This interactive 360° View of WIP eLearning course provides an in-depth view of the work-in-progress (WIP) schedule. Learn the basic accounting aspects of WIP, including how to calculate, account for, and reconcile costs, and explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated cost to complete, and projecting future profits using budgeting and forecasting. Discover the significance of your WIP schedule from the third-party user’s perspective and why ensuring its successful performance is necessary to the credibility and success of your business.
Upon completion of this course, you will be able to:
The estimated time to complete all three modules and the final exam is a maximum of three hours, depending on the pace of the learner.
Earn 3 CPE credits in the field of Accounting upon successfully completing this course and achieving at least 70% on the final exam.
CFMA Colleague Discount
If you are a CFMA member who would like to enroll someone at your company in this course who is not a CFMA member, please contact CFMA at firstname.lastname@example.org for more information.
CFMA Group Discount
If you are interested in registering a group of individuals at your company, please contact CFMA at email@example.com for group discount information.
Level & Prerequisites
This program is an online self-study course that was developed for construction financial professionals with zero to three years of experience in construction finance. No prerequisites or advanced preparation is required.
CFMA has converted 26 conference sessions from their 2021 Hybrid Conference into CPE on-demand lessons. Each lesson has a video presentation with interactive questions and a final exam. You will now have 24/7 access to earn credits at your convenience. ** If you do not need the whole conference, you may also purchase individual lessons. To see what lessons are available for purchase, please click on the link**
As CFMs are equipped to become the change agents for construction companies across the country, this session will present practical uses of analytical tools. It will cover the fundamental process for identifying critical pain points within an organization and how analytics can help resolve issues and find process efficiencies. Diagnostics of each sector of an organization can create positive and necessary changes as companies seek to establish continuity and sustainability through economic changes.
The Construction Financial Management Association (CFMA) CFM Academy is an online self-study course developed for professionals who have zero to three years' experience in construction finance. The course is divided into six modules that provide in-depth learning on each of the following topics:
This module will explain the construction accounting terminology and provide an overview of the unique aspects of revenue recognition in the construction industry, the different methods of recognizing revenue, the methods used to calculate POC and earned revenue, how the POC and earned revenue details flow to the work-in-progress schedule, the impact of over/underbilling on financial statements, and the impact of change orders and claims on revenue recognition.
This module will provide an overview of the underlying theories that govern good Cash Management, the value of Cash Flow Management, the use of tools available for good Cash Management, the significance of using Cash Management internal controls, and methods of implementing sound Cash Management techniques.
This module will provide an overview of the project life cycle from opportunity identification to project closeout phase, the documents that relate to the contract, the collaboration between project and finance teams to minimize the associated risks, the relevance of job start-up meetings that ease administration and boost profits, the importance of managers’ involvement and communication throughout the project, and the project closeout process.
This module will provide an overview of the relevance of risk management in the construction industry, the various insurance products and their application, risk management as part of the contract administration process from beginning to end of a project, the methods to effectively interface with both internal and external partners to make risk management a competitive edge for your company, and the life cycle of a company’s strategic risk management, project risk management, and insurance program management.
This module will provide an overview of the purpose and importance of contracts, the types of contracts typically found in the construction industry, the different contract clauses and the contract clauses that can create problems, efficient use of legal assistance, and the different methods of Alternative Dispute Resolution.
This module will explain how WIP schedule is a critical supporting schedule to the income statement and is a dynamic business tool. It will also provide an overview of the key users of the WIP schedule and the significance of the WIP information, the importance of the job cost system, the role of the formal cost review process in the outcome of the WIP, the importance of successful change order management to project profitability, and the impact of poor forecasts.
The estimated seat time to complete all the modules is a minimum of six hours but could be more depending on the pace of the learner.
Level & Prerequisites
The CFM Academy is an online self-study course that was developed for construction financial professionals with zero to three years' experience in the industry. No prerequisites or advanced preparation required.
CPE credits are not awarded for completing this course. Participants who score 85% on the final exam will receive a Certificate of Completion.
When done, please evaluate the overall program here: