As a leader in your organization, having a firm understanding of financial principles is crucial to achieving strategic growth. This program will increase your ability to interpret financial reports, better communicate with financial officers in your organization, evaluate your unit's financial performance, and make sound financial decisions.

After completing the program, you will be better able to communicate the financial goals and performances of your department within your organization as well as to outside sources.

By attending this program, you will:

• Read, understand, analyze, and interpret internal and external financial reports for the purpose of using this information to make better business decisions.
• Understand accounting rules and principles and gain an appreciation for the effect of US GAAP and IFRS accounting methods on the reported financial results.
• Enhance your ability to forecast financial performance and better manage your financial resources.
• Use the concept of the time value of money and decision metrics such as net present value (NPV), internal rate of return (IRR), and payback to make investment decisions.
• Increase your effectiveness in strategic planning and decision-making.

Location

Chicago Booth, Gleacher Center, Chicago, IL

This program is designed for mid- to senior-level executives from across an organization, within a wide-range of industries, who do not have formal training in finance and accounting and wish to develop or update their knowledge of core finance and accounting principles.

This program will also benefit those in professions such as consultants, scientists, engineers, healthcare, small- medium sized business owners, and other professionals who want to increase their financial acumen to make better business decisions.

PRE-WORK TO LAY THE FOUNDATION

Participants get access to a web-based, learner-driven program to help them build their financial acumen. Each module features self-tests, allowing them to tailor their learning and focus their time on the modules least familiar to them. This multi-media tool is used as a way to establish a baseline of knowledge to make the time in the classroom as productive as possible. 

Analyzing Historical Performance

• Financial statements: balance sheet, income statement, and statement of cash flows
• Accounting rules and conventions: GAAP and IFRS, historical costs, revenue recognition, matching
• Financial analysis tools: ratio analysis, multiples and comparables, cash flow analysis
• Special topics: goodwill and intangibles, active and passive intercompany investments, earnings management

Forecasting Financial Performance

• Present values, capital budgeting, and project evaluation
• Linking forecasts of operating and investing cash flows to investment decisions

Overview of Firms' Internal Information Systems

• Objectives of cost accounting systems: introduction to product costing, integration of the costing system with the financial reporting system, use of cost data to support pricing decisions
• Costing systems in non-manufacturing environments, especially in service industries
• Limitations of traditional costing systems; signals of problems

Activity-based Costing and Activity-based Management Systems

• How they work and their advantages and disadvantages

Using Cost Information to Understand Profitability and Corporate Strategy

• Linking the costing system to corporate strategy
• Applying costing methods to understand customer profitability
• Cost behavior: fixed versus variable costs, break-even analysis, contribution margin analysis, sunk, incremental, and opportunity costs

Planning, Control, and Evaluation Systems

• Preparing and using budgets
• Analyzing budget variances
• Measuring performance: financial and nonfinancial measures such as ROI, EVA^®, and balanced scorecard
• Designing incentives to motivate profit-maximizing behavior

This program provides excellent value for the time and money invested by the participants.  The content is concise and relevant, the case studies are contemporary and the faculty does an excellent job reflecting on the real life examples behind all the concepts taught in the class.

- Vivek Walimbe, Senior Manager, Medtronic    

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 As I look back at the week, I realize how much knowledge I have gained.  While this course is for non-financial managers, it did give me increased confidence and macro context on issues of financial management.  The faculty were outstanding and engaging.  Thank you!

- Grace Hou, President, Woods Fund Chicago   

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This course was superb.  Though I had limited financial analysis knowledge coming in, I learned an unbelievable amount in a week’s time.  Most importantly, I now have a basis by which I can think critically about financial issues affecting the workplace.  A bonus was the opportunity to interact with such intelligent and insightful classmates who represented such a wide range of industries.

- Timothy Van Natta, M.D., Los Angeles County Harbor – UCLA Medical Center   

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The structure of the course fit the bill for me.  I look forward to using new skills when evaluating my firm and applying them to important decisions.

- Matthew Odum, President, Briljent, LLC

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In my own way, I was sort of dreading this week.  Five days talking about accounting didn’t sound fun to me, but I found that it was interesting and engaging.  I now see an even bigger picture to the strategic direction of my company.  These five days were incredibly valuable to me!

- Vicky Wolfe, General Manager, College Division, Herff Jones

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The case studies were fascinating, practical and very informative. I'll use these models in my current role to make a better, well rounded decision in my day-to-day and yearly budget planning.

- Erik Erickson, Director Transportation Services, Union Pacific Railroad

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I thought my week here was well spent. The course content was relevant and well presented. Instructors did a very good job of simplifying the financial concepts and increasing my knowledge of the language and principles discussed. I would recommend this course to anyone of financial responsibilities/ownership in their business. Thank you for a productive week!

- Erik Christensen, General Manager, Premium Wood, Armstrong World Industries, Inc.

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I was delightfully surprised to find the instructors to be more of seasoned business professionals and sharp economists than dry 'bean counters' presenting mere theory. The course was worth the investment and will yield returns in my new role with my firm.

- Scott Roehr, COO, TPD, Inc.

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The professors did such a phenomenal job in explaining rather difficult, and to some, “dry” subjects in a fashion that made sense and was exciting, all the while utilizing real life examples to drive the point home. This really shows their level of ultimate competence as subject matter experts.

- Mike Adloo, Senior Director, Health & Wellness, Walmart

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