About this programme.
Financial literacy is the single most important skill gap for non-finance managers. This 7-week course gives you the financial fluency to speak the language of business, evaluate investment decisions, manage budgets effectively, and contribute meaningfully to strategic financial discussions.
From reading a balance sheet to calculating NPV, from understanding working capital management to evaluating M&A opportunities, this course covers the financial toolkit every business leader needs. We use real company data, interactive financial models, and case studies from recent corporate events to make finance tangible and immediately applicable.
No prior finance background is required — just a willingness to engage with numbers and a desire to make better business decisions.
Your instructor
Dr. Elena Rossi
Wharton School of Finance alumna and former JP Morgan VP. Expert in corporate finance, valuation, and financial strategy.
Curriculum — 7 weeks.
1
The Language of Finance
Master the fundamental financial statements and learn to extract business insights from accounting data. Understand the relationship between the balance sheet, income statement, and cash flow statement.
Tutorial
Financial Statements Decoded
This tutorial takes you from zero to competent in reading financial statements. We work through real annual reports, explain every line item in plain language, and show you how the three statements connect to tell the full story of a business's financial health.
Reading list
? **Required Reading:**
1. Berman, K. & Knight, J. (2013). *Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean* (Revised ed., Parts I–II). Harvard Business Review Press. ISBN: 978-1422144114
2. Ittelson, T.R. (2020). *Financial Statements* (3rd ed., Chapters 1–6). Career Press. ISBN: 978-1632651754
3. Penman, S.H. (2013). Financial Statement Analysis and Security Valuation (5th ed., Chapter 2). McGraw-Hill. ISBN: 978-0078025310
? **Supplementary:**
4. Buffett, M. & Clark, D. (2008). *Warren Buffett and the Interpretation of Financial Statements*. Scribner. ISBN: 978-1416573180
5. Wahlen, J.M., Baginski, S.P. & Bradshaw, M.T. (2018). *Financial Reporting, Financial Statement Analysis, and Valuation* (9th ed.). Cengage. ISBN: 978-1337614689
1. Berman, K. & Knight, J. (2013). *Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean* (Revised ed., Parts I–II). Harvard Business Review Press. ISBN: 978-1422144114
2. Ittelson, T.R. (2020). *Financial Statements* (3rd ed., Chapters 1–6). Career Press. ISBN: 978-1632651754
3. Penman, S.H. (2013). Financial Statement Analysis and Security Valuation (5th ed., Chapter 2). McGraw-Hill. ISBN: 978-0078025310
? **Supplementary:**
4. Buffett, M. & Clark, D. (2008). *Warren Buffett and the Interpretation of Financial Statements*. Scribner. ISBN: 978-1416573180
5. Wahlen, J.M., Baginski, S.P. & Bradshaw, M.T. (2018). *Financial Reporting, Financial Statement Analysis, and Valuation* (9th ed.). Cengage. ISBN: 978-1337614689
Assignment · 100.00 pts
Financial Statement Walkthrough
Obtain the most recent annual report for a company in the FTSE 100 or S&P 500. Write a 1,500-word walkthrough that: (a) explains each major line item on the balance sheet, income statement, and cash flow statement in plain language, (b) identifies the three most important financial story elements — what do the numbers reveal about the company's strategy, health, and trajectory? (c) identifies one item that would concern you as an investor and explain why. Include screenshots or excerpts from the actual financial statements.
2
Financial Ratio Analysis & Benchmarking
Learn to calculate and interpret the key financial ratios that investors, lenders, and managers use to evaluate business performance. Compare companies using ratio analysis and understand industry benchmarks.
Tutorial
Ratio Analysis Masterclass
This tutorial covers profitability ratios (ROE, ROA, margins), liquidity ratios (current, quick), efficiency ratios (asset turnover, inventory days), and leverage ratios (debt-to-equity, interest coverage). We apply DuPont analysis to decompose ROE and benchmark companies against industry peers.
Reading list
? **Required Reading:**
1. Subramanyam, K.R. (2014). *Financial Statement Analysis* (11th ed., Chapters 4–6). McGraw-Hill. ISBN: 978-0078110962
2. Damodaran, A. (2012). *Investment Valuation* (3rd ed., Chapter 3: Understanding Financial Statements). Wiley. ISBN: 978-1118011522
3. Palepu, K.G., Healy, P.M. & Peek, E. (2019). *Business Analysis and Valuation* (5th IFRS ed., Chapter 5). Cengage. ISBN: 978-1473758421
? **Supplementary:**
4. Higgins, R.C. (2012). *Analysis for Financial Management* (11th ed.). McGraw-Hill. ISBN: 978-0078034688
5. White, G.I., Sondhi, A.C. & Fried, D. (2003). *The Analysis and Use of Financial Statements* (3rd ed.). Wiley. ISBN: 978-0471375944
1. Subramanyam, K.R. (2014). *Financial Statement Analysis* (11th ed., Chapters 4–6). McGraw-Hill. ISBN: 978-0078110962
2. Damodaran, A. (2012). *Investment Valuation* (3rd ed., Chapter 3: Understanding Financial Statements). Wiley. ISBN: 978-1118011522
3. Palepu, K.G., Healy, P.M. & Peek, E. (2019). *Business Analysis and Valuation* (5th IFRS ed., Chapter 5). Cengage. ISBN: 978-1473758421
? **Supplementary:**
4. Higgins, R.C. (2012). *Analysis for Financial Management* (11th ed.). McGraw-Hill. ISBN: 978-0078034688
5. White, G.I., Sondhi, A.C. & Fried, D. (2003). *The Analysis and Use of Financial Statements* (3rd ed.). Wiley. ISBN: 978-0471375944
Assignment · 100.00 pts
Comparative Ratio Analysis
Select two direct competitors in the same industry (e.g., Coca-Cola vs. PepsiCo, Nike vs. Adidas). Calculate at least 10 key financial ratios for each company over the most recent three years. Present your findings in a 2,000-word report that: (a) includes a ratio comparison table, (b) performs a DuPont decomposition of ROE for both companies, (c) interprets the differences between the two companies' financial profiles, (d) identifies which company you would invest in and why, supported by your analysis.
3
Time Value of Money & Capital Budgeting
Understand the core principle that underpins all of finance: a pound today is worth more than a pound tomorrow. Master NPV, IRR, payback period, and their application to capital investment decisions.
Tutorial
Investment Decision Frameworks
This tutorial builds from the time value of money through discounted cash flow analysis to the three main capital budgeting tools: Net Present Value (NPV), Internal Rate of Return (IRR), and payback period. We work through real investment scenarios and show when these tools agree and when they conflict.
Reading list
? **Required Reading:**
1. Brealey, R.A., Myers, S.C. & Allen, F. (2020). *Principles of Corporate Finance* (13th ed., Chapters 2–6). McGraw-Hill. ISBN: 978-1260013900
2. Graham, J.R. & Harvey, C.R. (2001). The Theory and Practice of Corporate Finance: Evidence from the Field. *Journal of Financial Economics*, 60(2–3), 187–243. DOI: 10.1016/S0304-405X(01)00044-7
3. Berman, K. & Knight, J. (2013). *Financial Intelligence* (Revised ed., Part IV: Return on Investment). Harvard Business Review Press. ISBN: 978-1422144114
? **Supplementary:**
4. Damodaran, A. (2010). *Applied Corporate Finance* (3rd ed., Chapters 5–6). Wiley. ISBN: 978-0470384640
5. Pike, R. & Neale, B. (2009). *Corporate Finance and Investment* (6th ed.). Pearson. ISBN: 978-0273695615
1. Brealey, R.A., Myers, S.C. & Allen, F. (2020). *Principles of Corporate Finance* (13th ed., Chapters 2–6). McGraw-Hill. ISBN: 978-1260013900
2. Graham, J.R. & Harvey, C.R. (2001). The Theory and Practice of Corporate Finance: Evidence from the Field. *Journal of Financial Economics*, 60(2–3), 187–243. DOI: 10.1016/S0304-405X(01)00044-7
3. Berman, K. & Knight, J. (2013). *Financial Intelligence* (Revised ed., Part IV: Return on Investment). Harvard Business Review Press. ISBN: 978-1422144114
? **Supplementary:**
4. Damodaran, A. (2010). *Applied Corporate Finance* (3rd ed., Chapters 5–6). Wiley. ISBN: 978-0470384640
5. Pike, R. & Neale, B. (2009). *Corporate Finance and Investment* (6th ed.). Pearson. ISBN: 978-0273695615
Assignment · 100.00 pts
Capital Budgeting Decision
A manufacturing company is evaluating two mutually exclusive projects. Using the data provided (downloadable spreadsheet in course resources), calculate the NPV, IRR, and payback period for each project at discount rates of 8%, 10%, and 12%. Write a 1,500-word investment recommendation memo that: (a) presents your calculations clearly, (b) addresses why NPV and IRR may give conflicting signals, (c) considers qualitative factors beyond the numbers, (d) makes a clear recommendation with sensitivity analysis. Include your Excel workbook as an appendix.
4
Working Capital & Cash Flow Management
Learn to manage the lifeblood of any business: cash. Understand working capital components, the cash conversion cycle, and practical techniques for optimising liquidity.
Tutorial
Cash Is King: Managing Working Capital
This tutorial covers the operating cycle, cash conversion cycle, receivables management, inventory optimisation, and payables strategy. We examine how companies like Amazon and Dell revolutionised their industries through working capital management and what happens when companies get it wrong.
Reading list
? **Required Reading:**
1. Brealey, R.A., Myers, S.C. & Allen, F. (2020). *Principles of Corporate Finance* (13th ed., Chapters 30–31). McGraw-Hill. ISBN: 978-1260013900
2. Shin, H.-H. & Soenen, L. (1998). Efficiency of Working Capital Management and Corporate Profitability. *Financial Practice and Education*, 8(2), 37–45.
3. Berman, K. & Knight, J. (2013). *Financial Intelligence* (Revised ed., Part III: Cash Flow). Harvard Business Review Press. ISBN: 978-1422144114
? **Supplementary:**
4. Sagner, J.S. (2014). *Working Capital Management: Applications and Cases*. Wiley. ISBN: 978-1118933831
5. Richards, V.D. & Laughlin, E.J. (1980). A Cash Conversion Cycle Approach to Liquidity Analysis. *Financial Management*, 9(1), 32–38. DOI: 10.2307/3665310
1. Brealey, R.A., Myers, S.C. & Allen, F. (2020). *Principles of Corporate Finance* (13th ed., Chapters 30–31). McGraw-Hill. ISBN: 978-1260013900
2. Shin, H.-H. & Soenen, L. (1998). Efficiency of Working Capital Management and Corporate Profitability. *Financial Practice and Education*, 8(2), 37–45.
3. Berman, K. & Knight, J. (2013). *Financial Intelligence* (Revised ed., Part III: Cash Flow). Harvard Business Review Press. ISBN: 978-1422144114
? **Supplementary:**
4. Sagner, J.S. (2014). *Working Capital Management: Applications and Cases*. Wiley. ISBN: 978-1118933831
5. Richards, V.D. & Laughlin, E.J. (1980). A Cash Conversion Cycle Approach to Liquidity Analysis. *Financial Management*, 9(1), 32–38. DOI: 10.2307/3665310
Assignment · 100.00 pts
Cash Flow Optimisation Plan
You have been hired as a consultant to advise a mid-sized retailer experiencing cash flow difficulties despite strong revenue growth. Using the financial data provided (case materials in resources), write a 1,500-word cash flow optimisation plan that: (a) diagnoses the cash flow problem by calculating the cash conversion cycle and its components, (b) benchmarks against industry averages, (c) proposes specific, actionable strategies for improving receivables, inventory, and payables management, (d) quantifies the expected cash flow improvement from each recommendation.
5
Cost of Capital & Valuation
Understand how companies determine the cost of capital and how to value businesses and projects. Cover WACC, CAPM, comparable company analysis, and DCF valuation.
Tutorial
Valuation: What Is a Business Worth?
This tutorial introduces the cost of equity (CAPM), cost of debt, and how they combine into WACC. We then apply these concepts to DCF valuation and comparable company analysis using real market data. You will build a simplified valuation model step by step.
Reading list
? **Required Reading:**
1. Damodaran, A. (2012). *Investment Valuation* (3rd ed., Chapters 4, 8, 12). Wiley. ISBN: 978-1118011522
2. Koller, T., Goedhart, M. & Wessels, D. (2020). *Valuation: Measuring and Managing the Value of Companies* (7th ed., McKinsey & Company, Chapters 1–4). Wiley. ISBN: 978-1119610885
3. Luehrman, T.A. (1997). What's It Worth? A General Manager's Guide to Valuation. *Harvard Business Review*, 75(3), 132–142.
? **Supplementary:**
4. Damodaran, A. (2006). Damodaran on Valuation (2nd ed.). Wiley. ISBN: 978-0471751212
5. Fernández, P. (2019). Valuation Methods and Shareholder Value Creation. *IESE Business School Working Paper*. DOI: 10.2139/ssrn.274973
1. Damodaran, A. (2012). *Investment Valuation* (3rd ed., Chapters 4, 8, 12). Wiley. ISBN: 978-1118011522
2. Koller, T., Goedhart, M. & Wessels, D. (2020). *Valuation: Measuring and Managing the Value of Companies* (7th ed., McKinsey & Company, Chapters 1–4). Wiley. ISBN: 978-1119610885
3. Luehrman, T.A. (1997). What's It Worth? A General Manager's Guide to Valuation. *Harvard Business Review*, 75(3), 132–142.
? **Supplementary:**
4. Damodaran, A. (2006). Damodaran on Valuation (2nd ed.). Wiley. ISBN: 978-0471751212
5. Fernández, P. (2019). Valuation Methods and Shareholder Value Creation. *IESE Business School Working Paper*. DOI: 10.2139/ssrn.274973
Assignment · 100.00 pts
Company Valuation Exercise
Select a publicly traded company and perform a DCF valuation. Your 2,000-word submission should include: (a) calculation of WACC with clear sourcing of each input (risk-free rate, beta, market premium, cost of debt, capital structure), (b) a five-year free cash flow projection with stated assumptions, (c) terminal value calculation using both perpetuity growth and exit multiple methods, (d) sensitivity analysis showing how valuation changes with different WACC and growth assumptions, (e) a brief comparable company analysis as a sanity check. Include your financial model (spreadsheet) as an appendix.
6
Budgeting, Forecasting & Performance Management
Learn practical financial planning tools used by managers every day. Cover budgeting processes, financial forecasting, variance analysis, and balanced scorecards.
Tutorial
Financial Planning for Managers
This tutorial covers the annual budgeting process, rolling forecasts, variance analysis (price, volume, mix), and how to build a simple financial forecast. We also introduce the balanced scorecard as a framework for linking financial and non-financial performance measures.
Reading list
? **Required Reading:**
1. Horngren, C.T., Datar, S.M. & Rajan, M.V. (2018). *Cost Accounting: A Managerial Emphasis* (16th ed., Chapters 6, 7). Pearson. ISBN: 978-0134475585
2. Hope, J. & Fraser, R. (2003). Who Needs Budgets? *Harvard Business Review*, 81(2), 108–115.
3. Kaplan, R.S. & Norton, D.P. (1992). The Balanced Scorecard — Measures That Drive Performance. *Harvard Business Review*, 70(1), 71–79.
? **Supplementary:**
4. Axson, D.A.J. (2010). *Best Practices in Planning and Performance Management* (3rd ed.). Wiley. ISBN: 978-0470539798
5. Player, S. (2003). Why Some Organizations Go Beyond Budgeting. *Journal of Corporate Accounting & Finance*, 14(3), 3–9. DOI: 10.1002/jcaf.10163
1. Horngren, C.T., Datar, S.M. & Rajan, M.V. (2018). *Cost Accounting: A Managerial Emphasis* (16th ed., Chapters 6, 7). Pearson. ISBN: 978-0134475585
2. Hope, J. & Fraser, R. (2003). Who Needs Budgets? *Harvard Business Review*, 81(2), 108–115.
3. Kaplan, R.S. & Norton, D.P. (1992). The Balanced Scorecard — Measures That Drive Performance. *Harvard Business Review*, 70(1), 71–79.
? **Supplementary:**
4. Axson, D.A.J. (2010). *Best Practices in Planning and Performance Management* (3rd ed.). Wiley. ISBN: 978-0470539798
5. Player, S. (2003). Why Some Organizations Go Beyond Budgeting. *Journal of Corporate Accounting & Finance*, 14(3), 3–9. DOI: 10.1002/jcaf.10163
Assignment · 100.00 pts
Budget & Variance Analysis
Using the departmental budget data provided (downloadable spreadsheet), perform a comprehensive variance analysis for the most recent quarter. Your 1,500-word report should: (a) calculate price, volume, and mix variances for revenue, (b) analyse spending variances for each cost category, (c) identify the three most significant variances and investigate their root causes, (d) propose corrective actions for each, and (e) provide a revised forecast for the remaining year based on your findings. Include supporting tables and charts.
7
Strategic Finance: M&A, Funding & Value Creation
Explore the strategic dimensions of finance: mergers and acquisitions, capital structure decisions, dividend policy, and how managers create long-term shareholder value.
Tutorial
Capstone: Finance as Strategy
This final tutorial connects financial tools to strategic decision-making. We examine capital structure theory (Modigliani-Miller, trade-off theory, pecking order), M&A value creation and destruction, sources of funding (debt, equity, venture capital), and the principles of value-based management.
Reading list
? **Required Reading:**
1. Brealey, R.A., Myers, S.C. & Allen, F. (2020). *Principles of Corporate Finance* (13th ed., Chapters 17–18, 32–33). McGraw-Hill. ISBN: 978-1260013900
2. Bower, J.L. (2001). Not All M&As Are Alike — and That Matters. *Harvard Business Review*, 79(3), 92–101.
3. Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. *American Economic Review*, 76(2), 323–329. DOI: 10.2139/ssrn.99580
? **Supplementary:**
4. Damodaran, A. (2005). The Value of Synergy. *Stern School of Business Working Paper*. DOI: 10.2139/ssrn.841486
5. Bruner, R.F. (2004). *Applied Mergers and Acquisitions*. Wiley. ISBN: 978-0471395065
1. Brealey, R.A., Myers, S.C. & Allen, F. (2020). *Principles of Corporate Finance* (13th ed., Chapters 17–18, 32–33). McGraw-Hill. ISBN: 978-1260013900
2. Bower, J.L. (2001). Not All M&As Are Alike — and That Matters. *Harvard Business Review*, 79(3), 92–101.
3. Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. *American Economic Review*, 76(2), 323–329. DOI: 10.2139/ssrn.99580
? **Supplementary:**
4. Damodaran, A. (2005). The Value of Synergy. *Stern School of Business Working Paper*. DOI: 10.2139/ssrn.841486
5. Bruner, R.F. (2004). *Applied Mergers and Acquisitions*. Wiley. ISBN: 978-0471395065
Assignment · 200.00 pts
Capstone: Strategic Financial Analysis
This capstone has two deliverables:
**Part A — M&A Analysis (2,500 words):** Choose a real M&A transaction announced or completed in the last three years. Analyse: (a) the strategic rationale from both acquirer and target perspectives, (b) the valuation — was the price fair? Use comparable transactions and a simplified DCF, (c) sources of synergy (revenue, cost, financial) with quantified estimates where possible, (d) integration risks and challenges, (e) your verdict: was this deal value-creating or value-destroying, and why?
**Part B — Executive Presentation (10–12 slides):** Summarise your analysis as if presenting to the board of the acquiring company. Focus on strategic rationale, valuation justification, synergy estimates, and integration priorities.
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- 7 weeks of structured content
- 28 video lessons & tutorials
- Curated academic reading lists
- Weekly assignments with feedback
- Live Google Meet sessions
- Discussion forums & peer network
- Certificate of completion
- Lifetime access to materials