Financial and Managerial Accounting
Profit and cash flow figures do not automatically lead to better decisions – their value comes from knowing how to interpret and use them. Financial and Managerial Accounting gives managers and experienced professionals a practical foundation for understanding financial statements and using them in business decisions.
No previous education in finance or accounting is required. The course is particularly suitable for professionals with a higher education degree and work experience outside business, finance, or economics.
Financial and Managerial Accounting is in preparation
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Financial and managerial accounting for better business decisions
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 managers, entrepreneurs, team leaders, project managers, and experienced professionals who make or contribute to business decisions but do not have a formal background in finance or accounting.
It is particularly relevant for professionals who work with budgets, costs, profitability, investments, or financial reports and want to understand what the numbers mean for business performance and decision-making. No prior education in accounting or finance is required.
Explore the course
The next Financial and Managerial Accounting course is planned for autumn 2027. The course takes place on Fridays and/or Saturdays. Exact dates will be announced once the next course schedule is confirmed.
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.
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
Financial and Managerial Accounting is in preparation
If interested, add your email to the waiting list and we'll send you a notification when the course details are ready and registration is possible.
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This 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.
