| Learning Outcomes

The purpose of the Postgraduate Program “Financial Management of Public Organizations and Units” is to contribute to meeting the need of the Greek Public Sector to be enriched with executives, who will have acquired in the most systematic way the skills to face the challenges associated with Financial Management in the Public Sector. In particular, the graduates of the MSc “Financial Management of Public Organizations and Units” of the Department of Banking and Financial Management of the University of Piraeus will be ready to meet (a) the requirements for maximum efficiency in the Financial Management of the Public Sector, (b) the needs arising from the imminent implementation of new legal frameworks, and (c) the requirements for optimal utilization of funding resources for the implementation of public sector projects. At the same time, graduates of the Program will meet both the substantive and formal requirements for advancement to positions of responsibility of financial services, related sectors (accounting and procurement departments, fund management, financing, etc.) and bodies in the wider public sector, such as, indicatively, ministries, the General Secretariat of Fiscal Policy, the Hellenic Court of Audit, the Independent Authority for Public Revenue (IAPR) and the Tax Offices, the Local Government (municipalities and regions),  hospitals, Higher Education Institutions (economic sectors, Research Committees), etc. 

The MSc “Financial Management of Public Organizations and Units” was designed to provide theoretical and practical knowledge covering the entire range of applications of Financial Management in the Public Sector. In particular, upon completion of their studies, graduates of the MSc will be able to:

• distinguish and promote the operating principles and objectives of Financial Management in the Public Sector,
• evaluate projects and development plans of public nature, examine funding and fundraising issues with a scientific approach, and organize financial management during their implementation,
• recognize and understand the role and ‘added value’ of the financial system, and in particular, of the central and commercial banks, in the economy;
• apply professionally the principles of Public Sector Accounting, the different accounting bases (cash, modified cash, modified accrual, accrual basis) and financial statements prepared by its entities, the new accounting framework of the general government, the International Public Sector Accounting Standards (IPSAS), and the European Public Sector Accounting Standards (EPSAS), which are currently under development; to measure the effectiveness of the Public Sector, and suggest ways to improve it,
• combine appropriate methods of managerial and financial accounting, and utilize the procedures for selecting accounting information, which is necessary for management to make sound decisions, emphasizing on the costing of services and products, as well as knowledge of the Basic Financial Statements and the main Accounting Books,
• implement the procedure of consumer and production decision-making with a view to maximizing prosperity and business efficiency,
• identify and interpret in a scientifically substantiated manner the fundamental principles of national and European public law and the systematic foundations of Greek constitutional and administrative law, as well as public (civil and social) rights and obligations under the Constitution, the European Union law and the European Convention on Human Rights (ECHR),
• critically approach and interpret articles and financial studies from Greek and international organizations (such as IMF, World Bank, BIS), central banks, supervisory authorities and market participants (commercial and investment banks, consulting firms…),
• synthesize the economic logic of “green banking”, “green investment” and emissions markets with the developments in the global economy, to identify the environmental and social risks of businesses and banks,
• organize financial data into spreadsheets, and calculate with appropriate use of computer software the financial figures, which are necessary during the decision-making process of the Public Administration,
• explain in a scientifically substantiated way the complex interactions of macroeconomics with financial markets, authorities (government and central bank) and the environment, the risks and opportunities of economic agents from constantly changing economic and market conditions,
• understand in depth both the theoretical and practical dimension of the internal audit process and ensuring compliance with internal procedures in the Public Sector, identifying the main problems that arise,
• understand the framework and be able to implement procurement procedures in the public sector,
• describe and implement the budgeting process of Legal Entities of Public Law and Local Government Organizations.
• cooperate effectively in the implementation of group assignments and studies,
• adapt and respond effectively to the changing and ever-increasing requirements for the robust and efficient management of public sector financial resources,
• adhere to strict rules of professionalism and ethics, in the standards of corporate social responsibility,
• serve excellence with respect to the social role of the public sector,
• understand and implement the appropriate framework and strategy for the provision of effective services.