In today’s rapidly changing business landscape, having a strong foundation in accounting and business management is crucial for career success. Whether you’re looking to pursue a career in accounting, finance, or general business management, the OTHM Level 5 Extended Diploma in Accounting and Business provides the knowledge and practical skills needed to succeed in these dynamic fields. This OFQUAL-regulated qualification offers a comprehensive learning experience that will help you stand out in the competitive job market.
The OTHM Level 5 Extended Diploma in Accounting and Business is a highly regarded qualification regulated by OFQUAL, ensuring that it meets stringent academic standards and provides real-world value. Designed for individuals aiming to develop their expertise in accounting and business management, this qualification equips you with the critical skills required to excel in the financial and business sectors.
The qualification is entirely assignment-based, meaning there are no exams. You will be assessed through practical assignments, allowing for a more flexible learning experience while providing the opportunity to apply your learning in real business scenarios. This assessment method is ideal for individuals who prefer an in-depth understanding of the subject through practical, hands-on application.
The OTHM Level 5 Extended Diploma in Accounting and Business provides a comprehensive education that blends accounting principles with essential business management skills. It is designed to enhance your career opportunities and provide the tools needed to succeed in senior roles within the accounting and business sectors.
OTHM Level 5 Extended Diploma in Accounting and Business
The OTHM Level 5 Extended Diploma in Accounting and Business qualification comprises 12 mandatory units, offering a total of 240 credits, with a Total Qualification Time (TQT) of 2400 hours. The recommended Guided Learning Hours (GLH) for this qualification is a minimum of 1200 hours.
To successfully complete the OTHM Level 5 Extended Diploma in Accounting and Business, learners must accumulate 240 credits, with 120 credits at Level 4 (covering 6 units) and 120 credits at Level 5 (covering 6 units).
Level 4 Mandatory units:
| Sr# | Unit Title | Credits | GLH |
|---|---|---|---|
| 1 | Academic Writing and Research Skills | 20 | 100 |
| 2 | Business and the Economic Environment | 20 | 100 |
| 3 | Principles of Financial Accounting | 20 | 100 |
| 4 | Quantitative Methods in a Business Context | 20 | 100 |
| 5 | Management Accounting | 20 | 100 |
| 6 | Leading and Managing Teams | 20 | 100 |
Level 5 Mandatory units:
| Sr# | Unit Title | Credits | GLH |
|---|---|---|---|
| 1 | Principles and Concepts of Business Strategy | 20 | 100 |
| 2 | Financial Management | 20 | 100 |
| 3 | Financial Planning and Control | 20 | 100 |
| 4 | Financial Reporting | 20 | 100 |
| 5 | The Management of Human Resources | 20 | 100 |
| 6 | Business Start-up; Conception to Market | 20 | 100 |
GLH (Guided Learning Hours) and TQT (Total Qualification Time) are terms commonly used in vocational qualifications to help define the amount of time a learner is expected to spend on heir studies.
1. GLH (Guided Learning Hours)
GLH refers to the number of hours a learner spends being directly taught, supervised, or supported during their course. This includes the time spent in activities such as:
- Classroom instruction
- Practical workshops
- One-on-one tutoring or mentoring sessions
- Online learning sessions with tutor support
In other words, GLH represents the time that learners are actively engaged with their instructors or learning activities.
2. TQT (Total Qualification Time)
TQT represents the total amount of time a learner is expected to invest in completing a qualification, including:
- GLH (Guided Learning Hours): Time spent on direct learning, as explained above.
- Self-Directed Learning: This includes time spent on independent study, research, assignment completion, preparation for exams, and any other work the learner does outside of direct teaching hours.
TQT is a broader measure that includes all the time required to achieve the qualification. It helps learners and employers understand the overall commitment required for the qualification.
Key Differences Between GLH and TQT:
- GLH focuses on direct learning with guidance or supervision.
- TQT includes GLH as well as independent study time and other learning-related activities.
Example:
If a qualification has a TQT of 600 hours and a GLH of 250 hours, it means the learner should spend 250 hours in direct learning (classroom, online, or tutor-led sessions) and 350 hours on independent study or research.
Learning Outcomes of OTHM Level 5 Extended Diploma in Accounting and Business
Academic Writing and Research Skills
- Understand the concept and purpose of academic research and writing.
- Understand how to conduct academic research.
- Be able to demonstrate critical thinking skills.
- Understand how to construct a reliable and valid academic argument.
Business and the Economic Environment
- Understand different types of businesses.
- Understand the influence of the internal and external environment on a business.
- Understand how macro-economic factors impact a business.
- Understand how micro-economics factors impact on a business.
Principles of Financial Accounting
- Understand why businesses need to establish financial recordkeeping systems.
- Be able to account for year-end adjustments.
- Be able to prepare financial reporting statements for different types of organisations.
- Understand how professional characteristics and ethical principles are applied and regulated in an accountancy context.
Quantitative Methods in a Business Context
- Be able to use numerical techniques in a business context.
- Be able to construct and use graphs, charts and diagrams for informed decision making.
- Understand how business and management data is used to inform business decision making.
Management Accounting
- Understand the functions of management accounting in business.
- Understand the importance of budgeting, working capital management and accounting for depreciation.
- Be able to calculate standard costs and budget variances.
- Understand how to apply breakeven analysis in different contexts.
Leading and Managing Teams
- Understand leadership and management.
- Understand how teams are developed.
- Understand how to improve individual and team performance.
- Be able to determine own capacity to be an effective leader and manager.
Principles and Concepts of Business Strategy
- Understand the principles of business strategy.
- Understand key business strategy theories and concepts.
- Understand a business’s strategic options.
Financial Management
- Understand the functions of financial management.
- Understand working capital management.
- Understand how capital is structured in a business.
Financial Planning and Control
- Understand the functions of financial planning and control.
- Understand sources of business finance and the techniques used to develop investment strategy
- Understand global financial risk management.
- Understand the principles of corporate governance and how they support effective financial planning and control.
Financial Reporting
- Understand the purpose of financial reporting and budgets
- Understand how to report on the outcome of control accounts.
- Be able to report the outcome of an investment appraisal.
- Be able to report on the financial performance of a business.
The Management of Human Resources
- Understand the purpose and objectives of human resource management.
- Understand the functions of human resource management.
- Understand how internal and external factors impact the human resource management function.
- Understand modern development in human resource management function in a business.
Business Start-up: Conception to Market
- Understand the fundamental requirements for starting a new business.
- Understand sources of support available to new businesses.
- Be able to create a business plan for a new business to gain stakeholder support
The OTHM Level 5 Extended Diploma in Accounting and Business is designed to provide learners with the essential skills and knowledge needed to thrive in the fast-paced world of business and accounting. This qualification offers numerous advantages for individuals looking to advance their careers or further their education. Here are the key benefits of pursuing this qualification:
- OFQUAL-Regulated Qualification
- The OTHM Level 5 Extended Diploma is OFQUAL-regulated, ensuring the qualification meets rigorous academic standards and is recognized by employers and academic institutions globally. This offers you a qualification that holds real-world value.
- Comprehensive Curriculum
- The diploma consists of 12 mandatory units that cover key areas in both accounting and business management. Topics such as financial accounting, management accounting, business strategy, and financial analysis are included, providing you with a broad and well-rounded skill set.
- Flexible, Assignment-Based Learning
- The qualification is entirely assignment-based, meaning there are no exams. This allows you to learn at your own pace and gain a deep understanding of the subject matter through practical, real-world assignments that align with the demands of the industry.
- Global Career Opportunities
- With an internationally recognized qualification, you will be well-positioned to pursue career opportunities in accounting, finance, and business management, both in the UK and overseas. The qualification prepares you for roles such as financial manager, business analyst, accountant, and more.
- Enhanced Career Prospects
- By completing this qualification, you will gain a strong foundation in both accounting and business management, allowing you to take on more senior roles within your organization or start a new career path. The diploma enhances your employability and increases earning potential.
- Pathway to Further Studies
- Upon successful completion of the OTHM Level 5 Extended Diploma, you have the option to pursue Level 6 or Level 7 qualifications in business or accounting. You may also progress to a degree program in accounting, finance, or business, further enhancing your qualifications and career prospects.
- Practical and Industry-Relevant Skills
- The course focuses on real-world applications, ensuring that you acquire practical, industry-relevant skills that are directly applicable to the accounting and business sectors. The assignments provide opportunities to apply your knowledge to current business challenges and accounting practices.
- Critical Thinking and Analytical Skills
- The course fosters the development of critical thinking and analytical skills, which are essential for making sound financial decisions, managing business operations, and driving strategic growth. These skills are invaluable in both accounting roles and broader business management positions.
- Entrepreneurial Opportunities
- The diploma provides you with a solid foundation in business principles, enabling you to explore entrepreneurial ventures or contribute to the growth of existing businesses. If you’re interested in starting your own business or taking on a leadership role, this qualification equips you with the necessary tools.
- Increased Professional Credibility
- Holding an OFQUAL-regulated diploma demonstrates to employers that you possess a high level of expertise in both accounting and business management. This qualification boosts your professional credibility and makes you a more competitive candidate in the job market.
- Flexible Learning Experience
- The assignment-based assessment method gives you the flexibility to study in a way that suits your schedule and lifestyle. Whether you’re working full-time or managing other commitments, you can study at your own pace while still achieving the high standards required for the qualification.
- Cross-Industry Relevance
- The skills gained in this qualification are applicable across various sectors, including finance, corporate business, consulting, banking, and entrepreneurship. This makes it ideal for individuals who are looking to work in diverse industries or those seeking a role in a multinational company.
The OTHM Level 5 Extended Diploma in Accounting and Business is designed for individuals who are looking to further their career in accounting, business management, or finance. The ideal learner for this qualification is someone who possesses the ambition to advance in the professional world and is eager to develop both technical and managerial skills in business and accounting. Below is a breakdown of the ideal learner:
- Aspiring Professionals in Accounting and Business
- The ideal learner is someone who is aiming for higher-level roles in accounting or business management. They may already work in entry- to mid-level positions and wish to gain the skills necessary for managerial and leadership roles.
- Individuals with a Level 3 Qualification or Equivalent Experience
- Typically, learners will have a Level 3 qualification in accounting, business, or a related field, or they will have relevant work experience in a business or finance-related environment. This prior knowledge will help them better engage with the content of the Level 5 qualification.
- Career Changers
- For those looking to transition into the business and accounting sectors from other industries, the OTHM Level 5 Extended Diploma offers the foundational knowledge and practical skills necessary for a successful career change. Individuals with some background in business operations, administration, or management could find this qualification a perfect fit for expanding their professional portfolio.
- Existing Business Professionals
- Those already working in business management, accounting, or finance may pursue this diploma to enhance their career prospects, move into senior roles, or develop a more specialized skill set in areas like financial analysis, corporate finance, or business strategy.
- Individuals Seeking Flexible Learning
- As the qualification is assignment-based and can be completed at your own pace, the ideal learner is someone who needs a flexible learning format. Whether you are working full-time or have other personal commitments, this qualification allows you to study when it fits your schedule.
- Motivated Learners with a Strong Work Ethic
- Since the qualification is driven by assignment-based assessments, the learner should be self-motivated and disciplined enough to manage their studies and meet deadlines without the structure of traditional exams. Ideal learners are driven, proactive, and committed to developing their skills.
- Aspirants for International Careers
- The global recognition of the qualification makes it ideal for learners who aspire to work in the international business or accounting sectors. The diploma opens up career opportunities both within the UK and abroad, making it perfect for individuals looking for global career mobility.
- Entrepreneurs and Business Owners
- For those interested in starting their own business or improving their current business operations, this qualification provides business strategy and financial management skills that are critical to running a successful business. Ideal learners are entrepreneurs or future business owners looking to enhance their leadership and financial acumen.
- Learners Interested in Further Education
- If you’re someone who is planning to progress further academically, the OTHM Level 5 Extended Diploma provides an excellent pathway to Level 6 or Level 7 qualifications in accounting or business management. This is perfect for individuals who aim to pursue a degree or further professional qualifications in the future.
- Strong Communication and Analytical Skills
- While prior knowledge of accounting and business concepts is beneficial, the ideal learner should have a solid understanding of basic business principles and should be able to analyze financial reports, make decisions based on data, and effectively communicate findings.
- Fluency in English
- Since the course content is delivered in English, the ideal learner should have a good level of English proficiency, both in writing and comprehension, to ensure they can complete assignments, understand course materials, and effectively participate in discussions.
Entry Requirements
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Qualification Process
Qualification Process OTHM Level 5 Extended Diploma in Accounting and Business
- Self-Assessment:
Begin by evaluating your eligibility to ensure you meet the qualification requirements, including work experience, knowledge, and language proficiency. - Registration:
Complete your registration by submitting the required documents, including a scanned copy of a valid ID, and paying the registration fee. - Induction:
An assessor will conduct an induction to confirm your eligibility for the course and explain the evidence requirements. If you do not meet the criteria, your registration will be canceled, and the fee will be refunded. - Assignments & Evidence Submission:
Provide all assignments and the necessary evidence based on the assessment criteria outlined in the course. If you are unsure of the required evidence, consult with the assessor for guidance on the type and nature of evidence needed. - Feedback and Revision:
The assessor will review your submitted evidence and provide feedback. Evidence that meets the criteria will be marked as “Criteria Met,” while any gaps will be identified. You will be asked to revise and resubmit if needed. - Competence Evidence:
Submit final evidence demonstrating that all learning outcomes have been met. This evidence will be marked as “Criteria Met” by the assessor once it is satisfactory. - Internal Quality Assurance (IQA):
The Internal Quality Assurance Verifier (IQA) will review your evidence to ensure consistency, quality, and compliance with standards. - External Verification:
The IQA will submit your portfolio to OTHM External Quality Assurance Versifier (EQA) for final confirmation. The EQA may contact you directly to verify the authenticity of your evidence. - Certification:
Upon successful completion of all checks, OTHM will issue your official certificate, confirming that you have attained the OTHM Level 5 Extended Diploma in Accounting and Business
