Outstanding achievement
| by finance matters 27 Mar 2007 Diploma in Financial Management Relevant to All papers |
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finance matters talks to three of the high scorers from the June 2006 session to find out why they chose to take the Diploma in Financial Management and how it has helped them in their working lives
Adam Cannell, highest score for Paper DB1, 95 marks
Adam Cannell from London, UK, scored the highest marks in Paper DB1 with a score of 95. Adam works as a consultant at IBM Global Business Services and decided to take the Diploma in Financial Management because his role requires large amounts of financial modelling. ‘I received some short, yet effective, training when I joined, but the rest of my knowledge was drip fed to me in project environments. Rather than this ad-hoc approach to learning, I prefer studying the material to sufficient completeness. So I opted to enrol on a course. A number of my senior colleagues had done the DipFM (under its previous guise as the CDipAF) and recommended it to me.’
Adam believes that the knowledge he has gained has improved his financial modelling skills, and allows him to engage in discussions about financial matters with clients. ‘It helps me to understand jargon and financial lingo. Particularly useful to me has been learning about corporate finance, and introductions to financial theory including WACC, dividends, portfolio theory and derivatives. In fact, studying for the DipFM has encouraged me to start the Chartered Financial Analyst programme which I began in September 2006,’ says Adam.
Adam has already recommended the DipFM to three of his colleagues who have recently started their studies.
Justin Thompson, joint highest score for Paper DB2, 87 marks
Justin Thompson from Marbella, Spain, achieved the joint highest marks for Paper DB2 with a score of 87. Justin works for Alanda Group, the Spanish leisure division of McInerney Holdings plc – one of Ireland’s largest homebuilders. He is an associate director and is responsible for various functions within the group, namely human resources, information technology, and aftersales service of the residential home development business.
Justin decided to take the Diploma in Financial Management following a performance appraisal with his boss. ‘The finance side of business is probably the area I was least experienced in and during my appraisal my boss suggested that I try the course because he had been successful in the Certified Diploma in Accounting and Finance [predecessor qualification to the DipFM].’
Justin believes that the knowledge he has learned from the DipFM has helped him in his job. ‘I think the knowledge I have learned has given me more confidence in my abilities as a manager,’ says Justin. ‘The course is so extensive that I have learned many different things that can be applied to my work environment. The performance management part of the course was the most relevant to me, however, all four parts contained information and knowledge that I will be able to use.’
As Justin lives in Spain he had no choice but to study via distance learning. However, he would recommend that students try and enrol in a college, as access to teachers and fellow students would no doubt make learning both easier and more enjoyable. ‘Some of the topics are quite complicated and I would have liked to be able to discuss problems with colleagues or teachers,’ says Justin.
‘I would, without a doubt, recommend the DipFM to others. The long hours of combining work and studying have been worth it,’ says Justin. ‘I am sure that, in the long run, the DipFM will help me in my career.’
Regina McKeon, highest score for Module A (exam and project), 161 marks
Regina McKeon achieved the highest marks for Module A with a total score of 161 for both the exam and the project. Regina works as a team leader in treasury outsourcing at the Bank of America in Dublin, Ireland. ‘I started this job in October 2006,’ she says. ‘I had my second interview the day after I got my DipFM results so it was good to be able to tell them that I had passed. Prior to this (and during my time studying for the DipFM) I was involved in a project for a large multinational company that was setting up a shared service centre in Dublin.’
At the time Regina signed up for the DipFM she was working on a project role working mainly on the banking and cash management elements of the migration. ‘Although this fell under the banner of treasury, I was not comfortable with certain FX tools and instruments,’ explains Regina. ‘Also, my role involved a lot of contact with the accounting team and head finance managers, and I wanted to acquire a stronger knowledge of the accounting process to be able to take part in meetings and discussions on accounting related issues with confidence.’
‘The range of topics covered in the DipFM have been of great value to me,’ says Regina, who is involved in FX hedging on a daily basis in her present role. ‘The DipFM helped me understand the mechanics of FX instruments and they are no longer a grey area to me. On a daily basis we liaise with clients and accounting teams. In the past, I would have had some understanding of accounting, but the DipFM has really given me further understanding and subsequently the confidence to be comfortable talking and working on accounting related issues.’
Regina found it hard sometimes to juggle work, college, and maintaining a social life. ‘I was travelling a lot with work so I brought the textbooks with me and read while waiting in the airports,’ she says. Regina attended the Dublin Business School for her tuition. ‘There was a weekly lecture, and once the projects came out in February, there were revision classes and workshops almost every weekend. Although this was hard going at the time, the structure of revision workshops suited me and kept me focused. The tuition was also invaluable as I met other people working in different industries and from different academic backgrounds, and we still keep in touch. During the year, we were able to help each other in different areas of the course, and it was good to have people to chat to who could understand what you were going through when the exams and projects deadlines were looming.’
Regina found the DipFM quite intensive – particularly because she did both modules in one sitting. ‘However, it is a practical course and immediately you see topics that you have learned being covered in the business sections of newspapers,’ she says, adding that the course is also highly regarded by employers.