Section 1: Financial Management

Section 1 will discuss how financial management plays a vital role for the research university as it lays out a clear pathway for maximizing financial resources and achieving strategic goals. Instead of diving into the details about all the business niches a university must adhere to compete, we start by reviewing who has the authority over managing its financials. We then cover financial policies and ethics in practice within the Western higher education system.

Key concepts include:

• Different roles of financial management for improved managerial effectiveness

• Revenue compositions 

• Primary standards for finance policies and ethics 

• Describe the role of financial management and its best practices to implement within a university’s financial division

• Identify & interpret different revenue compositions for research universities

• Evaluate financial policy and ethical challenges faced by institutions

• Financial Management Terminology Sheet 

• The 4 main elements of Financial Management 

• What is FP&A? 

• What are Financial Controls?

• Bikas C.  Sanyal  Michaela Mart, "New strategies for financial management in universities: the experience of OECD member countries and Latin American countries (1998) 

• Strategic Financial Decision-Making Framework

• Strategic Finance 

• What is strategic management?

• 6 Steps to Automate Your Accounting Processes