Postgraduate Diploma in Financial Management

Purpose

The purpose of this qualification is to strengthen the learner's knowledge and comprehension in the disciplines of Management Accounting and Finance. It requires a high level of theoretical engagement and intellectual independence providing the qualifying learners with the skills to relate this knowledge to a range of practical contexts generally encountered by accountants in business. The qualification comprises a broad-based curriculum to prepare the postgraduate learner for a wide range of finance-related specialties. The qualification emphasises application, analysis and evaluation within each topic area as well as the application of integrity and ethics in a professional environment. Mastering of the curriculum will provide learners with the skills to synthesise complex management, financial, performance and risk principles in order to drive and add value to the entities that employ them. The successful learner will gain an overall financial and business perspective which will provide them with a competitive advantage for employment.

Rationale

The rationale for this qualification is to improve the current academic offering of the Department of Finance and Investment Management. The Postgraduate Diploma will be offered to learners who have successfully completed a Bachelor's degree or an Advanced Diploma with appropriate knowledge of Accounting, Financial Management and Cost and Management Accounting assessed at an NQF Level 7 or the completion of the Department's Bridging Programme in Financial Management pegged at NQF Level 7.

There is currently a large demand for graduates to further their qualifications. This is reflected by the increased number of applications received on an annual basis. Due to practical constraints of suitable staff members to supervise the research component required for a Bachelor Honours Degree, the Department would be forced to lower the intake of learners at Honours level. By introducing the Postgraduate Diploma in Financial Management in addition to offering the Bachelor of Commerce Honours in Financial Management would allow the University of Johannesburg to maintain its current NQF Level 8 learner intake. It would also increase the possibility of Advanced Diploma learners to obtain access to further education which might not be possible if only a Bachelor of Commerce Honours qualification is presented.

The Postgraduate Diploma in Financial Management will be aligned to the CIMA (Chartered Institute for Management Accountants) examination and it is envisaged that it would allow successful learners entrance into the Institute's strategic level exams. The development of this qualification will therefore provide learners the opportunity to further their skills without having to complete a research module. The successful completion of the Postgraduate Diploma in Financial Management qualification will grant learners access into a related Master's Degree.

Recognition of Prior Learning (RPL)

The Faculty acknowledges the Recognition of Prior Learning (RPL) as an integral part of education and academic practice. It is acknowledged that all learning has value and the Faculty accepts the challenge to assess prior learning and award credit that is aligned to Faculty programmes to promote lifelong learning. An example of prior learning refers to work experience relevant to the Financial Planning industry, such as experience on projects related to the Financial Planning industry.

The purpose of the University of Johannesburg's RPL policy is to recognise prior learning in order to provide for access into qualifications, grant advanced placement in programmes and grant credits for modules on the principles and processes that serve as basis for faculty-specific RPL practices.

Entry Requirements

To gain access to this qualification, an applicant must have completed

• A Bachelor's Degree with appropriate knowledge of Accounting, Financial Management and Cost and Management Accounting at NQF Level 7.
• An Advanced Diploma in Financial Management at NQF Level 7.
• A Bridging Programme in Financial Management at NQF Level 7.

The qualification comprises six compulsory modules, totalling 120 Credits.

Compulsory Modules

• Contemporary Management Accounting, 15 Credits.
• Operational Management Accounting, 15 Credits.
• Advanced Cost and Management Accounting, 15 Credits.
• Management Accounting Strategy, 25 Credits.
• Financial Strategy, 25 Credits.
• Performance and Risk Strategy, 25 Credits.

1. Implement and advise on financial strategies in a local and international context to ensure wealth creation.
2. Evaluate and advise on internal control systems.
3. Implement and advise on the management of financial risks and the development of internal controls.
4. Explain the purpose of different functional roles/departments such as HR, Marketing and IT within the organisation and its relationship with the finance function.
5. Compile and evaluate financial information to support strategic decision making and strategic control.
6. Present an understanding of the complex relationships an organisation has with its stakeholders, industry, and the local and global environments.
7. Apply traditional and contemporary approaches to Cost and Management Accounting.

The following Assessment Criteria are applied in an integrated way to modules and specialised learning areas, where applicable, to determine competence in the Exit Level Outcomes:

• Financial strategies are adequately formulated.
• Acceptable business valuations are performed and mergers and acquisitions appraised.
• Suitable recommendations regarding investment, financing and dividend decisions are made.
• Internal control systems are adequately evaluated, planned and advised on.
• The management of financial risks is efficiently advised on.
• The development of information systems is properly advised on.
• Management techniques necessary for decision-making are adequately identified and applied.
• The management of relationships, projects, and human capital is properly advised on.
• Financial information in support of strategic decision-making is correctly compiled and evaluated.
• Strategic control is evaluated and recommended on.
• Stakeholder relationships are sufficiently analysed and the impact that the external environment has on an organisation and its strategies explained.
• Traditional and contemporary approaches to cost and management accounting under different scenarios are correctly applied.

Integrated Assessment

Assessments are conducted in strict compliance with the assessment policy of the University of Johannesburg and consist of both formative and summative assessments. Class tests and homework assignments are used as formative assessments to enable learners to assess their understanding of the principles of the various topics. Four formal formative assessments are written during the year. These assessments will count towards 60% of the final mark. One summative assessment is written at the end of the semester in the case of semester modules which counts towards 50% of the final mark. One summative assessment is written at the end of the year in the case of year modules and will count towards 40% of the final mark.