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721189S Advanced Financial Statement Analysis, 6 ECTS cr 
Code 721189S  Validity 01.01.1950 -
Name Advanced Financial Statement Analysis  Abbreviation Advanced Financ 
Scope6 ECTS cr   
TypeAdvanced Studies Discipline6312 Accounting 
  Grading1 - 5, pass, fail 
Unit Oulu Business School 

Kallunki Juha-Pekka 

ECTS Credits 

6 credits

Language of instruction 



Period 3 (1st year of the Master’s programme)

Learning outcomes 

After completing the course, students have knowledge and skills needed in analyzing financial statements in various decision-making situations. In particular, students can analyze financial statements in order to evaluate (i) various aspects of the profitability of the firm, (ii) cash flows vs. accrual earnings, (iii) credit risk of the firm, and (iii) the value of the firm. Students are also able to act professionally in teams, express their ideas analytically and effectively both in written and oral form.


Lectures, home assignments, and case discussions and presentations.

Mode of delivery 

Face-to-face teaching, case presentations and discussions.

Learning activities and teaching methods 

32 h of lectures, 4 h of case discussions and presentations/student, case works 50 h, self-study 70 h.

Target group 

Major students

Prerequisites and co-requisites 

The required prerequisite is the completion of the following courses prior to enrolling for the course unit: 721138S Fundamentals of Accounting.

Recommended optional programme components 

Not applicable.

Recommended or required reading 

Petersen, C., Plenborg, T, and Kindersal, F. (2017). Financial Statement Analysis: Valuation – Credit analysis – Performance Evaluation. Vigmostad & Bjorke AS, research articles; and cases.

Assessment methods and criteria 

Electronic exam and case works.


The course utilizes a numerical grading scale 1-5. In the numerical scale zero stands for a fail.

Person responsible 

Juha-Pekka Kallunki

Working life cooperation 

The course focuses on working life skills on how financial and credit analysts, corporate finance advisors and investors use financial statement analysis tools in daily tasks in their organizations.

Other information 

The number of students is limited.


Current and future instruction
Functions Name Type ECTS cr Teacher Schedule
registration period has not begun Advanced Financial Statement Analysis  Course  Kallunki Juha-Pekka  11.01.22 -04.03.22

Future examinations
No examinations in WebOodi