Designed for non-financial professionals, this microcredential will help you develop your accounting knowledge to analyse financial statements, measure performance and assess financial health. Focusing on how to interpret financial reports rather than how to construct them, you’ll gain the confidence to understand accounting terminology effectively. By the end, you’ll have the skills to make sense of annually published financial accounting information so you can make well-informed business decisions.
Key features
- Learn practical skills that you can apply to your work straight away
- Hands-on activities using case studies and financial statements from a range of businesses, including well-known household brands
- Interact with co-learners and a course mentor to further support your learning
- Created by academic experts from The Open University’s triple-accredited Business School (AACSB, AMBA and EQUIS) with input from industry experts
- The course has a global focus and delivers transferable skills for diverse sectors and organisations
What you will study
This undergraduate microcredential will equip you with essential financial accounting skills to determine the reliability of a business as a customer, supplier, employer, or investment. During this 10-week course, you’ll cover the following topics.
- The origins and importance of financial reporting
- The three main financial statements: performance, position, and cash flow
- Simple analytical methods to help you begin interpreting these statements
- Company performance, considering more sophisticated ways of measuring financial performance, calculating simple returns and margins
- Company financial health, including the various ratios that can be used to check financial health
- The perspectives of various stakeholder groups and how these might be addressed in business
- Carrying out a financial analysis of the published statements of a complex business, interpreting and critiquing them
You will learn
By the end of this Continuing Professional Development (CPD) course, you’ll be able to:
- interpret financial accounting reports with confidence
- assess financial reports and suggest how to enhance performance and manage financial health, risk, and resilience
- classify cash flows into operating, investing, and financing activities and describe their impact on the financial health of a business
- identify who uses accounting information and what they need from it
- explain the value of financial statements.
Skills you will gain
- Financial literacy
- Cash-flow analysis
- Spreadsheet use and manipulation
- Communication
- Financial management
- Decision-making
- Financial performance and analysis
Vocational relevance
Materials include real-world examples and industry insight, ensuring your learning is relevant to the workplace. The course will particularly benefit:
- non-financial and emerging managers from any discipline
- stakeholders interested in how businesses are performing
- professionals who would like to progress to management level
- those who are new to financial management but lack formal qualifications
- senior professionals looking to develop financial accounting skills
- self-employed professionals looking to develop skills and knowledge of financial accounting.
Created by academic experts from The Open University’s triple-accredited Business School
- Sabine Tuckett is an associate lecturer in accountancy with the OU. She is a chartered accountant with experience working in practice and teaches at the University of Exeter.
- Paul Ranford is a chartered accountant and has authored many OU accounting module materials. He was awarded SFHEA for his teaching leadership in October 2017.
- Elaine Telfer is a certified accountant and has worked for a variety of blue-chip companies. She is an associate lecturer at the OU and is an associate fellow (AFHEA).
Entry
This undergraduate-level microcredential is ideal for learners who wish to broaden their understanding of financial statements. You don’t need any prior experience or qualifications to enrol. All required skills and foundational knowledge are covered within this microcredential.
Please note
- The course material doesn’t assume learners are working. Past experiences will be just as relevant.
- All teaching is in English, and your English proficiency needs to be adequate for undergraduate study. As a guide, this corresponds to Level 5.5 of the International English Language Testing System (IELTS). However, you won’t need to provide a formal English language score to enrol.
Course length
This 10-week course requires approximately 10 hours of self-paced learning per week, totalling around 100 hours for completion.
If you have a disability
The course is delivered online and makes use of a variety of online resources. If you use specialist hardware or software to assist you in using a computer or the internet, you can contact us about the support that can be given to meet your needs.
To find out more about what kind of support and adjustments might be available, contact us or visit our disability support pages.
Study materials
What's included
All learning materials, exercises and activities are delivered entirely online.
While certain content can be downloaded, some content is exclusively accessible online, requiring a reliable internet connection for viewing. Please consider this if you are travelling.
Teaching and assessment
Study support
- Learn 100% online on the OU’s learning platform with a mix of video, audio and written materials
- Engage in interactive learning through self-assessment questions, polls, tasks and reflection
- Share ideas and experiences in discussion with other learners, building skills, confidence and knowledge
- Receive support from mentors who guide discussions and answer questions
- Study at a time that suits you with the flexibility to access the course from your desktop, tablet or mobile device
Assessment
You’ll take part in weekly tasks and discussions with co-learners to support and consolidate your learning. Towards the end of the course, you’ll submit a project or assessment demonstrating the skills you’ve acquired. This will be marked and graded by subject matter experts and make up 100% of your final mark.
What you will gain
10 UK credits at undergraduate level from The Open University*. Academic credits are awarded on passing the final assessment. These will be at undergraduate level 6 of the Framework for Higher Education (England, Wales and Northern Ireland) / level 10 of the Scottish Credit and Qualifications Framework.
*Academic credit may be used towards selected OU qualifications. For more details, including eligible qualifications, visit Counting microcredentials towards OU qualifications. The credit awarded may also be used at another university, subject to the agreement of the receiving institution.