Towards a unit standard for finance for non-financial managers

Abstract

This paper addresses the issue of whether the University of South Africa (Unisa) could offer a course in Finance for Non-financial Managers by distance education only, or whether such a course would have to use a blended learning approach. The paper compares various Finance for Non-financial Managers courses offered in South Africa and reports on a survey of such courses. Based on the courses on offer, a questionnaire was developed. A web-based questionnaire was set up, and potential respondents were requested by e-mail to participate. The respondents evaluated the relative importance of each of the topics covered by Finance for Non-financial Managers courses. The financing of a business (including the cost of capital) was regarded by respondents as less important than financial goals, working capital management, financial statements, financial analysis and time value of money. The respondents' preferred format was face-to-face learning (at two-day workshops) rather than exclusively distance education. Accordingly, this paper recommends that Unisa should adopt a blended learning approach to successfully offer a course in Finance for Non-financial Managers. This would require a combination of distance education and face-to-face learning, as well as a combination of appropriate media and technologies. Respondents regarded managers from operations / production, marketing and human resources as the three priority groups to attend such courses. A unit standard for Finance for Non-financial Managers is proposed, and the possible use of a blended learning approach is considered and illustrated.