Bachelor of Commerce in Financial Management Sciences
Business, Commerce and Management Studies - Generic Management
Purpose and Rationale
The main purposes of the qualification in Financial Management and Accounting are as follows:
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Graduate-level Knowledge: The qualification aims to equip qualifiers with graduate-level knowledge, specific skills, and applied competence in Financial Management and Accounting. This will not only enhance personal intellectual growth but also improve marketability and employability. It also creates pathways for further education and training opportunities.
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Local Leadership Base: By producing a significant number of graduates in Financial Management and Accounting, the qualification seeks to broaden the local leadership base in South Africa. This will contribute to fostering innovative and knowledge-based economic and scholarly activities, thus promoting societal and economic productivity.
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Specialized Skills: The qualification aims to develop specially skilled and professional individuals in the field of Financial Management and Accounting. This will help meet the demand for such expertise in various sectors and contribute to the growth and development of the financial industry in South Africa.
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Transformation and Redress: Through the provision of a significant number of black Financial Managers, the qualification seeks to address and transform the legacies of inequity. By promoting diversity and inclusivity in the field of Financial Management and Accounting, it contributes to creating a more equitable and representative workforce.
Outcomes
- Obtain and assimilate knowledge appropriate to the practice of Financial Management in any organisation.
- Obtain professional and technical skills required in Financial Management.
- Maintain continued competence and show an interest in new developments as a lifelong learner.
- Act professionally and ethically. Critical cross-field outcomes: Demonstrate confident and flexible identification of complex problems in financial management of the organisation and the application of appropriate knowledge and skills to their solution. Works effectively as a member of a multi-disciplinary team towards defined outcomes, and where appropriate assumes leadership, applies negotiation and conflict resolution skills and motivates others. Communicates effectively (verbally and in writing) with individuals within and outside the organisation at all levels.
Assessment Criteria
Theoretical Knowledge
To assess and address corporate financing needs, it is important to have a strong theoretical foundation in corporate finance. Understanding concepts such as capital structure, cost of capital, financial leverage, and dividend policy is essential in determining the optimal financing mix for a company. By applying theoretical knowledge, one can analyze the financial health of the organization and identify areas where additional funding may be required.
Information Needs
Assessing and addressing the information needs of the organization involves understanding both internal and external reporting requirements. Internally, financial statements and management reports provide crucial information for decision-making. Externally, stakeholders such as investors, creditors, and regulatory bodies rely on financial disclosures to assess the company's performance and financial position. By ensuring accurate and timely financial reporting, organizations can meet the information needs of various stakeholders.
Internal Financial Controls
Identifying weaknesses in internal financial controls is crucial for safeguarding the organization's assets and ensuring compliance with regulations. Internal controls help prevent fraud, errors, and mismanagement of funds. By conducting risk assessments and implementing control procedures, organizations can strengthen their internal financial controls and mitigate potential risks.
Latest Techniques and Philosophies
Staying updated on the latest techniques and philosophies in corporate finance is essential for making informed decisions. Concepts such as data analytics, risk management, and sustainable finance are increasingly relevant in today's business environment. By integrating these new ideas into practice, organizations can enhance their financial management processes and adapt to changing market conditions.
Taking Responsibility and Acting Professionally
As a finance professional, it is important to operate within the limits of one's competence and act in accordance with accepted norms of the profession. By taking responsibility for financial decisions and ensuring ethical conduct, finance professionals can contribute to the overall success of the organization. Engaging in continuous learning and professional development helps maintain high standards of practice and uphold the reputation of the finance profession.
Integrated Assessment
Assessment of theoretical knowledge, practical application, and professional conduct can be conducted through a variety of methods, including written and oral examinations, group projects, and individual reports. These assessments help evaluate the ability of finance professionals to analyze and address corporate financing needs, information requirements, internal controls, and emerging trends in the field. By demonstrating competency in these areas, finance professionals can add value to the organization and achieve long-term success in their careers.
Qualification Details
- Type
- National First Degree
- NQF Level
- 07
- Min. Credits
- 360
- SAQA Source
- More Information
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This page includes information from the South African Qualifications Authority (SAQA) . Builtneat Pty Ltd trading as Study Start, has modified all or some of this information. SAQA has not approved, endorsed, or tested these modifications.