers a unique and stimulating academic environment that combines historical architecture with modern facilities. “The campus is in the heart of the city, within walking distance of the city centre and various cultural attractions. The area is well-connected by public transport and offers easy access to other parts of the city and beyond. The programmes offered are taught in English and attract a diverse student body from all over the world. The faculty is renowned for its innovative teaching methods and interdisciplinary approach to education, which encourages students to explore different fields and develop their critical thinking and problem-solving skills.

As a student at the Tapijnkazerne, you will have access to state-of-the-art facilities, including lecture halls, seminar rooms, computer labs, and a library. The campus also features a student lounge, a cafeteria, and outdoor spaces for relaxation and socialising. The faculty organises a variety of extracurricular activities and events, such as conferences, workshops, and cultural trips, that provide opportunities for students to engage with each other and the wider community.”

About the Accounting for Managers module
The module focuses on the use of current reporting and accounting concepts in international business. It discusses how accounting information can be interpreted and used in managerial decision-making, and gives an overview of financial decision-making and its art form.

Financial reporting is a topical issue in current years, especially since abuses and irregularities have highlighted its critical importance in organisational transparency. It has a significant impact on the proper and appropriate functioning of the economy. Recent years have seen trends in its globalisation, and vibrant debates have been sparked on best practices and on the practicalities and possibility of using global accounting standards.

Financial reporting constitutes the basis of economic decision-making; hence its importance cannot be underestimated. It is widely perceived to be regulated and meant to follow the rules. During the module, it is discussed how possible the mechanistic application of rules is and the implications for corporate behaviour and investor decisions.

The second half of the module focuses on managerial accounting. This is primarily aimed at planning and controlling with the help of financial and non-financial information in organisations. During the classes, the students will learn how to use quantitative information for decision-making and how best to structure it to facilitate understanding.

Do you also want to join the Master in Management and fast-forward your career to higher levels? Click here for more information about the programme, the curriculum, the available scholarships and the admission requirements. You can also chat with current students and alumni and get first-hand insights in how they have experienced the programme.

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