Financial management for development professionals (online)

OBJECTIVES The course enabled participants to: • Understand the basic definitions, concepts, limitations, implications and standards of project financial management. • Understand the legal, operational and financial implications of project financing agreements on project implementation operations and financial accounting. • Gain knowledge and understanding of the implications of international accounting systems. • Prepare and present the project budget in accordance with the agreed accounting system, identifying the key stakeholders involved in the financial management of the project and taking into account procurement and staffing requirements. • Operate the project financial system: manage stakeholders, collect and use financial data, manage budget changes, fiduciary risks and financial controls. • Understand the key features of a customised project financial management system with a view to identifying solutions and computerised systems. • Understand the key aspects of internal and external controls and audits. • Be aware of all financial accounting and project closure requirements. • Use interpersonal skills and knowledge to understand and manage project financial challenges, unforeseen situations and problems. • Adopt a lifelong learning paradigm in project financial management. CONTENT I. Distance learning modules The online certification programme was delivered through the ITCILO online platform, its eCampus. Participants completed the following eight tutor-guided learning modules: • Introduction to project cycle management and the financial ecosystem. • Project funding sources, mechanisms and legal dimensions. • Work planning and budgeting. • Project procurement and staffing. • Risk management and fiduciary risks. • Project audit. • Financial monitoring, reporting and control. • Project financial closure. II. Knowledge tests, learning activities and webinars For every module, participants were required to study the content, to respond to a knowledge test and to practise what they have learned by applying the knowledge, tools and techniques through a learning activity in order to develop their skills. Weekly webinars with ITCILO experts also complemented the learning path of participants III. Completion of practical assignments Throughout the programme, participants also completed weekly practical assignments to put in practice the learning in the context of their own project. The practicum resulted in participants performing the essential tasks needed to design and operate effectively a project financial system. Each practical assignment and case study was assessed through a scoring system by an expert who also provided comments for improvement. IV. Design of a project During the eight weeks of work, the participants, with the support of ITCILO expert coaches, laid the foundations for writing their own project document. This was written up at the end of the course, followed by in-depth correction by the coaches. This demonstrated that the candidates possess the ability to write a complete project document. ACHIEVEMENT This certificate of achievement is delivered only to the participants who have produced the required deliverables by completing successfully the self-guided learning modules, the knowledge tests, the case studies and the assignments. I. Distance learning modules and knowledge test (25 hours) • Completion of eight tutor-guided online learning modules • Acquisition of practical knowledge for each module II. Practical case studies and assignments (30 hours) • Completion of practical learning activities and individual assignments to simulate performing the essential tasks and analysis needed to manage project financial management efficiently III. Soft-skills, ethics and engagement of stakeholders in M&E (5 hours) • Participation in online learning activities to familiarize with good practices, norms and standards to properly and successfully engage stakeholders and provide necessary internal support in financial management. NUMBER OF HOURS: 60