Öppna universitetets kurser

Financial Statement Analysis


15.5.2023 – 22.6.2023


12.4.2023 – 8.5.2023












6 studiepoäng


90,00 €

Learning outcomes

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?


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


David Derichs

Study material

Plenborg, Kinserdal (2020). Financial Statement Analysis: Valuation - Credit Analysis - Performance Evaluation. Fagbokforlaget. ISBN:9788245034240

Supplementary material provided by the instructor.

Online learning environment for the course & Activating Aalto ID

MyCourses online learning environment is a tool for both students and teachers for communication and managing everyday course work. You need an Aalto User ID to log in to the course's MyCourses workspace and participate in teaching. You can activate your Aalto User ID the day after the registration and you should activate it no later than the day before the start of the course. Instructions for activating your Aalto User IDDigital workspace of the course:

More details on completing the course will be available at MyCourses closer to the start of the course.


6 credits, 160 h
Lectures, 15h
Exercises, 6h
Independent work, 139h
Exam, 3 h


ABL-C1111 Introduction to Financial Accounting / 22C00100 Kirjanpito or similar


1. Exam (40 %)
2. Exercises (15 %)
3. Group course project (35 %)
4. Peer Evaluation of course project (10 %)

Teaching time and location

The course time is 15.5.-22.6.2023 The course is independent self-learning course and can be completed online


The course examination will be held on Thursday 29.6.2023
The re-examination will be held on Thursday 10.8.2023

Exams are organized online. The teacher will give more detailed instructions about the exams.

Registration and course fee

Registration for Open University courses is done in Sisu-service. Course registration:

Sisu-serviceRegistration for this course starts on 12.4.2023 at 9.00  
Registration for this course ends on 8.5.2023 at 23.59

The course fee is paid upon registration for each course at a time and it is binding. Familiarize yourself with registration and payment rules as well as other guidelines for students:
Registration, payments and rules

If you are an attending degree student at Aalto University, it is possible for you to complete this course for free of charge during summer 2023. Registration is done normally in Sisu. Please make sure that you have the correct course code in your study plan before registering to the course. You can check the course code from the top of this page.
Instructions for course registration (for Aalto degree students)

Read more about Aalto University's summer studies:
Summer studies

This course is organized by the Aalto University Open University.

Individual study arrangements

If you need individual study arrangements in order to attend a course, contact the Open University office ([email protected]) in good time, at least 14 days before the start date of the course or the examination date. Further information about individual study arrangements:
Individual study arrangements at Open University

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