Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


This course is intended for students interested in financial statement analysis. After completing the course, students apply the underlying theory of financial analysis and valuation. They can evaluate the profitability and risk of a company using financial statement ratios and other analytical tools. They have knowledge and skills needed in analyzing financial statements in various decision-making situations including ESG performance. In particular, they can answer to the important question: what is this company really worth?

Credits: 6

Schedule: 27.02.2023 - 21.04.2023

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Juha-Pekka Kallunki, Bianca Beyer

Contact information for the course (applies in this implementation):

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English


  • valid for whole curriculum period:

    1. Understanding the Business

    2. Accounting Analysis

    3. Financial Ratio Analysis

    4. Cash Flow Analysis

    5. Forecasting

    6. Cost of Capital

    7. Firm Valuation

    8. Valuation Ratios

    9. Accounting Flexibility and Earnings Quality

    10. ESG performance

Assessment Methods and Criteria
  • valid for whole curriculum period:

    1. Exam (60 %)

    2. Assignments (40%)

    Exception: For online course in autumn 2020:
    1. Exam (40 %)
    2. Exercises (15 %)
    3. Report (35 %)
    4. Peer Evaluation of report (10 %)

  • valid for whole curriculum period:

    - Lectures, 15h

    - Exercises, 6h

    - Independent work, 139h

    - Exam, 3 h


Substitutes for Courses
SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth

    11 Sustainable Cities and Communities


Further Information
  • valid for whole curriculum period:

    Teaching Language : English

    Teaching Period : 2022-2023 Autumn I
    2022-2023 Spring IV
    2023-2024 Autumn I
    2023-2024 Spring IV

    Enrollment :

    Registration for courses: in Sisu.