2011
ADVANCED CERIFICATE IN FINANCIAL MANAGEMENT
MODULE 1: INTRODUCTION
APT Financial Management
2011
Index
Content
Page
1.
Introduction
2
2.
Course background and regulations
2
3.
Lecturer information
4
4.
Prescribed textbook
4
5.
Open book policy
5
6.
Examination
6
7.
Important dates
6
8.
SAICA Part II Financial Management Syllabus
7
9.
Study material
7
10.
Work programme
7
11.
APT Assist
7
12.
Analysis of previous Part II Examinations
8
Annexure A – Frequently asked questions
Annexure B – Analysis of previous Part II Examinations
1.
INTRODUCTION
Welcome to APT Financial Management.
As a student you were exposed to a large extent to many of the concepts of
Financial Management. The purpose of this specialist course is to take these
basic concepts, and explore them further on an advanced and professional
level.
This course is onerous, and your success will largely be dependent on the
extent that you study and understand the underlying theory, apply yourself to
the relevant scenarios and do the questions diligently and clear up any
uncertainties with your lecturers, as well as your regular class attendance.
2.
COURSE BACKGROUND AND REGULATIONS
The financial management specialism course builds on your previous
Financial Management studies and is a specialism course in preparation for
the Part II Qualifying Examination (QE) - Financial Management.
2
APT Financial Management
2011
2.1
On successful completion of this course, candidates will be awarded an
Advanced Certificate in Financial Management.
2.2
In order to successfully complete the course, candidates are required:
•
•
2.3
To achieve a weighted average mark of 50%; and
To attend at least 75% of the block contact sessions (distance learning –
this requirement is waived.
The weighted average mark of 50% is calculated as follows:
Weighting
20%
30%
50%
100%
Assignments (note 1)
Case study 2 (note 2)
Examination (note 3)
Notes:
1. Candidates are required to submit three assignments (of 50 marks each)
during the course. These assignments must reflect the individual attempt
of the candidate and group work will not be permissible.
2. Candidates are required to complete case study 2 (100 marks). This will
take the form of a written and oral submission. The oral submissions will
take the form of 30 minute presentations. Case study 2 will be completed
in groups. The groups will be determined by APT.
3. Candidates are required to write one examination of 200 marks. The
examination is in the SAICA format and will comprise two papers, each of
2 ½ hours with a further 20 minutes of reading time allocated to each
paper. Candidates may read the examination paper and make notes on
the paper during the 20 minutes reading time but may not begin their
written solutions until the 20 minutes have elapsed.
2.4
Candidates are required to complete case study 1 at the commencement of
the course. Group work is possible. Candidates who fail to submit case study
1 without valid reasons may be denied entry into the examination.
2.4
Examination papers on this course will be offered in English only.
2.5
Any candidate who does not successfully complete this course and is not
already in possession of a current Advanced Certificate in Financial
Management or equivalent qualification will not meet the entry requirements
of SAICA and will therefore not be permitted to write the Part II QE - Financial
Management.
2.5
A candidate who has an acceptable reason for not writing an examination
when scheduled will be required to write a deferred examination. Deferred
examinations are granted at the sole discretion of the presenters, who may
require written evidence in support of the religious, medical or other grounds
provided. Only such reasons as would generally be accepted by University
Deferred Examinations Committees will be considered. This will be in the
3
APT Financial Management
2011
form of a third and final examination opportunity written in October. This will
cover all the work. Please contact the course administrator in this regard.
2.6
Candidates needing extra time for the APT examination must apply in
writing two weeks before the examination. The form can be downloaded from
APT Assist.
Issue of certificates
2.7
Certificates are issued after successful completion of the course and will be
posted to the registered business address on our records.
3.
LECTURER INFORMATION
3.1
Course coordinators (and presenters)
NAME
OFFICE
TELEPHONE
E-MAIL
JHB
Mr Ahmed Mohammadali
Haji
D – Ring 632 (UJ)
(011) 559-3980
ahmedh@uj.ac.za
CPT
Prof Michael Wormald
LC 401 (UCT)
(021) 650-2257
michael.wormald@uct.ac.za
NAME
OFFICE
TELEPHONE
E-MAIL
Prof Henk Kriek (UJ)
Madibeng building
st
– 1 floor (UJ)
(011) 559-4811
jhkriek@uj.ac.za
(preferred)
Prof Enrico Uliana (UCT)
Bremner 308
(UCT)
(021) 650-2217
enrico.uliana@uct.ac.za
(preferred)
Prof Carlos Correia
(UCT)
XXX
(082) 498-4081
arete@telkomsa.net
Prof Ben Marx (UJ)
D – Ring 605D
(UJ)
(082) 804-5072
benm@uj.ac.za
3.2
3.3
4.
Other key presenters
Course administrator
NAME
OFFICE
TELEPHONE
E-MAIL
Rina van Rensburg
D – Ring 624
(UJ)
(w) (082) 801-9304
(f) (086) 607-9970
jhb-apt@adept.co.za
PRESCRIBED TEXTBOOK
The primary textbook prescribed for this course is:
4
APT Financial Management
2011
Recommended: Financial Management, 7th Edition, Carlos Correia, David
Flynn, Enrico Uliana, Michael Wormald, JUTA & CO
(Now in its 7th edition, Financial Management is the leading text on the theory and application of
corporate finance in southern Africa. Set against the backdrop of the world economy and financial
crisis, and subsequent developments in financial markets, this new edition makes reference to real
world applications and financial decisions undertaken by South African companies.
(the 7th edition is recommended above the 6th edition)
Alternate: Financial Management, 6th Edition, Carlos Correia, David Flynn,
Enrico Uliana, Michael Wormald, JUTA & CO
The modules that follow include reference to specific chapters in the textbook.
Secondary readings are included in the modules, where necessary.
5.
OPEN BOOK POLICY
OPEN BOOK POLICY – Updated and approved by EDCO February 2010
(Per an extract from the exam regulations)
4.1
Candidates will be allowed to bring only the following texts into the examination
venue.
4.1.1 The three volumes on International Financial Reporting Standards that form part of the
SAICA handbooks. (This year’s volumes are called “A Guide through IFRS”)
• Part A
• Part B1
• Part B2
• Any supplements published from time to time.
4.1.2 The two volumes of the SAICA Handbook
• Volume 2 ‐ Auditing
• Volume 3 – Accounting, Ethics and Circulars
4.1.3 The volumes of the SAICA Legislation Handbook
• Volume 1
• Volume 2
• Volume 3
4.2
Only ONE version of each of the above books may be brought into the exam venue,
although it may be either a version published this year or in one of the previous years.
4.3
Any additional references (updates) which the Initial Professional Development (IPD)
Committee (previously known as EDCO) deems appropriate, will be supplied to the
candidates on the day of the examination.
4.4
Candidates will only be allowed to highlight, underline, sideline and flag in the
permitted texts. Writing on flags is permitted for reference and cross‐referencing
purposes only, that is, writing may only refer to the name or number of the relevant
discipline standard, statement or section in the legislation.
4.5
Candidates may not have in their possession any loose papers (whether affixed to the
5
APT Financial Management
2011
permitted texts or not).
4.6
Only properly bound standard publishers’ editions will be permitted. Photocopies,
printed copies of electronic versions, loose sections or isolated pages of texts are
prohibited.
4.7
Any contravention of regulation 4 will be considered to be misconduct.
This open book policy will also apply for APT examinations.
6.
EXAMINATION
Your weighted average mark comprises one examination of 200 marks.
•
•
•
•
The examination will be written in the same format as the 2011 Part II
Examination.
The examination will be divided into two distinct case study type
questions.
Each question will be 100 marks and writing time will be 2,5 hours
long for each.
Both questions will be written on the same day, and there will be a
break in between.
Refer to the work programme for the date and times of this examination.
•
•
•
7.
At the start of each question, candidates will be provided with an
examination paper including the required, and will have 20 minutes to
read the examination paper and make notes on the paper.
During this time, they will not have answer sheets, and consequently
will not be allowed to begin their written solutions until the 20 minutes
have elapsed.
After 20 minutes have elapsed, the answer sheets will be handed out.
Candidates will then have 2,5 hours in order to complete their written
solutions.
IMPORTANT DATES
These are set out in the work programme.
SAICA Part II QE – Financial Management:
Examination date: Monday, 7 November 2011
Examination times: Session 1: 08h30 to 08h50 reading time
08h50 to 11h20 answer question/s
11h20 to 12h30 break (1 hour and 10 minutes)
Session 2: 12h30 to 12h50 reading time
12h50 to 15h20 answer question/s
Remember, separate registration with SAICA is required for the Part II QE –
Financial Management. Refer to the SAICA website for details regarding this.
6
APT Financial Management
8.
2011
SAICA PART II FINANCIAL MANAGEMENT SYLLABUS
The lectures and modules have been designed to address each line item in
the syllabus.
Refer to the SAICA website for the 2011 Syllabus.
9.
STUDY MATERIAL
The file has been designed in two broad sections:
• A set of modules – consisting of contextualised information pertaining
to a topic, as well secondary readings and tutorial questions. The
tutorial questions are included to test your understanding of the
fundamental concepts in the topic.
• Question bank – this consists of self-assessment questions. These are
derived from previous APT examinations and other sources. They
have been indexed in terms of each module. You should physically do
these questions before looking at the solution. Only after you have
done the question properly, should you refer to the solution and mark
your answer.
After attending the contact session, work through the theory in detail, and
ensure that you have a thorough understanding thereof. Thereafter attempt
the tutorial questions to test your understanding. Then attempt as many of the
self-assessment questions as you can and complete your studies of the topic
with the related assignment.
Successful course candidates will be issued with a Board Pack. This will be
covered in the final revision sessions and will serve as the final material to
prepare you for the Part II QE – Financial Management.
10.
WORK PROGRAMME
The work programme is downloadable from APT Assist (Refer to
Announcements).
This document sets out all the activities associated with the course and the
related timelines. It explains each deliverable, relevant instructions, key dates,
etc.
Please study the document carefully and diarise the relevant dates.
Lectures in Johannesburg take place at the University of Johannesburg,
Auckland Park Campus.
Lectures in Cape Town take place at the University of Cape Town, Lesley
Commerce Building.
11.
APT ASSIST
APT Assist is an interactive learning website to provide a communication tool
between course presenters and candidates. Important documents, for
7
APT Financial Management
2011
example the case studies, will be uploaded on the resources section (within
the secure area of the website, therefore login will be necessary). We hope
you find it to be useful for the duration of the course.
You would have received your username and password during the
registration process. Please contact the course administrator should you
encounter any difficulties with the website.
Refer to Annexure A for the FAQ.
12.
ANALYSIS OF PREVIOUS PART II EXAMINATIONS
An analysis of the previous Part II QE – Financial Management is included in
Annexure B.
8
APT Financial Management
ANNEXURE A
Frequently asked
questions
2011
APT Financial Management
2011
1. APT ASSIST (http://aptassist.co.za/portal/)
APT Assist is an interactive online learning site accessible to you for the
duration of the course.
1.1.HOW TO GET ONTO THE SITE
• Go to http://aptassist.co.za/portal/
•
You will be asked for your User ID and Password, which you
should have automatically received via email shortly after
registering for APT. Please do not create your own account as it
will delete you off the APT Assist site. You have been
automatically loaded for security reasons.
•
Please note that your User ID is your APT student number for
the duration of APT. This number will be used when displaying
your exam results.
•
You will then see two tabs My Workspace and APT Financial
Management 2011.
•
The “My Workspace” tab shows the details of your account. You
can modify your password and email address. Should you
change your email address, Please ensure that you notify APT
by emailing apt@adept.co.za with your updated email address.
•
The “APT Financial Management 2011” tab is the main tab
that you will be utilising for the duration of the course.
1.2.FORGOT YOUR PASSWORD
1.2.1. If You
Steps:
•
•
•
•
•
Forget Your Password At Any Stage, Please Follow These
Go to the home page of APT Assist http://aptassist.co.za
On the left hand side click the option "Forgot Password"
Type in your email address
A new password will automatically be emailed to you
Your User ID remains the same (i.e. your APT student number)
1.3.“APT Financial Management 2011” TAB
We will be using the following tools under this tab:
1.3.1. Messages
We will be communicating with you throughout the course via email.
You will receive emails from postmaster@aptassist.co.za throughout
the course. There will be a copy of this email on APT Assist under the
Messages section of your “My Workspace” tab and a copy will be sent
to your email address.
1.3.2. Announcements
We may also communicate with you throughout the course by making
Announcements on APT Assist. There will be a copy of this
announcement on APT Assist under the Announcement section and a
copy will be sent to your email address.
1.3.3. Chat Room
The Chat Room allows you chat to other APT candidates during the
course. You can discuss course content or form study groups or lift
clubs etc. This is not a forum for academic queries only discussion
APT Financial Management
2011
amongst candidates. For academic queries, please email the relevant
lecturers (email addresses available in module 1 of your file).
1.3.4. Resources
All relevant course information will be loaded under the Resources
section for you to download and use. A few examples are: Maps to
Venues, Study Calendars, Course Lecture Schedules, Remark Form,
Textbook Order Forms, Extra Time Application Form, APT 2011 Exam
Results and Lecture Slides etc.
2. APT FINANCIAL MANAGEMENT - FREQUENTLY ASKED QUESTIONS
2.1.
ONCE I HAVE ENROLLED ONLINE, HOW DO I GO ABOUT
CHANGING MY DETAILS?
You will automatically receive a copy of your enrolment via email.
Please check that these details are correct. Please make your
changes on this enrolment and highlight these changes, then email
the enrolment back to jhb-apt@adept.co.za. We will amend your
enrolment info on the database. Please do not enrol again on
www.apt.co.za to show us your changes.
2.2.
WHAT ARE APT FINANCIAL
DETAILS?
Email = jhb-apt@adept.co.za
Tel = 082 8019304
Fax = 086 6079970
2.3.
WHAT ARE APT’S BANKING DETAILS?
Bank:
Standard Bank
Branch:
Rondebosch
Bank Code:
025 009
Current Account Number:
071 464 824
Name of Account Holder:
Accounting Professional Training
Please Reference your Payment as follows:
Financial Management: FM-Initial&Surname-Course Programme i.e.
FM-S.Sample-JHB
2.4.
WHAT ARE THE CONTACT DETAILS FOR INVOICES, PAYMENT
QUERIES AND WHERE DO I FAX OR EMAIL MY PROOF OF
PAYMENT?
Email = jhb-apt@adept.co.za
Fax = 086 6079970
2.5.
IF I HAVE NOT PAID OR MY FIRM IS PAYING FOR MY APT
COURSE, CAN I STILL COLLECT MY MATERIAL?
You may collect your material if your firm is paying for the Course.
However, if you are personally liable for your APT fees, we will require
proof of payment (settlement in full or the initial deposit if you are
paying via instalments) before you collect your material.
2.6.
WHAT ARE THE APT EXAM DATES?
APT exam dates are setout on your timetable in your file.
MANAGEMENT’S
CONTACT
APT Financial Management
2011
2.7.
DO I NEED TO TAKE MY ID DOCUMENT AND APT STUDENT
NUMBER TO APT EXAMS?
No, but please write your APT Student Number on the top right hand
corner of your APT Exam Script.
2.8.
WHEN ARE APT EXAM RESULTS RELEASED?
Exam results are generally released 2 weeks after the APT exams
have been written. These will be released on APT Assist (APT
Financial Management 2011 tab
Resources Section).
2.9.
HOW DO I APPY TO WRITE THE SUPPLEMENTARY EXAM?
You cannot apply to write the Supplementary Exam. Supplementary
Exams are given to candidates at the sole discretion of the APT
Directors, after careful consideration of individual results and
circumstance.
2.10.
WHAT IS APT ASSIST?
APT Assist is an interactive online learning site accessible to you for the
duration of the course. See info on APT Assist.
2.11.
I HAVE GMAIL EMAIL ACCOUNT AND I AM NOT RECEIVING ANY
EMAILS FROM APT?
Sometimes our emails land up in Gmail’s spam/junk mail folder. You
need to log onto your Gmail email account via www.gmail.com and
check the spam/junk mail folder for our emails. You need to make sure
they are not spam by moving them from the spam/junk mail folder into
your inbox.
2.12.
WHERE DO I FIND THE LECTURE SCHEDULE FOR MY COURSE?
Refer to module 1 of your file.
2.13.
WHAT ARE THE PRESCRIBED BOOKS FOR APT?
Refer to module 1 of your file.
2.14.
WHAT IS MY APT STUDENT NUMBER?
It is your User ID for APT Assist. You will automatically receive an
email stating that you have been loaded onto APT Assist. This email
will display your exam/student number. We will only use this number
when we display your APT Exam results to ensure that your results
are confidential (i.e. your personal details will not be displayed next to
your exam results).
2.15.
IS THE SIMULATED EXAM COMPULSORY AND HOW DO I GET A
COPY OF THE EXAM AND ITS SOLUTIONS?
This is for your benefit as preparation for the Part II QE. It is therefore
in your best interests to attempt it.
The exam will be loaded onto APT Assist (APT Financial Management
tab
Resources section). You will be notified via email once the
exam is available for download from APT Assist. You will be required
to write the exam on the specified day and self mark it with the
solutions provided on APT assist).
APT Financial Management
2011
ANNEXURE B
ANALYSIS
OF
PREVIOUS PART II EXAMINATIONS