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CFM Academy

 

Go beyond accounting and get up-to-speed in all things that a construction financial management professional needs to know in order to be successful in the construction industry.

 

How Can CFM Academy Help?

 

I Need Training

This program is for those who are new to the construction industry or have less than three years of construction financial management experience. This online interactive self-study program is broken into six modules and designed to teach the nuances of construction financial management.

Train My Staff

Want to ensure your new finance employees are equipped with the knowledge they need to understand construction finance, but don't have time to do the training yourself? This online interactive self-study program is designed to enable your staff to learn independently and at their convenience.

How Long Will It Take?

The estimated time to complete all the modules is a minimum of six hours, but could be more depending on your pace.

 

Cost

  • Members: $236
  • Non-members: $575

 

CFMA Colleague Discount

If you are a CFMA member who would like to enroll someone at your company who is not a CFMA member, you can do so at a discounted rate. To access the directions and discount code click here, if you are not already logged into your CFMA profile it will prompt you to do so. Contact CFMA at education@cfma.org if you have any questions or need assistance.

  

This on-demand training is divided into six modules:

Revenue Recognition

  • Learn construction accounting terminology and get an overview of the unique aspects of revenue recognition in the construction industry.
  • Understand the different methods of recognizing revenue and calculating percentage-of-completion (POC) and earned revenue.
  • Examine how the POC and earned revenue details flow to the work-in-progress schedule.
  • Realize the impact of over/underbilling on financial statements.
  • Understand the impact of change orders and claims on revenue recognition.

Cash Management

  • Understand the underlying theories that govern and the value of good cash management.
  • Learn about tools to use for good cash management.
  • Discover the significance of using cash management internal controls.
  • Implement sound cash management methods and techniques.

Project Management

  • Understand the project life cycle from opportunity identification to project closeout phase.
  • Dive into the documents that relate to the contract.
  • Discover how collaboration between project and finance teams help minimize risks.
  • Learn how job start-up meetings ease administration and boost profits.
  • Realize the importance of managers’ involvement and communication throughout the project.
  • Walk through the project closeout process.

Risk Management

  • Provide an overview of the relevance of risk management in the construction industry.
  • Review various insurance products and their application.
  • Outline risk management as part of the contract administration process for a project.
  • Learn how to effectively interface with both internal and external partners to make risk management a competitive edge for your company.
  • Discover the life cycle of a company’s strategic and project risk management as well as its insurance program management.

Contracts

  • Highlight the purpose and importance of contracts.
  • Review types of contracts typically found in the construction industry.
  • Understand different contract clauses as well as those that can create problems.
  • Know how to efficiently leverage legal assistance.
  • Learn about Alternative Dispute Resolution (ADR) methods.

Work-in-Progress

  • Discover why the WIP schedule is critical to the income statement and is a dynamic business tool.
  • Identify the key users of the WIP schedule and the significance of the WIP information.
  • Realize the importance of the job cost system.
  • Know the role of the formal cost review process in the outcome of WIP.
  • Recognize the importance of successful change order management to project profitability.
  • Understand the impact of poor forecasts.

Get Started

This is the perfect online training program to ensure you or an employee is equipped with the knowledge to work in construction finance.