CHARTERED INSTITUTE OF FINANCE AND CONTROL OF NIGERIA (CIFCN)

(Established by CAM Act 1990)Regulation

AndExamination Syllabus for the Training

Of Chartered Finance Controllers in Nigeria

1. FOREWORD

The Chartered Institute of Finance and Control of Nigeria is dedicated to build and develop the technical capacities and skills of individuals as well as organizations(public and private) wishing to practice the art and science of raising funds in the most cost effective and less risky manner. It aims to provide new skills acquisition, to enable finance professionals perform optimally within the socio- economic environment as provided by the political dictum of the day.

The Institute is also concerned with building and developing technical mechanisms capable of ensuring financial oversight through the promotion of financial transparency, probity and accountability.

Finance has remained the most important utility, without which there will be no economy. The raising, allocation and control of such resources are very vital for the progress of the country’s economy. Therefore, the persons charged with the responsibility of administering it must acquire such knowledge and skills that will make their attitude near impeccable.

The Institute intends also to focus on finance holistically and build its members capacity to acquire the knowledge and skills in every areas of in finance, both micro and macro-economic levels. The Institute has come to stay to provide the necessary environment and culture for practitioners in finance to operate freely; to provide the needed assistance to the nation for economic growth.

Overall, the syllabus is student friendly as it provides the tools for skills acquisition whether in the public or private sectors and will certainly meet the respective needs of employers in both sectors.

The syllabus becomes effective as from 2017.

INTRODUCTION OF THE INSTITUTE

The Institute of Finance and Control was incorporated on the 2nd day of September, 2009 under the Companies and Allied Matters Act 1990, after a deserving approval from Federal Ministries of Education and Justice.

1. VISION “To be one of the foremost institutes that finance professionals can identify with for capacity building in finance and control which will translate to achieving their enterprise objectives in a more effective and efficient manner”.

2. MISSION “To develop relevant training programmes that will enhance manpower capacity development in finance and control for optimum results and productivity in all sectors of the economy”.

3. PRINCIPAL OBJECTIVES

To promote finance education in Nigeria through training and development.

To provide a platform which finance professionals can identify and relate with.

To establish and promote high ethical standards and professionalism among finance practitioners in the Country.

To build and instill into the consciousness of finance professionals, control system as a tool in financial administration.

To co-operate with the government and other finance agencies in promoting healthy socio-economic development in Nigeria.

To undertake researches, publications and consultancy services in financial matters.

To forge strategic alliances with other recognized professional bodies, locally and internationally to fashion put the best possible models in finance practice.

To provide a unique platform for members and other finance practitioners to cross pollinate ideas.

To instill high-level professional discipline amongst members in the discharge of their financial administrative responsibility to their organization.

4. STRUCTURE OF THE INSTITUTE The structure of the administration of the institute has it that its constitution provides that the institute is governed by the governing council, the secretariat manned by a Registrar and committees to take charge of specific functions as approved by the council.

4.1. THE GOVERNING COUNCIL The Governing council of the institute is the apex policy making body of the institute elected by ordinary members of the institute. The Governing Council shall in-turn elect its officials who are expected to function from the secretariat for a specified tenure not exceeding 2 years.

4.2. THE SECRETARIAT The Chartered Institute of Finance and Control of Nigeria’s activities of membership, studentship, examination, administration, finance, etc will be carried out from the institute’s secretariat. The Registrar shall be responsible for the day to day running of the secretariat as a Chief Executive Officer who will work with other staff employed by the council to achieve the corporate objectives of the institute.

5. MEMBERSHIP OF THE INSTITUTE Membership of Chartered Institute of Finance and Control of Nigeria is open to corporate bodies and individuals who engaged in the activities of providing financial services or employed in organizations where such services are rendered. 5.1 MEMBERSHIP GRADES* CORPORATE MEMBER* FELLOW MEMBER* ASSOCIATE MEMBER* STUDENT MEMBER

5.1.1. CORPORATE MEMBERSHIPCorporate membership of the institute is designed for organizations, ministries, departments and agencies (MDAs), Non-governmental organizations that engaged in financial responsibilities in both public and private sectors. Having fulfilled other requirements as the council deemed fit into this category of membership. The organization, public or private, should have, as at the date of application, at least 25 persons in its personnel register.5.1.2. FELLOW MEMBERSHIPThis is the highest individual membership category of the institute and is conferred on individual members who have been associate members of the institute for at least five to ten years or non-individual members who have attained at least the position of assistant directors and who have distinguished themselves in upholding the spirit of finance and control. 5.1.3. ASSOCIATE MEMBERSHIP This category of membership is the entry point of institute for graduates wishing to practice the act of finance and control. The admission is by examination (EX).5.1.4. GRADUATE MEMBERSHIPThis category of membership is for students in tertiary institutions of higher learning and those who require technical skills in the area of finance and control. All candidates for this category of membership must be at least twenty one years of age.

5.1.5. STUDENT MEMBERSHIPCandidature is open to all persons who meet the requirement as specified by the council provided that he/she attains a minimum of sixteen years of age. 5.2. DESIGNATING LETTERSThe various designating letters approved by the council of the institute for individual membership are; Fellow Member -fcifc Associate Member -acifc

6. SYLLABUS STRUCTURE

The Governing Council of the Institute is committed to a syllabus structure that will reflect the total yearnings of employers in the financial and non-financial sectors. It is in this spirit that this syllabus has been designed and will take immediate effect. This syllabus has been structured in a manner that the linkages between subjects have been included to enable candidates identify subjects that are related and develop adequate background knowledge for each level of the examinations.The syllabus is in five stages with the first stage representing the foundation. The second stage represents the intermediate stage. The third stage is the professional stages which culminate in the fifth stage where candidate specializes as a financial practitioner having been exposed to all aspects of finance and control, be it in the private or public sector.Overall, the number of subjects in the entire examinations is twenty four.

7. GENERAL REGULATIONS 1. Application for Membership

Application forms for membership registration are obtainable from the Institute’s website (www.ifcnnig.org) or from the National Secretariat/Head Office at 3, Balogun Street, Anifowose, Ikeja, Lagos or any of our zonal offices.

2. Payments: All payments must be made in cash, Bank draft, by Transfer or Bank Cheques in favour of the Institute of Finance and Control of Nigeria. On-line payments can be effected using ATM Cards.

3. Eligibility Candidature is open to all individuals from all disciplines and all sectors of the economy who are interested in becoming financial controllers

provided they meet the minimum qualification requirements as approved by the Governing Council from time to time.

4. Entry Qualification for Examination o For students who are attempting the Institute exam from the

beginning, should possess a minimum 5 credits at O’Level including English Language and Mathematics in not more than 2 sittings SSCE, NECO, G.C.E. or equivalent.

o Holders of National Certificate of Education (NCE) or National Diploma (ND) are also qualified to sit for the Institute’s examination. But can be granted exemption on relevant courses.

o Holders of First Degree or Higher National Diploma (HND) or professional qualifications or their equivalent from recognized institutions are qualified to sit for the Institute’s examinations at various levels depending on the relevance of their qualifications.

o Persons with several years of on-the-job experience without formal education can also be considered for the Institute’s examination.

8. EXEMPTION

S/N QUALIFICATON EXEMPTIONAPPLICATION

SUBJECT TO BE EXAMINED

1 Relevant Degrees such as:a. B.Sc in Financeb. B.Sc in Banking &

Finance/HND.c. B.Sc in Economicsd. B.Sc/HND Accountinge. B.Sc in Accounting/HNDf. B.Sc in Business

Administration/HND

All subjects in Foundation, Intermediate & Professinal I. Subjects to subjects exemption in Professional II

To write Subjects in Profession II and all Subjects III

2 Relevant Professional Qualifications such as ACA, ACCA, AICS, ACITN, ICSA, CIFA and so on.

All subjects in Foundation, Intermediate and Professional I.

Subject to subject in exemption in Professional II

To write subjectsProfessional II

and All Subjects in

Professional III

3 M.Sc in FinanceM.Sc in Banking & Finance

All subjects in Foundation, Intermediate, Professional I & II

To write all subjects in Professional III.

4 MBA, M.Sc, Ph.D in Social and Foundation (All To write

Management Sciences Subjects) Intermediate (All

Subjects) Professional I & II

(All Subjects).

Subjects in Professional II and (All Subjects) in Professional III

5 All other Degrees/HND and Professional Qualification such as ACIPM, ANIM, ANIPR etc.

Subject to subject exemption from Foundation to professional III

To write all papers not exempted from Foundation to Professional III

6 Candidates with wealth of experience

Exemption from subjects relevant to their work experience.

To write all papers not exempted from Foundation to professional III.

N.B: Exemption to be based on transcripts

Exemption FormsExemption Application form is obtainable at the Institute’s Head Office 3, Balogun Street, Anifowose, Ikeja. Alternatively, they can also be obtained on-line.

9. EXAMINATIONS Registration: Candidates for the examinations must have registered as

student members before enrolling for the examination. Examination numbers would be derived from student’s registration membership number.

Examination Diets and Entry Forms: The examinations shall be held bi-annually. The dates to be announced well in advanced to enable sufficient time for intending candidate to register and prepared for the examination.

C). Conduct of the examination The packets of question papers shall be opened by an accredited

examination superintendent in the presence of the candidates at the time of the examination.

Candidates must endeavour to quote their correct examination numbers on their answer scripts and adhere strictly to the examination rules and regulations.

RESULTS:Results shall be released promptly on line soon after each examination diet.

FEES:Examination entry forms must be accompanied by the relevant appropriate fees.

PAYMENTS:All payments must be made on line using ATM cards or at the Institute’s Head Office in Bank Draft or Bank Cheque payable to Chartered Institute of Finance and Control of Nigeria (CIFCN).

REFUND OF FEES:Once an entry has been accepted, there shall be no fees refund. However, fees can, on request, be transferred to the next examination diet only, after which it lapses. Any request for deferment must be made at least one month to the examination date.

CLOSING DATE:Examination entry forms with appropriate fees must be received by the Institute not later than the advertised date.

CHANGE OF CENTRES:Change of examination centre is allowed only as a result of change in location. Request for change of centre should be in writing and must be forwarded to the National Secretariat at least 4 weeks to the examination date.

Correspondence: In all correspondence with the Institute concerning examinations, candidates should please quote their membership numbers.

Discipline

Disciplinary actions as prescribed by the Governing Council shall be taken against any candidate found guilty of examination misconduct. Such disciplinary actions are as stated below;

S/N OFFENCES PENALTIES1 Bringing into the examination

hall, materials relevant to the examination, such as handsets, mini-computers, recording gadgets and any other implicating materials.

* Cancel the relevant paper at that examination.* Blacklist the student from taking the

Institute’s examination for a period as determined by examination committee.

* Inform the candidate’s employer where practicable

2 Proving cases of spying or copying from another candidate.

* Cancel the particular paper and issue a note of warning to the candidate

3 Impersonation * Blacklist the candidate from writing the Institute’s examination for life.* Inform the candidate’s employers.* If any member of the Institute is involved, a report shall be made to the investigating panel.* Handover the affected persons to the Police/ issue a disclaimer.

4 Assistance from Invigilator i) The Invigilator (a) Forfeiture of the invigilation honorarium.

(b) Backlisted from partaking in future invigilation exercise.

(c) If a member of the Institute, report to the Investigating Panel

ii) The Affected candidate* Penalties in a, b, c above depending on the extent of involvement.

5 Substitution of Prepared Answer Scripts

(1) The Person Assisting (i) If an examiner

* Backlisted and ban from future participation in the Institute’s examination.

* Report to the employer (ii) If a member * Report to his/her employer. * Report to the Investigating Panel. (iii) The Person Assisting

* Cancel all the candidate’s papers at that

All uniformed personnel like the army, Air force, Navy, police, etc. sitting for the institute’s examination are not expected to be in uniform. Cancellation of the paper N.B The Institute shall not enter into any correspondence with any individual or corporate body on account of the above listed penalties for examination offenders.

The Governing Council’s decision in all respect shall be final and no action shall lie against the Institute and/or its officers

FOUNDATION1. FOUNDATION

This stage is made up of only five courses; Business Communication skills, Business Management, Principles of Business Accounting and Principle of Economics, and Business Law/ Alternative to Dispute Resolution. At this stage, candidates are provided with solid knowledge about how businesses are formed and managed within the regulatory framework.

COURSES IN FOUNDATION BUSINESS COMMUNICATION SKILLSBUSINESS MANAGEMENTPRINCIPLES OF BUSINESS ACCOUNTINGPRINCIPLE OF ECONOMICS BUSINESS LAW/ALTERNATIVE TO DISPUTE RESOLUTION

1. COURSE TITLE: BUSINESS COMUNICATION SKILLAIM AND OBJECTIVES:The aim is to examine candidate’s competence to effectively communicate within the organ ization and improve interpersonal relationship.The paper on completion would be able to:(i) Enable candidate understand the importance of communication in an organization

(ii) Avail candidate of the opportunity of acquiring communication skills that would enable him perform his functions as a professional and in the organization

(iii) Enhance candidate’s ability and capacity to write effective business letters, memos, reports and proposals within a specific length

(iv) Understand grammatical rules and mechanics that relate to good use to language such as word classes, phrases, clauses, sentences, concord, punctuation marks, spelling etc.

(v) Know and master the writing of different types of essays as well as correspondence

(vi) Enable candidate to understand interpersonal and inter-group relationship

(vii) Understand the structures and uses of the communication systems, models and networks within and outside the organization

(viii) ensure that candidates know how to make introductory public speeches

STRUCTURE OF THE PAPERThe paper will be a three-hour paper, divided into three sections:SECTION A – (50 marks)This shall consist of 50 compulsory questions made up of 30 multiple choice and 20 short answer questions covering the entire syllabus.SECTION B – (20 marks)The question in this section shall be compulsory and will be based on either summary or comprehensionSECTION C – (30 marks)This shall consist of 3 questions, out of which candidates are expected to answer any 2 at 15 marks each.B. CONTENTS:1. Concepts of communication

- meaning and definition of communication- differences between oral and written communication- types of communication: interpersonal, graphic, verbal, non-verbal,

group written, visual aids - Elements of organizational communication- Formal communication system: vertical, horizontal and diagonal, semi-

formal and informal communication systems

- The role of receiver – message decoding- Barriers to effective communication, prejudice, post experience, time lag,

slangs, unfamiliar ascent- Communication ethics in conflict resolution, mediation and negotiation.

2. Communication Skills(i) Listening- meaning- types- essentials of effective listening(ii) Speaking- meaning- elements of good speech making:

Appropriate dress and grooming, good pasture and carriage, pleasant facial expressions, good manners, lack of distracting mannerism

- effective preparation

(iii) Reading- meaning- issues in efficient reading- types of reading: scanning and skimming study reading, critical reading- reading methods: SQ3R, O1C4R, PQRST etc.- poor reading habits(iv) Writing- legibility- clarity- use of abbreviation etc.

3. Use of Communication Skills(a) Comprehension and Summary, Types- Interpretation questions- Vocabulary questions- Questions on meaning- Grammar question: word, phrase, clause- Summary questions.- Opinion questions- Figure of Speech questions

(c) Essay Writing- Descriptive- Narrative - Argumentative

(d) Speech Making- Styles of writing different speeches- Effective and appropriate style

(e) Correspondence:- Letters- News letters- Circulars- Memorandum

(f) Report writing: forms, format, forms of presentation

(g) Advertisement- Types, advertising media- Target audience etc.

(i) Use of English(i) Vocabulary/English words- Antonyms- Synonyms- Homonyms- Homographs- Homophones - Slang- Slogans- Colloquialism- Collocation- Connotation- Denotation

(ii) Word classes (Parts of Speech) Adjective Verbs Noun

Adverbs Pronouns Prepositions Conjunction Interjections- Their meaning, form and usage

(iii) Phrases- Types and Functions

(iv) Clauses- Types and Functions

(v) Sentences- Meaning- Elements of a good sentence- Kinds of sentences- Functions of sentences- Problems associated with sentences construction e.g.* split infinitive* dangling modifiers* faulty parallelism etc.

(h) Tense distinction(i) Concord:

- Grammatical- Notional - Proximity, etc.

(j) Mechanics- Paragraphing- Punctuation marks- Spelling etc.

(k) Direct and reported speeches(l) Common errors(m) Pronunciation:

- Word stress- Sentences stress- Intonation, etc.

(n) Figurative expression:

- Figures of speech- Idioms- Parables- Proverbs etc.

2. COURSE TITLE: BUSINESS MANAGEMENT A. AIM AND OBJECTIVES: The course is concerned with the evaluation and comparative analysis of management decision making process. This involves planning strategies and objective setting as well as the use of forecasting as a guide to planning process of an organization.

B.LINKAGES:(a) Management Theory and Techniques(b) Economics(c) Psychology(d) Human Recourses Management

C. COURSE CONTENTS1. INTRODUCTION TO MANAGEMENT THEORY

- Definition of management and organization and their relationship- The role of management theory and techniques- Models and management, management as a process

2. DEVELOPMENT OF MANAGEMENT THOUGHT- Historical perspective, system theory and types- Management school of thought (contingency approach and dynamic

engagement approach)3. MANAGEMENT MODELS

- Defining models, managerial competencies, organizational functions, management duties and conduct

4. MANAGEMENT FUNCTIONS

- Management function (planning, organizing, directing, staffing, controlling. The linkbetween leadership and management)

5. PSYCHOLOGICAL ISSUE IN MANAGEMENT- Persuasion and attitude change. Factors determing job satisfaction

(Perception, Frustration, Learning, Personality). Personality attribute6. DECISION MAKING IN MANAGEMENT

- The decision making process, types of decision- Phases in the decision making process- Types of decision environments

7. POWER AND AUTHORITY- Sources of power, understanding authority and delegation, centralization

and decentralization of authority8. LEADERSHIP

- Definition and Theories of Leadership i.e. (Behavioural contingency and path-Goal Theories), Leadership components

9. MOTIVATION- Meaning/definition of Motivation, Theories of Motivation (Maslow’s

Theory of Needs, The ERG Theory, David McClelland etc.) Managerial or Leadership Grid

10. CONFLICT RESOLUTION- Causes of conflict, Globalization and conflict- Forms of conflict in organization- Nigeria sociocultural experience in conflict management- Traditional attitude to work

11. TOTAL QUALITY MANAGEMENT (TQM)- A brief history of TQM, Basic Element of TQM- Rational for TQM, Basic concepts of TQM

12. STRATEGIC HUMAN RESOURCES- Defining the company mission, strategic human resources planning. The

organizational frame work- Assessment of human resources needs. Job Analysis

13. PERFORMANCE APPRAISAL AND PARTICIPATION- Meaning of Performance Appraisal- Stages of Appraisal

- Management by Objective (MBO)- Participative Model in Management

3. COURSE TITLE: PRINCIPLE OF BUSINESS ACCOUNTINGA. AIM AND OBJECTIVES:The aim of Chartered Institute of Finance and Control of Nigeria syllabus in principles of account is to prepare the candidate for the institute’s examination.On completion of this paper, candidate should be able to:(i) Understand the relevance of accounting information in business organizations(ii) Use the basic knowledge of and practical skills in accounting(iii) Apply the knowledge of interpretation of accounting information to decision making(iv) Apply the skills acquired from information and communication technology

for present and future challengesB.LINGAGES:This paper has link with:

(a) Financial Management(b) Management Accounting(c) Corporate Finance

STRUCTURE OF THE PAPERThis will be a three hours paper divided into two sections:Section A (50 marks):This shall consist of 50 compulsory questions made up of 25 multiple choice questions and 25 short answers question covering the entire syllabus.Section B (50 marks):There will be six questions out of which, candidates are expected to attempt any four at 121/2 marks each.

C.CONTENTS:(1) Nature and significance of accounting(a) Development of accounting

- difference between book keeping and accounting

- objectives of book keeping

- branches of accounting (b) Principles, concepts and conventions of accounting (nature, significance and application)(c) Role of accounting records and information.

(2) Principles of Double Entry(a) Functions of source documents(b) Book of original entry(c) Accounting equation(d) The ledger and its classifications

- the role of double entry in posting transactions into various divisions of the ledger(e) Trial balance(f) Types and treatment of errors and use of suspense account(3) Cash Book(a) Meaning and types of Cash Book

- Petty cash book and the impress system(b) Columnar cash books: Two and three columnar cash books and how

transactions are recorded in them(c) Discounts: Differentiate between trade and cash discounts(4) Use of computer application packages in :(a) Sales and purchase ledger(b) Control Accounts(c) Payroll administration and accounting (d) Stock valuation(e) Bank reconciliation statement

(5) Preparation of Simple Financial statements/income statements(a) Trading, profit and loss account(b) Balance sheet(c) Adjustments

(i) Provision for bad and doubtful debt(ii) Provision for discounts(iii) Provision for depreciation using straight-line and reducing balance methods

(d) Simple manufacturing accounts(i) Cost classification(ii) Cost apportionment

(e) Accounts of not-for-profit making organizations(i) Receipts and payment account(ii) Income and expenditure account

(f) Ethical rules in financial reporting

(6) Incomplete Records (Single entry)(a) Conversion of single entry to double entry(b) Determination of missing figures(c) Preparation of final account from incomplete records

(7) Control Accounts(a) Sales (debtors) and purchases (creditors)(b) Different types of errors and corrections of errors (including journals)(c) Reconciliation of control account with ledger, sales ledger, purchases

ledger.

(8) Departmental accounts(a) Objectives(b) Apportionment of expenses(c) Departmental trading and profit and loss account

(9) Branch Accounts(a) Objectives(b) Branch accounts in the head office(c) Head office account(d) Reconciliation of branch and head office books

(10) Partnership Accounts(a) Instruments for partnership formation(b) Profit and loss account(c) Appropriation account(d) Partners current and capital accounts(e) Treatment of goodwill(f) Admission/retirement of a partner

(g) Dissolution of partnership(h) Conversion of a partnership to a company

(11) Introduction to company account(a) Formation and classification of companies(b) Issue of shares and debentures(c) Forms of final accounts of companies(d) Interpretation of accounts/financial statements using ratios(e) Distinction between capital and revenue reserves(12) Public Sector Accounting(a) Comparison of cash and accrual basis of accounting(b) Sources of governmental revenue(c) Capital and recurrent expenditure(d) Consolidated revenue fund(e) Statement of assets and liabilities(f) Responsibilities and powers of:

(i) The Accountant General(ii) Auditor General(iii) The Minister of Finance(iv) The Treasurer of Local Government

(g) Instruments of financial regulation

D. RECOMMENDED TEXTBOOKS

Anao, A.R. (1993) An Introduction to Financial Accounting, Benin-City; Longman.

Asaolu, A.R. (2005) Financial Accounting for Schools and Colleges, Ibadan: Spectrum Books Ltd.

Igben, P.O. (1999) Financial Accounting Made Easy, Lagos R.O.I. Publishers.

Ifede, D. and Obesesan, D.O.O.(1995)

Accounting for Banking Students, Lagos: Achievers Group.

Isimoya, D.G. (1995) Book-Keeping Accounting: Lagos: Management Science Centre.

Lucey, T. (1989) Costing, London: DP Publication Ltd.Magee, C.C. and Ola C.S. Framework of Accounting, MacDonalds and Avans

(1986) Accounting for Examination; Ibadan; University PressOmolehinwa, E. (1996) Foundation of Accounting, Lagos: Punmark PublishersOmolehinwa, E. (1996) Coping with Cost Accounting, Lagos: Punmark Nigeria

Ltd.Sanni A.A. (2005) Basic Accounting Course For Beginners and Non-

Accountants, Lagos: Femdas (Nig.) Enterprises.

4. COURSE TITLE: PRINCIPLE OF ECONOMICS A. AIM AND OBJECTIVES It is designed to prepare and test candidate with basic economic principles that would enable them function as financial analysts in any area of their life endeavor.The paper if completed, should enable the candidate achieve the following course objectives, which are to:(i) Demonstrate sufficient knowledge and understanding of meaning, scope

and basic economic concepts, tools and their general applications to economic analysis.

(ii) Identify and explain the general economic environment and its characteristics in which individuals, firms, government bodies (Federal, State and Local) and other economic units and institutes operate.

(iii) Identify and appraise economic tools, theories and other basis for rational economic decisions.

(iv) Know and understand the role of Regional and International economic organizations in the region and their impact on the domestic economy.

(v) Develop the capacity and competence to identify and proffer solutions to economic problems.

B. LINGAGES:(a) Management theory and Practice(b) International Finance(c) Business Finance

C. STRUCTURE OF THE PAPER

The paper will be a three hour paper divided into two main sections.SECTION A (50MARKS)This shall consist of 25 multiple choice questions and 25 short answer questions. Questions from this section will cover the entire syllabus.SECTION B (50MARKS)This shall consist of seven questions drawn from both microeconomics and macroeconomics out of which candidates are expected to attempt any four at 121/2 marks each.

D. CONTENTS:MICRO- ECONOMICS(1) AN INTRODUCTION TO ECONOMICS AND ECONOMY(a) Definition and scope of Economics(b) Basic economic concepts – wants, scarcity, choice, opportunity cost, scale

of preference, rationality, productions, distribution, exchange, production possibility curve (PPC) etc.

(c) Basic economic problems of the society- what, how, for whom to produce(d) Divisions of economics

(i) Microeconomics(ii) Macroeconomics

(e) Economic system(i) Types: free enterprises, centrally plan, mixed economies(ii) Solutions to economic problem under different systems(iii) Contemporary issue in economic systems (e.g. economic reforms, deregulation etc.)

(f) Methods of Economic Analysis(i) Inductive and deductive methods(ii) Positive and normative reasoning

(g) Basic tools for Economic Analysis

(2) Theory of Value(a) Meaning and determination of demand and supply(b) Demand and supply schedules and curves(c) The distinction between change in quantity demanded/supplied and

changes in demand/supply(d) Types of demand and supply

(e) Exceptions to the laws of demand and supply(f) Determination of equilibrium price (g) The effects of changes in demand and supply on equilibrium price and

quantity(h) Price control and its effects(i) Elasticity of demand and supply – Types, numerical evaluation,

determinants, interpretation and application(j) The theory of production continues(k) Meaning of Revenue-: total revenue, average revenue and marginal

revenue(l) Division of Labour-: meaning, advantages, disadvantages and limitations(m) Industry and industrialization –: concepts and effects of location and

localization of industry in Nigeria(i) Problem of industrialization strategies (e.g. export promotion, import substitution etc.)(ii) Factors influencing the location and localization of industry in West African sub-region

(n) Business Organization (i) Private enterprise (e.g. sole – proprietorship, partnership, limited liability companies

and cooperative societies – types, features, advantages and disadvantages

(ii) Problems of private enterprises (iii) Public enterprises- meaning, features, advantages and disadvantages (iv) Privatization, commercialization as solutions to the problems of public

enterprises, Nationalization and deregulation.

(3) The Theory of Consumer Behaviour(a) Basic Concepts

(i) The utility theory (cardinal, ordinal, total average and marginal utilities)(ii) Diminishing marginal utility and the law of demand

(b) The indifference curve theory and budget line(i) Income and substitution effects(ii) Consumer surplus and producer surplus

(4) The Theory of Production(a) Meaning, Types and factors of production(b) Rewards to factors of production

(i) wages, rent, interest and profit(ii) the concepts of economic rent, quasi rent and transfer earnings

(e) Short run and long run in production(d) The concept of total, average and marginal productivity(e) The law of diminishing return/variable proportion(f) Scale of production and law of returns to scale(g) Economies and diseconomies of scales predominance of small firms

(5) The Theory of Cost(a) The concepts of Cost- Total, fixed, variable average and marginal costs-

Their behavior and relationships(i) other cost concepts – money cost, real/opportunity cost, social cost, explicit cost, implicit cost

(b) Accountants and Economists notions of cost(c) Short-run and Long run cost(d) The relationship between marginal cost and the supply curve of the firm(6) Market Structure(a) Perfectly competitive market

(i) analyse the assumptions and characteristics of a perfectly competitive market

(b) Imperfect market(i) analyse the assumptions and characteristic of imperfect market

(c) Distinction between perfect and imperfect market(d) Price and output determination in the short-run and long-run under the

conditions of perfect competition, monopoly and monopolistic competition(e) Break-even/shut-down analysis in the various markets(f) Sources and control of monopoly power(g) Mergers and acquisitions, their advantages and disadvantages

MACRO ECONOMICS(7) National Income(a) Meaning and definition of National Income Accounting

(b) National income accounting concepts – Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), National Income (NI), personal Income (PI) and Personal Disposable Income (PDI)

(c) Methods of measuring the National Income and the associated problems(d) The circular flow of income (three-sector model)(e) Uses and limitations of national income statistics(f) Determinants of the size of national income(g) The concepts of consumption, savings and investments(h) Equilibrium National Income Determination(i) The concepts of multiplier and Acceleration theory

(8) Money(a) Money and Banking- Definition, evaluation, functions, characteristics,

types and nature(b) Demand for and supply of money(c) Quantity theory of money (Fishers equation)(d) Banking: Types and functions

(i) Commercial banks and money creation(ii) Central bank, merchant banks(iii) Universal banking system concept(iv) Development banks, Deposit Insurance Corporation, Insurance companies and other Financial Institutions

(e) Money and Capital Markets – institutions and instruments(f) Monetary policy and its instruments(g) Challenges facing the banking industry in Nigeria (reforms, consolidation)(h) The role of banks in economic development

(9) Public Finance(a) Meaning and objectives(b) Sources of government revenue and pattern of expenditure(c) Principles of taxation(d) Public debts and governmental budget(e) Fiscal policy – meaning, targets and instruments(f) Revenue allocation and Resources Control in Nigeria

(10) Inflation and Unemployment

(a) Meaning, types, causes, effects and control of inflation in the economy(b) Meaning, types, causes, effects and control of unemployment in the

economy(c) Problems of Inflation and unemployment in West African subregion and

probable control measures

(11) International Trade(a) Meaning and basis for international trade(b) Theories of Absolute and comparatives cost advantages(c) Terms of trade, balance of trade and balance of payments and their

corrective measures(d) Merits and demerits of international trade(e) Trade barriers and argument for and against protectionism (f) Exchange rate – meaning, types and determination(g) Meaning and economic implications of currency devaluation, revaluation,

depreciation and appreciation(h) Globalization and developing economies

(12) International Economic organizations(a) Roles and relevance of international organization:

(i) The World Bank Group - International Bank for Reconstruction and Development IBRD) - International Finance Corporation (IFC) - Multilateral Investment Guarantee Agency (MIGA) - International Monetary Fund (IMF)(ii) African Development Bank (ADB) Group - African Development Bank (ADB) - African Development Fund (ADF)

(b) The Nigerian trust Fund (NTF)(c) Meaning and levels of Economic integration(d) The Economic Community of West African States (ECOWAS)

Organization of Petroleum Exporting Countries (OPEC)(e) United Nations Conference on Trade and Development (UNCTAD)(f) General Agreements on Trade and Tariff (GATT)(g) World Trade Organization (WTO)(h) OECD etc.

(13) Agriculture in Nigeria(a) The role of agriculture in economic development(b) Characteristics and problems of Agriculture(c) Effects of agriculture policies(d) Instability in agricultural income (causes, effects and solutions)

(14) Economic Growth and Development(a) Meaning and scope(b) Indicator of growth and development(c) Characteristics of developing countries(d) Factors affecting growth and development(e) Problems of development in Nigeria(f) Developing of planning in Nigeria

(15) Petroleum and the Nigerian Economy(a) Development of the Petroleum Industry in Nigeria(b) Contribution of Petroleum to the Nigerian economy(c) Establish the linkages between petroleum and other sector(d) Upstream/downstream activities(e) Analyze the environmental effect of exploration activities in Nigeria.

E. RECOMMENDED TEXT BOOKS:Ajibola, R. (2006) Economics, Principles and Practice, Lagos; AVL

PublishersBegg, Detal (2003) Economics, Seventh Edition; London: McGraw-Hill.Jhingan, M.L.. (2005) Principle of Economics, Delhi: Vrindal

Publication(P) Ltd.Nwankwo, G.O. (1982) Basic Economics, London:CUP.Samueulson, P.A. and Nordhaus, W.D, (2004)

Economics, New Delhi;Tata McGraw-Hill Publishing Co. Ltd.

Oswald, D.B.,John, D.M, and David, F.S.

5. COURSE TITLE: BUSINESS LAW/ALTERNATIVE TO DISPUTE RESOLUTIONA. AIM AND OBJECTIVES:It is designed to prepare and test the candidates’ knowledge of legal aspect of business they will face day to day.When the paper is fully completed, candidate should be able to:(i) Know the nature, structure and functions of business law within the legal systems(ii) Be abreast with meaning, rules and regulations of Law of contract that

would characterize part of their activities in their work environment(iii) Apply and explain the implications of their actions or that of others in

course of discharging their duties(iv) Know and understand the nature and implication of binding agreements in

business(v) Identify and explain negotiable instruments or documents in commercial

and financial transactions to secure the payment of money B.LINGAGES:

(a) Law(b) Ethics(c) Corporate Governance

C. STRUCTURE OF THE PAPERThe paper will be three hour paper divided into two sections:Section A:This shall consist of 50 compulsory questions made up of 25 multiple choice questions and 20 short answer questions covering the entire syllabus.Sectio n B (50 marks):This section consist of 6 questions out of which, candidates are expected to answer any four at 121/2 marks each.

D. CONTENTS(1) Law of Contract(a) Nature and formation of a valid contract offer, acceptance, consideration,

contractual capacity intention to create legal relations- essentials of valid contract- terms of contract e.g. Conditions warranties

- vitiating elements in contracts- discharge, frustration and breach of contracts- remedies for breach of contracts.

(b) Law relating to sale of goods- sale of goods Act- principle of transfer of property and risk- describe valid contract for sale of goods and/or supply of goods and services

(2) Law as it relates to supply of labour, goods and services- explain the principle of vicarious liability as it applies to employees and

employers- recognize the consequence to the employer when other place orders for

supply of goods

(3) The Law of Agency - meaning and nature of Agency- types of Agents- duties and responsibilities of an Agent- disclose and undisclosed principal and the legal consequences- identify factors leading to termination of contract- the rights of principal and third party after termination of Agency

(4) Law of Partnership- define and classify Partnership- formation of Partnership- rights and duties of Partners- the legal positions and consequences arising from action of Partners

with third parties- factors leading to dissolution of partnership- the handling of Partnership assets and liabilities upon dissolution

(5) The Law of Insurance- definition of insurance- the concept of insurable interest- the concepts of (i) indemnity (ii) subrogation- the doctrine of uberrimaefidei

- types of insurance policies and their legal applications- explain re-insurance

(6) Negotiable Instruments- definition of Negotiable Instruments- types of Negotiable Instruments- state the functions of negotiable Instruments in business transaction- mention parties to Negotiable Instruments in business transactions- the rights of interested third parties

(7) ALTERNATIVE DISPUTE RESOLUTION

2. DISPUTE RESOLUTION THEORY

a Theory of Conflict and Conflict Management.

b Negotiation Theories and Methods.

c Methodology for Conflict Resolution

d Context of Dispute Resolution.

e Dimensions of ADR

f Case Studies on ADR Scenarios

3. MEDIATION PROCESSES

a Introduction to Mediation

b Importance of Mediation

c Agreeing to Mediation and Understanding the Problems

d Possibilities to the use of Mediation

e Adjudication versus Mediation

f Cross Cultural Dimensions of Handling Dispute Resolution

g Lawyers Role while Representing Parties in a Mediation

4. MEDIATION PREREQUISITES

a Mediation Skills

b Mediation Roles and Functions

c Mediation Strategies

d Mediation Directives

e Mediation Contract

f Mediation Ethics

5. TYPES OF MEDIATION

a Civil and Commercial Mediation

b Family Mediation

c Employment Mediation

d Victim-offender Mediation

e Community Disputes and Mediation

f Multi-party Public Policy Negotiations and Mediations

6. OTHER TYPES OF ALTERNATIVE DISPUTE RESOLUTION

a Non-binding evaluative ADR

b Choice and Timing of Process use

c Motivations to society to use ADR methods

d Prospects and Challenges of ADR in business and non-business organizations

e Differences between Alternative Dispute Resolution and Litigation

f Different Approaches to ADR Negotiations

7. CONTEMPORARY ADR RELATED ISSUES

a Litigation & ADR

b The ADR Movement & Institutionalization

c The Settlement Debate

d Choosing the Process

e Adversarial and Problem-Solving ADR Roles

Adversarial Negotiation Strategy & Tactics

Problem-Solving Negotiation Strategy and Tactics

Negotiation Strategies & Negotiation Ethics

The Negotiator’s Dilemma: Choosing a Strategy

Legal Framework for ADR

8. Arbitration Process

a Concept and essential Features of Arbitration

b The Practice & Procedures of Private Arbitration

c Arbitration in International and Nigerian law

d Agreement to Arbitrate

e Types of Arbitrators and venue

f Deciding Whether to Use Arbitration

g Arbitration Proceedings and Presentations

h Arbitration Award, Recognition and enforcement

SE.RECOMMENDED TEXTBOOK:Abiola Sanni (2005) Introduction to Nigerian Business Law in Nigeria, with

Model Questions & Answers; Malthouse Press Ltd.

Goldface Irokalibe I.J. (2007)

Law of Banking in Nigeria; Malthouse Press, Lagos.

Okany M.C. (1992) Nigeria Commercial Law, Onitsha: Africana Publishers.

Omojola, F. (2004) General Principle of Business and Corporate Law, Lagos:

Tobi, N. Law of Contract, Lagos: Mabrochi International

Abiola, Sanni, (2000) Introduction to Nigerian Business Law in Nigeria; Malthouse Press.

M.O. Adesanya, E.O. Oloyede

Business Law in Nigeria

Nicholas James. Business Law; John Wiley & Sons Australia Ltd. 3rd

(2013) Edition

Laurie, S. & Coltri, J.D. (2009).

Alternative Dispute Resolution: A Conflict Diagnosis Approach (2nd Edition)

Martin A. Frey (2002). Alternative Methods of Dispute Resolution

Tania Sourin (2016). Alternative Dispute Resolution (5th Edition). New York: Thompson Reuters.

INTERMEDIATEIntermediate

The number of courses at this stage is five; Fundamentals of Finance, Managerial Economics

and Quantitative Techniques, Insuring Financial Services/ Risk Management and Marketing

of Financial Services. The knowledge acquired at this stage, is a build-up from the earlier

knowledge which altogether enables candidate develop analytical mind that will help him/her

perform optimally.

COURSES IN INTERMIDIATE

FUNDAMENTALS OF FINANCE

MANAGERIAL ECONOMICS

QUANTITATIVE TECHNIQUES

INSURING FINANCIAL SERVICES/ RISK MANAGEMENT

MARKETING OF FINANCIAL SERVICES

1. COURSE TITLE: FUNDAMENTALS OF FINANCE

A. AIM AND OBJECTIVES

It is designed to prepare and test the candidate with rudiments of finance which enable them

to understand the basics terms and practice of finance.

Upon successful completion of this course, the student will be able to:

(i) Explain the objectives of the financial manager and how the structure of a corporation

affects financial decisions.

(ii) Explain how the financial manager uses and analyzes the income statement, the

balance sheet statement, and the statement of cash flows to make better informed

decisions.

(iii) Explain the concept of time value of money and how the present value calculation is

Related to the future value calculation.

(iv) Explain the rules and methods in capital budgeting when making financial decisions.

(v) Explain how the financial manager makes financial investment decisions when

confronted with issues of risk and uncertainty while considering different risk

preferences.

(vi) Explain the different components of a company’s capital structure.

(vii) Explain the Modigliani-Miller theorem in finance.

(viii) Apply the WACC formula for estimating a company’s cost of capital.

(ix) Explain the use of the CAPM model for estimating valuations of a company’s rate of

return.

(x) Use Excel to prepare an analysis of a company’s financial statements and stock data.

B. LINGAGES:

(a) Business Finance

(b) Financial Economics

(c) Statistics

(d) Accounting

(e) Marketing

C. CONTENTS

1. Introduction To Finance, Financial Statements, And Financial Analysis

- Explain how stocks and bonds function and their major issues in corporate

structure.

- Explain how the financial manager uses the income statement, the balance sheet

statement, and the statement of cash flows to make better informed decisions.

- Compute the major financial ratios in order to evaluate a company’s performance

compared to similar companies or to itself overtime.

- Develop pro-forma financial statements in order to estimate the future performance

of a company.

- Use Excel to prepare an analysis of a company’s financial statements.

2. Introduction to Concepts in Finance  

- The goal in finance

- Stocks and bonds

- The ethical dilemma of finance manager

3. Stock, Bonds, and Corporate Structures  

- Difference between stocks and bonds

- The structure of a corporation e.g. how IBM has performed over the years

4. Financial Statements  

- Components of a balance sheet statement, an income statement, and a cash flow

statement. 

- Definitions of the different types of cash flows

5. Accrual Basis Accounting vs. Cash Accounting  

- Their differences should be clearly explained

6. Financial Ratios  

- The price-per-earnings ratio (P/E ratio). 

- The gross margin ratio etc. and their formulas

7. Pro Forma Financial Statements 

- Preparation of Proforma Financial Statement

8. Using Excel in Applications of Financial Ratio Analysis 

- Steps in analyzing financial data

9. Time Value of Money

- The concept and definition of time value of money

- Future Value, meaning and definition

- Present Value meaning and definition and

- Interest Rates

- Computation of rate of return and how they are used in making financial decisions

- When to apply a simple interest calculation versus a compound interest

- Computation of future value and present value of an amount using one period and

multiple periods

- Value and compounding

10. Present Value and Discounting 

- Its mathematical calculations

11. Variable Rates of Return 

12. Inflation Rate 

- Adjustment of interest rate in the present and future value calculations

- The role of inflation rate in a capital budgeting decision

13. Treasuries and the Yield Curve 

- Treasuries and the Yield Curve

- Reasons for the upward slope of the yield curve

- Corporate Insights about Time-Varying Costs of Capital

- The basic risk-free rate that companies consider when comparing rates of returns of

their investment projects

14. Perpetuities and Annuities  

- The concept and meaning

15. Capital Budgeting Techniques 

- The concept of capital budgeting and how to evaluate investment projects using the

net present value calculations

- Internal rate of return criteria

- Profitability index

- Payback period method

- How cash flows affects investment decisions

- How to calculate incremental cash flows when evaluating a new project

- Capital Budgeting and Net Present Value 

- Capital budgeting rules (In Net Present Value)

- Net Present Value formula

- Internal Rate of Return, definitions, formula and its rule

- Profitability Index: definition, formula and its rule

- Payback Period Method: definition, formula and its rule

- Evaluating Projects Incrementally  

16. Initial Investment  

- Meaning and concept

- MACRS Depreciation method

- Incremental Operating Cash Flows  

- Terminal Cash Flow 

- Risk and Return: The relationship between risk and return

- Computation of level of risk by calculating expected values and standard deviation

- Handling of risk in a portfolio with different investment etc.

17. Expected Value 

- Meaning, concept and formula

- Standard Deviation meaning and formula

- Risk-Return Tradeoff  

- Uncertainty in Capital Budgeting: uncertainty, default and risk

- Risk and Reward in a Portfolio  

- Risk Diversification in a Portfolio  

- Risk of Stock Investments and Market Betas  

- Using Excel in Applications of Risk  

18. Corporate Capital Structure, Cost Of Capital, And Taxes 

- Theory of Capital structure

- Meaning and concept of capital structure

- Formula used when comparing a company’s return to the cost of capital

- The weighted average cost of capital (WACC)

- Effect of Tax policy on company’s true cost of capital

- Capital structure finance theory: capital structure in a perfect market, maximization

of equity value or firm value, Modigliani and Miller : The informal and formal ways 

- Definition, formula and application of CAPM model.

D. RECOMMENDED TEXTBOOKS:

1Andrea Bennett, Jenny Parry and Carolyn Wirth (2009)

Financial institutions and markets, personal finance, financial management; Pearson Education New Zealand Ltd.

2 Jan Hendrik Kriek , Este Beekman, Giep Els, R van Gaalen. (2015)

Fundamentals of Finance; LexisNexis, South Africa; 6th Edition

3 Van Horne James C., John M. Wachowicz, (2009)

Fundamentals of Financial Management; Prentice Hll; 13th Edition.

4 Kabelo Moeti, Titos Khalo, John Mafunisa (2007)

Public Finance Fundamentals; Juta Academic.

5 John Lodewijks, Mehdi Monadjemi Money and Monetary Policy in an Open Economy; Bookboon; 1st Edition.

2. COURSE TITLE: MANAGERIAL ECONOMICS

A. AIM AND OBJECTIVES

This is an aspect of economic theory which is often used as a tool for analyzing business

problems so as to make rational profit oriented business decision. It deals with theories, logic

and methodology which are applied to seek solution to use practical problems of business.

B. LINKAGES:

(a) Financial Economics

(b) Management theory and Practice

(c) Business Finance

(d) Financial Management

C. CONTENTS:

1. INTRODUCTION TO MANAGERIAL ECONOMICS

- Meaning and definition of managerial economics. Reasons for managerial

economics Business decision and economic analysis. Environmental constraints

to decision making

2. THE THEORY OF THE FIRM

- Business objectives. The Marginal concept. The concept efficiency

3. INPUT-OUTPUT TRANSFORMATION- The Production Theory

- Production function, Isoquants and choice of production techniques. The Marginal

rate of technical substitution

4. COST CONCEPTS AND MANAGERIAL DECISION MAKING

- Cost concept (Fixed and Variable). Average, Marginal and Total costs. Economics

of scale

5. CONTRIBUTION AND BREAKEVEN ANALYSIS

- Fixed and Variable costs in making output decision

6. THE PRICING THEORY AND CONCEPT

- Price Elasticity, Marginal cost pricing, Peak load pricing, predatory pricing

7. THE MARKET STRUCTURE AND NATURE OF COMPETITION

- A firm’s supply decision under perfect market competition, Profit maximizing,

Pricing and Output decisions under monopoly. Other case of imperfect competition

8. CONSUMERS EQUILIBRIUM

- Conditions for consumer’s equilibrium. Budget line, Indifference curves. Utility

(Concept of total average and marginal utility)

9. THEORY OF GROWTH OF A FIRM

- Introduction to Theory of growth constraints to theory of a firm i.e. (Financial and

Demand constraints, Marginal constraints and diversification, Stock valuation

theory)

D. RECOMMENDED TEXTBOOKS:

1 Dwivedi, D.N. (2015) Managerial Economics; Vikas Publishing House, Pvt

Ltd., India

2 Samuelson ,William F.(2014) Managerial Economics, Wiley; 8th Edition.

3 Gupta, G.S. (2011) Managerial Economics; Tata McGraw-Hill

4 Mote V.L.,Samueal Paul, Gupta

G.S. (2007)

Managerial Economics: Concepts and Cases;

McGraw-Hill

5 Srinivas R. Rao Managerial Economics;

6 Dominick Salvatore, Jamaliah

Mhd Khalili & Arlinah Abdul

Rashid, Ismadi Ismail. (2012)

Essentials of Managerial Economics; Oxford

University Press.

3. COURSE TITLE: QUANTITATIVE TECHNIQUESA. AIM AND OBJECTIVES

This paper is intended to provide candidate with the theoretical knowledge in the use of

mathematical tools in solving management problems.

On completion of the paper, candidate would be able to:

( i) understand the development of and role of quantitative techniques in business

(ii) Apply matrix algebra and linear programming model in solving business and related

problems

(iii) Make an informed decision through the use of both qualitative and quantitative

methods

(iv) Reason out of the real problem by developing mathematical and financial models that

would enhance his understanding of the problem

(v) Enhance his capacity to deal with many problems he might encounter in his

professional career

B. LINKAGES:

(a) Business Mathematics

(b) Statistics

(c) Economics

(d) Corporate Finance

(e) Research Methodology

C. STRUCTURE OF PAPER

The paper will be a three-hour paper divided into two sections

SECTION A (50 marks)

This shall consist of 50 compulsory questions made up of 25 multiple choice questions and

25 short answer questions covering the entire syllabus

SECTION B (50 marks)

This section consist of six questions out of which candidates are expected to answer four

questions, at 121/2 marks each

D. CONTENTS

1. STATISTICS

(a) Statistical Data

(i) Collection of Statistical Data

- Primary and secondary data

- Discrete and continuous data

- Sources of secondary data: advantages and disadvantages

- Internal and external sources of data

- Mail questionnaire, interview, observation, telephone: advantages and

Disadvantages of each method

(ii) Sampling Methods

- Purpose of sampling

- Methods of sampling: simple, random, stratified, systematic, quota,

multistage, cluster

- Advantages and disadvantages of each method

(iii) Errors and approximations

- Errors, level of accuracy and approximations

- Types of errors: absolute, relative, biased and unbiased

- Laws of error including simple calculations of errors in sum difference,

product and quotation

(iv) Tabulation and classification of Data

- Tabulation of data including guidelines for constructing tables

(v) Data Presentation

- Frequency table construction and cross tabulation

- Charts: bar charts (simple, component percentage component and multiple),

Pie Chart, z-chart and Gantt chart

- Graphs: Histogram, Polygon, Ogives, Lorenz curve

(b) Measures of Location

(i) Measures of Central Tendency: arithmetic mean, median, mode, geometric

and harmonic mean. There are characteristics of each.

(ii) Members of Partition: Percentiles, deciles and quartiles

(c) Measure of Variation/Spread/Dispersion, range, mean deviation, variation,

standard deviation and skewedness (all both grouped data and ungrouped data)

- Estimation of quartiles and percentiles from ogive

(d) Measure of Relationship

(i) Correlation (Linear)

- Meaning and usefulness of Correlation

- Scatter diagrams, nature of Correlation (Positive, Zero, Negative)

- Correlation co-efficient – meaning, its date and interpretation

- Spearman’s correlation co-efficient Pearson product moment correlation

(ii) Regression Analysis (Linear)

- Normal equations/least squares

- Method and the determination of the regression line

- Interpretation of regression constant and regression co-efficient

- Use of regression line for estimation purpose

(e) Time Series

- Meaning of Time Series

- Basic components of Time Series, the two models

- Methods for measuring trend i.e. graphically

- Moving averages, least squares, semi-average

- Methods of determining seasonal indices i.e. average percentage, moving average, link

relation ration to trend and smoothening

(f) Index Numbers

- Meaning

- Problems associated with the construction of index numbers

- Unweighted index i.e. sample aggregative index, mean of price relatives

- Weighted index numbers e.g. use Laspeyre, Paasche, Fisher and Marshall Edgeworth

(g) Probability

- Definition of Probability

- Measurement (additional and multiplication laws applied to mutually exclusive,

independent and conditional events)

- Mathematics expectation

(h) Estimation and significance Testing

(i) Internal Estimation

- Confidence internal concept and meaning

- Confidence internal for single population mean and single population proportions

- Point estimation for mean, proportion and standard error

(ii) Hypothesis

- Concept and meaning

- Types (Null and alternative)

(iii) Type I and type II errors: level of significance

(iv) Testing of hypothesis about single population mean and single proportions for

small and

large samples.

(v)Sampling distribution of sample means and single proportions including their

standard errors

2. Business Mathematic

(a) Functional Relationships

- Definition of a function

- Types of functions: linear, quadratic, logarithmic, exponential and their logarithmic,

exponential and their solutions including graphical treatment

- Applications involving cost, revenue and profit functions

- Break-even analysis

- Determination of break-even point in quality and value, significance of break-even

point.

- Simple linear inequalities not more than two variables including graphical approach

(b) Mathematics of Finance

- Sequences and series (Limited to arithmetic and geometric progression) sum to

infinity of a geometric progression (business applications)

- Simple and compound interests

- present value of simple amount

- present value of a compound amount

- Annuities

- types of annuities e/g ordinary and annuity due

- sum of an ordinary annuity (sinking funds)

- present value of an annuity

- Net Present Value (NPV)

- Internal Rate of Return (IRR)

(c) Differentiation

- Meaning of slope or gradient or derivative

- Rules for differentiating the following functions: Power (e.g. Y=ax), product quotient,

function of functions, exponential, implicit and logarithmic functions

- Applications of a differential e.g. funding marginal, elasticity, maximum and minimum

values

- Simple partial differentiation

(d) Integration

- Rules for integrating simple functions only

- Appreciations of integration in business e.g. finding total functions from marginal

functions, determination of consumers and producers surpluses

3. Operations Research

(a) Introduction

- Main stages of an Operation Research (OR) project

- Relevance of Operation Research in business

(b) - Linear Programming

- Concept and meaning (as a resource allocation tool)

- Underlying basic assumptions

- Problem formulation in linear programming

- Methods of solution

* Graphical methods (for 2 decision variables)

- Interpretation of results

* Results from tab lean

* Results from simplex method shadow price, marginal value, worth of resources

* Determination of dual shadow costs

(C) Inventory and Production Control

- Meaning of an inventory

- Functions of inventory

- Inventory cost e.g. holding cost, ordering costs, hostage costs, costs of materials

- General inventory models e.g. deterministic and stochastic model: periodic review

system and

re-order level system

- Basic Economic order quantity (EOQ) model including assumptions of the model

(d) Network Analysis

- Critical Path Analysis (CPA) and Programme Evaluation and Review Technique

(PERT)

- Drawing the network diagram

- Meaning of critical path and how to determine it and its duration

- Calculation of floats or spare times

(e) Replacement Analysis

- Replacement of items that wear gradually

- Replacement of items that fail suddenly

(f) Transportation Model

- Nature of transportation models

- Balanced and unbalanced transportation problem

- Methods for funding initial basic feasible transportation cost. North West Corner

Method

(NINCM). Least cost method (LCM) and Vogel’s Approximation Method (VAM)

E. RECOMMEDED TEXT BOOKS.

Agbadudu, A.B. (1990) Quantitative Techniques for Business, Lagos: Lagos

University Press.

Francis, A. (1988) Business Mathematics and Statistics, London: D.P.

Publication Ltd.

Lucey, L. (1994) Quantitative Techniques, London: D.P. Publications

Mason, R.D. (1978)Statistical Techniques in Business and Economics,

Irwin: Ontano

Sharma J.K.Quantitative Techniques for Managerial Decisions,

Vishal Pandey, Tulsian P.C.Quantitative Techniques: Theory and Problems

Umeshkumar, Dubey,

Kothari, D.P., Awari, G.K.

Quantitative Techniques in Business, Management

and Finance: A case Study Approach.

4. COURSE TITTLE: INSURING FINANCIAL SERVICES/RISK

MANAGEMENT A. AIM AND OBJECTIVES:

The general aim of the paper is to enable candidates understand the process of insuring

financial services in the financial services sector. Important topics of interest dwell on the

nature of insurance, risk and uncertainty facing financial institutions, nature of the insurance

environment in Nigeria; and the role of deposit insurance in financial services institutions.

Specifically, the objectives are to examine candidates’:

In-depth understanding of the relevant insurance principles and underlying legal

framework of organizing and insuring financial services in the financial services

sector.

Explain and describe the concept of deposit insurance for deposit money financial

institutions in the financial services sector.

Outline the nature and evolution of insurance in the financial services sector.

Understand the role of deposit insurance within the framework of financial safety net..

Explain the objectives and activities of deposit insurance and related insurance

facilities for other ancillary financial services

Identify the key components of insurance products and to draw out the common

factors so that products can be compared and contrasted across product categories and

international markets.

B. LINGAGES:

(a). Insurance

(b). Risk Management

( c). Business Finance

C. CONTENTS

1. The Nature of Insurance

a) Meaning of Insurance

b) Objective, Purpose and need for Insurance.

c) Fundamentals of Insurance

d) Calculation of Age, Premiums, Bonuses, Paid up value of a policy,

and Maturity Value of the Policy.

e) Claim Calculation and Surrender Value.

2. Understanding Risk

a) Types of Business Risks facing financial institutions- Need and

Scope of insurance.

b) Evolution of insurance

c) Principles of insurance

d) Types of insurance and policies

e) Risk and Return relationship

3. The Risk Management Framework

a) Market risk/Investment risk

b) Credit risk

c) Operational risk

d) Liquidity risk

e) Reinsurance risk

f) Underwriting risk

g) Provisioning /Reserving risk

h) Claims management risk

i) Group risk

j) Reputational risk

k) Legal/Litigation risk

4. Insurance Business Environment in Nigeria

a) Growth of Insurance Business

b) Actuarial Role

c) Claim and Settlement Procedures

d) Insurance Regulations in Nigeria

e) Role of the National Insurance Commission (NAICOM).

f) International Association of Deposit Insurance

5. Objectives and activities of Deposit Insurance

Concept of Financial Safety Net

a) Deposit Insurance System (DIS)

b) Mandate Powers

c) Governance of the Nigerian Deposit Insurance Corporation

d) Membership and Coverage and Funding

6. Organizational Failure and Failure Resolution

a) Financial Stability Board (FSB)

b) Liquidation

c) Interrelationships among Safety-Net Participants

d) Cross Border Issues among Safety-Net Participants

e) Public Awareness considerations

7. Insurance products and Services for Financial Institutions

a) Classifications of insurance (statutory and market practice).

b) Key elements of an insurance product

c) Peril

d) Subject matter

e) Customer type and Customer segment.

f) Some Common Liability insurance

Employers’ liability insurance

Public liability insurance

Products liability insurance

Directors’ and officers’ insurance

Professional indemnity insurance

Extended warranties

D. RECOMMENDED TEXTBOOKS:

1 Gopal, V.S. &

SumathiGopal (2006)

Principles and Practices of Banking and Insurance.

New Delhi: Himalaya Publishing House.

2 P.K.Gupta (2010). • Insurance and Risk Management: New Delhi:

Himalaya Publishing House

3 Diacon, G.C.O. & Steele,

J. T. (1981)

Introduction to Insurance. London: (C II,).No. 010.

4 Green, M. R. and

Trieschmann, J.S. (1978).

Risk and Insurance (5th ed). South Western

Publishing Company

5 Carter, D.L. (1973).. Risk Management. Cambridge, London: The

Bustunton Press

5. COURSE TITTLE: MARKETING OF FINANCIAL SERVICES

A. AIM AND OBJECTIVES

To examine candidates’:

In-depth understanding of the relevant marketing principles and underlying legal framework of organizing and marketing financial services in the financial services sector.

Explain and describe the concept and the practice of marketing as it applies to the marketing of financial services.

Outline the nature and evolution of marketing in the financial services sector.

Differentiate between the marketing of products and the marketing of (financial) services.

Explain how Financial Servicew

organisations markets their products or services and the major elements of the environments which influence the marketing activities of financial services organisations.

B. LINGAGES:

1. Marketing

2. Financial Management

3. Business Finance

4. Economics

C. CONTENTS:

1. The Nature of Marketing

a) The basic principles of marketing and its importance and relevance to financial services organisations (FSOs).

b) The strategic nature of marketing; the marketing concept and marketing orientation of FSO’s.

c) Stakeholder theory and the multiple markets framework – appreciating the important groupings an FSO has to satisfy.

d) The evolution of marketing in the financial services sector

e) Marketing of financial services in contemporary Financial Institutions

2. Marketing Environment of Financial Servicesa) Micro environment- external to the FSO but partially within

its sphere of influenceb) Macro environment – external and outside the FSOs’ sphere

of influencec) Internal environment – factors within the FSOs’ own

capabilities to control

3. The Customers / Consumersa) Customer buyer behaviour – the motivations behind consumer

purchasing decisions. b) Key customer attributes that are of relevance to financial

services sales and marketing (customer profiling). c) Customer value – the need for customer focus and customer

satisfaction and methods of achieving these.d) Influences on individual and organizational buying behavioure) The buying processf) Segmentation and target marketing g) Target marketing

4. Market Research

a) Information systemsb) Different types of market research c) The importance of market research d) Role of feasibility studies in conducting market research e) Motivational research techniques f) Decision makingg) Sources of Data and possible pitfalls in the use of Marketing

Research Information

5. Relationship Marketing and Customer Servicea) The nature of relationship marketing. b) The importance of building relationships with key market

domains. c) The relationship lifecycle. d) Managing the customer interface: contact strategies. e) The importance of service quality; service measurement and

service-level agreements.f) Complaint handling.

6. Marketing Mix for Financial Service Organisations

a) Product The management of the existing product portfolio. The need for new product development. Brands – how to build and maintain them.

b) Price Pricing methods in FSOs. Pricing new products and services.

c) Place – delivery channels The importance and role of delivery channels within

FSOs. Emerging channel opportunities.

d) Promotion The concept of the communications mix. Mass communication – advertising, PR, sponsorship,

internet marketing and sales promotion. Direct communication – direct marketing, personal selling.

7. Segmentation, Targeting and Positioning Strategies for Financial Services Organisations

a) Definitions of the main terms and identification of key attributes.

b) Methods of segmenting consumer markets- use of the Boston Consulting Group BCG matrix and other modern contemporary techniques

c) The need to develop target market and positioning strategies and the options available to support this.

d) Identifying and prioritising business opportunities.e) Blue Ocean Strategies as opposed to Red Ocean Strategies

D. Recommended Text Books;

Roberts, V. (2012) .Marketing in Financial Services. Canterbury:

ifsSchool of Finance

Bapat, D. (2016). Marketing of Financial Services. New Delhi:

Biztantra

Craven, R 2005 Customer is King

Haley, R I (1968) “Benefit Segmentation: A Decision Oriented

Research

Tool”Journal of Marketing Vol 32, No 3,

Marsh, J (1988) Managing Financial Services Marketing

Pitman Publishing, London,

Lancaster, Geoff, Reynolds. P

(2004)

Marketing,

Langeard, E, Bateson, J, Marketing of Services – New Insights from

Consumers

Lovelock, C &Eiglier, P.

(1981)

Marketing Sciences Institute, Cambridge, USA

Robinson, P, Faris, C, Industrial Buying and Creative MarketingWind, Y Allyn & Bacon, 1967

.

PROFESSIONAL 1 Professional I

Professional 1 examinations level consists of five courses against the backdrop of the

necessity to instill professionalism into candidates even when they are still student

members. For instance, Business Ethics and Corporate Social Responsibility, Portfolio

Theory and Capital Market Analysis, Strategic Financial Management and Reporting,

Management Information System and Pension Finance Administration, are essential tools

needed by financial practitioners as needed skills. Here the candidates are profoundly

exposed to Portfolio Theory and Modern Capital Market operations.

COURSES IN PROFESSIONONAL 1

BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY

STRATEGIC FINANCIAL MANAGEMENT AND REPORTING

MANAGEMENT INFORNATION SYSTEM

PORTFOLIO THEORY AND CAPITAL MARKET/ANALYSIS

PENSION FINANCE ADMINISTRATION

1. COURSE TITLE: BUSINESS ETHICS AND CORPORATE SOCIAL

RESPONSIBILITY

A. AIM AND OBJECTIVE:

The course deals with the philosophical principles behind business ethics, common ethical

temptation and violation as well as social responsibility and corporate social performance.

B. LINKAGES:

(a) Economics

(b) Management Theory

(c) Business Management

(d) International Finance

C. CONTENTS

1. INTRODUCTION TO BUSINESS ETHICS

- Meaning of ethics, business ethics. Understanding business ethics (Moral Intensity)

2. PHILOSOPHICAL PRINCIPLES UNDERLYING BUSINESS ETHICS

- Ethical decision making. Philosophical basis for making decisions i.e. (focus on

consequences, the right of individual and integrity)

3. VALUES AND ETHICS

- Ethical centered management contributing factors ethical problems (i.e. individual’s greed,

organization atmosphere, moral laxity

4. ETHICAL TEMPTATIONS AND VIOLATIONS

- Commonly ethical temptations and violations i.e. (stealing from employees and customers,

treating people unfairly, social harassment etc.)

5. A GUIDE TO THICAL DECISION MAKING

- Practical way of improving ethical decision making

- Decision that are ethical – examples

6. SOCIAL RESPONSIBILITY

- Meaning of corporate social responsibility

- Corporate social consciousness practical problem of corporate social consciousness

7. VIEWPOINTS ON SOCIAL RESPONSIBILITY

- Stockholder view point

- Stakeholder view point (Internal and External stakeholders)

8. CORPORATE SOCIAL PERFORMANCE

- Meaning of corporate social performance

- Consequence of social performance, meaning corporate social performance

9. SOCIAL RESPONSIBILITY INITIATIVES

- Examples of social responsibility initiatives i.e. (Environmental management, world life

programs, proactive stance against a widespread disease, community development project

etc.)

10. BENEFITS DERIVED FROM ETHICS AND SOCIAL RESPONSIBILITY

- The relationship between profits and social responsibility

- Creating an ethical and social responsibility work force

11. FORMAL MECHANISMS FOR MONETARY ETHICS

- Written organizational codes of conduct

- Widespread communication about ethics and social responsibility

- Leadership example confronting people with unethical behavior

D. RECOMMENDED TEXT BOOKS:

1

2 Griseri, Paul, Seppala,

Nena (2010)

Business Ethics and Corporate Responsibility;

International; International Thomson Business

3 Rodriques M.V.(2015) Business Ethics and Corporate Responsibly; Concept

Publishers Company Pvt. Ltd.; First Edition.

4 Wiley Virsser, Dick

Matten, Manfred Pohl,

Nick Tolhurst (2010

The A to Z of Corporate Social Responsibility; Willey 2nd

Edition

5 Guy, Mary E. (1990) Ethical Decisions Making in Everyday Work Situations;

Praeger.

6 Rosenthal, Sandra;

Buchholz, Rogene A.

(1999)

Rethinking Business Ethics: A Pragmatic Approach;

Oxford University Press

7 Roland, R. Sims (2003) Ethics and Social Responsibility: Why Giants Fall;

Greenwood Publishing Group.

8 Costa, John Dalla (1999) The Ethical Imperatives: Why Moral Leadership is Good

Business; Basic Books.

9 Schminke, Marshall

(1998)

Managerial Ethics: Moral Management of People and

Processes; Psychology Press; 1st Edition.

10 Lefkowitz, Joel (2003) Ethics and Values In Industrial Organizational

Psychology; Psychology Press;

2. COURSE TITLE: STATEGIC FINANCIAL MANAGEMENT AND

REPORTINGA. AIM AND OBJECTIVES:

The activity of financing in a business enterprise is that of obtaining money which can be

used for production process in order to achieve the aim of the business. Hence this course

aimed at providing student with an understanding of the financial decisions and the

pertinent environmental factors that bear on financial decision making. Moreover, the course

is to test the students’;

Knowledge of current issues in the regulatory framework for reporting and

identification of key ethical issues for an accountant undertaking work in accounting

and reporting.

Ability to formulate accounting and reporting policies for single entities and groups.

Ability to prepare and present extracts from the single entity and consolidated

financial statements for entities undertaking a wide range of accounting transactions

in conformity with Statement of Accounting Standards (SAS), International Financial

Reporting Standards (IFRS) and accounting policies.

Ability to analyse and interpret financial statements and other financial information

and draw appropriate conclusions.

B. LINKAGES:

(a) Management Information System

(b) Management Theory and Practice

(c) Corporate Finance

(d) Financial Accounting

(e) Management Accounting

C. CONTENTS:

1. THE INDIVIDUAL FIRM AND ECONOMY

- The nature of the firm, general concept of the firm. Objective of the firm (both short and

long run), solvency protecting the objectives of the shareholders)

2. GOAL OF FINANCIAL MANAGEMENT

- Maximizing the value of the firm. Time value of money, riskiness of income, the rate of

return required on riskless, government securities, quality of the expected fund

3. INVESTMENT - CONSUMPTION DECISION

- The single period model, The consumer preferences, Indifference curve and map

4. CAPITAL BUDGET DECISION

- Method of project appraisal (Payback period, Accounting rate of return (ARR). Discounted

flow method (DCF) – Net present value (NPV), Internal rate of return (IRR). Relationship

between NPV and IRR

- Capital Rationing

5. INVESTMENT UNDER UNCERTAINITY

- Measurement of risk – Variance and standard deviation. Measurement of co-efficient of

variation, Risk Adjusted discounted rate

6. THE PORTFOLIO THEORY

- Measuring portfolio risk and return, Optimal portfolio choice, Expected value of NPV

7. THE CAPITAL ASSETS PRICING MODEL (CAPM)

- Capital market line, efficient market line

- Assumption of CAPM

8. CAPITAL MARKET EFFICIENCY

- Classification of capital market

- Types of services in the market

- Efficient capital market

- Capital market theory

9. FINANCIAL ANALYSIS

- Pitfall of financial ratios

- The core ratios

- Industry standard ratios

10. MERGER AND AQUISITION

- Types of merger/Reasons for mergers

- Acquisition and takeovers

- The effect of mergers

11. BUSINESS VALUATION

- Meaning of business valuation, Reasons for business valuation. Methods of business

valuation

12. INTERNATIONAL FINANCIAL INSTITUTIONS AND THEIR ROLES IN

INTERNATIONAL FINANCING

- African Development Bank (ADB)

- World Bank

- International Finance Corporation (IFC)

- London Club of Creditors

- Paris club of Creditors

COMPONENT OF A FINANCIAL REPORTING

13. CURRENT ISSUES IN REPORTING FRAMEWORK

(a) Accounting Standards

(i) Standards setting process

- Nigerian Accounting Standards Board (NASB)

- International bodies

(ii) Authority of the NASB and international standards

(b) Sources of reporting requirements in different jurisdictions.

(c) Principles underlying different reporting treatments.

(d) Ethical and professional issues in accounting and financial reporting:

(i) relevance and importance

(ii) merits of different viewpoints

14. FORMULATION OF ACCOUNTING AND REPORTING POLICIES (10%)

(a) Accounting and reporting policies for single entity and consolidated financial statements

(i) laws

(ii) regulations

(iii) accounting standards

(b) Recognizing and measuring assets and liabilities

(i) methods of recognizing and measuring assets and liabilities of the single entity or group

(ii) effect of the methods on the financial performance of the single entity or group

(c) Accounting and reporting concepts

(i) fair presentation

(ii) true and fair view

(d) Circumstances in which accounting and reporting concepts may override provisions of

legislation or of accounting standards.

15. PREPARATION AND PRESENTATION OF EXTRACTS FROM

FINANCIAL STATEMENTS

(a) Extracts from financial statements

i. Extracts from financial statements of single entity according to IFRS

requirements and accounting policies.

ii. Extracts from financial statements of consolidated entities according to IFRS

requirements and accounting policies

(b) Financial and other data of:

i. Subsidiary

ii. Associate

iii. Joint venture of a single entity in accordance with IFRS

(c) Financial and other data of an entity's consolidated financial statements in respect of

i. New interest

ii. continuing and discontinuing interests (excluding partial disposals) in

subsidiaries, associates and joint ventures in accordance with IFRS

(d) Determination of distributable profits of single entity and allocation of distributable profit

(e) Financial and operational information in documents containing audited financial

statements

i. Reports on operations by management or those responsible for governance.

Financial summaries and highlights relevant to the legal entity or consolidated

financial statements.

16. INTERPRETATION OF FINANCIAL STATEMENTS

(a) Application of SAS, IFRS and other accounting and disclosure requirements to

information provided in:

(i) single entity financial statements

(ii) group financial statements

(b) Application of relevant indicators, including ratios, trends and interrelationships to

analyze single entity or group financial position

(c) Stages in financial statements analysis

(i) choice of accounting treatments adopted in financial statements and other financial

information

(ii) Identify and compare significant features in the information supplied for a given

entity or entities, including inconsistencies between the results analyzed and the

information supplied

(iii) Specify any additional information required for a meaningful analysis

(iv) Draw conclusions and make inferences from an analysis with respect to:

significant features in the information supplied limitation of the information supplied

analytical methods used economic conditions business circumstances

D. RECOMMENDED TEXTBOOKS

1 Rober Alan Hill (2012) Strategic Financial Management; Bookboon

2 Horne, J.V.C. Pearson Financial Management & Policy; Pearson; 12th Edition.

(2001)

3 Kulkarni, P.V &

Satyaprasad, B.G.

Himalaya (2011)

Financial Management: Conceptual Approach; Himalaya

Publishing House.

4 Pandey, Vikas, I.M. (2015)

Financial Management; Vikas Publishing House.

5 Rajesh Kumar (2016) Strategic Financial Management Casebook; Academic

Press.

6 Saravanan, Jayaprakash

Jayaprakrash. (2014)

Strategic Financial Management; Oxford University Press.

7 Akinsulire O. (2006) Financial Management; Ceemol Nigeria Limited; 4th

Edition.

8 Charles E. Menifield

(2017)

The Basics of Public Budgeting and Financial

Management: A Handbook for Academics and

Practitioners; Hamilton Books.

9 David Young, Jacob

Cohen

Corporate Financial Reporting And Analysis, 3rd Edition

10 Lawrence Revsine,

Daniel W.,Colins, W.

Bruce Johnson, H. Fred

Mittelstaedt

Financial Reporting And Analysis, 5th Edition

11 Marlene Plumlee International Financial Reporting Standards

12 William Beaver Financila Reporting, An accounting Revolution, 3rd

Edition

3. COURSE TITLE: MANAGEMENT INFORMATION SYSTEM

A. AIM AND OBJECTIVES:

Management is dynamic and multi-dimensional as well as the actualization of enterprise

objective through judicious use of resources. The course therefore aimed at equipping the

candidate on how routine information to managers and decision makers will support the

actualization of the

objectives of the organization.

B. LINKAGES:

(a) Financial Accounting

(b) Corporate Finance

(c) Quantitative Techniques

(d) Management Accounting

(e) Research Methods

(f) Strategic Management in the Financial Services Industry

C. CONTENTS

1. INTRODUCTION TO MIS

- Meaning of an organization system, Information and Management. Meaning of

Information System (IS), Computer Based Information System (CBIS), Management

Information System (MIS).

Components of Information system

2. THE EMERGENCE OF AN INFORMATION SYSTEM

- Organizational growth, problems of authority and responsibility, organizational needs

communication, feedback – decision network

3. SYSTEM CONCEPT

- Characteristics of a system, Physical system and description, general model of a system,

Computer configuration as a system, Central processing unit as a system, Subsystem and

Interfaces.

4. THE ESSENTIAL OF MANAGEMENT

- Meaning of management function (Planning, Analysis, Control). Decision making, process

of decision making. Risk and uncertainty.

- The system Analyst, Managers as system Analyst

5. BEHAVIOURAL ASPECT OF MIS

- Meaning and examples of dysfunctional behavior (Aggression, Avoidance and projection)

- Causes of dysfunctional behavior (organizational change, personal characteristics etc.).

Ways to minimize dysfunctional behaviour i.e. (participation, realistic deadline and targets

etc.)

6. INFORMATION TECHNOLOGY

- Definition of Information Technology. Technological Life Cycle. Stages of technological

life cycle i.e. (introduction phase and growth phase, maturity or stability phase and decline or

decay phase)

7. SYSTEM THEORY

- General System theory, General system theory and policy making.General system theory

and principles of management, system relationship.

8. INFORMATION AND COMMUNICATION

- Data and Information, Meaning of communication, characteristics of information ie

(Accurate, complete, flexible, reliable, sample etc.)

- Values of Information

9. NINE CORPORATE PLANNING AND MIS

- Definition of corporate planning, (Systematic planning, direction and total resources,

specific objectives, medium to long term) Corporate planning and the system approach,

Corporate planning and MIS, Corporate planning process, major stages in corporate planning

i.e. (Assessment stage, Objective stage, Evaluation stage, Implementer stage, Control stage)

10. CONTROL OF SYSTEM

- Basic elements of control, Feedback loops, Measuring devices (i.e. sensors, comparators,

effectors and hemostat) Negative feedback, Positive feedback

11. MODELS AND SIMULATION

- Model description, model construction, types of model

- Meaning of simulation, Methods of simulation

12. DATA BASED MANAGEMENT SYSTEM

- Meaning of a data base and data base management system program control language.

Merits and demerits of data base. Kinds of computer

13. SOFTWARE AND HARDWARE

- Meaning and types of software. (System software and application software). Input devices

and out devices

14. CONNECTIVITY AND THE INTERNET

- Meaning of connectivity and internet. Communication and connectivity. Options in

connectivity ie (fax machine, e-mail etc.) Online services and teleshopping

15. ELECTRONIC COMMERCE

- Meaning of e-commerce. Elements of online shopping ie (web store fronts and electronic

payments.

- Internet services

16. COMPUTER BUREAU AND COMPUTING SERVICES

- Meaning of computer bureau services. Types of bureau, reasons for using computer service

bureau.

D. RECOMMENDED TEXT BOOKS:

1 Adebiyi, K.A. (2002) Computer Based Accounting System (Concept, Design.

Principles and Strategy), Ibadan

2 Adebiyi K.A. Anderson,

R.G. (1987)

Data Processing and Management Information System

(M&E), Long Acre Pitman Publishing.

3 Adewunmi, W &

Akinlade, T. (1990)

Data Processing and Management Information Systems,

Lagos: Macmillian Nig., Publishers Ltd.

4 Graham, C.L. (1987) Data Processing, Vol. 1, Hardware and Programming,

London: Pitman Publishing

5 Esan, E.O. and Okafor,

R.A. (1990)

Basic Statistical Methods, Lagos: JAS Publishers

6 O’Brien A. (2010) Management Information Systems; McGraw-Hill Higher

Education.

7 Sadagopan, S. (2004) Management Information Systems; Prentice Hall of

India Pvt. Ltd.;

8 Gupta, A.K (2013) Management Information Systems; S Chand & Company

Ltd.

9 Laudon Kenneth C.

(2017)

Management Information Systems: Managing the Digital

Firm; Prentice Hall; 11th Edition.

10 Gordon Davis & Olson M. Management Information Systems: Conceptual

Foundation-Structure and Development.

11 Goyal D.P. (2014) Management Information Systems: Managerial

Perspectives;Vikas Publishing House

4. COURSE TITLE: PORTFOLIO THEORY AND CAPITAL MARKET

ANALYSIS

A. AIM AND OBJECTIVES:

Portfolio Theory and Capital Market Analysis Would enable candidate understand:

a. investment risk and returns

b. potential profitability of various investments,

c. forecasting returns on individual portfolios, and

d. models for evaluating portfolio performance.

B. LINKAGES:

(a) Financial Management

(b) Corporate Finance

(c) Strategic Finance

(d) International Finance

(e) Financial Accounting

(f) Public Finance

C. CONTENTS:

(1) OVERVIEW OF THE CAPITAL MARKET

(a) Definition of Capital Market

- Modern Capital Market and Electronic Trading System

- Difference between Regular Bank Lending and Capital Markets

- Examples of Capital Market Transactions

(b) The Money and Capital Markets

- Financial Forces Shaping the Money and Capital Markets

- The Effect of Deregulation

- Broadening of the Financial Markets

(c) Internationalization of Business Activities

- Internationalization and Advancement in Communication

- Dealing with Risk in the Financial System:

- Ensuring the Strength and Viability of Financial Institutions

2. THE INVESTMENT SETTING

(a) What Investment Means

- How Investment Alternatives Compare

- Common Stock and Inflation

- Common Stock Hedge

(b) Types of Common Stock

- Blue Chip Stocks

- Growth Stocks

- Different Criteria for Measuring Growth Stock

(c) Income Stocks

- Cyclical Stocks

- Defensive Stocks

- Speculative Stock

3. INVESTMENT RETURN

(a) The Concept of Return

- Components of Return

- Current Income

- Capital Gains (or Losses)

(b) Why Return is Important

- Historical Performance

- Expected Return

- Level of Return

(c) The Time Value of Money

- Interest: The Basic Return to Savers

- Compound Interest

4. RISKS ON INVESTMENTS

(a) The Concept of Risk

- Sources of Risk

- Business Risk

- Financial Risk

(b) Purchasing Power Risk

- Interest Rate Risk

- Liquidity Risk

- Tax Risk

(c) Market Risk

- Event Risk

- Components of Risk

5. INVESTING IN COMMON STOCKS

(a) What Stocks Have to Offer

- The Appeal of Common Stocks

- Putting Stock Price Behaviour in Perspective

- From Stock Price to Stock Return

(b) The Pros and Cons of Stock Ownership

- Other benefits of Common Stock

- Disadvantages of Holding Common Stock

(c) Basic Characteristics of Common Stocks

- Common Stock as a Corporate Security

- Classified Common Stock

6. BUYING AND SELLING OF COMMON STOCKS

(a) Buying and Selling of Common Stocks

- Reading the Quotes

- Transaction Costs

(b) Common Stock Values

- Par Value

- Book Value

- Market Value

- Investment Value

(c) The Dividend Decision

- Corporate Versus Market Factors

- Components of Risk

7. EVALUATION OF COMMON STOCKS

(a) The Rationale

- The Source of Common Stock Value

- Dividend and Common Stock Value

- What the Investor Thinks of Dividend Payment

(b) The Concept of present Value of Future Dividends

- Present Value of Perpetual Dividend Growth

- Today’s Investors and Dividend Growth

(c) Growth Prospects for Stocks in Aggregate

- Growth of Gross National Product (GNP)

- Earnings Per Share Relative to GNP

8. SECURITY ANALYSIS

(a) Principles of Security Analysis

- What Security Analysis Address

- Focus of Traditional Security Analysis

- Who Needs Security Analysis in an Efficient Market?

(b) Solution to the Paradox

- Economic Analysis

- Economic Analysis and the Business Cycle

(c) Key Economic Factors

- Developing an Economic Outlook

- Industry Analysis

9. INVESTING IN FIXED-INCOME SECURITIES

(a) Investing in Fixed-Income Securities

- Why Invest in Bonds?

- Bonds as Versatile Investment Outlet

- Putting Bond Market Performance in Perspective

(b) Total Returns in the Bond Market

- Exposure to Risk

- Other Risks Associated with Investment in Bonds

(c) Essential Features of a Bond

- Maturity Date

- Call Features – Let the Buyer Beware!

10. BOND INVESTMENT

(a) Investment in Bond

- Primary Investment Interest in Bonds

- Bond Price and Interest Rates

(b) Types of Bonds

- Junior Issues

- Pledge of Specific Securities

- Debentures

(c) Bond Analysis and Ratings

- Risk and Return on Bonds

11. BOND EVALUATION AND ANALYSIS

(a) Bonds Valuation and Analysis

- Keeping Tabs on Market Interest Rates

- Higher-Yielding Segments of the Bond Market

(b) What Causes Rates to Move

- The Term Structure of Interest Rates and Yield Curves

- Plotting Your won Curves

(c) Explanation of the Term Structure of Interest Rates

- Expectation Hypothesis

- Liquidity Preference Theory

- Market Segmentation Theory

12. PREFERRED STOCKS AND CONVERTIBLE SECURITIES

(a) Preferred Stocks

- Preferred Stocks as Investment Instruments

- Advantages and Disadvantages of holding Preferred Stocks

(b) Sources of Value for the Preferred Stock

- Risk Exposure

- Market Transactions

(c) Issue Characteristics

- Rights of Preferred Stockholders

- Preferred Stock Provisions

13. MARKETABILITY, DEFAULT RISK AND CALL PRIVILEGES

(a) Marketability

- Marketability and Reputation of the issuing Company

- Liquidity

(b) Default Risk and Interest Rates

- The Premium for Default Risk

- The Expected Rate of Return on Risky Asset

(c) New Ways of Dealing with Default (Credit) Risk

- Default Risk – Interest Rate Relationship

- Call Privileges and Call Risk

14. INTERNATIONAL TRANSACTIONS AND CURRENCY VALUES

(a) The Balance of Payment

- The U.S. Balance of International Payments

- Inflow and Outflow Transactions

(b) The Currency Account

- The Service Balance

- The Balance on Current Account

(c) The Capital Account

- Official Reserve transactions

- Disequilibrium in the Balance of Payments

15. CAPITAL AND MONEY MARKET TERMS

(a) Definition and Types of Securities

- Different types of Bonds and Other Transaction Terms

- Brokers, and Dealers in the Capital and Money Markets

- Capital Investments and Related Transactions

- Shares, Share Issuance and Shareholders

D. RECOMMENDED TEXTBOOKS

1 William F. Sharpe Portfolio theory and capital markets

2 1. McGraw-Hill Trade Portfolio Theory and Capital Markets

3 Edwin J. Elton, Martin J.

Gruber, Stephen J. Brown.

(2001)

Modern Portfolio Theory and Investment Analysis;

Wiley; 9th Edition.

4 Fabozzi ,Frank J. (2009) Modern Portfolio Theory, Capital Market Theory, and

Asset Pricing Models;

5 Grant, James L. (2001) Modern Portfolio Theory, Capital Market Theory, and

Asset Pricing Models; Wiley & Sons, Incorporated.

6 Markowitz, Harry M.,

Todd, G. Peter. (2013)

Mean-Variance Analysis in Portfolio Choice and Capital

Markets; McGraw-Hill Education.

7 Keith Redhead. (2008) Personal Finance and Investments-A Behavioural

Finance Perspectives; Routledge; 1st Edition.

8 Kevin, S. (2015) Security Analysis And Portfolio Management; PHI Pvt.

Learning; 2nd Edition.

9 Sharpe, William F. Portfolio theory and capital markets

10 McGraw-Hill Trade Portfolio Theory and Capital Markets

11 Elton ,Edwin J., Gruber, Martin J., Brown Stephen J.

Modern Portfolio Theory and Investment Analysis;

12 Fabozzi, Frank J Modern Portfolio Theory, Capital Market Theory, and

Asset Pricing Models

.

5. COURSE TITTLE: PENSION FINANCE ADMINISTRATION

A. AIM AND OBJECTIVES

The broad aim of the course is to provide a broad understanding of developments in pension

finance administration and related benefits provisions. Also of interest are retirement and

related benefits provision, group life and pension schemes. More specifically the objectives

are to ensure that candidates are able to:

Exude a clear understanding of Pension Schemes

Underwriting considerations

Rules and conditions relating to group schemes

Procedures for installation

Documentation and amendments of pension schemes

B. LINGAGES:

(a). Pension Administration

(b).Business Management

( c). Corporate Social Responsibility

C. CONTENTS:

1. Importance of Life and Pensions Products and Services for Society, the Economy

and Individuals

a. Concept of Pensions

b. Types of Pensions available to Nigerian workers

Defined Benefits Pension Schemes

Contributory Pension Schemes

c. Concept of Social Value of Insurance and how Protection needs are met by State and

Private Provision

d. Importance of sufficient retirement income and how this is supported by state and

private provision

e. Role of investments in Life and Pensions Products and Services

2. Pension Funding, Funding Assumptions and Methods

a. Types of Pension finance plans

b. Principles of Discounting and Present Value

c. Present Value and Accumulation

d. Concept of Pension Funding

e. Pension Funding Methods

f. How to calculate pension contributions in Nigeria

g. Pension Funding Assumptions

Financial Assumptions

Demographic Assumptions

h. International comparison of Pension Finance Administration and Funding

3. The structures and main activities of the Life and Pensions Sector

a. Risk definition by consumers and Pension service providers

b. Main organisation types and operating models within the life and pensions sector

c. Key functional areas within Life and Pensions organisations

d. Duties relating to clear information and disclosure and their importance

4. Rules, Regulations and Conditions relating to Group Pension Schemes

a. General Annuity and retirement annuity

b. Communication amongst stakeholders

c. Administration of Pension Schemes and requirement for:

Servicing

Amendments

Reconstruction of pension schemes

Flat-rate earnings related to Pension Schemes

Civil Service and other Statutory Schemes

5. Ethical, Legal and Regulatory Duties and how these relate to Organizational and

Individual Responsibilities

a. Explain the objectives and roles of financial regulators and the Ombudsman.

b. Explain the features and importance of professional standards and ethical conduct

c. Explain conduct risk and the regulatory measures in place to ensure good conduct

d. Explain legislation and legislative duties relating to:

Data protection Financial crime Equality

e. Describe the consequences of ethical and unethical conduct

6. Unethical Practices in the Nigerian Pension Sector

a. Fraudulent activities in the Pension Sector

b. Malfeasance

c. Nonfeasance

d. Misfeasance

e. Possible respite for unsatisfied participants and contributors

7. Government Regulation of Pension Schemes in Nigeria

a. Recent Nigerian Pension Reform Act 2014

b. Other related Legislations in the field of Insurance, Banking and Capital

Markets

c. Various documents required for the pension schemes in Nigeria

d. Corporate Governance and related issues relating to pension finance

administration in Nigeria

e. The key types of pension scheme.

* The role of pensions in maximizing individual lifetime welfare.

* The role of pensions in individual savings and retirement decisions.

* The role and consequences of the pension plan from the company's

viewpoint.

* The role of pensions in promoting aggregate savings.

* The role of pensions and retirement in overlapping generations models.

* The economics of ageing and intergenerational accounting.

* The social welfare implications of pensions.

* The lessons of behavioural economics for pensions.

D. RECOMMENDED TEXT BOOKS:

1 David Blake (2016) Pension Economics. New York: Wiley

2 Lee E.M. (1986). An Introduction to Pension Schemes. London: Institute of

Actuaries and the Faculty of Actuaries.

PROFESSIONAL II

PROFESSIONAL IIProfessional II

This stage exposes the candidate to more advanced financial courses thereby preparing

him/her to more challenges in the area of his/her chosen professional career. It consolidates

the previous knowledge acquired earlier at previous stages. It exposes the candidate to

financial decision making in both the private and public sectors of the economy. In a nutshell,

it deals with the application of academic principles and theory from other functional areas

into practical organizational real experience. The five courses examined at this stage are

Corporate Finance, Corporate Strategies and Business Policy, Financial Engineering, Public

Finance and Corporate Tax Planning and Practice of Control Management. These will

provide the necessary knowledge and skill acquisition for the candidate.

1. PROFESSIONAL II

CORPORATE FINANCE

CORPORATE STRATEGY AND BUSINESS POLICY

FINANCIAL ENGINEERING

PUBLIC FINANCE AND CORPORATE TAX PLANNING

PRACTICE OF CONTROL MANAGEMENT

A. COURSE TITLE: CORPORATE FINANCE

AIM AND OBJECTIVE:

The primary purpose of this course is to deepen students’ appreciation of the application of

quantitative decision techniques in corporate finance. Financial structure and dividend policy

on the value of the firms as well as cost of capital shall be discussed.

B. LINKAGES:

(a) Public Finance

(b) Management Theory and Practice

(c) Financial Accounting

(d) Management Accounting

C. CONTENTS:

1. NATURE OF THE FIRM AND CORPORATE OBJECTIVE

Nature of the firm –Theoretical frame work of a firm, the firm and its environment i.e.

(stable, dynamic and turbulent), the competitive environment as well as government

regulation. Objectives of a firm. Objective such as – profit maximization, shareholders

wealth maximization, employees’ satisfaction and social responsibility.

10. CAPITAL BUDGETING AND INVESTMENT APPRAISAL

Capital Budgeting – Criteria for capital budgeting i.e Identification of investment project,

Estimation of cash flows for the proposal, Evaluation of cash flows, Selection of projects

based on acceptable criteria, Re-evaluation of investment proposal after their acceptance

(Note investment proposal involves; New product or expansion, Replacement of plans or

machinery, Research and development, Explorations, and other relevant criteria to identify

new investment.

Also note – cash flows types i.e. initial cash out lay, Differential cash flow and terminal cash

flows.

11. METHODS OF PROJECT EVALUATION

Traditional method- This involves the use of – Payback Period, Accounting Rate of Return

(ARR)

Discounted Cash flow method (DCF) –This involves – Net Present Value (NPV), Internal

Rate of Return (IRR)

4. MARKET VALUATION OF RISKY ASSETS UNDER UNCERTAINITY AND

IMPLICATION FOR CAPITAL BUDGETING

Risk and Return – The relationship between Risk and Return. Treasury bills and

market portfolio, the use of market risk premium i.e. (rm – rf) as well as beta.

Calculation involving risk and expected return, covariance between two securities as

well as the standard deviation of the portfolio.

Capital Pricing Asset Models (CAPM) – Security market line and the variation

between expected return and required return. Assumptions of capital asset pricing

models.

Capital Asset Pricing Model (CAPM) as an Alternative Method – As extension of

portfolio theory – Return depends on the level of risk

Types of risk to consider – Systematic risk (i.e. market imposed risk such as (level of

inflation taxation, interest and exchange rates etc.), Unsystematic risk – sensitivity of

the firm to changes in the environment.

Limitation of the Capital Pricing Asset Model

COST OF CAPITAL

Risk and cost of capital, computing various sources of capital (cost of Bonded debt,

cost of preferred stock, cost of common stock). Weighted Cost of capital.

D. RECOMMENDED TEXTBOOKS

1 Michael C. Ehrhardt, Louis C.

Gapenski; (

Financial Management: Theory and Practice;

Harcourt Brace College Publishers; (13th Edition)

2 Eugene F. Brigham, Michael C.

Ehrhardt, Phillip R. Daves

Intermediate Financial Management (Dryden Press

Series in Finance)

3 Prasanna Chandra (2010) Finance Sense: Corporate Finance for Non Finance

Executives; Tata McGraw Hill Education Private Ltd. 4th

Edition.

4 Aswath , Damodaran (2007) Corporate Finance Theory and Practice; Wiley Indian

Pvt. Ltd. 2nd Edition.

5 Scott B. Smart, William L.

Megginson, Lawrence J. Gitman

(2003

Fundamentals of Financial Management; South-

Western College.

6 Brealey, Meyers & Allen (2010) Principles of Corporate Finance; McGraw-Hill/Irwin;

10th Edition.

6 The Theory of Corporate

7 Scott B. Smart, William L

Megginson, Lawrence J. Gitman

Corporate Finance

8 Pierre Vernimmen. "Corporate Finance - Theory and Practice"

9 Dictionary of Finance and Banking; Oxford

University Press; 4th Edition.

10 Stephen A. Ross. (2002) Corporate Finance((Irwin Series in Finance);

McGraw-Hill College;6th Pkg Edition.

11 Marco Mongiello International Financial Reporting

12 Christopher J. Skousen; Larry M.

Walther

Budgeting: Planning for Success

13 Tim Koller Valuation: Measuring and Managing the Value of

Companies

14 Stephen A. Ross Corporate Finance (Irwin Series in Finance)

COURSE TITLE: CORPORATE STRATEGY AND BUSINESS POLICY

A. AIM AND OBJECTIVES:

This course focuses on how firms formulate, implement, and evaluate strategies in a turbulent

rapidly changing environment. Students will focus on integrated decision making in terms of

strategy formation, implementation, and evaluation.

This course will:

- Explain the concepts, research, and theories of strategic management

- Describe the ethical parameters for business policy makers

- Analyze and evaluate, both qualitatively and quantitatively, the performance of

businesses and the people responsible for strategic decisions

- Explain the environmental issues and trends for organizational strategy and

effectiveness.

B. LINKAGES:

(a) Financial Management

(b) Quantitative Techniques

(c) Internal Control System

(d) Financial Accounting

C. CONTENTS:

Basic Concepts of Strategic Management

a. Strategic Management Model

b. Strategic Management Decision Making Process

c. Global Strategic Management

Social Responsibility and Ethics in Strategic Management

a. Corporate Social Responsibility

b. Sustainability

c. Ethical Decision Making

Environmental Scanning and Industry Analysis

a. Environmental Scanning

b. Industry Analysis

c. Industry Forecasting Techniques

Internal Scanning: Organizational Analysis

a. Organizational Structure

b. Organizational Culture

c. Value-Chain Analysis

Situation Analysis and Business Strategy

a. SFAS Matrix

b. SWOT Analysis

c. Competitive and Cooperative Strategies

Corporate and Functional Strategies

a. Corporate Strategy

b. Vertical and Horizontal Growth

c. Functional Strategy

Strategy Implementation: Organizing for Action and Staffing and Directing

a. Stages of Corporate Development

b. Reengineering, Six Sigma and Job Redesign

c. Staffing and Directing

d. Management by Objective and Total Quality Management

Evaluation and Control

a. Evaluation and Control Processes

b. Balanced Scorecard

c. Benchmarking

D. RECOMMENDED TEXTBOOKS

1 WIlliam H. Tomlinson, Robert G.

Murdick, R. Carl Moor, Harold C.

Babson. (2000)

Business Policy and Strategy; An Action

Guide, CRC Press Sixth Edition.

2 Azhar Kazmi. (2008) Strategic Management and Business Policy;

Tata McGraw-Hill, New-Delhi; 3rd Edition.

3 Thomas L. Wheelen, David L. Hunger Strategic Management and Business Policy

(11th Edition)

4 Dr Hiriyappa, B. (2010) Business Policy and Strategic Management;

CreateSpace Independent Publishing

Platform.

5 Wheelen, Thomas L & Hunger, J. David

(2005)

Concepts in Strategic Management and

Business Policy; Prentice Hall

6 Alan J. Rowe; Richard O. Mason; Karl

Dickel

Strategic Management & Business Policy:

A Methodological Approach

7 Wheelen, Thomas L & Hunger, J. David

(2006)

Essential of Strategic Management; Printice

Hall,

8 Wheelen, Thomas L & Hunger, J. David

(2008)

Strategic Management and Business Policy:

Concepts and Cases; Perason.

9 Comerford, Robert A. & Callaghan,

Dennis W. (2010)

Strategic Management: Text, Tools and

Cases for Business Policy; Kent Publishing

Company.

10 Ansff, H. Igor ( An Anllytic Approach to Business Policy

For Growth and Expansion; Penguin Books

Ltd.

3. COURSE: FINANCIAL ENGINEERING

A. AIM AND OBJECTIVES:

Financial Engineering is multidisciplinary field involving finance, economics,

mathematics,statistics engineering and computational methods. The course is aimed at

deepening the student’s knowledge on simple stochastic models to solve portfolio

optimization problems as well as the role of financial engineering during financial crisis.

B. LINKAGES:

(a) Financial Accounting

(b) Economics

(c) Taxation

(d) Financial Management

(e) Insurance

C. CONTENTS:

1. AN INTRODUCTION TO BASIC FIXED INCOME SECURITIES

- Review of interest and basic fixed income

- Introduction to arbitrage

2. INTRODUCTION TO DERIVATIVE

- The mechanics of forwards, futures, swaps and options

- Option pricing in the 1- period binomial model

3. OPTION PRICING IN THE MULTI-PERIOD BIONOMIAL MODEL

- Derivative pricing in the binomial model including European, American and Nigeria

option.

- Handling dividends, Pricing forwards and futures,

4. STRUCTURE AND MODELS

- Binomial lattice models of the short-rate, fixed income, derivatives securities caps,

floor

- Swaps and swap options

- Forward equations and elementary securities

5. STRUCTURE AND MODELS II

- Introduction to credit derivatives

- Calibration of term-structure models

- Limitation of term-structure models and derivatives pricing models in general

- Introduction to credit – default swaps (CDS) and the pricing of CDS and defaultable

6. INTRODUCTION TO MORTGAGE MATHEMATICS AND MORTGAGE

BACKED SECURITIES

- Basic Mortgage Mathematics

- Mechanics of mortgage-backed securities (MBS) including peas-through. Principal

only and interest only securities, and CMO’s, pricing of MBS, MBS and the financial

crisis.

7. MEAN – VARIANCE ANALYSIS AND CAPM

- Problem formulation and solution the efficient frontier – including risk free asset

- CAPM (Implications of CAPM a ,p security and capital market lines)

8. PRACTICAL ISSUES IN IMPLEMENTARY MEAN AND VARIANCE

- Problem with mean – variance analysis variance and covariance for asset allocation

- Performance evaluation and after statistical pitfalls

9. EQUITY DERIVATIVES IN PRACTICE PART I

- Problem with mean-variance analysis. ETFs and leveraged ETFs

10. EQUITY DERIVATIVES IN PRACTICE PART II

- Pricing derivatives using the volatility surface model calibration

11. CREDIT DERIVATIVES AND STRUTURED PRODUCT

- Mechanics and pricing of CDO’s ,Exotic structured credit securities including CDO-

squared

- Risk management of products and their role in the financial crisis

12. OTHER APPLICATION OF FINANCIAL ENGINEERING

- Real option, energy and commodities

- Algorithmic trading

D. RECOMMENDED TEXTBOOKS:

1 Rupak Chatterjee. (2014) Practical Methods of Financial Engineering and Risk Management-Tools for Modern Financial Professionals; Apress; 1st Edition.

2 John R Birge. (2007) Financial Engineering and Risk Management; Elsevier Science Identifier.

3 Keith Cuthbertson, Dirk Nitzsche. (2001)

Financial Engineering: Derivatives and Risk Management; Wiley; 1st Edition.

4 Paul Wilmott, Derivatives: The Theory and Practice of Financial Engineering

5 Jan Dash, (2004) Quantitative Finance and Risk Management; A Physisist’s Approach; World Scientific Pub. CO. Inc.

6 Bloss, Michael, De Gruyter Oldenbourg

Financial Engineering- [Financial Engineering: Strategies, Valuations, and Risk Management] Ed.

7 S.S. Prasada Rao & Dr Satya Sekhar. (2014)

Financial Engineering, Risk Management and Financial Institutions; Wiley.

8

9 Simon A. Burtonshaw-Gunn. (2016)

Risk and Financial Management in Construction; Routledge; 1st Edition,

10 Robert Kosowski, Salih N. Neftci (2014)

Principles of Financial Engineering; Academic Press; 3rd Edition.

4. COURSE: PUBLIC FINANCE AND CORPORATE TAX AND PLANNING

A. AIM AND OBJECTIVES:

To introduce candidate to the public sector reform agenda with a focus on public

finance issues:

To demonstrate administrative, political, and economic constraints to public finance

reforms;

To develop analytical skills of the students in three major areas of public finance

reforms (performance-based budgeting, mid-term financial planning, budget

decentralization);

To train students how to develop budgeting and performance evaluation systems for

public sector institutions

To develop students’ skills on how to write a public policy paper and make a

presentation on public policy issue.

B. LINKAGES:

(a) Public Sector Accounting

(b) Management Accounting

(c) The Constitution of the Federal Republic of Nigeria

(d) Taxation

(e) Financial Accounting

C. CONTENT:

1. Introduction to Public Finance. Review of the Public Finance Reforms

a. Public sector reforms and the role of public finance;

b. Administrative, political, and economic constraints in designing and implementing

public finance reforms;

c. Stages in public finance development in Nigeria.

2. Budgeting and Performance Evaluation in Public Sector Organizations

a. The role of budgeting in managing public sector organizations.

b. Strategy map for public sector organizations;

c. The place of budgeting and financial management in strategy maps.

d. Elements of balanced scorecard for public sector organizations;

e. Strategic readiness and the role of budgeting;

f. Financial responsibility centers;

g. Budgeting framework.

h. Structure of FRC budgets;

i. Revenue budget;

j. Prime cost and overheads budgets;

k. Budgeting and decision making process;

l. Budgeting and performance evaluation process.

3. Performance-Based Budgeting

a. Performance-based budgeting;

b. Measuring performance, outputs and outcomes;

c. Budgeting process based on performance forecasted and achieved.

d. Budget corrections in PBB;

e. Performance-based budgeting in different sectors.

4. Mid-Term Financial Planning

a. Goals of moving to mid-term financial planning;

b. Long-term and short-term financial planning;

c. Mid-term financial planning and strategy development.

d. Planning budget income for the mid-term period.

e. Planning budget expenditures for the mid-term period.

5. Budget Federalism

a. The concept of fiscal decentralization and budget federalism;

b. Budget federalism theory.

c. Budget federalism reform in Nigeria;

d. Division of responsibilities between federal, regional, and municipal authorities.

D. RECOMMENDED TEXTBOOKS:

1 Alka Gupta Public Finance And Tax Planning

2 John Chukwudi Anyanwu Nigerian Public Finance

3 H.L Bhatia Public Finance

4 Prof M. T. Abdulrazaq Principles and Practice of Tax Planning and

Management in Nigeria:

5 John E. Karayan, Charles W.

Swenson, Joseph W. Neff

Strategic Corporate Tax Planning

6 Akintola A Owolabi BASIC PRINCIPLES OF TAX PLANNING

AND BUSINESS MANAGEMENT

5. COURSE TITTLE: PRACTICE OF CONTROL MANAGEMENT

A. AIM AND OBJECTIVES

Due to heightened awareness and growing intolerance of unethical fraudulent activity,

organizational waste and inefficiency; effective management control has taken root at the

very centre of most management paradigms for improved organizational performance.

Effective management control deals with a critical but relatively neglected and often

misunderstood aspect “of organizational effectiveness and efficiency. Specifically, the

objectives of this paper are to, amongst others; ensure that candidates should be able to;

Efficiently control the behavior of people in business organizations or other forms

of work settings

Understand the issue of organizational control and the design of an optimal control

system for the long term effectiveness of an organization

Understand the balance required in efficient control systems as too little control

could possibly lead to confusion and chaos, while, extremely high degree of control

can result in erosion of innovation and entrepreneurship/entrepreneurship

Understand the role of a mix of multidisciplinary field perspective in designing

effective control systems.

B. LINKAGES:

(a). Business Management

(b). Principles and Practice Management

(c ). Auditing

C. CONTENTS

1. Introduction to Management Control Systems

i. The nature and role of organizational control.

ii. Purpose of Control Systems: organizational effectiveness and efficiency

iii. Define Control Systems and distinguish between Centralized and

Decentralized Control Systems in organizations

iv. State and explain the similarities between effectiveness and efficiency

v. Behavioural influences on control systems and possible resistance to

organizational control.

vi. Span of Control

2. The Controlling Process

a) Basic elements of Control Systems

b) Managing for Total Quality in Organisations

c) Managing Information and Information Technology

d) Steps in the Control Process

e) Operations Control

Preliminary Control

Screening Control

Postaction Control

f) Financial Control

Budgetary Control

Accounting Control

Financial Audits

Internal and External Audits

g) Structural Control

Bureacratic Control

Clan Control

Strategic Control

3. Framework of Organisational Control Systems

a) Organisational Environment

b) Models of Organisational Control System

c) Core Control Systems

d) Organisational Structure

e) Organisational Culture

4. The Role of Planning in Control

a) The nature and role of organizational planning

b) Purpose of Planning Systems

c) Define Planning and distinguish between Centralized and Decentralized Plans

d) Types of plans: Short Term, Medium Term, Long Term, Rolling plans e.t.c.

e) Planning Systems in organizations

f) Components of the Planning System

g) Key Results areas for planning

5. The Role of Measurement and Feedback in Control

a) Measurement as an end in itself

b) Measurement as a means to and end (indirect effect on behavior)

c) Measurement as a direct effect on behavior

d) Nature of Measurement and Feedback

e) Types of Measurement and Feedback

f) Traditional Measurement Paradigm

g) Behavioural influence on organizational members as the Reason/Basis for

organizational measurement

6. The Role of Evaluation in Organisational Control

a) The evaluation and reward subsystem

b) Nature of the evaluation system

c) Functions of the evaluation system as a component part of the core control

system

d) Different types of methods of evaluation systems

e) Employee empowerment

f) Democratization of organizational control systems

g) Role of Management by Objectives in effective control systems

h) Problems of evaluation in organizational control

i) Ex Ante and Ex Post Control systems

j) Strategic use of Evaluation in Control

Vision Mission Business Definition Goals and Objectives Key Result Areas Strategic Fit Synergistic Advantages

7. The Role of Organizational Culture and Structure in Control

a) Role of Organisational Structure in Control

b) Role of Organisational Culture in Control

c) Relationship between Structure and Culture in Control

d) Optimal blend of Structure and Culture in designing the core Control systems

8. The Design and Evaluation of Effective Control Systems

a) Best practice criteria guiding the development on evaluation of existing

control systems

b) Adverse and Dysfunctional effects of Control systems that have not been

effectively designed

c) Strengths and weaknesses of the various types of Control systems currently

applied in contemporary business organisations

d) Accounting Control systems as a component of the overall organizational

control system

e) Effect of organizational Peer Review Mechanisms on the effectiveness and

Efficiency of organizational control systems. These include

Benchmarking

Bench racing

Avoiding organizational Inertia

Entrenching the Theory of the Business as postulated by

Peter F. Drucker

Avoiding Icarus Paradox

D. RECOMMENDED TEXT BOOKS:

1 Eric G. Flamholtz (1996) Effective Control Management: Theory and Practice. New York: Springer

2 Peter F. Drucker (2006). The Practice of Management. New York: Harper-Business

3 Ricky W. Griffin (2006). Management. New York: A.I.T.B.S. Publishers

.

PROFESSIONAL III

Professional III.

This is the final stage of the Institute’s examination and it offers opportunities to candidates

to delve into the practical aspect of his/her profession as a financial modeler, analyst, planner,

risk management expert, chartered finance controller, etc. Generally, candidate would have

demonstrated adequate knowledge in these five key course areas: International Finance

Models and Processing, Financial and Audit Control, Forensic Auditing & Investigation and

Case Studies before qualifying as Chartered Finance Controller.

COURSES IN PROFESSIONAL III

INTERNATIONAL FINANCE MODELS AND PROCESSING

FINANCIAL AND AUDIT CONTROL

FORENSIC AUDITING & INVESTIGATION

CASE STUDIES

1. COURSE TITTLE: INTERNATIONAL FINANCE MODELS AND PROCESSING

A. AIM AND OBJECTIVES:

This course will reflect topics on the concepts of international finance the theory of foreign

exchange market and international investment decisions. Multinational corporations and the

International Financial markets shall also be examined.

B. LINKAGES:

(a) Business finance

(b) Economics

(c) Financial Accounting

(d) Financial Management

(e) International Accounting

C. COURSE CONTENT:

1. INTRODUCTION TO INTERNATIONAL FINANCE

- Meaning of International Finance and Financial Manager. Unique features of

International.

FINANCIAL MANAGEMENT

2. CONCEPTUAL FRAMEWORK OF INTERNATIONAL FINANCE

- Concepts such as (i) Globalization (Importance to International Business Finance.

ii. Trade Liberation (iii) Trade Restriction (iv) Trade Retaliation and the dynamics of

International Trade Negotiation.

3. THE FOREIGN EXCHANGE MARKET I

- Meaning and roles of foreign exchange market.

- Meaning of the following terms:- (i) Direct exchange rate (ii) Immediate delivery

(iii) Currency futures market.

4. THE FOREIGN EXCHANGE MARKET II

- Interest Rates, Exchange Rates and Inflation

- The forward premium and changes in spot rates.

- Changes in the exchange rate and inflation rates

- Changes in interest rates and inflation rates.

5. INTERNATIONAL CURRENCY MARKET.

- The Euro currency markets (ECM) – (Operators in the Eurocurrency market).

Eurocurrency market Loans. Types of Euro currency loans. (Standby credit6s, syndicated

loans, fixed interest loans

roll-over loans and Euro bonds).

- The significance of Euro currency loans to International Business Finance.

6. THEORY OF INTEREST RATES

- Interest rate parity theory

- The law of one price

- Capital Market equilibrium

7. INTERNATIONAL INVESTMENT DECISIONS

- Discounted Cash Flow Method (DCF) – Net Present Value (NPV); Internal Rate of

Return (IRR). Three Important Steps – (i) Estimating Future cash flow (ii) Converting to

dollars (at forecasted

exchange rates) (iii) Calculating present value (using dollar discounted rate).

8. FINANCIAL ANALYSIS

- Capital Asset Pricing Model (CAPM). The theory of Capital Asset Pricing Model.

- Portfolio Theory – Risk of portfolio; Actual and expected returns. Risk Free-Rate and

Market Rate of returns.

9. COST OF CAPITAL FOR FOREIGN INVESTMENT

- A single world market (Risk measured relative to world market index).

- Completely segmented capital markets). Selecting the right discount rate (risk free

rate and market rate of return).

Problems of Financing overseas subsidiaries i.e. (protection exchange risk, thinking about

tax, government policy).

10. FINANCE MODELS/MODELING

- Meaning of Financial Models/Modeling: Role of Finance Models. Construction of

finance models – use of Excel Financial Model as a simplified version to the performance of

financial assets.

- Types of Financial Models: (i) Value of risk models (VAR) used in risk management

(ii) Discounted cash flow model (DCF) (iii) Corporate company Analysis modes (iv)

Leverage buy out

models (LBO) (v) Optimal pricing models etc.

11. INTERNATIONAL BUSINESS VALUATION

- Meaning of Business Valuation

- Types of Valuation, i.e. (Premise of value and standard value).

- Elements of Business Valuation (i) Income approach (ii) Asset based approach (iii)

Market approach (iv)option pricing approach

- Discounts and premium Estimates of Business Value.

12. FINANCIAL PROCESSING

- Meaning of Financial Processing (Process any financial information – credit reports,

appraisal of financial instruments. (Real time operating system). Processing in banking

(Review report)

Auditing procedures. Automated data processing auto – regression.

The use of computer for processing and reporting financial information.

13. INTERNATIONAL FINANCIAL INSTITUTIONS.

- World Bank International Monetary Fund (IMF). Africa Development Bank (ADB)

etc. Their roles in economic development.The policies of there financial institutions/credit

facilities.

- The policy of “Aids” to the developing countries.

D. RECOMMENDED TEXTBOOKS

1 Schapour Zafarpour A Theoretical Framework (Modelling) for International Business

2 Edward Bodmer . (2014) Corporate and Project Finance Modeling: Theory and Practice (Wiley Finance); 1st Edition:

3 S.Bayo Adetifa (1997) International Business Finance in Nigeria; Amanda Communications Ltd.

4 Simon Benninga ((2014) Financial Modeling; The MIT Press; 4th Edition.5 John Tjia (2009) Building Financial Models; McGraw-Hill & Investing; 2th

Edition.6 James R. Morris & John

P. Daley (2009)Introduction to Financial Models for Management and Planning; Chapman and Hall/CRC

2. COURSE TITTLE: FINANCE AND AUDIT CONTROLA. AIM AND OBJECTIVES

The broad aim of the course is to provide an introduction to finance and audit control within

the framework of the finance function in business oriented organisations. More specifically

the objectives are to ensure that candidates are able to:

Discu ss different types of financial audits and auditors

Describe financial auditor’s responsibility for errors, fraud and illegal acts

Understand the importance of ethics and independence to the audit function

Discuss how the concepts of materiality, audit risk, and evidence apply to the audit

process

Explain why auditors use sampling techniques

Describe the major phases of the audit process and the basic elements of the audit

report

Understand generally accepted auditing principles as audit criteria

Limitations and application of the audit risk model

Understand the audit objects that relate to management assertions

Discuss types of audit tests

Discuss components and importance of internal financial control

Describe the audit process in an IT environment

Plan an audit strategy

Discuss audit sampling

Describe audit issues related to contingent liabilities and commitments

Explain when different auditor reports should be used

Describe rules of conduct that relate to independence, integrity and quality control

Discuss the legal environment of auditors

B. LINGAGES:

(a).Business Finance

(b). Auditing

( c). Control Management

(d). Business Finance

C. CONTENTS:

1. Fundamental Principles, Nature and Scope of Audit

a. Nature and Concept of Audits

b. Audit Techniques, evidence, documentation, and limitations

c. Issues relating to independence, integrity, objectivity, competence and

confidentiality

d. Materiality and Value Judgments, concept of True and Fair view.

e. Auditing assurance services/risk

f. Financial statement auditing

g. Auditing as a component of Assurance

h. Historical Perspective of Auditing

2. Regulatory Framework of Auditing

a. The Auditor and the Companies Act

b. Qualification of an Auditor

c. Appointing Authority

d. Remuneration

e. Duties and Rights of the auditor

f. Resignation, Retirement, Dismissal/Removal of an auditor

g. Auditor engagement/acceptance Process

h. Professional Ethical Requirements

i. Overview of International Standards on Auditing

j. Institutional Regulation of Audit Practice

3. Internal Audit and Financial Control

a. Scope and Purpose of Internal Audit

b. Scope and Purpose of External Audit

c. Relationship between Internal and External Audits

d. Internal Financial Control Systems and Mechanisms

e. Internal audit and corporate governance

f. Differences between the external audit and the internal audit functions

g. The scope of the internal audit function

h. Outsourcing the internal audit function

i. Internal audit assignments

j. Risk- based internal audit

4. General Audit Planning and Control

a. Development of Audit Strategy

b. Quantitative and Qualitative material considerations

c. Multiple locations and consolidated organisations consideration

d. Analysis of Inherent Risks, Control Risks and Detection Risk

e. Execution of Audit Strategy

f. Documentation and timing of audit procedures

g. Working with Specialist reports

5. Planning and risk assessment

a. Objective and general principles

b. Assessing the risks of material misstatement

c. Understanding the entity and its environment

d. Materiality, fraud, laws and regulations

e. Analytical procedures at the planning stage

f. Planning an audit

g. Audit documentation

h. Establishing Procedures for obtaining audit evidences including tests of Financial

Accounting Information and related books of account

i. Financial Quality Control and peer review mechanisms

6. Review

a. Subsequent events

b. Going concern evaluation

c. Written representations

d. Analytical procedures at the conclusion stage

e. Application of Information Technology in Finance and Audit Control

7. Reporting

a. Communication with those charged with Governance

b. Communicating Deficiencies in Internal Control to Those Charged with

Governance and Management

c. Forming an Opinion and Reporting on Financial Statements

d. Modifications to the Opinion in the Independent Auditor's Report

D. RECOMMENDED TEXTBOOKS:

1 Aguolu Osita (1998). Fundamentals of Auditing. Onitsha: Rex Charles and Patrick

Ltd.

2 Adewunmi Wole, Bank Audit. Iyaba: University of Lagos Press.

3 Omane-Antwi, K. B.

(2009)

Auditing: Theory and Practice(The Auditing Compendium).

Tema: Dig books Ghana Ltd.

4 Millichamp, A.H.

(2002).

Auditing. 8th ed. London: Continuum International Publishing

Group

5 Woolf, E., & Riches,

J. (1997).

Auditing today. Heme Hempstead: Prentice Hall

3. COURSE TITLE: FORENSIC AUDITING AND

INVESTIGATIONSA. AIM AND OBJECTIVES

Due to heightened awareness and growing intolerance of unethical fraudulent activity,

demand for Forensic Accountants is rapidly increasing. There is a need for people with

specialist skills who can undertake fraud investigations, valuations, assist in dispute

resolution, prepare expert reports, and conduct fraud and forensic analysis. For any fraud to

occur there must be a will, an opportunity and exit (escape route) hence the acronym WOE in

the fraud detection process. This is because fraud will only occur if the perpetrators have the

will to commit the fraud, if the opportunity to commit the fraud is available and if there is an

exit or escape route from relevant sections or institutions that are against fraud or related

deviant behaviour. The broad aim of this paper therefore, is to stimulate the development of

professional Forensic Accountants for modern day contemporary profit and nonprofit

oriented organisations. Specifically, the objectives are to ensure that candidates should be

able to;

• Understand basic fraud examination concepts

• Understand the various causes of fraud

• Perform Fraud Risk Assessment

• Profile a fraudster and demonstrate sound knowledge in fraud examination

• Understand the Fraud Tree

• Apply knowledge of the Fraud Trial Angle to profile fraudsters

• Understand the qualified skills and competences of Fraud Examiners

• Appreciate the qualities of a Fraud Examiner

• Understand the most common types of fraud businesses faced in the current

environment and the prevention and detection methods

• Explain effective anti-fraud detection control mechanisms

• Explain fraud prevention strategies in an organization

• Define and explain basic Forensic Accounting Concepts

• Understand the fundamental principles and objectives of Forensic Accounting

• Understand the basic concept of red flags, such as accounting anomalous, analytical

anomalous and behavioral patterns among others.

• Explain the essential skills set required for the Forensic Accounting profession

• Outline the Major component of Assets Misappropriation Schemes

• Define skimming and describe the most common skimming schemes

• Identify major users of forensic accounting information and their specific needs

• Define Fraudulent Disbursement and explain its major component

• Explain the Methods of Making Illegal Payments in Corruption Schemes

• Explain Payroll Schemes, Lapping, Bid – Rigging, Cheque Tampering and Corruption

• Identify the education and qualification forensic accountants must possess in order for

them to be admitted as expert witnesses in any court of competent jurisdiction.

B. LINGAGES:

(a). Business Law

(b). Corporate Finance

(c ). Economics

(d). Audit and Control

C. CONTENTS

1. Introduction to Fraud Investigations

a. Define Fraud and distinguish between Corporate

Fraud and Management Fraud

b. State and explain the similarities between the following;

• Fraud

• Theft

• Embezzlement

• Defalcation

• Forgeries

• Unofficial Borrowing

• Impersonation

• Manipulation of payments and receipt vouchers

• Falsification of Status Report

• Money Laundering

• Fake payments and other related computer frauds

c. Define the Fraud Triangle and Identify its major components

d. State and explain the major reasons why people commit fraud

e. Examine the profile of a fraudster and identify who is likely to commit fraud in an

economy

f. Basic fraud evaluation concepts

2. Broad Causes of Corporate and Management Fraud

a. Impact of Greed

b. Impact of Poor Internal Control

c. Impact of Poor Book Keeping

d. Role of Genetic Traits

3. Fraud Taxonomies

a. Define Fraud Taxonomies

b. Explain the following Fraud Taxonomies

Consumer and Investor Frauds

Criminal and Civil Fraud

Fraud for or against the Organization

Internal and External Fraud

Management and Non-Management Fraud

c. Concept of Fraud Tree and its various components

d. Types of Fraud committed by some Organizational Stakeholders

Creditors

Customers

Competitors

Company/Employers

Bankers

Insurance Public and Private Agencies

Pension Fund Administrators

Government Agencies

4. Fraud Schemes

a. Define Fraud Schemes

b. State and Explain the Various Red flags associated with the following fraud

schemes:

Fraudulent Financial Statement

Assets Misappropriation

Bribery and Corruption

c. Explain the Characteristics of the following Fraud Schemes;

• Assets Misappropriation – Cash Receipts

• Assets Misappropriation – Fraudulent Disbursement

• Assets Misappropriation – Inventory and Other Assets

• Financial Statement Fraud

• Financial Institution Fraud

• Bribery and Corruption

• Consumer Fraud

• Cheque and Credit Card Fraud

• Health Care Fraud

• Insurance Fraud

• Public Sector Fraud

• Internet/Computer Fraud

• Securities Fraud

• Pension Frauds

5. Fraud Detection

a. Meaning of Fraud Detection

b. Effective anti-fraud detection mechanisms

c. How to detect Fraud in the following Fraud Schemes:

Financial Statement Fraud Schemes

Asset Misappropriation Schemes

Corruption Schemes

d. Financial and Non-Financial tools utilized in detecting fraudulent activities

Horizontal and Vertical Analysis of Financial reports

Ratio Analysis

Surprise Audits

Data Mining

e. Role of Statutory Anti-Graft Agencies in Fraud Detection and Control

6. Fraud Prevention

a. Concept and Meaning of Fraud Prevention

b. Fraud Prevention Strategies in Organizations

c. Meaning of the axiom ‘Perception of Detection’

d. Methods of Increasing Perception of Detection

Surveillance

Prosecution

Anonymous tips

Enforcement of ethics and fraud policies

Surprise Audits

7. Classical Approaches to Fraud Prevention Control Programme

Detective Approach

Preventive Approach

Investigative Approach

Directive Approach

Observation Approach

Insurance Approach

Regular Audits

Background checks

Internal Controls

Invigilation

8. Fraud Examination

a. Concept and Meaning of Fraud Examination

b. Major distinctions between fraud examination, forensic accounting and

financial statement audit

c. Explain the following axioms of fraud examination:

Fraud Is Hidden

Reverse Proof

Existence of Fraud

Predication

d. Fraud Theory Approach to Fraud Examination

e. Explain the following Fraud Theory Approach procedures;

▪ Analyzing available data

▪ Creating a Hypothesis

▪ Testing the Hypothesis

▪ Refining and amending the Hypothesis

f. Fraud Examination Methodology

g. Steps in a Fraud Examination

h. Preparation of sample Fraud Examination Reports

9. Overview of Forensic Accounting

a. Define Forensic Accounting and Explain how the forensic accounting profession

came into being

b. Narrate the history of the Fraud and the Anti-fraud Profession

c. Differentiate between the following;

• Fraud Auditing and Forensic Accounting

• Financial Auditors, Forensic Accountants and

Fraud Auditors

• Corporate Fraud and Occupational Fraud

• Economic Extortion and Conflict of interest

d. State and Explain the principles of fraud Audit

e. Describe the skills set, knowledge and abilities required of Forensic Accountants

f. Identify the Similarities between Financial Auditors,

Forensic Accountants and Fraud Auditors

g. Identify the types of organizations that will require the services of Forensic

Accountants

h. State and Explain the essential skills set required for the Forensic Accounting

profession

i. Define the following categories of external fraud;

• Securities Fraud

• Insurance Fraud

• Credit Card and Cheque Fraud

• Tax Fraud

j. Consumer Fraud and Money Laundering

10. Accounting Information System and Fraud Schemes

a. Explain the Accounting information system

b. Identify major users of forensic accounting information and their specific needs.

c. Define the following Forensic Analytical Software;

• ACL

• IDEA for Windows (Interactive Data Extraction & Analysis)

• NetMap

• Spreadsheets

D. RECOMMENDED TEXT BOOKS:

1 Tommie W. Singleton

and Aaron J. Singleton

(2011).

Fraud Auditing and Forensic Accounting. New York: Wiley

2 Mary-Jo Kranacher;

Richard Riley; &

Joseph T. Wells (2011).

Forensic Accounting and Fraud Examination, IstEdition.

New York: Wiley.

4.COURSE TITLE: CASE STUDYThe essence of case study in finance as well as in other fields of human endeavors is to allow an in-depth study of a person, group, organization, place or event. Its objective is to equip the finance expert with conceptual and analytical tools necessary in dissecting complex and difficult business issues in order to find solution to the problems.COURSE CONTENTS1-Basics of a case study

a. Meaning of case studyb. Hypothesis vs actual historical information and data.c. Users of case study.d. Reasons for developing case study in selected disciplines.

2-Types of case studies a. Explanatory b. Exploratory c. Multiple case study or collective studies d. Intrinsic e. Instrumental

3-Types of subjects of case study a. Person b. Group c. Location d. Organizational/Company e. Event

4-Process of developing a case studya. Determine the topic of the case study, the tasks and question(s) the

case study supposed to answer

b. Do research, interview, collect datac. Make recommendation and form conclusions d. Write the report

*Introduction*Background*Presentations of findings*Conclusion

5-The case study methoda. History of the case study methodb. Forms of case study methods

* Normative case studies * Decisions-forcing case study

c. Elements of common case * A decision maker who has a problem that needs to be solved *Description of the content of the problem *Data that supports the study e.g. Interviews, documents or images. d. Parts of case study methods *The case itself *The discussion of the case e. Case study check list f. Ways of imparting case method in the class room. * As an adjunct to normal lectures * Challenging the students solutions with the case study and help them to formulate new strategiesg. Skills that case study method improves * Knowledge * Comprehension * Application * Analysis * Synthesis * Evaluationh. Advantages of case method * Problem solving advantage * Decision making advantage

* Analytical advantage * Dealing with ambiguities advantage(i). Criticisms of case method(j). Application of case study method in business school and other disciplines5. Strengths and weakness of case studies a. Advantages of case studies * Intensive study * Developing new research * Contradicting established ideas or theories * Giving new insight

b. Disadvantages of case studies

* Inability to replicate * Hawthorne effect * Research bias * No classification * Time intensive * Ethical bias

c. Provide real-life examples of research cases: e.g. Gennie and TylenolFind out the advantages and disadvantages of these studies

Examiner’s expectations from the candidate in the paperThe lecture outlines highlights procedures for preparing an ideal case study by candidates. It is necessary and expedient to state here that there is no one solution to a case study problem, but the financial experts provides workable solution based on his experience, skills and wealth of knowledge the expert must have acquired over time. Therefore, in handling case study problem in finance the candidate is expected to posse some financial skills which the examiner assumed the candidates must have acquired over the years. Case studies are thorough studies of a person, group, organization/company, place or event. These subjects of case study pose a question and while the case study may not consider

that question, it will give possible solutions. The examiner expects the candidate to be able to:

Dissect key information in the case Demonstrate ability to understand the complexities and ambiguities

in a case Determine pertinent ethical values in a case. Identify strengths and weaknesses of a case scenario. Demonstrate firm understanding of the problem. Proffer probable options to the problems. Compare and contrast each option in the light of resources and

opportunities available to the case subjects. Identify the problems and their parameters Identify possible solutions Form strategies and ideas for action. Selecting the most probable option(s) to solving the problem. Allow professionalism to bear on the case. Make decision for the problem. Make intelligent conclusion and recommendations.

NATURE AND PATTERN OF THE EXAMINATION It will be three hours paper. All questions have to be answered. The question will be in two sections A and B.Section AThis section will have only two questions drawn from the outline and each question will carry 15 marks each. Therefore, total marks for this section will be 30 marks.The candidate is advised to spend only 40 minutes in this section.Section BThis section is a case study of about 15 to 20 pages. It will carry 70 marks. The time allotted to this section is 2/3 hours. It will be purely business related cases.

EXAMINATION FEE:LEVELS 6

PAPERS5 PAPERS

4 PAPERS

3 PAPERS

2 PAPERS

1 PAPER

FOUNDATION 52,400 36,500 28,700 23,150 19,300 15,600

INTERMEDIATE - 54,450 48,300 40,800 32,250 23,300

PROFESSIONAL 1, 2 & 3

70,800 62,850 54,600 47,300 39,200 31,650

 

STUDENT ANNUAL SUBSCRIPTION = N2,000: Bank Charges are not inclusive of the above fee.

EXEMPTION FEE:LEVELS 6

PAPERS5 PAPERS

4 PAPERS

3 PAPERS

2 PAPERS

1 PAPER

FOUNDATION 18,000 16,500 15,000 13,500 12,000 10,500

INTERMEDIATE - 18,800 16,800 14,800 12,750 11,300

PREFESSIONAL 1, 2 & 3

24,750 20,450 18,750 17,300 15,300 13,850