– by Ayanda Radebe
The Finance for Non-Financial Managers (FNFM) programme is designed to develop financial literacy and create a better understanding for managers that need to contribute to strategic decision-making. This programme aims to unscramble the conundrums of reading financial statements; improve the understanding of capital budgeting; and highlight the importance of cash flow. This new understanding of finance will also allow for a more structured approach to sales and product forecasting, budgeting and measurement of performance against budgets.
UKZN Extended Learning recently hosted a group on our FNFM programme, which was facilitated by Professor Mabutha Sibanda, the Dean and Head of the School of Accounting, Economics and Finance (SAEF) and a Professor in Finance at UKZN.
Finance can often feel like a very challenging and uncharted territory, however, having an understanding and engaging with financial concepts is crucial for anyone in managerial roles. Professor Sibanda began by taking delegates through an introduction to finance which included personal finance, corporate finance and public finance. He simplified complex financial jargon for delegates which has assisted them with an improved comprehension towards effectively engaging with financial matters.
Over the two-day programme, aspects such as financial statements analysis, preparation and understanding of financial statements, as well as ethical value systems in South Africa and its relation to the world of finance were covered. The delegates were able to acquire the fundamental knowledge and practical skills required to navigate the financial landscape from a managerial level. The FNFM programme also covered the art of financial decision-making where delegates explored different valuation methods. All the knowledge gained by delegates further equipped them to make more informed financial decisions that align with their respective organisation’s goals and objectives.
These key takeaways aimed to provide delegates with a solid foundation in finance as a non-financial manager and through this, delegates are able to unlock a deeper understanding of their organisations’ financial operations allowing them to contribute meaningfully to its success.