VOCATIONAL EDUCATION AND TRAINING STANDARD FOR A FINANCIER

Transcription

1 THE REPUBLIC OF LITHUANIA MINISTRY OF EDUCATION AND SCIENCE MINISTRY OF SOCIAL SECURITY AND LABOUR VOCATIONAL EDUCATION AND TRAINING STANDARD FOR A FINANCIER Vocational education level 5 Vilnius, 2008

2 EUROPOS SĄJUNGA PROFESINIO MOKYMO METODIKOS CENTRAS Europos socialinis fondas ŠVIETIMO IR MOKSLO MINISTERIJA KURKIME ATEITĮ DRAUGE! Development of the Standard was financed by European Union and by the Republic of Lithuania under the Project No BPD2004-ESF /0156 Development of the System of VET Standards Development of the Standard was coordinated by the Methodological Centre for Vocational Education and Training Profesinio mokymo metodikos centras, 2008

3 APPROVED by Order No ISAK-1970/A1-279 of the Minister for Education and Science of the Republic of Lithuania and of the Minister for Social Security and Labour of the Republic of Lithuania of 8 October, 2007 VOCATIONAL EDUCATION AND TRAINING STANDARD FOR A FINANCIER I. PARTICULARS OF THE VET STANDARD 1. Vocational education level 5 th. 2. State code S Qualification awarded a financier. 4. Basic education secondary. II. CONTENT OF THE VET STANDARD 5. Brief description of occupational activity: 5.1. The VET Standard for a financier (hereinafter referred to as the Standard ) defines activity areas, professional competencies, study objectives and final assessment of a financier. The present Standard serves as a basis for the development of a higher non-university study programme A study programme developed in accordance with this Standard is intended for persons with secondary education Upon successful completion of the study programme of a financier, governed by this Standard, a person acquires professional competencies for performing independently work requiring personal responsibility in the following activity areas: finance system process monitoring and assessment; analysis of financial activity; financial decision making; financial process management A financier, upon acquisition of higher non-university education, will be able to process financial information, assess, compare and use it, in accordance with the job description of a financier, forecast and identify financial results, take decisions in undefined conditions, take part in the development of the organisation. A financier will be able to work in financial divisions of undertakings, organisations, financial institutions, public institutions, in the tax inspectorate and in other areas Successful work as a financier will hinge on the knowledge and skills, taking interest in novelties, foreign language proficiency, computer literacy, drive to excel in professional activity, ability to work as part of a team and on the personal qualities key for a financier: a sense of responsibility, flexibility, insistence on high standard, honesty, accuracy, independence, selfdiscipline, etc. 6. The purpose of a financier is to manage financial processes. 7. Activity areas and competencies of a financier are listed in Appendix 1 to the Standard. 8. Range of competencies, study objectives and competency assessment of a financier are provided in Appendix 2 to the Standard. 9. Successful work as a financier requires the following general skills: 9.1. analytical thinking; 9.2. a sense of responsibility;

4 9.3. ability organising activity; 9.4. proactiveness; 9.5. skills of using information technologies; 9.6. mathematical literacy. 10. Final qualification assessment: The qualification of a financier is awarded to a student who has completed the whole study programme, acquired competencies defined in the Standard and has been given a positive final qualification evaluation In accordance with the competency assessment criteria listed in the Standard, the following is tested and evaluated: during the study process - all competencies defined in the Standard; during the final qualification assessment - selected competencies Organisation and performance of the final qualification assessment and issuance of documents is regulated by the Ministry of Education and Science of the Republic of Lithuania.

5 Appendix 1 to the VET Standard for a financier AREAS OF ACTIVITY AND COMPETENCIES OF A FINANCIER Activity Areas Competencies 1. Monitoring and assessment of processes of 1.1. Analysing the framework of the national the financial system financial system and assessing trends of ongoing processes 1.2. Assessing peculiarities of activity of the Lithuanian financial system and its interaction with the EU finance 1.3. Applying legislation governing financial activity in one's work 2. activity analysis 2.1. Preparing company s activity statement documents depending on the nature of business 2.2. Analysing financial, statistical and tax report data 2.3. Assessing financial activity of economic entities 2.4. Providing analysis results for financial decision-making 3. decision making 3.1. Assessing organisation s financial resource efficiency 3.2. Assessing the feasibility of investment decisions 3.3. Managing cash flows 4. Management of financial processes 4.1. Examining operational and strategic plans of economic entities 4.2. Preparing financial plans of economic entities and ensuring their implementation 4.3. Ensuring appropriate functioning of the organisation s financial management system 4.4. Creating a financial activity quality assurance system 4.5. Controlling financial decision implementation

6 Appendix 2 to the VET Standard for a financier RANGE OF COMPETENCIES, STUDY OBJECTIVES AND COMPETENCY ASSESSMENT OF A FINANCIER Activity Areas 1. Monitoring and assessment of processes of the financial system Description of Competencies Competencies Range of Competencies 1.1. Analysing the framework of the national financial system and assessing trends of ongoing processes 1.2. Assessing peculiarities of activity of the Lithuanian financial system and its interaction Description of the financial system. Actors of the financial system. markets. institutions. instruments. Interaction of economic and financial processes in economic entities. Macroeconomic trends. National budget revenue and expenditure. Types of EU financial support. Study Objectives Understanding the concept of finance and financial system Knowing the peculiarities of the national financial system Understanding the framework of the financial system and the principles of its functioning Understanding and comparing national macroeconomic indicators Assessing financial market actors and their goals Assessing the role of financial institutions Examining the influence of economics activity on the economic entity s financial activity Examining the structure of the national budget Examining the influence of EU funds on the Lithuanian financial Competency Assessment The financial system defined. Actors of the financial system named. institutions compared. Activity of financial institutions analysed in Macroeconomic indicators calculated and evaluated in Content and indicators of the undertaking s economics activity information sources The EU financial

7 with the EU finance State tax system. Public finance. Non-budgetary funds. Business, household and personal finance Accumulating and assessing information on the finance system Collection of financial information. Systematisation of financial information. Computer software and its application for financial calculations Applying legislation governing financial activity in one's work Regulatory legislation governing the financial system: Constitution; laws; bylaws of the system Knowing the main elements of the consolidated budget Identifying non-budgetary funds Having an understanding of business, household and personal finance Assessing the significance of financial information Preparing information and providing it to customers Using computer software Knowing the significance of regulatory legislation Applying legislation governing activity of the financial system support sources and Lithuania s financial undertakings named. Business, household and personal finance examined in Budget revenue and expenditure implementation evaluated. information sources A computer program used for information processing. information accumulated and systematised in information evaluated in Legislation governing activity of the financial system named.

8 2. activity analysis 2.1. Preparing company s activity statement documents depending on the nature of business 2.2. Analysing financial, statistical and tax report data Republic of Lithuania, etc. Types of legal persons. Structure, contents and submission procedure of a financial statement. Structure, contents and submission procedure of a tax statement. Structure, contents and submission procedure of a statistical statement. Methods of financial analysis. Ways of financial analysis. and statistical indicators Assessing content of economic entities activity Understanding the structure of a financial statement Preparing financial reports Preparing tax reports Preparing statistical reports Applying ways and methods of financial analysis Performing financial analysis of an economic entity Analysing economic entity s financial, statistical and tax report data Legislative provisions applied in The structure of a financial statement named. Contents of financial, tax and statistical reports information about the economic entity s activity collected and systematised in Information about financial activity of economic entities summarised in Analysis methods and ways named. indicators and assessment limits Economic entity s financial, statistical and tax report data examined in

9 2.3. Assessing financial activity of economic entities 2.4. Providing analysis results for financial decision-making Company performance assessment systems. indicator assessment limits. Economic entity s asset and capital structure Analysing asset accumulation and usage indicators Assessing the expedience of the undertaking s capital structure Assessing the undertaking s financial state and clarifying the indicators Calculating other financial indicators Assessment and interpretation of financial indicators. Alternative financing and/or investment decisions. alternative Assessing financial indicators and providing their interpretation Providing possible alternatives for financing or investment decision making Identifying the influence of asset turnover on business results calculation methods Identifying alternative financing sources and their expedience Asset structure of the undertaking Capital structure set out. Capital structure evaluated in performance indicators calculated and financial state of the undertaking evaluated in indicator assessment limits and interpretations explained. Financing sources and criteria for their choice The influence of financing sources on business results evaluated in Alternative financing and/or

10 3. decision making 3.1. Assessing organisation s financial resource efficiency 3.2. Assessing the feasibility of investment decisions information accumulation and processing system. resource efficiency benchmarking and assessment methods. Outline of a project or business plan (investment) project, development phases; substantiation. Possibilities of choosing financial sources. Investment decisionmaking. Investment decision assessment. Insurance operations and real property market Knowing capital accumulation methods Calculating the price of capital Assessing effectiveness of the chosen financing strategy Knowing the methods of development of investment projects or business plans Examining project or business plan development phases Understanding the investment process decision making procedure Examining and applying investment decision effectiveness assessment methods and criteria Applying property insurance procedures investment chosen selected in resource efficiency benchmarking and assessment methods named. Debt capital sources described and their effectiveness evaluated. The price of financing sources calculated in The concept of investment defined. Components of a business plan named. Investment project development methodology set out. Investment decision evaluation methods applied. A project or business plan drawn up in accordance with a Insurance type chosen in accordance

11 4. Management of financial processes 3.3. Managing cash flows 4.1. Examining operational and strategic plans of economic entities 4.2. Preparing financial plans of economic entities and ensuring their implementation Methods of drawing up cash flow report. Cash flow management. Cash flow control methods. Strategy types. Business strategy of economic entities. Action program process, its phases. Economic entities business planning. Types of financial plans. Methodology of drawing up financial plans. plan implementation procedure Knowing the principles of cash flow movement Drawing up a cash flow report Controlling cash flows Examining strategy types Understanding business strategy of economic entities Preparing budgets and action programs Using professionalism, communication and professional knowledge while working independently and as part of a team Knowing types of financial plans Applying financial plan development methods Preparing financial plans Understanding the financial plan implementation procedure with a Possible cash flow report preparation methods named. Cash control methods selected in A cash flow report drawn up in Cash flow movement analysed in Strategy types named. Economic entity s activity program examined. Economic entity s activity plan drawn up in accordance with a plan types named. plan development methods explained. A budget prepared in An action plan

12 4.3. Ensuring appropriate functioning of the organisation s financial management system 4.4. Creating a financial activity quality assurance system Objectives and functions of the finance unit. Organisational structure of the finance unit. Links of the finance unit with other units. Management functions. The basics of management, planning and organising. Organising the financial management process. performance assessment systems. Phases of organising quality assurance process. Legislation governing the responsibility of a financier. Ethics standards of a financier. Control forms and methods Knowing the objectives and functions of the finance unit Knowing the organisational structure and business linkages of the finance unit Managing financial information flows Assessing peculiarities of economic and financial activity Applying management, planning and organising procedures Understanding the decision making process Knowing financial performance assessment systems Understanding the quality assurance process of the financial system Applying quality management methods and ways Knowing ethics standards and limits of responsibility of a financier Performing quality monitoring procedures prepared in Functions and objectives of the finance unit defined. Management principles named and Information to other information users summarised and prepared in management structure drawn up and functions described in performance assessment systems defined. Quality management methods named. Ethical standards and limits of responsibility of a financier Phases of

13 4.5. Controlling financial decision implementation The basics of organising internal control. Internal control environment and procedures. External control activity limits. Interaction of internal and external control. Phases of performing audit Knowing the legal basis of internal audit Understanding audit environment Applying audit procedures Drawing up an audit conclusion organising quality assurance process Quality management methods applied in accordance with a Legislation governing audit process named. Phases of performing audit A plan for performing audit drawn up in An audit conclusion drawn up in