Budgets and Financial Management

This subject has the following teaching availabilities in 2016:

This intensive subject will be taught weekly, over four weeks, beginning in August.

170 hours

Admission into the MC-EMA Executive Master of Arts program.

For the purposes of considering request for Reasonable Adjustments under the disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements of this entry.The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

Budgeting & Financial Management, like most areas of work, requires an understanding of a specific vocabulary, an ability to overcome anxiety and fears, and the discipline to consistently apply foundation principles. This subject is designed to provide students with the ability apply the foundation principles of financial management and budgeting in the context of a variety of organisations. Specifically, the program will examine the language of financial management and budgeting, how foundation principles of financial management and budgeting can be used to enhance the sustainability and effectiveness of organisations and the natural tensions that arise between financial management and the non-financial goals of organisations. The subject makes extensive use of practical and case based learning. Students are required to complete a work-related assignment.

On successful completion of this subject, students should be able to:

• develop a critical understanding of the key concepts and principles of financial management and budgeting;
• develop an increased confidence in understanding and using the language of financial management and budgets;
• develop the ability to analyse and improve the financial management of an organisation;
• develop the capacity to describe and critically analyse tensions between organisation goals and financial management; and
• develop the capacity to reflect critically on and improve their financial management practices.

1. In-class tests equivalent to 500 words (10%), held at start of class in the second and third week of classes.

2. Transaction analysis chart and financial statement preparation, 1,000 words (20%), due at the start of class in the third week of classes.

3. Budget preparation assignment, 1,500 words (30%), due at start of class in the fourth week of classes.

4. Take-home exam that analyses and interprets a set of financial statements, 2,000 words (40%), due two weeks after final class.

Hurdle Requirement: Students are required to attend a minimum of 80% of classes in order to pass this subject.

Reading material will be recommended by the subject coordinator.

Birt, Chalmers, Byrne, Brooks, Oliver. Accounting: Business Reporting for Decision Making (5th edition), John Wiley & Sons Australia Ltd, 2014.

This subject is not available as a breadth subject.

Students who complete this subject should:

• be able to demonstrate competence in critical and theoretical thinking through essay writing, seminar discussion and presentations; and
• be able to demonstrate competence in conceptualising theoretical problems, and forming arguments and judgments through critical analysis; and
• be able to demonstrate increased self-awareness.