Management & Strategy versus Financial Strategy

Two of the courses which were covered at the final level of the Association of Certified Chartered Accountant  examinations  some years ago were Financial Management and Management & Strategy.  At a glance the names of the courses included Management, however the scope and expectations of both courses required different skills and competencies. These courses covered some of the following areas which were nicely laid out by wiki:

Financial Management:

• Capital budgeting
• Risk Management
• Financial Analysis
• Working capital management
• Foreign Exchange Risk Management
• Derivatives
• Asset Pricing[2]
• Investment Banking
• M&A and other corporate restructuring

Management & Strategy

• Concepts/approaches of strategic management
• Strategic Formation (classical school)
• General approaches to strategic management
• Strategic hierarchy
• Historical development of strategic management 
• Non strategic management
• Limitations of strategic management
• Creative versus analytic approach

At that time, much of the focus of the work which I did was financial based, with coverage of exposure through litigation and other areas of risk. There was some review of  the qualitative aspects of management,  some reviewing of succession planning in the organisation and in the industry which was being viewed. The knowledge which was provided by Management & Strategy  allowed for a different type of development of skills and knowledge which would prove useful at another point in time.