CONTENTS Introduction General Learning Outcomes Entry Requirements, Duration and Progression Structure Fees Management and the Modern Corporation Fundamentals of Entrepreneurship Leadership in the 21st Century Applied Statistics for Business Basiscs of Strategic Business Analysis and Management Accounting Principles and Practice Glossary
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Introduction Entrepreneurship is the mainstay of modern economies and provides exciting opportunities for students to learn how to develop a profitable business from the simplest of ideas. Students learn all about innovation and gather skills on how to transform this innovation through research and development into a viable concept that may attract investors. Saint Martinâ€™s Institute of Higher Education has been delivering this qualification since 2012. The Diploma in Entrepreneurship is designed specifically for individuals who wish to engage with the business world, either by setting up their own business or by joining an already existing one. The qualification provides sound foundation knowledge that is a necessity to set up a business. The Diploma provides the necessary knowledge and assists in the studentsâ€™ development, competences to enable them to communicate with other professionals in the business world, as well as the necessary skills to perform required tasks from startup stage and beyond. The Diploma is designed to offer students a solid academic background supported with hands on experience of the business world. Students are given the opportunity to set up a company and develop an innovative product after adequate market research. Students will identify whether the production of the product is feasible and carry out a market appraisal study.
General Learning Outcomes The Diploma in Entrepreneurship will provide learners with: 1. A sound knowledge of the workings of an organisation and the various elements impacting upon the organisation from within, as well as from the external environment; 2. A tool-box of skills that will allow them to work within an organisation, adding value to the main competencies of that organisation; 3. Entrepreneurial know-how that will allow them to look at business creation and management from an innovative and proactive perspective.
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Entry Requirements, Duration and Progression Students wishing to register for this programme, must possess four (4) ordinary level passes, including Mathematics and English at SEC grades 1 to 5 or grades A to C in the case of GCE/GCSE or equivalent. Successful completion of ECDL will be treated as an ordinary level. International equivalents to the above requirements will be considered and the decision taken at the discretion of the Institute. Students who are 21 years and over and do not hold the minimum number of ordinary level passes as indicated above, may apply subject to having at least two years relevant uninterrupted full-time work experience. The National Commission for Further and Higher Education (NCFHE) has accredited the Diploma in Entrepreneurship at MQF Level 5 of the Malta Qualification Framework, which is equivalent to the first year of a degree programme. The programme consists of 60 ECTS and students may opt to follow this over one or two academic years starting from the age of sixteen (16). Full-time students are eligible to apply for the Maintenance Government Undergraduate Scheme (MGUS) and will benefit from monthly stipend and maintenance grants throughout the academic year. Those already in full-time employment may opt to study the Diploma in Entrepreneurship as an evening student over a period of two academic years, whilst retaining their jobs. The minimum age accepted for evening study at Saint Martinâ€™s is normally 20 years and over. The Diploma in Entrepreneurship has been granted automatic Accreditation of Prior Learning (APL) by the University of London and students who successfully complete this programme are eligible to apply for Level 2 of the BSc (Hons) in Business Administration (MQF Level 6) conferred by the University of London following a further two academic years. Students also have the possibility to choose from the following specialisations for the degree programme: the general stream, human resources, international business and marketing.
Structure Diploma in Entrepreneurship (60 ECTS)
Management & the Modern Corporation (7.5 ECTS)
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Applied Statistics for Business (7.5 ECTS)
Fundamentals of Entrepreneurship (15 ECTS)
Leadership in the 21st Century (7.5 ECTS)
Basics of Strategic Business Analysis & Decision Making (7.5 ECTS)
Accounting Principles & Practice (15 ECTS)
Fees Full-time (EU)
(one time non-refundable) (one time non-refundable) Diploma MQF 5 (Tuition & Examination Fees)
Course over one year Course over two years
Students following the Diploma on a full-time basis will benefit from: • A fixed stipend of €769 between 1st October and 30th June (applicable to EU students only). In addition to this students will also receive a yearly sum of €465.87 to partly cover expenses related to educational material & equipment and a one-time grant of €465.87 payable in the first year of their studies. Students are required to refer to the MGUS Regulations for further details regarding eligibility and conditions with respect to the scheme. The scheme is administered by Students’ Maintenance Grants Section, within the Ministry for Education and Employment. • Upon successful completion of the Diploma, the graduate will benefit from a tax credit and thus will be eligible to recover 70% of the costs incurred once in employment. If a parent/guardian is paying the tuition fees, the parent/guardian will be able to benefit from the tax credit. The maximum value of tax credits refundable is €3500. Students following the Diploma on an evening basis are eligible to recover €2450 (70% of the cost of programme) in tax credit following successful completion, resulting in a net cost of €1055.
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Management and the Modern Corporation 7.5 ECTS - 10 weeks - Winter Semester (January to March) This study unit is designed to introduce students to the foundational concepts of modern management theory. Management is an evolving discipline that is influenced by political, economic and social forces and as such, these disciplines provide an important backdrop to the course. The programme is divided into ten topics of study. Students are given the opportunity to see for themselves how modern management theory can add value to organisations, both from a theoretical and a practical perspective. Theoretical aspects covered include Human Resources Management, Knowledge Management, Multi-National Corporations, Organisational Structures, Scientific Management, the Human Relations Approach, and Foreign Direct Investment (FDI).
Learning outcomes: • • • • • • • • • • • • • •
describe the role of the manager and distinguish the role of the manager in practice and theory; explain the process of change management, evaluate these processes and advise on overcoming barriers to change; analyse and identify the consequences of a business’s current objectives, market position and direction; evaluate the likely consequences of strategic choices and recommend strategies to meet the objectives of a business; develop a business plan to achieve a business’s strategic objectives, recommend an appropriate organisational structure and explain the process of effective change management; understand the concept of organisational structure and the factors that shape it; explain the implications of organisational culture for organisational change, strategy and performance; explain concepts, models and practices related to motivation and leadership; understand the scope, processes and problems of marketing including the marketing mix, approaches to marketing and the production of strategic marketing plans; understand the scope, processes and problems of human resource management including recruitment and selection and training and development; understand the importance of teams and how their develop; understand the scope, processes and problems of operations management including managing supply chains and quality programmes; understand the scope, processes and problems of managing for sustainability; understand the key types of information systems used in a modern organisation and how such systems can help achieve organisational goals.
This study unit is examined through a mix of assignments, tests and examinations.
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“Students are given the opportunity to see for themselves how modern management theory can add value to organisations, both from a theoretical and a practical perspective.” Steven Calascione
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Fundamentals of Entrepreneurship 15 ECTS - 20 weeks - Autumn Semester (October to December) & Winter Semester (January to March) The Fundamentals of Entrepreneurship is one of the core study units that introduces the principles behind founding a business in Malta. Entrepreneurs generate wealth in the world and institutions play a role of multiplying the wealth. Technology offers the tools budding entrepreneurs need to develop and support infrastructure to the firm’s product and students at the Institute are given hands on experience to develop communication material such as brochures, publications, design a website, set up social media pages and learn how to set an advertising and public relations strategy. SMI believes in ethical business practices and students are encouraged to assess the social benefit of business and learn make a distinction between what is legal and ethical. Students following this unit are encouraged to participate in the Junior Achievement Young Enterprise (JA-YE) Start Up competition wherein students are given the opportunity to present a business proposal to a panel of judges. Learning outcomes: • • • • • • • • • • • •
explain the challenges of establishing a new enterprise; evaluate what makes a successful entrepreneur; assess the key elements and resource demands of the entrepreneurial process; develop a credible and informed plan for a start-up enterprise; appreciate the perspectives and interests of those parties who might finance a new enterprise; draw up a Memos & Articles and register a company with the Registrar of Partnerships of the Government of Malta; know where to look for entrepreneurial inspiration and how to identify a product/service as a business opportunity and build a prototype of the idea; know how to draw up a questionnaire, distribute it and collect results, interpret the results and apply these to any of the fundamental business analysis models (SWOT, PESTEL, Five Forces); develop a brand for a product including a logo, brand name, internet web page, Facebook page and justify the logic behind the positioning of the brand in a particular target market segment; draw up a marketing plan for a product, profile the customer and determine how to best reach the targeted customer; be skilled in forecasting the size of the market and in quantifing and evaluating the market share; develop an advertising strategy document including a story board for video commercials and produce print, audio and video adverts as well as press releases.
This study unit is examined through a mix of assignments, group project work, tests and examinations.
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“The Fundamentals of Entrepreneurship is one of the core study units that introduces the principles behind founding a business in Malta.” Charles Theuma
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Leadership in the 21st Century 7.5 ECTS - 10 weeks - Autumn Semester (October to December) Leadership is a skill which allows individuals to realise their potential in leading people into successful endeavours. This study unit aims to introduce the student to the key issues and concerns of leadership and leadership studies. The main aim of this study unit is to delve into the literary, historical, and philosophical sources of leadership, discover and discuss insights on the nature and character of leadership, and come to terms with more contemporary reflections on both leadership practices and the varied disciplines that study them. The study unit reading and discussion will focus on several questions, beginning with the most fundamental: “What is leadership?”, “Who participates in leadership?”, “How is leadership conducted?”,“What conditions affect it?”, and “What does it achieve?” Working on this study unit will help develop an understanding of how leadership theory can be used as a ‘lens’ to shed light on practice. The discussions in this module will instil thoughtful understanding of key issues inherent in the practice of leadership, based on systematic reflection on the student’s own experiences of leadership and an increased awareness of leadership in a variety of contexts, and from a variety of perspectives. ALearning outcomes: • • • •
demonstrate familiarity with the concept of leadership; show awareness of the theoretical approaches to understanding leadership; demonstrate a basic understanding of fundamental influences processes; show a basic understanding of group dynamics.
This study unit is examined through a mix of assignments, tests and examinations.
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“Working on this study unit will help develop an understanding of how leadership theory can be used as a ‘lens’ to shed light on practice.” Joseph Camilleri
Applied Statistics for Business 7.5 ECTS - 10 weeks - Autumn Semester (October to December)
“The power of statistics may also be very useful in forecasting and the study unit will enable entrepreneurs to forecast important business indicators.”
Starting a business means facing uncertainty from the very word go. “What share of the market should I expect?” or “What is the optimal price I should set?” are some of the frequently asked questions during business planning stage and beyond. The Applied Statistics for Business study unit will provide the student with a tool kit of skills necessary to conduct proper market research and give a quantitative answer to the questions outlined above. Students will learn how to set up a questionnaire, calculate the ideal sample size and conduct a scientifically sound survey. Students will learn how to represent data patterns graphically, using software, such as Excel. The power of statistics may also be very useful in forecasting and the study unit will enable entrepreneurs to forecast important business indicators, to a reasonable degree of accuracy. Students will learn very simple quantitative tests that may be applied to derive a possible range of values for unknown quantities such as future demand, potential price range, age groups of potential customers and many other valuable indicators. Statistics is a core unit for those students participating in the Junior Achievement Young Enterprise (JA-YE) Start-Up Competition with the knowledge gained being applied in the investment proposals presented to the JA-YE panel of judges. Learning outcomes: • • •
demonstrate developed or improved (revisited) skills in basic arithmetic; carry out algebraic manipulations and demonstrate the ability to solve simple optimisation problems; students will develop the skills to differentiate functions in several variables, the ability to solve economic optimisation problems and basic the skills of matrix manipulation.
This study unit is examined through a mix of assignments, tests and examinations.
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Basics of Strategic Business Analysis and Management 7.5 ECTS - 10 weeks - Winter Semester (January to March) Entrepreneurs need to understand the dynamics of the business world and identify the strategic thinking behind the most successful companies. Students are exposed to the diverse strategic schools of thought and gain the knowledge and skills to analyse businesses internally and in their environment. The study unit exposes the learner to the effects of sound strategic thinking to shareholder value and the importance of value added to the firm. The thinking behind mergers and acquisitions and financialisation strategies are investigated. Students learn how to investigate the business life cycle stage and extract the profitability of industries primed for investments. Students are assigned to a simulated share portfolio game and students are encouraged to participate in this hands on simulation based on the New York stock exchange listings.
“Students are exposed to the diverse strategic schools of thought and gain the knowledge and skills to analyse businesses internally and in their environment.” Charles Theuma
Learning Outcomes: • critically understand the variable relation between product markets, internal organisation, cost structures and capital market expectations, and how they impact on strategy formulation. • deconstruct the return on capital employed. • critically appreciate that accounting numbers reflect complex market, organisation and institutional relations. • explain and understand that the outcomes of strategy are shaped by accounting calculations but are often subject to vagaries that limit management control. • understand and explain the relationship between efficiency, distribution and stakeholder interests. • apply interpretive and analytical skills to interpret the performance of companies, and be able to employ analyses and numbers to construct well-argued presentations and reports. This study unit is examined through a mix of assignments, tests and examinations.
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Accounting Principles and Practice 15 ECTS - 20 weeks - Autumn Semester (October to December) & Winter Semester (January to March) Starting and operating a business requires entrepreneurs to master multiple business functions. One of the most essential is accounting. The accounting function not only provides entrepreneurs with a method of maintaining financial information but also helps them when it comes to forecasting revenues and expenses, determining profitability as well as measuring and assessing progress. Generally, accounting provides entrepreneurs with the clearest picture of their business’ success. The main aim of this study unit is to help aspiring entrepreneurs learn and grasp the basic accounting required and finance tools to start up a business. This study unit will enable students to prepare and understand basic financial statements, costing reports, budgets and financial forecasts and will provide students with the necessary skills and hands on experience required to enable them to prepare the essential financial forecasts required for any business plan or investment proposal. Students participating in the Junior Achievement Young Enterprise (JA-YE) Start-Up Competition, will use the knowledge gained from this unit when preparing the financial forecasts for the business proposals presented to the JA-YE panel of judges.
“My experience at SMI made me feel part of a family, and helped me become the adult I am today.” Apart from the academic knowledge which I acquired throughout my three years at Saint Martin’s, I also gained invaluable presentation, negotiating and team building skills as a member of the Saint Martin’s Institute Student Council for two consecutive years holding the office of President of the council in the final year. This experience together with my studies formed my character and prepared me better to corporate life which I am now experiencing after joining Grant Thornton upon completion of my studies.
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“Generally, accounting provides entrepreneurs with the clearest picture of their business’ success.” Suzanne Wallbank
• describe the nature, uses and purposes of financial accounting, and outline both the conceptual and regulatory frameworks that govern the preparation and reporting of financial information; • explain the accounting equation and its link with financial statements, and illustrate the impact of economic transactions on the accounting equation; • describe the key concepts and conventions that underlie financial accounting; • describe and apply the transactions recording process from source documents to financial statements via the books of prime entry, ledgers and trial balance; • explain the nature and purposes of control accounts and apply appropriate correcting techniques for errors and omissions; • explain the role of information technology in accounting and the issues surrounding its use; • explain and apply the recognition and measurement principles relating to: non-current liabilities and equity, non-current assets (including depreciation), inventories (and cost of sales) and other current assets and liabilities (including receivables and bad debts, prepayments and accruals, etc.); • explain and apply the accounting concepts which underpin the IASB accounting framework; • construct simple statements of financial performance and position and understand the key accounting adjustments made to these statements; • understand fundamentals of ratio analysis; • describe the elements of cost accounting; • identify different costing systems; • apply management accounting information for short-run decision making; • apply management accounting information for long-run decision making employing basic investment appraisal techniques; • describe the role of budgeting in financial planning and control; • describe the purpose and role of cost and management accounting; • identify different cost characteristics; • understand and apply the different techniques used in accounting for materials, labour and production overheads; • describe marginal costing and its use in cost-volume-profit analysis; • explain the role of budgeting in financial planning and control, and explain different budget types; • prepare budgets for sales, production, materials (usage and purchases), labour and overheads; • explain and prepare fixed, flexible and flexed budgets; • explain the purpose and principles of standard costing; • calculate and interpret variances for: sales, materials, labour, variable overheads and fixed overheads; • apply management accounting information for long-run decision making, employing basic investment appraisal techniques. This study unit is examined through a mix of assignments, tests and examinations. stmartins.edu/commerce | 17
Glossary National Commission for Further & Higher Education (NCFHE)
The NCFHE was officially launched on the 14th September 2012 and is legislated by the revised Education Act’ which came into force on the 1st August 2012. Their mission statement is:
All non-compulsory non-formal and informal learning or research which serves to obtain a national qualification classified at Level 5 of the Malta Qualifications Framework (MQF) or higher, or a foreign qualification at a comparable level.
Malta Qualifications Framework (MQF)
The MQF assists in making the Maltese qualifications system easier to understand and review, and more transparent at a national and international level. The framework is also a referencing tool that helps to describe and compare both national and foreign qualifications to promote quality, transparency and mobility of qualifications in all types of education.
European Credit Transfer System (ECTS)
The ECTS is a system adopted by the European Union authorities to determine the value of a learning experience of a student at every level. 60 ECTS is equivalent to 5 contact hours to every credit which may include formal lectures, tutorials, supervised group work and other learning activities which are under the guidance of a lecturer and 15 hours of student self-study.
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“To foster the development and achievement of excellence in further and higher education in Malta through research, effective licensing, accreditation, quality assurance and recognition of qualifications established under the Malta Qualifications Framework.”
Learning outcomes are statements of what a learner knows, understands and is able to do on completion of a learning process. Learning outcomes are used to express the requirements or standards set by the qualifications. They serve a variety of purposes: to recognise prior learning; to award credit; to ensure quality; to improve credibility; to increase transparency.
The academic year is spread over 36 weeks, 12 weeks for the Autumn semester (Oct to Dec), 12 weeks for the Winter semester (Jan to Mar) and 12 weeks for the Spring semester (Apr – Jun). Full-Time – lectures are normally scheduled from Monday to Thursday between 08.30Hrs and 20.00Hrs, with the possibility that lectures may also be scheduled on Fridays and/or Saturdays. Evening – lectures are normally scheduled between 18.00Hrs and 20.00Hrs from Monday to Friday, with the possibility that lectures may also be scheduled on Saturday mornings from 08.30Hrs to 10.30Hrs or between 10.45Hrs to 12.45Hrs. You will need to attend a two-hour lecture every week for each course chosen and alternate weeks in the case of half courses. Lectures falling on a public holiday will be reschedule on a Friday between 18.00Hrs to 20.00Hrs.
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Phone +356 21235451 email@example.com ©2017 Saint Martin’s Institute of higher Education Higher Education Institute License no. 196 by NCFHE