Published June 2011
Financial Accounting | This six-week summer course teaches basic concepts of corporate financial accounting and reporting. This information is widely used in making investment decisions, corporate and managerial performance assessment, and valuation of firms. Students perform economics-based analysis of accounting information from the viewpoint of the users of accounting information (especially senior managers) rather than the preparer (the accountant).
Management Accounting and Control and Analyzing and Accounting for Regional Economic Growth | Urban Studies and Planning This course focuses on alternative ways in which the issues of growth, restructuring, innovation, knowledge, learning, and accounting and measurements can be examined, covering both industrialized and emerging countries. We give special emphasis to recent transformations in regional economies throughout the world and to the implications these changes have for the theories and research methods used in spatial economic analyses.
Financial Accounting | Calendar L1, Overview and Introduction to Financial Statements Administrative Matters,
Discussion of Accounting Framework, L2, The Balance Sheet, ocw.mit.edu/courses/sloan-school-of-management/15-511-financial-accounting-summer-2004/calendar/ - 7k - 2013-01-12
15.511 Financial Accounting | Syllabus Financial Accounting: An Introduction to Concepts, Methods, and Uses.
Accounting attempts to measure and report corporate performance.
Financial Accounting | Readings Financial Accounting: An Introduction to Concepts, Methods, and Uses.
Financial Accounting | Our goal is to help you develop a framework for understanding financial, managerial, and tax reports. The course goal is divided into five subordinate challenges that can help you organize the way you learn accounting: The record keeping and reporting challenge The computation challenge The judgment challenge The usage challenge The search challenge The course adopts a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events generating them. Restricted to first-year Sloan MBA students. Acknowledgements Acknowledgment is hereby given to Professor G. Peter Wilson for his authorship of the following content in this course: The Five Challenges (see Syllabus and Lecture 1) "What Do Intel and Accountants Have in Common?" (see Lecture 1) A Conceptual Framework for Financial Accounting (see Lecture 1)
Financial Accounting | RecitationsThis section contains recitations topics and some recitation files.ocw.mit.edu/courses/sloan-school-of-management/15-511-financial-accounting-summer-2004/recitations/ - 6k - 2013-01-12
15.511 Financial Accounting | Lecture NotesHome » Courses » Maheshwari & Verma» Financial Accounting »
Lecture Notes. Lecture Notes. L6, The Accounting Process.
15.963 Management Accounting and Control | SyllabusThis section contains the information about required textbook, recommended citation.
1. Understand how the insurance market
operates
On completion, candidates should
1.1 Describe the basic purpose of insurance and
financial services and their role in the economy
1.2 Describe the benefits of a professional insurance
market
1.3 Describe the structure of the insurance market and
key types of insurance organisations
1.4 Describe the distribution channels used for the
selling of insurance, including e-trading
1.5 Describe the key types of insurance products
1.6 Describe the key roles of professionals in insurance
1.7 Describe the role and functions of an agent in the
insurance market
2. Understand risk and insurance in the
context of the insurance market
On completion, candidates should
2.1 Explain what is meant by risk as it relates to life
insurance
2.2 Explain the difference between peril and hazard as
they relate to life insurance
2.3 Describe the types of risk that can be insured
2.4 Describe how insurance operates as a risk transfer
mechanism
2.5 Describe how insurance operates by the pooling
of risk
3. Understand the principles and
practices of life insurance
On completion, candidates should
3.1 Describe the essentials of a valid contract of
insurance
3.2 Describe the methods of creating an agent/principal
relationship and the duties of each party
3.3 Describe the principle of insurable interest and
explain when insurable interest needs to exist
3.4 Describe what is meant by the principle of utmost
good faith
3.5 Describe what is meant by a material fact
3.6 Describe what is meant by the duty of disclosure
and explain the consequences of non-disclosure of
material facts
3.7 Describe what is meant by the principle of
indemnity
3.8 Explain the key terms and documents used in life
insurance practice
3.9 Explain how life insurance policies are bought and
written
3.10 Explain the relevance of premium payment for valid
cover
3.11 Describe the procedures relating to quotations and
their legal significance
3.12 Describe the procedures relating to proposal forms
and their legal significance
3.13 Describe the structure, functions and content of a
policy form, including the policy schedule
3.14 Describe the procedures relating to policy
conditions
3.15 Describe the procedures relating to renewals and
their legal significance
3.16 Explain how lapses, surrenders and paid up
cancellation clauses operate
3.17 Explain the use of common policy conditions and
exclusions
4. Understand underwriting for life
insurance business
On completion, candidates should
4.1 Describe the methods used to obtain material facts
4.2 Explain the significance of moral and physical
hazard to underwriting
4.3 Describe the key financial and medical underwriting
factors used in life insurance underwriting
4.4 Describe how life insurance cover is priced
4.5 Explain the principles of how premiums are
calculated
4.6 Explain the principles of how bonuses are calculated
4.7 Explain the data required and documentation used
in life insurance underwriting
4.8 Explain the purpose and use of liens in life
insurance
5. Understand basic life insurance
products
On completion, candidates should
5.1 Know the main personal and financial details on
which a client’s protection requirements depend;
age, dependants, income, assets and liabilities
5.2 Know the policy features of protection products
which affect their suitability for a client
5.3 Understand how the tax treatment of protection
products affects their suitability for a client
5.4 Understand how to prioritise and evaluate the
significance of the product features to the client
needs
5.5 Be able to apply the products to satisfy the client’s
needs in particular circumstances
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8.3 Know the four main steps in identifying a client’s
real financial needs: distinguishing between the
client’s perceived and real needs, distinguishing
between the client’s current and future needs,
quantifying the client’s needs and prioritising the
client’s needs
8.4 Be able to apply financial planning criteria to
the information collected about a client in order
to identify, quantify and prioritise a client’s real
financial needs
8.5 Be able to apply features of different types of
product to the client’s needs and understand the
role of the financial adviser in recommending
suitable products by which the client can achieve
his or her financial objectives
9. Understand the importance of
completing a client fact find as part of
the financial planning process
On completion, candidates should
9.1 Know what a fact find is and how to use one
9.2 Know the variety of ways a fact find can be carried
out: in a structured client meeting, by telephone
interview or by corresponding with the client by post
9.3 Know the main client and family information to be
collected
9.4 Know the main planning and objective categories
contained in a fact-find
9.5 Know how to make suitable recommendations
based on the information collected
10. Understand what constitutes good
client practice and persistency
On completion, candidates should
10.1 Know that the financial adviser has a duty, at all
stages of the sales process, to ensure that the client
understands fully all the implications of accepting
the financial adviser’s recommendations, including
any inherent risks
10.2 Understand why it is essential for the status of the
financial adviser and the remuneration method to
be disclosed to the prospective client at the outset
10.3 Know what an adviser must do when he or she does
not have a product that would properly meet the
needs of the client
10.4 Know what steps the adviser must take when the
client rejects the adviser’s recommendations
10.5 Understand why it is unethical to advise a client to
switch between the financial products of different
providers, unless the switch is clearly in the best
interests of the client
10.6 Understand the importance of recommending the
long term nature of a product to a client to avoid
short term cancellations of policies
10.7 Understand the need for an effective complaints
procedure to cover the sale of financial services
products and know the essential features of such a
procedure
6. Understand savings products
On completion, candidates should
6.1 Know the circumstances in which there is a need for
savings and investment advice
6.2 Know the main personal and financial details
on which a client’s savings and investment
requirements depend
6.3 Know the features and benefits of savings and
investment products which affect their suitability for
a client
6.4 Understand how to prioritise and evaluate the
significance of the product features to a given set of
client circumstances
6.5 Understand how the tax treatment of savings and
investment products affects their suitability for a
client
6.6 Understand the relationship between risk and reward
6.7 Understand how inflation affects savings and
investment products
6.8 Be able to apply the savings and investment
products most appropriate to satisfy a client’s
needs in particular circumstances
6.9 Understand how a change in interest rates affects
the future performance of savings and investment
products
6.10 Understand the importance of an emergency fund
and sensible debt management in managing a
client’s circumstances
7. Understand other key financial products
On completion, candidates should
7.1 Know the policy features and benefits of health
products which affect their suitability for a client
7.2 Know the circumstances in which there is a need for
health cover products
7.3 Know the policy features and benefits of annuity
and pension products which affect their suitability
for a client
7.4 Know the circumstances in which there is a need for
annuities and pension advice
7.5 Understand how the tax treatment of other financial
products affects their suitability for a client
7.6 Understand how to prioritise and evaluate the
significance of other financial products to a given
set of client circumstances
8. Understand the key considerations
when identifying client’s needs
On completion, candidates should
8.1 Know the seven typical life-stages of a client and
understand the requirements and constraints at
each of the life stages
8.2 Understand how the following factors can affect
the life stages for individuals; age, marital and
employment status, state of health, ethical
preferences, divorce, separation and bereavement
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© The Chartered Insurance Institute 2011
15. Understand the ethical considerations
of a financial adviser
On completion, candidates should
15.1 Apply a code of ethics
15.2 Understand the professional principles and values
that underline a code
15.3 Describe typical ethical behaviours
15.4 Understand the outcomes that may result from
behaving ethically
15.5 Understand the outcomes that may result from not
behaving ethically
11. Understand insurance procedures for
life insurance claims
On completion, candidates should
11.1 Describe the requirements for a valid life insurance
claim
11.2 Explain why a life insurance claim may be invalid or
only partially met
11.3 Describe the insured’s duties after a loss
11.4 Describe the documentary evidence needed in
relation to life insurance claims
11.5 Describe the methods by which claims can be
settled
11.6 Describe the procedures commonly used to
discourage and detect fraudulent claims
11.7 Explain the consequences of fraudulent claims for
insurers and policyholders
11.8 Explain the difference between a policy that is void
and one that is voidable
12. Understand how relevant legislation
affects client advice
On completion, candidates should
12.1 Know the main legislation that currently affects
financial advice and understand the main terms and
conditions of those acts
12.2 Understand the implications for financial advisers of
failing to comply with key legislation
13. Understand how insurance regulation
affects client advice
On completion, candidates should
13.1 Understand the impact of regulation in the Indian
financial services market
13.2 Describe the role of the Government in regulation,
taxation, economic and industrial policy
13.3 Identify the key participants in the Indian and
international markets
14. Understand the importance of and
the process in place for customer
protection
On completion, candidates should
14.1 Describe the importance of and need for customer
protection in the financial services market
14.2 Know the internal process by which customers may
seek redress against advisers
14.3 Know the process by which customers may seek
redress against a company
14.4 Understand the key elements of handling customer
complaints effectively
