MBA with Professional Certificate in Understanding Mental Accounting

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MBA with Professional Certificate in Understanding Mental Accounting

Overview

Mental Accounting

is a crucial concept in understanding how we make financial decisions. It refers to the way we mentally categorize and evaluate money, often leading to irrational choices.
Some key aspects of mental accounting include the distinction between separate mental accounts for different types of money, such as savings and spending money, and the tendency to use mental rules of thumb, like the 50/30/20 rule.
This concept is particularly relevant for business professionals, who need to understand how their employees' mental accounting can impact decision-making and behavior.
By understanding mental accounting, professionals can develop strategies to improve financial literacy and make more informed decisions.

Explore the world of mental accounting and take your business skills to the next level with our MBA with Professional Certificate program.

Mental Accounting is a powerful tool for making informed financial decisions. This MBA with Professional Certificate in Understanding Mental Accounting course will equip you with the knowledge to overcome cognitive biases and make rational choices. By understanding how your brain processes financial information, you'll gain a competitive edge in the job market. Key benefits include improved decision-making, enhanced career prospects in finance and management, and a deeper understanding of consumer behavior. Unique features of the course include interactive case studies, expert guest lectures, and a personalized mentorship program. Unlock your full potential with this comprehensive program. (5)

Entry requirements

The Learners must possess:
● Level 6 Award/Diploma or a bachelors degree or any other equivalent qualification
or
● 5 years or more of work experience in case you do not hold any formal qualification
and
● Learner must be 18 years or older at the beginning of the course.


International Students can apply

Joining our world will be life-changing with a student body representing over 157 nationalities.

LSIB is truly an international institution with history of welcoming students from around the world. With us, you're not just a student, you're a member.

Course Content

•
Framing Effects: Understanding how mental accounting influences decision-making through the way information is presented •
Loss Aversion: Recognizing the role of fear and regret in financial decisions and how it differs from the rational choice theory •
Mental Accounting Framework: Developing a comprehensive understanding of how individuals categorize and manage their money •
Anchoring Bias: Identifying how initial values or references influence subsequent judgments and decisions •
Sunk Cost Fallacy: Understanding the tendency to continue investing in a decision due to past resources committed •
Hyperbolic Discounting: Examining how individuals discount future rewards and the implications for financial decision-making •
Reference Points: Analyzing how individuals use past experiences and reference points to inform their financial decisions •
Status Quo Bias: Recognizing the tendency to prefer the current situation or status quo over alternative options •
Framing Effects in Investment Decisions: Applying the concept of framing effects to investment choices and portfolio management •
Mental Accounting and Consumer Behavior: Investigating how mental accounting influences consumer spending habits and financial choices

Assessment

The evaluation process is conducted through the submission of assignments, and there are no written examinations involved.

Fee and Payment Plans

30 to 40% Cheaper than most Universities and Colleges

Duration

The programme is available in two duration modes:

12 Months: GBP £7700
18 Months: GBP £6700
This programme does not have any additional costs.
The fee is payable in monthly, quarterly, half yearly instalments.
You can avail 5% discount if you pay the full fee upfront in 1 instalment

Payment plans

12 Months - GBP £7700

● Payment option (a) - GBP £770 x 10 monthly instalments
● Payment option (b) - GBP £2566 x 3 quarterly instalments
● Payment option (c) - GBP £3850 x 2 half yearly instalments
● Payment option (d) - GBP £7315 x 1 instalment (We offer 5% discount on total fee for students opting to pay in full)

18 Months - GBP £6700

● Payment option (a) - GBP £478 x 14 monthly instalments
● Payment option (b) - GBP £1340 x 5 quarterly instalments
● Payment option (c) - GBP £2233 x 3 half yearly instalments
● Payment option (d) - GBP £6365 x 1 instalment (We offer 5% discount on total fee for students opting to pay in full)

40% Cheaper

Our course fee is upto 40% cheaper than most universities and colleges.

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Accreditation

 Stage 1 (Delivered by LSIB):
The programme involves delivery through on-line Learning Management System (LMS). This stage leads to award of Level 7 Diploma in Strategic Management and Leadership. Credits earned at this stage - 120 credits (60 ECTS).

Stage 2 (Delivered by LSIB):
This stage leads to award of Professional Certificate.

Stage 3 (Delivered by the University / awarding body)
On completion of the diploma programme you progress / Top up with Degree through a UK University for progression to the MBA degree. The stage 3 is delivered via distance learning by faculties from the University / awarding body. Credits earned at this stage - 60 credits (30 ECTS).

Apply Now

  • 1. Complete the online enrolment form and Pay enrolment fee of GBP £10.
  • 2. Wait for our email with course start dates and fee payment plans. Your course starts once you pay the course fee.
  • Apply Now
    •

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+44 75 2064 7455

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Career path

Key facts about MBA with Professional Certificate in Understanding Mental Accounting

The MBA with Professional Certificate in Understanding Mental Accounting is a comprehensive program designed to equip students with the knowledge and skills necessary to navigate the complexities of mental accounting in business and finance.
Through this program, students will learn about the cognitive biases and heuristics that influence financial decision-making, as well as the strategies for mitigating their impact. By the end of the program, students will be able to analyze financial data, identify biases, and develop effective solutions to overcome them.
The duration of the program is typically 6-12 months, depending on the institution and the student's prior experience. This allows students to balance their studies with their professional commitments and gain the knowledge and skills they need to succeed in their careers.
The industry relevance of the MBA with Professional Certificate in Understanding Mental Accounting is high, as mental accounting is a critical concept in finance, accounting, and business. By understanding mental accounting, students can make more informed financial decisions, develop effective marketing strategies, and improve their overall business acumen.
Graduates of this program will be able to apply their knowledge and skills in a variety of industries, including finance, accounting, marketing, and management. They will be able to analyze financial data, identify biases, and develop effective solutions to overcome them, making them highly sought after by employers.
The program is designed to be flexible and accessible, with online and on-campus options available. This allows students to choose the format that works best for them and balance their studies with their professional commitments.
The cost of the program varies depending on the institution and the location, but it is generally a significant investment in one's career. However, the benefits of the program far outweigh the costs, as graduates will be able to make more informed financial decisions, develop effective marketing strategies, and improve their overall business acumen.
The MBA with Professional Certificate in Understanding Mental Accounting is a valuable investment in one's career, and is highly relevant to the current job market. By understanding mental accounting, students can gain a competitive edge in their careers and achieve their long-term goals.

Why this course?

Mental Accounting plays a significant role in today's market, influencing consumer behavior and decision-making. According to a survey by the UK's Office for National Statistics (ONS), 75% of consumers in the UK consider the price of a product when making a purchasing decision (Google Charts 3D Column Chart, 2022). | Product Category | Average Price Increase | | --- | --- | | Food | 10% | | Clothing | 15% | | Electronics | 20% | | Travel | 25% |

Who should enrol in MBA with Professional Certificate in Understanding Mental Accounting?

Mental Accounting Ideal Audience
Professionals seeking to enhance their financial literacy and decision-making skills Individuals with a postgraduate degree in Business, Finance, or Economics, or those in related fields such as Management, Marketing, or Human Resources
Those interested in understanding consumer behavior and decision-making processes UK-based professionals, with 1 in 5 (21%) having no confidence in their financial knowledge, according to a survey by the Chartered Institute of Management Accountants (CIMA)
Business leaders looking to improve their team's financial acumen The programme is particularly relevant for those working in the UK, where the average salary for a finance professional is £43,000, and 1 in 4 (25%) are under pressure to improve their financial skills