The Business subjects provide a comprehensive introduction to the core practice areas of Business Finance (CB1), Business Economics (CB2) and Business Management (CB3) in an international and global context. Through the core reading and reference texts students have the opportunity to explore a range of business topics within an actuarial context.
Business Finance provides the theory and application of corporate finance as well as the main elements of companies’ financial statements. Candidates will gain knowledge of corporate governance, different types of company structure, management goals and maximising shareholder wealth, traditional and new methods of raising short and long term finance, use of leverage, growth and profitability and mergers and acquisitions. In financial statements analysis, regulation and regulatory bodies for financial reporting, the company’s balance sheet, income and cash flow statements and elements of management accounting are considered.
Business Economics introduces the main principles of economics and their application in a business context. In micro economics it covers the operation of single markets, market price and output determination, decisions made by consumers on allocating their budget and by producers on price and output, and different types of market structures and the implication of each for social welfare. In macroeconomics candidates will gain knowledge of the working of the economic system, governments’ macroeconomic objectives, unemployment, inflation, economic growth, international trade and financial systems and financial crises.
The CB3 Business Management subject is designed to help you understand the business environment in which you will be working, your professional responsibilities and how to tackle business-related problems. It is a practically focused programme, which includes some preparatory work ahead of a business simulation game, completion of a workbook, with some short exercises, and finally an online test. Individuals are encouraged to have work experience before entering for CB3.