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- Location : Online.
Corporate Finance reviews the principles used by corporations when assessing their financial decisions and selecting their short and long-term investments. Each module explains the most important concepts you should learn about corporate finance and helps you assess your knowledge through interactive quizzes.
Modules in this course:
Module 1: Corporate Governance
Effective corporate governance is an essential element in the safe and sound functioning of corporations. Think of it as an oversight mechanism which includes the process, structures and information used for directing and overseeing the management of a company in order to ensure that the shareholders’ interests are always the number one priority. It encompasses the means by which members of the board of directors and senior management are held accountable for their actions in relation to shareholders’ interests. This module focuses on how and why managers, boards of directors and shareholders carry out their functions in order to achieve the number one priority for all business: increasing the overall value of the firm.
Module 2: Working Capital Management
"The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company's assets are invested in the most productive way." (Source: CFA). This module explains how to evaluate a firm's financial health when it comes to managing short-term assets and liabilities, which allows it to operate.
Module 3: Cost of Capital
"The cost of capital is an important ingredient in both investment decision making by the company's management and the valuation of the company by investors. If a company invests in projects that produce a return in excess of the cost of capital, the company has created value; in contrast, if the company invests in projects whose returns are less than the cost of capital, the company has actually destroyed value." (Source: CFA). This module explains step by step how financial analysts calculate a firm's cost of capital and how that calculation is applied in the business world.
Module 4: Capital Budgeting
"Capital budgeting is the process that companies use for decision making on capital projects--those projects with a life of a year or more." (Source: CFA). The fundamental financial objective of a firm is to maximize the value of the cash invested in the firm by stakeholders; therefore the importance of project selection is paramount. There are numerous ways that a project's potential can be evaluated and each method has its merits. This module describes various capital budgeting methods and details how a firm should invest its capital in order to provide its owners and creditors with added value.
Module 5: Financial Statement Analysis
"The financial analysis of a company is a process of selecting, evaluating, and interpreting financial data, along with other pertinent information, in order to formulate an assessment of the company's present and future financial condition and performance." (Source: CFA). The pro forma statement is prepared based on assumed events and transactions that have not yet occurred. They are similar to historical financial statements, but they focus on the future rather than the past. This module demonstrates the creation and use of pro forma financial statements when a firm is considering a step that could have a significant financial impact.
Module 6: Measures of Leverage
"Leverage is the use of fixed costs in a company's cost structure. Fixed costs that are operating costs (such as depreciation or rent) create operating leverage. Fixed costs that are financial costs (such as interest expense) create financial leverage." (Source: CFA). Deciding on the capital to raise and in what form is very important. If it is not done properly, it can mean paying too much to raise capital thereby reducing the return for shareholders. This module addresses how a firm decides on its optimal capital structure so that shareholders' wealth is maximized.
Module 7: Dividends and Share Repurchase Basics
"Dividends and share repurchases are two ways a company can distribute cash to its shareholders. (...) Dividends and share repurchases concern analysts because, as distributions to shareholders, they affect investment returns and financial ratios. (Source: CFA). This module will help you understand how and why a firm's dividend policy is established and maintained in keeping with shareholders' interests.
All course materials and assessments are online. Each course is available 24 hours a day, 7 days a week. Courses (and the modules that make up the courses) can be accessed from anywhere around the world with an Internet connection, and without requiring any software to download onto your computer. Courses can be accessed for a duration of three months, giving you plenty of time to review, study and not only test your knowledge, but improve your grades. Course materials are offered in audio and print format and can be reviewed in any order enabling you to have complete control of your learning process.
The credit hours listed in each course description page serve as an approximation of the total learning time required to complete a module or a course. This includes watching the video lectures, completing the readings and exercises, and going through other assigned course materials. However, it is understood that this value is an approximation, since it will vary for each individual learner. Once registration is complete, the access given to a module or a course is three months, which gives plenty of time to continue reviewing the study materials or to improve grades.