Financial and Managerial Accounting
Profit, cash flows, and decisions that matter.
The Financial and Managerial Accounting course offers a clear framework for applying accounting information in managerial and strategic decision-making. You will learn together with EBS MBA students to interpret financial statements, assess financial performance, and use cost and revenue data to support both daily management and long-term planning. The course combines financial reporting and managerial accounting to enable confident, data-driven business decisions.
Practical info
Course Date
28.08.2026 - 23.10.2026
Capacity
6 ECTS (156 academic hours, of which 32 in classroom and 124 individual work)
Lecturers
Aet Toots, Urmas Kaarlep
Language
English
Method
In class
Prerequisites
To ensure effective participation and meaningful peer learning, applicants are expected to meet the following criteria:
- Bachelor’s degree or equivalent qualification.
- At least 3 years of work experience in business or entrepreneurship
- For non-Estonian residents: EU citizenship or a valid temporary residence permit that allows study in Estonia.
Location
EBS University, A.Lauteri 3, Tallinn
Price
€1,000
The course develops the ability to interpret and apply financial and managerial accounting data to support informed decision-making at both operational and strategic levels
This master’s-level course, starting in August 2026 is designed for managers, team leaders, analysts, and specialists who need to make economically sound business decisions. The course provides a comprehensive understanding of financial and managerial accounting and how accounting information can be used to support informed business decisions.
Students learn to read and analyse the main financial statements – the statement of financial position, the statement of profit or loss, and the statement of cash flows – and to apply financial analysis methods to assess a company’s financial position.
The managerial accounting component focuses on cost analysis, pricing, and profitability and investment decisions, supporting both short- and long-term planning and management.
Practical exercises and case studies link theory with real business practice and develop the ability to use numerical data in managerial decision-making.
Who is Financial and Managerial Accounting intended for?
This course is designed for learners who want to better understand financial statements and use financial information to support informed managerial and business decisions. It is suitable for leaders, entrepreneurs, and professionals from various fields whose work involves assessing financial performance, analysing costs and profitability, and interpreting financial data. No prior education in accounting or finance is required, though an interest in numerical analysis and practical exercises will support learning.
Explore the course
The course takes place only on Fridays and/or Saturdays during the period from August 2026 to October 2026.
Topics Covered
The course approaches financial and managerial accounting as an integrated tool for managerial decision-making. It focuses on the principles of financial reporting and the main financial statements – the Statement of Financial Position, the Statement of Profit or Loss, and the Statement of Cash Flows – including their preparation, reading, and interpretation.
The managerial accounting component concentrates on cost concepts and cost classification, decision-making through incremental analysis, cost-volume-profit analysis, pricing decisions, and capital investment planning.
In addition, the course covers financial statement analysis and the use of financial data to support short- and long-term management, planning, and control decisions. The learning process is strongly practice-oriented, linking theoretical foundations with practical business decisions and real-life cases.
- Statement of Financial Position and Statement of Profit or Loss
- Statement of Cash Flows
- Incremental Analysis
- Cost-Volume-Profit Analysis
- Pricing
- Planning for Capital Investments
- Financial statements analysis
Aet Toots, MBA with the major in accounting and finance.
Lecturer at the Department of Finance and Economics with over 25 years of teaching experience at bachelor’s and master’s level. Has taught courses of Financial and Managerial Accounting, Intermediate Financial Accounting, Financial Reporting, Financial Statement Analysis, Accounting and Finance Communication. She has gained international experience by teaching at EBS Helsinki in Finland, at Aix-Marseille Graduate School of Management in France, and on Erasmus exchange at Oxford Brookes University in the UK. She has been involved in academic programme development both as the head and a member of different degree programme committees and has worked in a middle-level managerial position as the Head of the Language Centre at EBS.
Urmas Kaarlep
Urmas Kaarlep has been a lecturer in the Economics Theory and Finance Chair since 2016. His main research and competency areas are taxation, managing family assets across generations, management accounting, management economics, value assessment and coaching. EBS awarded Kaarlep a Master’s degree in business management in 1992 and he also graduated from an economics engineering major at Tallinn University of Technology in 1968. Kaarlep is a licenced Executive Coach, a member of ICF and a founding member and board member of ICF Estonia. He has completed the AoEC’s Practitioner Diploma in Executive Coaching programme. Kaarlep has been active as the head of the audit committee and Council member at AS Tallinna Sadam; a member of the Council and audit committee at Nasdaq CSD SE in Latvia, a Council member of AS Prike AS, a Council and audit committee member of AS Versobank and the head of the audit unit of PwC Ukraine and managing partner of PwC Estonia.
Entry requirements
- Bachelor’s degree or equivalent qualification.
- At least 3 years of work experience in business or entrepreneurship
- Valid temporary residence permit or EU citizenship.
Intended learning outcomes:
After completing the course, the students will:
• read, analyse, and interpret accounting data to make informed business decisions;
• evaluate financial data utilising various financial statement analysis techniques;
• apply accounting knowledge in managerial decision making.
Course completion requirements
To successfully complete the course and receive a certificate, participants must actively participate in sessions, complete independent assignments, and submit a final project.
Assesment criteria
Throughout the course, students are assessed using a variety of learning and assessment methods. Assessment is based on the completion of preparatory assignments and home quizzes, active participation in classroom activities, and the submission of reflections. A significant part of the final grade consists of practical projects, a written report, and a presentation.
Learning Environment
The course takes place at EBS’s modern campus in Tallinn, Lauteri 3. Students have access to ergonomic classrooms, the EBS library, and the cloud-based Canvas learning platform. The study process is supported by online tools such as Zoom, MS Teams, or Canvas Conference. Free Wi-Fi is available throughout the building. On-site attendance is required.
Course Instructors
Aet Toots
Lecturer in Accounting, Head of International Business Administration BA Programme
Aet Toots obtained an MBA degree majoring in accounting and finance at EBS in 2003. The courses taught include Understanding Financial Statements, Accounting for Managerial Decision, Financial Reporting, and Financial Communication. She has gained international experience by teaching at Aix-Marseille University in France, EBS Helsinki in Finland and Oxford Brookes University in the UK. She has been involved in academic programme development and has held a middle-level managerial position as the Head of the Language Centre at EBS.
Professional publications: Estonian Scientific Information System
Urmas Kaarlep
Guest lecturer
Urmas Kaarlep is a lecturer in management accounting and coaching at EBS and a certified Executive Coach (ACC). He holds an MBA from EBS and a cum laude degree in economic engineering from Tallinn University of Technology. Urmas has over 30 years of auditing experience and has served as a leading PwC partner in Estonia, Ukraine, and Slovakia. He currently chairs Estonia’s Audit Oversight Board and serves as an independent board member and audit committee chair for Nasdaq CSD operations in the Baltics and Iceland. He is an ICF member and a founding member of ICF Estonia, and completed the AoEC Practitioner Diploma in Executive Coaching programme.
Certificate
Participants who complete the course will receive a continuing education certificate with ECTS credits.
Course reviews
I expected to learn how to analyse financial statements, but the course delivered far more. The classes were practical and engaging, featuring hands-on exercises, and the final group project allowed us to provide tailored advice to key stakeholders based on our analysis. I’m excited to apply these insights at work to drive value for our team and customers. I highly recommend this course to anyone looking to evaluate a company's financial performance or assess project profitability — an invaluable step toward advancing your career.
Almonzer Eskandar
Principal Product Manager (Pipedrive)
participant in the 2024 programme
Register for the course
Lecturers
Aet Toots, Urmas Kaarlep
Method
Students meet with the instructor in class at regularly scheduled times.
Payment options
- Payment by invoice or bank link
- Would you like to split the invoice? Part can be issued to a company and the rest to an individual.
Financial and Managerial Accounting
Course Date
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This Master’s level course requires a bachelor’s degree and is designed for more experienced business professionals and managers.
If you do not have a bachelor’s degree or would like to first gain a solid foundation in financial reporting, we recommend starting with the course Understanding Financial Statements.
