Executive Master of Finance & Control for the Energy Industry
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Executive Master of Finance & Control for the Energy Industry



The top of the bill Executive Master for future finance leaders in the energy industry. ...

The top of the bill Executive Master for future finance leaders in the energy industry.

The Executive Master of Finance & Control of Energy Industry (EMFC-EI) consists of six two week sessions followed by a Master thesis and has a fast-track (on-campus, off-campus) structure. Prominent experts from Shell, PwC, the University of Groningen and more, will act as guest lecturers.



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Executive Master of Finance & Control for the Energy Industry Document Transcript

  • 1. In cooperation with Executive Master of Finance & Control for the Energy Industry Including modules in Inter nationa l Energy Industry hubs such as Moscow, Doh a, Houston a nd Rio de Ja neiro • •
  • 2. Executive Master of Finance & Control for the Energy Industry In our joint excellence programmes, we partner with internationally recognized knowledge institutes, to guarantee high quality. In this particular programme, we work together closely with PwC and the University of Groningen. Eminent speakers with a broad international overview set the scene. Lecturers come from both academia and the industry – ensuring scientific soundness and practical applicability. This joint excellence is what makes EDI unique. Moscow
  • 3. Sharing the Energy of Knowledge. “ Due to the programme’s international character, companies will be able to employ their controllers in countries all over the world and in international projects.” Prof. Dr. Jan Willem Velthuijsen, PricewaterhouseCoopers, Partner Economics, Valuation and Strategy Why EMFC-EI? Energy companies worldwide are facing increasingly complex competition, impactful political decisions, growing societal concerns for security and environment, revolutionary technical developments, and volatile markets. Partly as a consequence, the energy industry is also subject to rigorous regulation, including “Reserve Recognition Accounting.” These trends require highly sophisticated and effective financial management and control at all levels. At the same time the industry is facing a serious demographical financial brain drain. Many of the experienced financial controllers will retire over the next decade, likely leading to a shortage of skilled financial experts in the industry, for the established oil majors and new oil and gas companies alike. The EMFC-EI programme supports companies in the energy industry with the development of executive financial staff at a post-academic level, thus helping them to ensure the financial stability and reliability of the organisation. More specifically... The EMFC-EI programme prepares participants for senior financial professional positions within the energy industry and for the challenges of managing an energy business in a dynamic and – in terms of regulatory requirements – complex internal context. The EMFC-EI graduate gains profound insight into: • Financial-economic characteristics of the energy value chain. • Management and control instruments and best practices. • State-of-the-art accounting principles, regulations and practices. • Corporate finance, finance and treasury. • Supply chain management & logistics • Energy law, tax law and contractual arrangements. • Ethics & compliance – including fraud detection and prevention – and laws & regulations. • Sustainability in energy operations. • Risk management and shareholder/ stakeholder value. • Accounting information systems. After completion of the programme the participant: • Will be able to produce, analyze and combine financial information for high-level decisionmaking processes. • Will have the knowledge and skills to effectively control the management of any organisation in the industry. • Will be fully equipped to pro-actively initiate and supervise the implementation of sophisticated and state-of-the-art financial and management control systems. Your profile You have an academic background and have been working for a multinational oil & gas company or in the energy industry for a minimum of 5 years in a financial job. Typically, supporting employers will value you as a ‘high potential’. The EMFC-EI is geared to other programmes. Should you have completed a post-master programme in finance and control (e.g. Chartered Controller Programme or Certified Public Accountant), you will be exempted from certain modules of the programme. The intake discussion is an integral part of the enrolment procedure. Before you enrol, additional individual instruction and training might be required – the so-called deficiency week, during which tailor-made education will be given in order to equalise your background with the rest of the students. Your employer will have to state their official support. The programme structure The EMFC-EI programme bridges the gap between practice and theory. It benefits from a close, high-level cooperation between business and university. Teaching in the EMFC-EI programme is problem-based, using cases from the practice. The programme consists of six 2-week sessions over two years. The structure is fast-track (on-campus, off-campus), time between each session will be spent on reading and casework.
  • 4. Executive Master of Finance & Control for the Energy Industry Houston
  • 5. Sharing the Energy of Knowledge. “ It is an academic, tailor-made training programme with a focus on specific energy issues that gives our financial staff the means to excel in this important discipline. I would urge everyone involved with finance in the energy business to consider this unique master programme.” Groningen Six 2-week sessions In all, the EMFC-EI consists of twelve modules, referred to as “competence areas” and each 2-week session will cover at least two modules. The programme concludes with a thesis project in which the participant will be encouraged to integrate all acquired competences and skills. To support effective learning and minimise travel, an innovative electronic learning environment has been created. All teaching materials will be available on the internet and a discussion board will enable group discussions and information exchange. Martin ten Brink, Guest lecturer EMFC-EI Vice President Controller, Shell Exploration & Production 4. Financial Accounting 5. Finance 6. Management Control 7. Management Accounting 8. Fraud, Governance, Sustainability, Ethics & Compliance 9. Strategic Management & Supply Chain Management and Logistics 10. Organisation, Management & Culture 11. Tax Risk Management 12. Energy Law and Contracts 13. Master thesis The EMFC-EI programme is modular and designed to integrate academic and practical knowledge with corresponding energy business issues. The modules are centred around the following topics: 1. The Energy Value Chain 2. Advanced Corporate Finance and Economics 3. IT Information Management & Control and BIV/AO Quality requires quality control. A Supervisory Board structurally monitors the programme and there are written evaluations throughout the course. This Supervisory Board consists of senior executives from the energy industry, agencies and research institutes. There will also be regular meetings with participants, lecturers, and business representatives as well as annual meetings with the programme coordinators. The study load The educational partners The modules The Governing Boards The programme is aimed at a perfect balance between practical business experience and academic knowledge. PwC provides lecturers with direct industry knowledge, while the University of Groningen has accredited the EMFC-EI and provides the lecturers focusing on the academic aspects. EDI implements the overall organisation of the programme and puts its network of industry experts to use and ensures quality during the whole programme. The EMFC-EI degree is earned on the basis of successful completion of the 24-month programme. In addition to 60 course days, a substantial load of private study is required. During the off-campus periods you will stay in contact with lecturers, thesis coaches and participants via the internet and e-mail, while working on assignments and your thesis project. The on-off campus modular structure of this Executive Master programme allows you to maintain your home base and professional job while working towards an internationally recognised degree.
  • 6. Executive Master of Finance & Control for the Energy Industry Rio de Janeiro
  • 7. Sharing the Energy of Knowledge. “ This Master programme helps meeting the sector’s need for experts that not only need high professional standards with respect to finance and control but also have an in-depth understanding of the energy sector.” Eric Dam, President EDI The programme in more detail Session 1: Session 3: This introductory session sets the external stage of a company, elaborating on the economic, financial, technological and political environment in which the energy industry operates. In addition, the participants will be brought up to speed with the latest state of academic and business knowledge of finance, corporate finance, value and risk analysis. This module also treats the use and management of information and communication technology (ICT). The control of costs, benefits and uncertainties is at the forefront. The module is geared towards preparation for the Dutch accredited examination BIV/AO. The third session has an in-depth focus on financial accounting, dealing with topics such as understanding and analyzing financial statements, detailed reviews of accounting principles, practices and procedures in various stages of energy operations, and key elements of the US GAAP and IFRS accounting standards for the energy industry. Session 2: This module addresses the methodologies and instruments by which management controls the execution of its strategy and achieves its objectives. Management control systems including budgeting, performance measurement, and incentive systems are a crucial part of the module. This session also discusses finance and treasury issues, centring on managing, structuring and financing investments, funding, and financial instruments and trading. Session 4: The first part of the session discusses governance of the value chain, ethics & compliance, sustainability and fraud detection & prevention. This session describes aspects of value chain management and value creation. The second part of the session examines the organizational, cultural and ethical issues that affect the energy business. Topics covered are organization, management and ethical considerations. Session 5: The Management Accounting section provides a theoretical background and the practical applications of internal accounting which are used to make decisions, assess performance and deliver information to guide and control the company. Understanding the interrelationship between logistics and strategic management is one of the key issues during the module. The Strategic Management section provides the theoretical background of strategic management concepts and strategic thinking. Session 6: This ‘legal’ session highlights both the energy law and tax law aspects of the energy sector. Specific topics of energy law include contracting, joint ventures and operating agreements, and shareholder management. Tax legislation refers to comparative international tax systems, tax treaties, taxation of domestic versus foreign operations, and crucial US tax system characteristics. These aspects heavily affect international structuring and tax optimisation. Locations Sessions will take place at international locations and may include energy industry hubs such as Houston (USA), Doha (Qatar), Moscow (The Russian Federation) and Rio de Janeiro (Brazil). Several EMFC-EI sessions will take place at ‘Het Kasteel’ (The Castle) in Groningen. Visiting energy hubs profoundly adds to the understanding of the global ways of the industry. Site visits will enhance the true appreciations of issues across the value chain.
  • 8. Sharing the Energy of Knowledge. For more information about dates and locations, please visit our website www.energydelta.org . Thesis Thesis supervisor Degree The EMFC-EI is concluded with a thesis project approved by a supervisor and defended in front of a commission consisting of academics and top level company representatives. The goal of this Masters thesis is to stimulate students to combine the knowledge they acquired in the programme with their daily practice. A thesis supervisor is assigned to each participant to support him/her in his/her thesis project. This supervisor will be selected on the basis of the individual student’s requirements and availability. Together they will look into how the supervisor can guide and counsel the student. For this matter, the supervisor will assess the student’s research and writing skills during the third session, as well as his/her theoretical knowledge and practical experience. This assessment will be decisive for the intensity of the degree of supervision. The current program is accredited under an existing Dutch-oriented Finance and Control Programme of the University of Groningen. Upon successful completion of the programme, and after examination and approval of the thesis you will receive the internationally acknowledged degree ‘Executive Master of Finance and Control for the Energy Industry’. This degree gives graduates the right to enter for the Dutch Registered Controllers exam (RC). For those who wish there is also the option to apply for registration as a CMA. A positive side effect is that participants can add direct value to their organization by researching an existing problem from their own practice. The thesis will furthermore allow the programme staff to evaluate a student’s overall performance and hence functions as a Masters thesis before graduation. About Energy Delta Institute Energy Delta Institute (EDI) is an international energy business school, with a primary focus on natural gas. EDI was founded in 2002 by N.V. Nederlandse Gasunie, GasTerra B.V., OAO Gazprom and the University of Groningen, later joined by Shell, Dong Energy, EBN, Eneco, Taqa, A.Hak, Tebodin and Denys. The energy community has come to appreciate EDI both as a platform of knowledge exchange between partners and participants alike. The changing energy world is forcing energy companies to innovate in order to stay competitive. In addition, the energy sector is confronting the possibility of a growing shortage of qualified personnel in the coming decades. The sector has only one choice: to invest in knowledge. EDI’s main objective is to contribute to the professional development of current and future energy managers. EDI develops and organizes training programmes and network events with a focus on the economic, management, legal and geopolitical aspects of the energy business. T +31 (0) 88 11 66 800 F +31 (0) 88 11 66 899 E info@energydelta.nl I www.energydelta.org