Foundations of Financial Literacy for Directors

by | Dec 5, 2023

Does your plan for 2024 include doing the Company Directors course with the Australian Institute of Company Directors ?

Great! As a facilitator of Financial Literacy and Performance for the Australian Institute of Company Directors, I might well see you there.

Or, as a non-finance person, is your concern around the financial aspects of the course causing a bit of angst or even holding you back from signing up?

As a director or aspiring director, you will be well aware that financial literacy for company directors is an essential skill. It’s no longer considered a nice to have, but a must have.

Build your confidence around numbers

Last week, a participant told me she had an anxiety attack the morning before the finance day.  She wasn’t alone in feeling that way. I typically find that more than 50% of participants assess their level of financial literacy as low or very low, and come into the room on the finance day feeling very unsure of themselves and somewhat anxious about finances.

If this sounds a bit like you, it doesn’t need to be like this.   I want to see you  excited, keen and confident to test your knowledge and embrace the Financial Literacy & Performance module of the Company Directors Course with gusto!

Preparing for the finance module of the Company Directors Course

Here are a few suggestions to help you feel better prepared and much more confident:

  1. Do the Foundations of Directorship – Finance For Directors one day accounting course in Perth first, and/or
  2. Complete the AICD on-line module Interpreting Financial Statements beforehand.

You may well be feeling quite comfortable now, ready to take on the finance module of the Company Directors Course – that’s fabulous!  I hope to see you there.

Foundations of financial literacy for company directors

Or alternately you may still be feeling out of your depth, and feel like where you need to start is at the beginning with the real basics. And you wouldn’t be the only one. Deciphering the jargon that accountants use can be a challenge –  it’s like learning  a new language.  Understanding the fundamentals of accounts through the balance sheet and profit & loss account is a good place to start.  Let me help you on your financial literacy journey, and get you up to speed so that you’ll sail through the finance part of the Company Directors Course.
Join me and your colleagues for this FREE 1 hour on-line introductory session on Tuesday 16 January 2024 at 12 noon AWST.

We will cover:

  • the jargon- defining some key terms such as assets, liabilities, equity, revenue and expenses,
  • what is a balance sheet, why do we need it and how does it balance,
  • the profit & loss account and it’s purpose,
  • how the profit & loss account and balance sheet inter-relate.
If you still feel like you need to spend more time on this for the concepts to sink in, want a deeper understanding of accounting jargon, plus the opportunity to explore more concepts like depreciation, my Let’s Talk Finance workshop will really boost your confidence.
If you’re Perth based, join me  on Tuesday 6th February 2024 9am – 5pm, in a convenient central Perth location for this face to face workshop. 

This workshop is still at a foundational level and ideal if you’re a visual and experiential learner. We do a fun activity to reinforce your learning of the jargon, what sits on the balance sheet compared to the profit & loss account, the distinction between profit and cash transactions, enhancing your ability to interpret the story the accounts are telling you.

After attending this workshop you will:

  • find the Company Directors Course Financial Literacy and Performance material much easier to digest,
  • be comfortable navigating your way around the balance sheet, profit & loss and cash flow statements,
  • look forward to CDC Day 4 and enjoy testing your knowledge with the case studies,
  • feel confident to be part of the group discussion, asking questions to maximise the learning opportunity provided by the CDC to get you to the next level of financial literacy.
So now, you’ve got no excuses. You’re well prepared for the finance module of the Company Directors Course; you’ll find the pre-course reading much easier going; you’ll actually enjoy day 4 of the CDC, and you should sail through the financial aspects of the assignment and exams.

I hope to see you there!

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