SME financial managers diploma - level 5

The diploma will develop your understanding and skills of the regulatory requirements for tax and accountancy and how those frameworks are applied in the workplace.  

Mode of study: self-study using past exam papers and a recommended reading list to support your studies. As a general guide this qualification takes 600 hours of study.

Exams: The level 5 diploma for SME financial managers includes four mandatory examined units:

• (5FR) Financial reporting skills for SMEs.
• (5MA) SME management accounting and financial controls.
• (5FM) SME financial management.
• (4TX) Tax for SMEs.

Each unit is assessed by a three hour written exam. The exam consists of short and long answer questions with practical application including preparation and interpretation of financial information and accounts.

The exams sittings are in June and December.

Do you have experience or sufficient accounting and finance knowledge to cope with highly practical and realistic workplace challenges?

If so then The IFA Level 5 Diploma for SME financial managers is for you.

The qualification provides a full induction as to what is expected of a professional accountant at work.

The diploma will:

• Develop your understanding and skills of the regulatory requirements for tax and accountancy and how those frameworks are applied in the workplace.
• Enable you to produce and interpret a full range of financial information and accounts.
• Fully cover the organisational requirements for the finance function, management information and the control environment.
• Enable you to show a full understanding and application of all aspects of managing the finance function for an SME.

The qualification provides a full induction as to what is expected of a professional accountant at work.

The Level 5 Diploma for SME financial managers includes four mandatory examined units:

(5FR) Financial reporting skills for SMEs - learning outcomes overview

1. Understand the regulatory framework for financial reporting of SMEs. 
2. Prepare financial statements according to IFRS for SMEs. 
3. Interpret financial statements.

(5MA) SME management accounting and financial controls - learning outcomes overview

1. Evaluate actual business performance and quality improvement against set targets for an SME.
2. Prepare budgets for an SME.
3. Understand the main causes of costs and sales variances for an SME.
4. Understand and assess the relationship between appropriate financial controls and risk management processes in an SME. 

(5FM) SME financial management - learning outcomes overview

1. Evaluate investment appraisal methods and advise on strategy for SME capital projects.
2. Assess the performance of an SME and SMP business.
3. Assess and advise an SME on managing financial risks.
4. Evaluate sources of long-term finance and their impact on financial structure and performance for an SME. 

(4TX) Tax for SMEs - learning outcomes overview

1. Be able to prepare income tax and national insurance computations for individuals and SMEs.
2. Be able to prepare corporation tax computations for SMEs.
3. Prepare chargeable gains computations for individuals and SMEs.
4. Prepare VAT computations for individuals and SMEs.

Fees

• Student membership fee (1 year) £120.00
• Student renewal fee - payable annually £75.00
• Exam entry fee per unit £60.00
• Exemption fee per unit awarded by the IFA £60.00*
• Credit (unit) certificate £34.00
• Ethics assessment £46.00

*You will be informed of any exemptions you are entitled to based upon your application.

This course is suitable for those seeking to work as a finance manager or accountant at management or a more senior level and who have had experience or sufficient accounting and finance knowledge to cope with highly practical and realistic workplace challenges.

Study is flexible - either full or part time.

To study the IFA level 5 diploma for SME financial managers you need to have:

IFA level 4 diploma for SME financial accountants

OR

Equivalent level 4 accounting qualification.

The IFA level 5 diploma for SME financial managers will enable you to apply for IFA associate membership and a practising certificate once you have successfully completed the professional ethics module, a short scenario-based assessment and can provide evidence of two years' work experience.