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Postgraduate Studies inInternational Finance
EY Academy of Business& SGH Warsaw School of Economics
This is an intensive and ambitious programmeoffered jointly by SGH Warsaw School ofEconomics and the EY Academy of Business.
This programme is addressed to professionalswho do not work in financial positions, but will bedoing more and more finance.
Candidates will be drawn from differentprofessions and industries, both the private andpublic sectors, and will posses technical skills invarious areas like accounting, marketing, HR,sales, IT, banking, administration, etc.
Candidates will receive expert, internationallyacclaimed tuition and training from some of thebest academics and practitioners in Finance withlocal and international experiences, knowledgeand skills.
All topics will be covered from scratch to anadvanced level at fast progression.
One important objective of this course is toenhance the Business English Language Skillsof candidates.
The main areas covered by the syllabus are:
§ Financial Reporting and Analysis under IFRS withcomparison to US GAAP
§ Financial Strategies
§ Strategic Planning, Monitoring and Controlling
§ Tax Environment
Course methodology
The courses are intensive (9 a.m. to 4.30 p.m.) andwill include a combination of lectures, workshops,case-studies and self study.
The entire programme is practical: short cases willbe used to enable students to view the practicalapplication of the concepts taught. There will beneed for some study time at home in order to passexaminations.
To motivate self-study, a series of progress testswill be given to be solved and sent to the tutor forfeedback. Materials are specially designed for self-study, and students will have a hot-line to their tutorto ask for advice as and when necessary.
International Finance- a unique programme for business professionals
Financial Reporting and Analysis underIFRS with comparison to US GAAP
§ Classes: 64 hours§ Evaluation method: Final written exam 2 hours§ Tutors’ Names: Brian Connolly, Frixos Zembylas, Marinos
Athanassiou
This module will focus on two areas: (a) gaining a thoroughunderstanding of how to read a set of financial statements toassist in decision-making such as whether to lend to or invest in anorganization (b) fully understand the process of reporting and howto apply Lean Accounting thus eliminating waste and improvingthe effectiveness of the process.
The participants will firstly be introduced to the need for financialreporting and why we need financial statements under either IFRSor US GAAP. Secondly, in order to be able to read and, moreimportantly, understand, financial statements, the course will gothrough accounting techniques such as asset valuation, profitmeasurement, the requirement for group accounts, financialinstruments, leasing and the need for various disclosures.
As we go through the accounting techniques, participants willlearn the significant differences between international rules (IFRS)and American rules (US GAAP) as the main basis for presentingfinancial statements.
Once the accounting techniques have been understood,participants will learn how to use this knowledge to analyse a setof financial statements. The course can be broken down into thefollowing sections:
§ The general introduction and the need for financial statements
§ Detailed accounting techniques under IFRS
§ A comparison between IFRS and US GAAP
§ Analysis of financial statements
§ Lean Accounting
ObjectivesTo understand in a practical context, accounting principles andtechniques to help further in:
§ Appreciating the requirements of IFRS and US GAAP
§ Understanding current practices in corporate financialreporting and fundamental theoretical issues, relating to assetvaluation and income determination
§ Analysing, interpreting and discussing financial statementsand related information with different user groups, whetherprepared under IFRS or US GAAP
§ Understanding the impact of changes in accounting policiesand the regulatory framework on shareholder value
§ Acquiring skills in participating in any financial decisions atany level
Applying Lean Accounting tools in improving the efficiency of thereporting process:
§ Learn how to eliminate waste from the accounting system soinformation is reported faster
§ Reduce cost per transaction and increase sales by providingmore accurate information through the management systems
§ Align your goals with those of a lean organisation
Financial Strategies
§ Classes : 80 hours§ Evaluation Method: Final written exam 3 hours§ Tutors’ Names: Tomasz Berent, Michalis Pekris, George
Skordis
Nature and scope of strategic financial management which is seento be that area of a company’s overall strategy that falls withinthe scope of the financial managers. Organisational objectives arelooked at from the key stakeholders’ view in a national but alsointernational environment especially that of multinationals.
The course will examine investment and financing decisions,looking at the strategic consequences of making such decisions.Candidates are then expected to develop skills in planningstrategic acquisitions and mergers and corporate re-organisations.
The existence of risks in business is then analysed and inparticular Foreign Exchange and Interest Rate Risks. Attention isgiven in sophisticated strategies which are employed in order tomanage such risks.
ObjectivesBy the end of this module students should be able to:
§ Identify key stakeholders and the possible aims and objectivesof organisations appreciating the conflicts of interests
§ Discuss the impact of alternative objectives for businessplanning
§ Calculate present values including the application of annuityand perpetuity formulae
§ Understand models for the valuation of debt and sharesincluding dividend discount models, free cash flow models, andthe various multiplier models and how such models are used toestimate value from given information
§ Understand the meaning of free cash flow and estimate therelevant free cash flows for use in financial planning andvaluing companies
§ Evaluate the sensitivity of project NPV to changes in keyvariables
§ Discuss the relevance of portfolio theory to practical financialmanagement
§ Evaluate the impact of varying capital structures on the costof capital
§ Discuss the relevance of the cost of capital for unlistedcompanies and public sector organisations
§ Explain the practical problems of estimating an appropriatediscount rate, and understand the margin of error that isinvolved in cost of capital estimates
§ Understand the interaction of investment and financingdecisions
§ Estimate the value of potential target companies
§ Understand Divestments and Management buy-outs andbuy-ins
§ Explain the nature of futures, options, swaps and FRAs
§ Understand how various derivative products may be combinedto financially engineer products suitable for risk managementand how these impact the financial statements and therelevant ratios
The Programme
Strategic Planning, Monitoringand Controlling
§ Classes: 16 hours§ Evaluation Method: Final written exam 1 hour 30 minutes§ Tuto’rs Name: Martinos Martoudes
This is a case-based module that gives a strong overview of thestrategic role of Management Accounting in planning andcontrolling performance with the aim of meeting strategic goals.Systems that measure performance are looked at closely andanalysed.
The module is designed to support the candidates in roles asmanagers but also as advisors to senior management on how toassess and control performance and recognizing early signals if anentity is vulnerable in certain areas.
Objectives§ To provide skills that are needed to participate in strategic
decisions in Planning
§ To ensure candidates have sufficient knowledge, awarenessand skills so that they can apply judgment and technique in theanalysis of relevant data
§ To ensure candidates can provide management with theinformation required to contribute to a range of strategicplanning, control and decision-making situations
Tax Environment
§ Classes: 16 hours§ Evaluation Method: Final written exam 1 hour 30 minutes§ Tutor’s Name: Marta Wiatroszak
This part of the course will introduce the core notions of tax lawencompassing income tax and value added tax both in relation todomestic as well as international transactions undertaken bycorporate and unincorporated business.
Each topic will be explained from the perspective of businessplanning and value optimization. Students will analyze taxregulations in the context of real-life cases and draft commercialcontracts.
Students will learn what effects contracts, transactions andstrategies have on the tax liabilities – foresee and minimizepossible risks and take advantage of available optimizationsolutions at a basic level. Students will also practice computationof the tax liability of companies and individuals, VAT liability andthe social security contributions (ZUS).
Objectives§ To anticipate the tax implications of business decisions
§ To learn what effects contracts, transactions and strategiescan have on the tax liabilities
§ Foresee and minimize possible risks and take advantage ofavailable optimization solutions at a basic level
§ Practise computation of the tax liability of companies (CIT)and individuals (PIT), VAT and the social security contributions(ZUS)
The Programme
EnrolmentCandidates who wish to participate inthis programme are requested tocomplete an application form andsubmit it with other applicationdocuments to the programmeadministration.
Enrolment to university studies is openand based on a first come first servedprinciple. After payment of the tuitionfee and submission of the requireddocuments the candidate is acceptedas a student.
Registration documentsrequired§ A completed Application Form –
a letter of request
§ CV (resume)
§ A copy of your higher educationdiploma(s)
§ Personal data form
§ Details about the payer
§ Two passport sized photographs
§ Payment confirmation
§ Consent to processing personaldata
All the above documents can bedownloaded on the SGH website.http://bit.ly/294FBbf.
FeesTuition fee for the 2016-2017 sessionis 8000 zł + 23% VAT = 9840 zł.
The price includes course participationand materials for individual home-study.
Payment should be made to HSBCBank Polska, no (PLN): 61 1280 00030000 0031 1251 3031. As titletransfer please, state the name of thestudies as well as the participant’sname.
Fee must be paid by 5 October 2016.After payment has been made, eachparticipant will receive an invoice.
InternationalFinance
Admission requirementsThe following admission criteria mustbe met unless indicated asrecommended:
§ Possess at least a bachelor’sdegree from any country
§ Preferably have at least one year’spractical experience at middlemanagement level in any area ofbusiness or government
§ Although one of the objectives is toenhance English language skills,evidence is needed that thecandidate has at least intermediateworking knowledge of the Englishlanguage
Method of evaluation§ Attendance and participation in all
workshops
§ Written examination in English, foreach subject
ExaminationsStudents are required to pass an examin each subject. Exams are organisednear the end of each subject.
There will be three exams:
§ Financial Reporting (2 h)
§ Financial Strategies (3 h)
§ Performance Management and Tax(3 h)
Contact us
Enquiries and registrationsAleksandra Tryche-mail: [email protected]@pl.ey.comtel. 22 579 82 13www.academyofbusiness.pl
Liaison oficermgr Agata Augustyniake-mail: [email protected]. 22 564 97 60ul. Rakowiecka 24; pok. 17a
Course organisation
This is a one-year programme (twosemesters) from October 2016 till June2017. The admission process is now inprogress.
Classes will be taking place on averageonce every three weeks, on Saturdays andSundays.
A full course day is from 9:00 till 16:30.
Classes for theacademic year
2016/2017Subject
15-16 October 2016 Financial Reporting
17-18 December 2016 Financial Reporting
14-15 January 2017 Financial Reporting
28-29 January 2017 Financial Strategies
4-5 February 2017 Financial Strategies
25-26 February 2017 Financial Strategies
18-19 March 2017 Financial Strategies
1-2 April 2017 Strategic Planning
22-23 April 2017 Financial Strategies
6-7 May 2017 Tax Environment
20-21 May 2017 Financial Reporting
June 2017 Exams
