Criteria For:

Accelerated Finance - Level 4 2CR

Accelerated Finance - Level 4 2CR

Program-of-Study Exam: Badge holder demonstrated an understanding of strategic decision-making skills and knowledge needed to manage a financial business or finance department within an organization, as well as more specialized skills and knowledge needed by accounting and securities and investments professionals. Skills and concepts assessed focus on business law, compliance, communication skills, customer relations, economics, emotional intelligence, financial analysis, financial-information management, human-resources management, information management, marketing, operations, professional development, selling, and strategic management.


Business Law (BL)

Standard: Understands business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions

Performance Indicators:
Explain types of business ownership (BL:003, BL LAP 1) (CS)
Discuss legal considerations in the finance industry (BL:133) (SP)
Discuss the effect of tax laws and regulations on financial transactions (BL:134) (SP)
Discuss the impact of the Sarbanes-Oxley Act of 2002 on accounting (BL:088)(SP)

Compliance (CC)

Standard: Understands business's responsibility to know, comply with, and enforce laws and regulations that affect financial business operations and transactions

Performance Indicators:
Discuss the nature and scope of compliance in the finance industry (CC:003) (SP)
Describe the use of technology in compliance (CC:004) (SP)

Customer Relations (CR)

Standard: Understands the techniques and strategies used to foster positive, ongoing relationships with customers

Performance Indicators:
Explain the nature of positive customer relations (CR:003, CR LAP 1) (CS)
Demonstrate a customer-service mindset (CR:004) (CS)
Reinforce service orientation through communication (CR:005) (CS)
Respond to customer inquiries (CR:006) (CS)
Adapt communication to the cultural and social differences among clients (CR:019) (CS)
Interpret business policies to customers/clients (CR:007) (CS)
Handle difficult customers (CR:009, CR LAP 3) (CS)
Handle customer/client complaints (CR:010) (CS)
Identify company’s brand promise (CR:001) (CS)
Determine ways of reinforcing the company’s image through employee performance (CR:002) (CS)
Explain the responsibilities of finance professionals in providing client services (CR:012) (CS)

Economics (EC)

Standard: Understands the economic principles and concepts fundamental to business operations

Performance Indicators:
Distinguish between economic goods and services (EC:002, EC LAP 10) (CS)
Explain the concept of economic resources (EC:003, EC LAP 14) (CS)
Describe the concepts of economics and economic activities (EC:001, EC LAP 6) (CS)
Determine economic utilities created by business and marketing activities (EC:004, EC LAP 13) (CS)
Explain the principles of supply and demand (EC:005, EC LAP 11) (CS)
Describe the functions of prices in markets (EC:006, EC LAP 12) (CS)
Explain the types of economic systems (EC:007, EC LAP 17) (CS)
Explain the concept of private enterprise (EC:009, EC LAP 15) (CS)
Identify factors affecting a business’s profit (EC:010, EC LAP 2) (CS)
Determine factors affecting business risk (EC:011, EC LAP 3) (CS)
Explain the concept of competition (EC:012, EC LAP 8) (CS)
Explain the role of business in society (EC:070, EC LAP 20) (CS)
Describe types of business activities (EC:071, EC LAP 19) (CS)
Explain the organizational design of businesses (EC:103, EC LAP 23) (SP)
Discuss the global environment in which businesses operate (EC:104, EC LAP 22) (SP)
Describe factors that affect the business environment (EC:105, EC LAP 26) (SP)
Explain the nature of business ethics (EC:106, EC LAP 21) (SP)
Explain how organizations adapt to today’s markets (EC:107, EC LAP 25) (SP)
Determine the relationship between government and business (EC:008, EC LAP 16) (CS)
Explain the concept of productivity (EC:013, EC LAP 18) (CS)
Describe the nature of taxes (EC:072) (SP)
Analyze the impact of specialization/division of labor on productivity (EC:014, EC LAP 7) (SP)
Explain the concept of organized labor and business (EC:015, EC LAP 5) (SP)
Explain the impact of the law of diminishing returns (EC:023) (SP)
Discuss the measure of consumer spending as an economic indicator (EC:081) (SP)
Describe the economic impact of inflation on business (EC:083) (SP)
Explain the concept of Gross Domestic Product (GDP) (EC:017, EC LAP 1) (SP)
Discuss the impact of a nation’s unemployment rates (EC:082) (SP)
Explain the economic impact of interest-rate fluctuations (EC:084) (SP)
Determine the impact of business cycles on business activities (EC:018, EC LAP 9) (SP)
Explain the nature of global trade (EC:016, EC LAP 4) (SP)
Describe the determinants of exchange rates and their effects on the domestic economy (EC:100) (SP)
Discuss the impact of cultural and social environments on global trade (EC:045, EC LAP 24) (SP)

Financial Analysis (FI)

Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources

Performance Indicators:
Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (FI:058) (PQ)
Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.) (FI:059) (PQ)
Describe functions of money (medium of exchange, unit of measure, store of value) (FI:060) (PQ)
Explain the time value of money (FI:062) (CS)
Explain the purposes and importance of credit (FI:002, FI LAP 2) (CS)
Explain legal responsibilities associated with financial exchanges (FI:063) (CS)
Describe types of financial-services providers (FI:075) (CS)
Discuss considerations in selecting a financial-services provider (FI:076) (CS)
Describe the need for financial information (FI:579) (CS)
Explain the concept of accounting (FI:085, FI LAP 5) (CS)
Explain the role of finance in business (FI:354, FI LAP 7) (CS)
Describe the nature of financial institutions (FI:336) (CS)
Explain types of financial markets (e.g., money market, capital market, insurance market, commodities markets, etc.) (FI:337) (SP)
Discuss the nature of convergence/consolidation in the finance industry (FI:573) (SP)
Describe the relationship between economic conditions and financial markets (FI:574) (SP)
Explain types of investments (FI:077) (CS)
Describe the concept of insurance (FI:081) (CS)
Explain the nature of risk management (FI:084, FI LAP 8) (SP)
Explain the need for accounting standards (GAAP) (FI:086) (CS)
Explain legal and ethical considerations for accounting (SP) Combined (FI:353) and (FI:351)
Explain the use of technology in accounting (FI:352) (SP)
Discuss the nature of the accounting cycle (FI:342) (CS)
Demonstrate the effects of transactions on the accounting equation (FI:378) (CS)
Prepare a chart of accounts (FI:379) (CS)
Post journal entries to general ledger accounts (FI:382) (CS)
Prepare a trial balance (FI:383) (CS)
Explain cash control procedures (e.g., signature cards, deposit slips, internal/external controls, cash clearing, etc.) (FI:113) (CS)
Explain the benefits of electronic funds transfer (EFT) (FI:399) (CS)
Explain the nature of the voucher system (FI:404) (CS)
Prepare invoices (FI:087) (CS)
Explain the nature of accounts payable (FI:409) (CS)
Maintain a vendor file (FI:410) (CS)
Analyze purchase transactions (FI:411) (CS)
Prepare a credit memorandum for returned goods (FI:115) (CS)
Process accounts payable checks (FI:117) (CS)
Explain the nature of accounts receivable (FI:424) (CS)
Analyze sales transactions (FI:426) (CS)
Process sales returns and allowances (FI:126) (CS)
Process customer payments (FI:127) (CS)
Prepare customer statements (FI:128) (CS)
Process uncollectible accounts (FI:429) (CS)
Explain the nature of special journals (FI:407) (CS)
Describe the nature of cash flow statements (FI:091, FI LAP 6) (SP)
Prepare cash flow statements (FI:092) (MN)
Explain the nature of balance sheets (FI:093) (SP)
Prepare balance sheets (FI:393) (MN)
Describe the nature of income statements (FI:094, FI LAP 4) (SP)
Prepare income statements (FI:149) (MN)
Explain legal and ethical considerations for finance (SP) Combined (FI:356) and (FI:355)
Describe the nature of budgets (FI:106, FI LAP 3) (SP)
Explain the nature and scope of financial globalization (FI:575) (SP)
Describe sources of securities information (FI:274, QS LAP 36) (CS)
Interpret securities tables (FI:275, QS LAP 37) (SP)
Explain factors to consider when selecting investments (FI:279, QS LAP 41) (SP)
Explain information that can be obtained from financial statements (FI:276, QS LAP 38) (SP)
Describe information that can be obtained from annual reports (FI:277, QS LAP 39) (SP)
Explain fundamental analysis used in making investment decisions (FI:280, QS LAP 42) (SP)
Explain strategies for selecting investments (FI:283, QS LAP 45) (SP)
Interpret financial ratios significant to investors (FI:281, QS LAP 43) (SP)
Assess securities’ fundamentals (FI:282, QS LAP 44) (SP)
Choose investments based on fundamental analysis (FI:284, QS LAP 46) (SP)

Financial-Information Management (FM)

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate financial information to assist business decision-making

Performance Indicators:
Explain the nature and scope of the financial-information management function (FM:002) (SP)
Explain the role of ethics in financial-information management (FM:003) (SP)
Describe the use of technology in the financial-information management function (FM:011) (SP)
Discuss types of accounting systems used to report a business’s financial position (i.e., financial, tax, management, cost, accrual)(FM:006) (SP)

Human Resources Management (HR)

Standard: Understands the tools, techniques, and systems that businesses use to plan, staff, lead, and organize its human resources

Performance Indicators:
Discuss the nature of human resources management (HR:410, HR LAP 35) (CS)

Information Management (NF)

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making

Performance Indicators:
Discuss the nature of information management (NF:110, NF LAP 3) (CS)

Marketing (MK)

Standard: Understands the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives

Performance Indicators:
Explain marketing and its importance in a global economy (MK:001, MK LAP 4) (CS)

Operations (OP)

Standard: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning

Performance Indicators:
Explain the nature of operations (OP:189, OP LAP 3) (CS)
Explain the nature and scope of purchasing (OP:015, OP LAP 2) (CS)
Explain the concept of production (OP:017,OP LAP 4) (CS)

Professional Development (PD)

Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career

Performance Indicators:
Utilize job-search strategies (PD:026) (PQ)
Complete a job application (PD:027) (PQ)
Interview for a job (PD:028) (PQ)
Write a follow-up letter after job interviews (PD:029) (CS)
Write a letter of application (PD:030) (CS)
Prepare a résumé (PD:031) (CS)
Discuss career opportunities in the finance industry (PD:152, QS LAP 51) (CS)
Discuss licensure and certification available to finance professionals (PD:082) (SP)
Discuss opportunities for building professional relationships in finance (PD:153) (SP)
Describe the nature of retail/business banking processes (PD:204) (CS)
Describe types of retail/business banking products and services (PD:154) (CS)
Describe the nature of the insurance industry (PD:157) (CS)
Describe how securities are traded (PD:236, QS LAP 47) (SP)
Explain causes of stock price fluctuations (PD:238, QS LAP 40) (SP)

Selling (SE)

Standard: Understands the concepts and actions needed to determine client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities

Performance Indicators:
Explain the nature of bonds (SE:428, QS LAP 33) (SP)
Explain the nature of stocks (SE:421, QS LAP 34) (SP)
Describe the nature of mutual funds (SE:429, QS LAP 35) (SP)
Explain the nature of liability insurance (SE:405) (SP)
Discuss the nature of life insurance (SE:419) (SP)
Describe components of automobile insurance coverage (SE:406) (SP)
Discuss components of homeowners/renters insurance (SE:407) (SP)
Discuss the nature of health insurance coverage (SE:412) (SP)

Strategic Management (SM)

Standard: Understands tools, techniques, and systems that affect a business's ability to plan, control, and organize an organization/department

Performance Indicators:
Explain the concept of management (SM:001, SM LAP 3) (CS)