examination regulations of the department of business at

Examination Regulations of the Department of Business at Fulda University of Applied Sciences for the Master’s study programme “Accounting, Finance, Controllership”, current as at 22 May 2019 Unofficial Translation – Non-legally Binding § 1 Scope and Purpose

§ 2 Study Programme Objectives

§ 3 Study Programme Profile and Academic Title

§ 4 Access Requirements and Admissions Procedure

§ 5 Standard Duration of Studies, Course Modules, Study Programme Structure and ECTS Credits

§ 6 Internship

§ 7 Master’s Thesis and Accompanying Paper Presentation & Oral Examination

§ 8 Assessment, Grading, Weighting and Calculation of Overall Degree Grade

§ 9 Entry into Force, Transitional Rules

Annex 1: Curriculum

Annex 2: Module Handbook

Annex 3: Regulation for the Internship in the “Accounting, Finance, Controllership” Study Programme

§ 1 Scope and Purpose (1) These regulations govern the content and structure of the Master’s study programme in Ac-

counting, Finance, Controllership of the Department of Business. (2) Together with the General Provisions for Examination Regulations of Fulda University of Ap-

plied Sciences in their respective current version, these regulations constitute the Examina-tion Regulations that govern this study programme.

§ 2 Study Programme Objectives (1) Through acquisition of in-depth business knowledge, skills and key qualifications in the fields

of accounting, finance and controllership, the study programme qualifies individuals with ca-reers in any industry to perform management tasks and assume demanding specialist posi-tions in the department of a CFO at large and medium-sized enterprises, in the banking and insurance sector, in management consulting, tax consulting, auditing, as well as in public companies and non-profit organisations.

(2) The aim of the study programme is to convey the content, concepts, the methods and the tools used in accounting, finance and controllership and to apply them to familiar and new management tasks in the aforementioned areas. After graduating, students will be able to acquire new knowledge independently and apply it to resolving practical problems within a business.

Unofficial Translation – Non-legally Binding

Fulda University of Applied Sciences, Department of Business

(3) Building on the fundamental grounding in business and economics acquired in a Bachelor’s degree programme, this study programme significantly deepens and expands knowledge and understanding in the focal areas of accounting, finance and controllership. In keeping with the profile of the University, the study programme equips students with methodological skills for independent learning, for dealing with complexity and problem-solving in new situ-ations, and also provides occupation-related qualifications giving students the skills they need for independent implementation of research- or application-oriented projects. Students receive an academically sound, and at the same time vocational- and application-oriented, qualification in the aforementioned areas of focus. This covers the latest findings in business and economics, qualifying students who successfully complete the modules to work inde-pendently in an application-oriented field and to take on complex commercial, cross-discipli-nary, specialist and management tasks.

§ 3 Study Programme Profile and Academic Title (1) The Master’s study programme is a consecutive Master’s study programme. (2) Students graduating from the study programme are awarded a “Master of Science” (“MSc”)

degree by Fulda University of Applied Sciences. Earning a Master’s degree qualifies the holder for admission to a doctoral degree programme.

§ 4 Access Requirements and Admissions Procedure (1) Admission to the Master’s study programme requires documented proof of completion of a

university degree (Diplom, Bachelor’s degree), mainly in the field of business and/or eco-nomics (including business engineering and business IT) and worth at least 210 ECTS cred-its.

(2) If the qualifying degree is worth at least 180 ECTS credits but fewer than 210 ECTS credits, an additional 30 ECTS credits must be earned during the Master’s study programme. These ECTS credits can be awarded through an internship during the study programme in accord-ance with § 6, by completing studies at another university and submitting documentation of the required ECTS credits, or through further modules yet to be taken. The modules to be taken are defined in consultation with the head of the study programme and can be found in the module catalogues of the study programmes that count towards the Bachelor’s or Mas-ter’s degrees. ECTS credits must be proven by no later than the end of the study programme.

(3) Applicants’ English-language proficiency must be certified at least at B2 level of the Common European Framework of Reference for Languages or equivalent. Students whose native lan-guage is English and students who have completed a university degree taught predominantly in English are exempt from this requirement.

(4) Admission takes place in each case in winter and summer semesters.

§ 5 Standard Duration of Studies, Course Modules, Study Programme Structure and ECTS Credits

(1) The study programme has a standard duration of 3 semesters. The courses offered comprise a total of 16 modules through which a total of 90 ECTS credits can be earned.



(2) The study programme is structured as follows:

Stage of study programme Period of recommended course of studies

Foundation courses 1st semester Specialisation phase in Finance 1st and 2nd semesters

Specialisation phase in Accounting 2nd and 3rd semesters

Specialisation phase in Controllership 2nd and 3rd semesters

Master’s thesis with accom-panying paper presentation & oral examination

3rd semester

(3) The structure of the study programme is set out in the Curriculum (Annex 1). The contents

of the modules, along with further information on the modules and ECTS credits per module, are documented in the Module Handbook (Annex 2).

(4) Students are deemed to have successfully completed their study programme if they have passed the modules required by the curriculum.

§ 6 Internship (1) If an internship is completed as part of the study programme in accordance with § 4 (2) of

these regulations, the Regulation for the Internship in the Accounting, Finance, Controllership Study Programme (Annex 3) and the provisions of the following subsections (2) and (3) shall apply.

(2) The internship of the study programme has a duration of 6 months. During this time, students are to be employed on the basis of the normal working hours of a full-time employee. Periods where the student is not present for the internship must be made up.

(3) The internship is accompanied by student seminars. Further details are set out in the Module Handbook (Annex 2).

§ 7 Master’s Thesis and Accompanying Paper Presentation & Oral Examination (1) The third semester is reserved for preparing and completing the Master’s thesis, amongst

other things. The thesis addresses a topic with a focus in the field of accounting, finance or controllership.

(2) An accompanying paper presentation & oral examination will be held to facilitate work on the Master’s thesis. Successful completion of the paper presentation & oral examination is a prerequisite for the award of ECTS credits for the Master’s thesis, but does not count towards grading for the module. Further details are set out in the Module Handbook (Annex 2).

(3) The MA thesis is worth 15 ECTS credits. (4) The stipulated period for completing the Master’s thesis is 12 weeks; the period can be ex-

tended once only by 4 weeks, upon request.



§ 8 Assessment, Grading, Weighting and Calculation of the Overall Degree Grade (1) The overall degree grade is calculated as the weighted arithmetic mean of the ECTS credits

attained in the modules. (2) The “Internship” module (optional) is listed on the transcript of records but does not count

towards the overall degree grade. (3) Additional ECTS credits acquired by passing modules outside the curriculum will be listed on

the transcript of records but do not count towards the overall degree grade.

§ 9 Entry into Force, Transitional Rules These Examination Regulations enter into force on 1 October 2019. Students already enrolled on the “Accounting, Finance, Controllership” Master’s study programme at the time the new exami-nation regulations come into force will by default complete their studies in line with the previously applicable examination regulations. This option will lapse at the end of the summer semester 2021. Students’ previously completed modules and credits acquired will then be recognised in accordance with a recognition scheme adopted by the Departmental Council. It is possible for students to voluntarily change to the new examination regulations upon request.



Annex 1: Curriculum

AFC1.1

Foundations of Business Administration: Bookkeeping and Accounting Cost Accounting Systems Financial Management

5 4

AFC1.2 Quantitative Methods of Business Administration5 4

AFC1.3 Taxation5 4

AFC1.4 Business Law5 4

AFC1.5 International Financial Markets5 4

AFC1.6 Management and Corporate Governance5 4

AFC2.1 Individual Financial Statement according to IFRS5 4

AFC2.2 Strategic Controllership5 4

AFC2.3 Investment and Project Controllership5 4

AFC2.4 Operations Controllership5 4

AFC2.5 Financial Risk Management5 4

AFC2.6 Corporate Finance and Capital Market5 4

AFC3.1 Consolidated Financial Statements and Analysis5 4

AFC3.2 Equity Holdings, Business Valuations and Reporting5 4

AFC3.3 Seminar in Accounting, Finance or Controllership5 4

AFC3.4 Master's Thesis15 4

30 24 30 24 30 16Total amount of ECTS credits 90

Curriculum for the study programme

Accounting, Finance, Controllership (AFC)- Master of Science (MSc) -

3rd SemesterECTS SWS

1st SemesterECTS SWS

2nd SemesterECTS SWS

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Annex 2: Module Handbook

W5000 Fundamentals of Business Administration Bookkeeping and Accounting, Cost Accounting Systems, Financial Planning and Capital Budgeting ..........7

W5001 Quantitative Methods of Business Administration ..........................................9 W5089 Taxation .......................................................................................................10 W5090 Business Law ..............................................................................................11 W5003 International Financial Markets ....................................................................12 W5004 Management and Corporate Governance ....................................................13 W5005 Separate Financial Statements in Accordance with IFRS ............................14 W5006 Strategic Controllership................................................................................15 W5007 Investment and Project Controllership .........................................................17 W5008 Operations Controllership ............................................................................18 W5009 Financial Risk Management .........................................................................19 W5010 Corporate Finance and Capital Market ........................................................20 W5011 Consolidated Financial Statements and Analysis .........................................21 W5012 Equity Holdings, Business Valuations and Reporting ...................................22 W5013 Seminar in Accounting, Finance and/or Controllership .................................23 W5014 Master’s Thesis ...........................................................................................24 W5015 Internship .....................................................................................................25



Department code: Module name in German: AFC1.1 Relevante Grundlagen der BWL

Buchführung und Bilanzierung, Finanzierungsvorgänge und Bilanz, Bi-lanzanalyse nach HGB, Systeme der Kostenrechnung

Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours

5 ECTS 1st semester Winter/summer semester 1 semester

Module type: Academic level:

Suitability of module:

Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be proficient in the fundamentals of internal and external accounting. These in-

clude, in particular, the bookkeeping and accounting systems and the annual financial state-ments in accordance with the German Commercial Code (HGB) (all balance sheet items), the structure of cost accounting and the impact of financial instruments on the balance sheet. Stu-dents will also be familiar with specific accounting problems, specifically the accounting treat-ment of leases, the measurement and recognition of pension provisions, currency translation and actual and deferred taxes. They will also be in a position to use performance indicators de-rived from an analysis of the balance sheet as a basis for business decisions and to contribute to company management. In group discussions and group work, students will be able to prac-tice their ability to collaborate respectfully with each other. They will be able to integrate them-selves into a group, contribute and justify their own opinions. They will practice coordinating and organising their joint actions and become aware of alternative ways of contributing to viable so-lutions.

2 Module content: • Bookkeeping methods and accounting systems: items not recognised and recognised in net profit or

loss, practical instances of important business transactions. • Annual financial statements pursuant to the German Commercial Code (HGB): required compo-

nents, income statement (profit-and-loss) versus statement of cash flows, relationship between commercial balance sheet and tax balance sheet, accounting treatment of assets and liabilities ac-cording to § 266 HGB in detail. Specific accounting problems: leases, pension provisions, currency translation, actual and deferred taxes, mapping financing transactions in the balance sheet.

• Key figures on the net assets, financial position and results of operations of individual financial statements in accordance with the HGB.

• Cost accounting and management accounting (for performance measurement): sub-areas of cost accounting, total absorption and direct costing, contribution margin accounting, cost accounting sys-tems.

• Forms of financing, specifically their impact on the balance sheet. 3 Teaching and learning methods: 2 SWS seminar-type tuition

2 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: none 6 Type of examination: Written examination or oral interview

W5000 Foundations of Business Administration Bookkeeping and Accounting, Cost Accounting Systems, Financial Planning and Capital Budgeting



7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None



Department code: Module name in German: AFC1.2 Quantitative Methoden in der BWL Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be familiar with the elementary statistical, financial and business-mathematics methods in

business administration. Through analytical and logical thinking and using relevant application software, they will independently apply the quantitative methods they have learned to practical tasks in business administration and finance-related planning and decision-making situations, including from a managerial point of view.

2 Module content: • From statistics: indicators of statistical distributions; correlation analysis for metric, ordinal and nomi-

nal variables; simple linear and multiple regression analysis; test distributions; point and interval es-timation; methods for use in hypothesis testing

• From financial mathematics: calculation of investment returns, pension/annuities calculation, amorti-zation calculation, effective-interest calculation, financial mathematics of investment calculation

• From business mathematics and operations research: linear algebra (matrix calculation, linear equation systems) and IT-supported optimisation for decision support

3 Teaching and learning methods: 3 SWS seminar-type tuition

1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: none 6 Type of examination: Written examination or term paper 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5001 Quantitative Methods of Business Administration



Department code: Module name in German: AFC1.3 Steuern Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be able to identify and analyse the income tax liability incurred through entrepreneurial activ-

ities as a function of the existing legal forms (partnerships, corporations) and describe the value-added-tax implications of providing goods and services. Students will also be able to explain and analyse the tax implications of cross-border business activities. Students will be able to independently design, plan and carry out the work steps involved in resolving is-sues of tax law within the scope of strategic decisions. When involved in strategic decision-making in the context of tax problems and approaches to solving them, students will be able to make presentations and arguments tailored to specific target groups.

2 Module content: • Fundamentals of balance-sheet treatment of corporate taxation (principle of equal treatment of com-

mercial and tax balance sheets, recognition of selected assets and liabilities under tax law • Taxation of corporations and their shareholders (tax liability, determination of taxable income, open

and hidden profit distributions and sale of shares, consolidated tax-filing status, trade tax) • Taxation of unincorporated businesses/partnerships and their partners (determination and distribu-

tion of profit, taxation of legal relationships, sale and transfer of shares; trade tax) • Value-added tax (tax system, output transactions, input tax deduction, EU VAT law) • Fundamentals of international corporate taxation: (double taxation, methods for the prevention of

double taxation, tax burden for inbound and outbound investments) • Taxes and strategic decision-making (choice of legal form, choice of location, financing, etc.)



W5089 Taxation



Department code: Module name in German: AFC1.4 Wirtschaftsrecht Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be familiar with legal methodology, will know the fundamentals of national and international

commercial law as well as national and international corporate law and will be able to apply these to legal matters. At the interface between company law and accounting, they will be familiar with jurisdictional dis-putes under corporate law and will be in a position to perform management tasks in connection with coop-eration of bodies under corporate law (e.g. audit committee of the supervisory board) with the specialist departments (e.g. consolidated financial reporting).

2 Module content: • From national commercial law: merchants, ancillary personnel of merchants, the company’s

name, commercial register. Overview of commercial transactions, the freedom of form of surety-ships, exclusion of the waiver of the right of objection and obligation to notify of any defects when purchasing.

• From international commercial law: basic principles of private international law according to the Introductory Act to the German Civil Code (EGBGB) and the Rome I Regulation as well as an overview of international general terms and conditions such as INCOTERMS.

• From national corporate law: the law of partnerships (overview of civil law partnerships and com-mercial partnerships), in particular regarding profit and loss account, account models and liability; limited liability partnerships, in particular the liability of limited partners; the law of corporations (limited liability company and stock corporations), with a special focus on liability in the founding phase, in the case of economic re-establishment and also in of the event of a financial crisis; also references to accounting, annual financial statements, profit retention and statements of facts upon opening of insolvency proceedings. From stock corporations: in particular CFO-related ar-eas of activity as well as supervisory board and audit committee; also internal financing through capital increase, approval of annual financial statements and appropriation of net income, re-serves under the law of stock corporations and protective regulations for the dependent stock cor-poration within a group of companies)

• From international corporate law: an overview of the SE (Societas Europaea) as well as real seat theory and incorporation theory.


1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: none 6 Type of examination: Oral interview or presentation 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5090 Business Law



Department code: Module name in German: AFC1.5 Internationale Finanzmärkte Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: After successfully completing this module, students will be able to distinguish between the various sub-

markets of international financial markets. They will be in a position to classify the main instruments traded and to apply models for their valuation. They will know the relevance of these markets and of their instruments to international enterprises in the non-financial sector. This permits them to assess transac-tions on financial markets from a managerial point of view. Finally, students will be able to illustrate the different levels of value creation in trading, clearing and settlement based on the example of organised markets for securities.

2 Module content: • Purpose, structure and functioning of international financial markets or individual sub-markets

(money market, credit market, capital market, foreign-exchange market) • Relevant aspects of the sub-markets:

− Institutions and market participants − Instruments traded − Relevance for non-financial entities − Legal framework with a concentration on Germany and Europe − Supervisory bodies

• Value chain and pricing based on the example of the capital market • Current topics (e.g.: crises, innovations, competition between marketplaces)


1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: none 6 Type of examination: Written examination or oral interview 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5003 International Financial Markets



Department code: Module name in German: AFC1.6 Unternehmensführung und Corporate Governance Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students who successfully complete this module will demonstrate extensive knowledge of the manage-

ment of companies from the perspective of top management. Based on this qualification, students will be in a position to describe management approaches, select these on a case-by-case basis and articulate recommendations for the fulfilment of duties on the part of top management. In particular, they will be able to assess and improve upon the rationality of arguments on behalf of decisions in the context of strategic management. Case studies and discussions will reinforce theoretical teaching in the skills of leadership. Students will also be able to discern between the economic and legal aspects of responsible leadership. They will identify the core problems of the systems of corporate governance presented and analyse possi-ble connections between corporate governance, compliance management and corporate outcomes. Stu-dents will be familiar with key approaches to the structuring of companies. They will develop leadership skills in balancing the economic, legal and ethical issues that compete for consideration in business deci-sion-making.

2 Module content: • Management: strategic management, governance, organisation, leadership, success factors

• Change management for structuring organisational change • Corporate governance of the management organisation, taking into account external regulations

and internal structure options • Compliance management: framework concepts, processes and management system including a

culture of compliance • Interaction of economic, legal and ethical responsibility in business management


1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: none 6 Type of examination: Oral interview 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5004 Management and Corporate Governance



Department code: Module name in German: AFC2.1 Einzelabschluss IFRS Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours

5 ECTS 2nd semester Winter/summer semester 1 semester



Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be able to prepare separate financial statements in accordance with IFRS in application of

current standards. They will be able to apply the current relevant standards and will implement the ac-counting rules by making relevant postings. Students will demonstrate their ability to think analytically and logically and to take a structured approach within the framework of extensive, complex tasks of applied accounting. They will know what the IFRS indicators identified mean and will be able to leverage analyti-cal evaluation to contribute towards business decisions. Students will participate in discussions, will criti-cally reflect on solutions they themselves have developed and will be encouraged to publish their opinions on new accounting regulations independently on the International Accounting Standards Board website.

2 Module content: • Introduction to international financial reporting: organisations, structure of the IFRS, framework,

components of annual financial statements, balance sheet structure. • Fundamental balance sheet items: property, plant and equipment, qualifying assets, intangible as-

sets, inventories, financial instruments, non-current assets held for sale, liabilities, equity. • Specific accounting problems: investment properties, leasing, revenue recognition from customer

contracts, actual and deferred taxes, currency translation, change in estimates, hedging. • Other components of annual financial statements: statement of cash flows, statement of changes in

equity, earnings per share. 3 Teaching and learning methods: 3 SWS seminar-type tuition

1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: Module AFC1.1 6 Type of examination: Written examination or oral interview 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5005 Individual Financial Statement according to IFRS



Department code: Module name in German: AFC2.2 Strategisches Controlling Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will deepen their grasp of strategic controllership for the sustainable, long-term success of a

company. They will be in a position to critically assess the process steps involved in the analysis, devel-opment, assessment and implementation of suitable business segment and corporate strategies. They will also be able to make proper use of the relevant tools of strategic planning and control in the individual phases of the development, realisation and control of business segment and corporate strategies, with the goal of • identifying synergy potentials, • revealing opportunities in new markets, • proposing new business segments and scaling back/abandoning low-revenue business segments, • listing revenue and profit potentials, • identifying potential cost savings, • revealing the need for management resources and budgets.

Leadership skills are conveyed and applied in the following topical areas, among others: • Strategic objectives: e.g. setting ambitious yet realistic goals; monitoring and communicating con-

structive feedback on progress towards achievement of objectives; expedient communication with regard to individual value contribution to the success of the enterprise.

• Environmental and business analysis: e.g. identifying opportunities and transforming ideas into new services, solutions to problems or revenue opportunities; early identification of risks; applying fresh knowledge in day-to-day business.

• Strategic planning and strategic control: e.g. anticipating changed framework conditions and prioriti-sation; anticipating obstacles and developing effective solutions.

Students will learn to apply theoretical content to practical situations in relevant case studies and applica-tion-oriented projects which they largely carry out independently.

2 Module content: • Fundamentals of strategic controllership: delimitation, characteristics and process steps

• Strategic objectives • Missions and tools of strategic planning • Environmental and business analysis • Business segment strategies: development and tools with a focus on innovative business models • Corporate strategies: development and tools with a focus on innovative business models • Strategy assessment and selection • Implementation of strategies with performance management systems • Strategic control • Influence of digitalisation on the individual process steps of strategic controllership


2 SWS practical tutorial 4 Module language: German (English)

W5006 Strategic Controllership



5 Prerequisites for studying this module: Required: none Recommended: Modules AFC1.1 and AFC1.5 6 Type of examination: Oral interview or paper presentation & related oral examination 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None



Department code: Module name in German: AFC2.3 Investitions- und Projektcontrolling Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be able to apply the tools of strategic project controllership to the selection, prioritisation and

management of projects. In the context of operational project controllership, students will learn about the individual steps of opera-tional project planning and project control and about the support that project controllership and its tools has to offer. Working independently, students will be able to prepare and conduct operational project planning – partic-ularly where scheduling, resource availability and costs are concerned. They will demonstrate the ability to obtain any information or knowledge they may lack, critically assess this, and take a flexible approach to any information deficits. They will be able to apply the fundamental methods and tools of project con-trollership in both single- and multi-project settings and to select an appropriate method depending on the issue presented. Leadership skills will be conveyed and applied in a practical setting through a consistent and expedient results-oriented approach in both planning and control. This will be accomplished, for example, through clear specification of performance standards and key figures (productivity, profitability, contribution mar-gin, revenue, costs, value contributions, residual earnings figures) as well as rigorous leadership that en-courages employees to do as much as they can, working independently, to resolve bottlenecks, frictional loss, duplication of work and inefficiencies. Students will apply theoretical knowledge to practical contexts in appropriate case studies.

2 Module content: Strategic project controllership:

• Strategic project planning: pre-selection, assessment of attractiveness (especially cost-utility analy-sis, project portfolio management, static and dynamic efficiency procedures), prioritisation

• Strategic project control • Structure and implementation of a project scorecard

Operational project controllership: Operational project planning, project risk management, operational project control, project-oriented man-agement



W5007 Investment and Project Controllership



Department code: Module name in German: AFC2.4 Operatives Controlling Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be familiar with the system used in operational planning; specifically, they will be able to de-

rive interdependencies amongst the individual sub-plans. They will be in a position to apply the relevant planning tools appropriately in the context of drawing up sub-plans for the functional areas in operations. They will also be able to assess the importance of standard cost accounting and contribution-margin ac-counting as a management tool for operational controllership and will have a grasp of the individual work steps involved in the planning and control of costs and net income for the period. They will learn to under-stand the complex interdependencies amongst subsystems within enterprises which form a basis for managing larger operational units.

2 Module content: • The tasks and importance of controllership in the context of business management

• Operational planning system • Operational sales planning • Operational production planning • Operational procurement planning • Planning and control of direct costs and overheads • Structure of standard product costing • Planning and control of net income for the period


1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: none 6 Type of examination: Written examination or in-class oral paper presentation and discussion/presentation 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5008 Operations Controllership



Department code: Module name in German: AFC2.5 Finanzwirtschaftliches Risikomanagement Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students who successfully complete this module will be in a position to assess the importance of financial

risk management to an international company. They will apply selected methods for the identification and measurement or analysis of financial risks and will be able to analyse the results obtained. They will also be capable of assessing the impact of the management tools used from a managerial standpoint and will be aware of interdependencies with corporate strategic planning and corporate objectives. They will also be able to outline the organisational framework conditions that are essential for effective risk manage-ment. Students will also demonstrate an ability to think analytically and logically.

2 Module content: • Risk definition and types of risk

• Requirements for risk management • Operational risk-management process with a focus on financial risks:

− Selected methods of risk identification − Approaches for the measurement and analysis of risks of individual positions and portfolios − Tools and strategies for risk management − Risk controllership and risk reporting

• Strategic risk management; interdependencies with corporate objectives and strategic planning 3 Teaching and learning methods: 3 SWS seminar-type tuition

1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: Module AFC 1.2 6 Type of examination: Written examination 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5009 Financial Risk Management



Department code: Module name in German: AFC2.6 Corporate Finance und Kapitalmarkt Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students who successfully complete this module will be able to connect the core elements of capital-mar-

ket theory and capital-market financing. They will outline the main approaches to determining the cost of equity and hence the cost of capital specific to a given enterprise. They will also be in a position to com-pare the principal options for equity and debt financing that can be used by a capital market-oriented com-pany on an ad-hoc basis and to reflect upon the challenges for capital market-oriented and value-oriented corporate governance.

2 Module content: • Scope and basic principles of corporate finance and their significance for corporate objectives and

management decision-making • Opportunities for corporate financing in the light of economic theories such as principal-agent the-

ory, pecking order and trade-off theory vs. Modigliani-Miller theorems, market-efficiency hypothesis compared to behavioural finance theory

• Portfolio theory and capital market theory, in particular capital asset pricing model, along with arbi-trage pricing theory and multi-factor models

• Methods for determining equity, debt and total capital costs and for optimising capital structure • Overview of external financing options of capital market-oriented companies (including private and

public equity financing, bond issues including special forms, mezzanine financing, mergers and ac-quisitions) and design of financial instruments


1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: Modules AFC 1.2 and AFC1.4 6 Type of examination: Oral interview or in-class oral paper presentation and discussion/presentation 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5010 Corporate Finance and Capital Market



Department code: Module name in German: AFC3.1 Konzernabschluss und Bilanzanalyse Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours

5 ECTS 3rd semester Winter/summer semester 1 semester



Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be able to prepare consolidated financial statements in accordance with IFRS. They will be

familiar with the differences to consolidated financial statements prepared in accordance with the German Commercial Code (HGB). They will be in a position to correctly apply the current relevant standards and, working on the basis of key figures, will be able to perform a balance sheet analysis of consolidated finan-cial statements prepared in accordance with IFRS. In this regard, they will be able to demonstrate an abil-ity to think analytically and logically. By identifying key figures from the analysis of the consolidated bal-ance sheet (EBIT, cash flow, EPS), they will be in a position to contribute to corporate governance.

2 Module content: • Fundamentals: group structure, group contracts, reporting obligation, exemptions, scope of consoli-

dation, components of annual financial statements, corporate policy • Ongoing consolidation activity: capital consolidation including deferred taxes and currency transla-

tion, equity method, interim result elimination, consolidation of expenses and income, elimination of investment income

• Deconsolidation • Other components of financial statements: statement of cash flows, statement of changes in equity,

notes to the consolidated financial statements, segment report, earnings per share. • Key figures from the analysis of the consolidated balance sheet: key figures on net assets, financial

position and results of operations, also specifically EPS (case study) 3 Teaching and learning methods: 3 SWS seminar-type tuition

1 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: Modules AFC1.1 and AFC2.1 6 Type of examination: Written examination 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5011 Consolidated Financial Statements and Analysis



Department code: Module name in German: AFC3.2 Beteiligungscontrolling, Unternehmensbewertung und Reporting Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be able to distinguish and assess the functions, tasks, tools and methods of mergers & ac-

quisitions (M&A), business valuation and reporting in the investment lifecycle of international companies. They will be familiar with the relevant value categories and procedures for business valuation and able to apply these independently to practical issues of strategic business management. In doing this they will combine findings from capital market theory with findings gained in operations and strategicmanagement accounting

2 Module content: • Organisation and management of the M&A process (acquisition, integration and divestiture pro-

cess)) • Corporate valuation (capitalised earnings method, discounted cash flow method, multiples ap-

proach) on the basis of the capital market theory • Reporting in shareholder structures • Management accounting of subsidiaries (planning, reporting, management, control, monitoring,strat-

egy, tasks of the management accountant of subsidiaries) • Role of management accounting of subsidiaries in the strategy process


2 SWS practical tutorial 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: Modules AFC1.1 to AFC2.6 6 Type of examination: Written examination or oral interview 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination 9 Other remarks: None

W5012 Equity Holdings, Business Valuations and Reporting



Department code: Module name in German: AFC3.3 Seminar (in den Bereichen Accounting, Finance und/oder

Controlling) Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be able to explain and interpret the central content of current academic publications in the

fields of accounting, finance and/or controllership, integrate it into the context of academic discussions and/or practical application and subject it to critical appraisal or assessment. Students will further develop their ability to carefully analyse and rigorously evaluate texts in view of clear structures and statements and to process information logically using the methods of academic research. In the context of presenta-tions, they are able to practice expressing themselves comprehensibly, making complex relationships transparent, arguing logically and responding appropriately to counterarguments. They can communicate, reflect on and defend their own positions, respond competently to critical questions and argue objectively as part of a discursive discussion.

2 Module content: • Introduction: requirements for the seminar paper and topic selection. Current problems in the fields

of accounting, finance and/or controllership are examined each semester. • Seminar: presentation of the findings by students, discussion and feedback from the module partici-

pants and supervisors. 3 Teaching and learning methods: 4 SWS seminar 4 Module language: German (English) 5 Prerequisites for studying this module: Required: none Recommended: Modules AFC1.1 to AFC2.6 6 Type of examination: In-class oral paper presentation and discussion/presentation or term paper 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Student must pass module examination and successfully complete the seminar 9 Other remarks: None

W5013 Seminar in Accounting, Finance or Controllership



Department code: Module name in German: AFC3.4 Master-Thesis Workload: ECTS credits: Semester: Frequency of module: Duration: 450 hrs, made up of 72 contact hours 378 self-study hours




Compulsory module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Upon successfully completing this module, students prove that they are able to independently examine,

interpret and present a question from a subject area in accounting, finance or controllership in a compre-hensive, practical and academically sound manner within a prescribed period of time. In doing so, stu-dents will be able to skilfully employ the academic methods and insights acquired from the modules in previous semesters to address problems and issues that arise. Students develop alternatives based on the question they address in their thesis and evaluate these critically within the framework of an abstract, integrative analysis that extends beyond the isolated case and reflect upon the challenges of implementa-tion from the point of view of a responsible manager. Students will demonstrate their ability to carefully analyse and rigorously evaluate texts in view of clear structures and statements and to process infor-mation logically using the methods of academic research. As a result of the Master’s thesis, students will offer and test academically sound and practical recommendations for action and will communicate, reflect upon and defend their own research and position in oral interactions with fellow students.

2 Module content: • Creation of a written, academically sound elaboration of a problem from the topics of accounting,

finance and/or controllership • Presentation of the research project and the structure of the thesis within the framework of a paper

presentation & related oral examination 3 Teaching and learning methods: 4 SWS seminar 4 Module language: German (English) 5 Prerequisites for studying this module: Required: see § 7 (2) of the Examination Regulations Recommended: Modules AFC1.1 to AFC2.6 6 Type of examination: Written assignment (Master’s thesis) 7 Assessment methods: Graded 8 Requirements for awarding ECTS credits: Students must pass the module examination (Master’s thesis) as well as successfully complete

the paper presentation & related oral examination (pursuant to § 7 of the Examination Regula-tions)

9 Other remarks: None

W5014 Master’s Thesis



Department code: Module name in German: AFC4.1 Berufspraktisches Studium Workload: ECTS credits: Semester: Frequency of module: Duration: 150 hrs, made up of 72 contact hours 78 self-study hours

5 ECTS Semester 4 Winter/summer semester 1 semester



Elective module Master’s Study programmes in fields of business and/or economics 1 Learning outcomes: Students will be able to carefully assess the information provided, for example, at information events and

consultations in order to complete their internship autonomously and on the basis of an Internship Agree-ment. They will work on project tasks in operational practice, successfully applying skills taught in their study programme to date to the performance of tasks specified by the company. They will assess existing solutions and provide the most promising option with a concrete solution in consultation with the company providing their internship. They will demonstrate the ability to obtain any information or knowledge they may be lacking, to critically examine this, and to deal with any information deficits. In the context of their internship, students will test and develop their professional, methodological, self-awareness and social skills in a professional context and build upon their experience potential, which is adequate to managing the complexity of management tasks in the areas of accounting, finance and controllership.

2 Module content: • Advice from the university department’s placement office for internships

• Practical professional work at the company providing the internship on the basis of an Internship Agreement and Annex 3

• Formal reflection on the skills imparted in the study programme in a practical professional context

3 Teaching and learning methods: 2 SWS seminar 4 Module language: German (English) 5 Prerequisites for studying this module: Required: See § 5 of the Examination Regulations Recommended: Modules AFC1.1 to AFC3.4 6 Type of examination: Term paper 7 Assessment methods: Ungraded 8 Requirements for awarding ECTS credits: Employer’s certification of successful completion of the internship, presentation or report; successful

passing of the module examination 9 Other remarks: None

W5015 Internship



Annex 3: Regulation for the Internship in the “Accounting, Finance, Controller-ship” Study Programme

§ 1 Fundamental principles, exceptions (1) The internship must be completed at a company or organisation (company providing the

internship). (2) The internship has a duration of 6 months. During this time, students are to be employed

on the basis of the normal working hours of a full-time position. Periods where the student was not present for the internship must be made up if these periods of absence amount to more than two weeks in total.

(3) Students may apply to complete their internship on a part-time basis if a full-time intern-ship basis represents an unreasonable burden for them. The duration of the internship will be extended accordingly.

(4) The Examination Board shall decide on applications made pursuant to (3).

§ 2 Grading/credits As part of the internship, students shall submit evidence of having completed the following ungraded components:

(a) A term paper that presents a particular topic within the company providing the in-ternship and provides a critical analysis of the topic.

(b) A representation of the student’s own area of activity with a reflection on theory and practice, in the form of a presentation or a report.

§ 3 Obligations and status of students

(1) Students are obliged to follow the instructions issued by the company providing the intern-ship and its designated officers that are necessary in order to achieve the internship goals and objectives.

(2) During the internship the students remain members of the university with all the rights and duties that this status entails.

(3) Students are not interns within the meaning of the German Vocational Training Act (Berufsbildungsgesetz) and, for the duration of the internship, are not subject to the Works Constitution Act (Betriebsverfassungsgesetz), the Employee Representation Act (Person-alvertretungsgesetz) or any other comparable German statutes.

§ 4 Supervision by the company providing the internship (1) Students should be supervised at the company providing the internship by designated

mentors who have appropriate training in the relevant subject area and who work in the company providing the internship on a full-time basis or who are project managers at the company.

(2) Mentors should arrange and oversee the induction of the students in their duties and work areas. In addition to making themselves available to the students as a personal contact



for guidance and assistance, mentors should also support the students’ learning process at the internship sites.

§ 5 Internship Agreement (1) Prior to the commencement of the internship, students must sign an Internship Agreement

with the company providing the internship. Before they conclude the Internship Agreement with the company, students must first obtain approval from the Department of Business at Fulda University (placement office for internships).

(2) The Internship Agreement will specifically define the students’ obligation to, (a) take full advantage of the training opportunities offered by the internship; (b) diligently perform the duties assigned to them in accordance with the internship

plan; (c) follow the instructions of the company providing the internship and its appointed of-

ficers; (d) comply with the rules and regulations that apply to the company providing the in-

ternship, particularly its working time rules, accident prevention regulations, and confidentiality and non-disclosure policies;

(e) report any absences from the internship without delay.

examination regulations of the department of business at

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