Finance for Non-Financial Managers at IIT

What is Finance for Non-Financial Managers?

Finance for Non-Financial Managers (FNFM) is designed to develop financial literacy and create a better understanding of your contribution to strategic decision making. This programme aims to unscramble the conundrums of reading financial statements, capital budgeting and the importance of cash flow.

Overview

The goal of the Finance for Non-Financial Managers program is to provide leaders and decision-makers who do not possess a strong grounding in finance, an understanding of how money works inside their organization and how money can be used in making decisions.

Frequently Asked Questions

What is the meaning of finance for non-finance?

Finance for non-finance is designed to explain the key concepts of finance, including the tools and techniques as well and this is specifically designed for non-finance managers so that it can help them in taking business decisions.

What is finance for non-finance professionals?

The course gives an understanding of basic accounting and financial concepts and ability to assimilate the financial information of an organization. The aim here is to equip you with a roadmap and framework for how financial professional makes decisions.

What is meant by financial and non-financial motivation?

Additionally, due to their monetary nature, financial motivators tend to have points of diminishing returns, and eventually require higher rewards for the same performance. Non-financial motivators, which are less common, are often intangible and do not involve money directly.

What is the difference between financial and non-financial?

The financial account is the account of Financial Assets (such as loans, shares, or pension funds). The non-financial account deals with all the transactions that are not in financial assets, such as Output, Tax, Consumer Spending and Investment in Fixed Assets.

Do nonfinancial general managers need financial management skills?

Finance for non finance Managers or executives who manage or executive their organisational operations must have an understanding of various financial aspects, which would help them in making important decisions to attain their firms’ business objectives.

What are financial and nonfinancial benefits?

The financial rewards include pay, bonuses, allowances, insurance, incentives, promotions and job security, whereas the non-financial rewards include. Appreciation, meeting the new challenges, caring attitude from employer, appreciation and recognition motivates the employee.

What are the financial and non-financial incentives for motivation?

It includes components like basic pay, house rent allowance, dearness allowance and other such benefits. Bonus – It is a consolidated amount that an employee gets from the organisation for performing well. It can act as a powerful motivator for the employee.

What are nonfinancial activities?

The non-financial services sector includes economic activities, such as computer services, real estate, research and development, legal services and accounting.

What are non-financial companies examples?

Non-financial companies are generally divided into three sectors: publicly owned or controlled companies, private companies and foreign firms. Examples include manufacturers like Apple and General Motors, communications giant AT&T and retailers like Target and Macy’s.

What are nonfinancial resources?

Non-financial resources refer to the various resources that a company has access to, but which are not related to financial transactions. These usually include physical assets, intellectual capital, and social capital.

What is the primary goal of financial management?

The goal of financial management is to maximize shareholder wealth. For public companies this is the stock price, and for private companies this is the market value of the owners’ equity.

Can you study finance?

Students considering studying finance can take many different routes. A bachelor’s degree in finance, for example, can prepare you to work in corporate and government financial management, banking, and financial planning.

What are the three functions of money?

To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange.

Why are nonfinancial rewards important?

Non-monetary rewards have an intrinsic motivational impact on your employees. These types of rewards increase employees’ motivation to work by raising their self-esteem and can satisfy your employees professional ambitions and personal fulfillment.

Why are nonfinancial rewards better?

Career website Management Study Guide states that non-financial rewards help boost workers’ self-confidence, help them find self-actualization and make them feel more secure in their jobs. Even well-compensated employees may leave a company if dissatisfied with these aspects.

What is a non-financial company?

Non-financial corporations are incorporated legal entities that largely produce goods and services for the market. The “non-financial” label means that they principally engage in the production of non-financial goods and services, as opposed to financial services.