GSCFM Program Materials for First Year

Welcome to the NACM's Graduate School of Credit and Financial Management.
Your schedules, course documents and outlines are posted below. NACM will bring a printed binder with the materials for the Financial Reporting & Analysis session.  However, if you would prefer any of the other materials on paper, feel free to print them on your own.  The entire campus is wifi enabled so you will be able to access the materials if you bring your laptop or tablet to class.

2017 Year 1 Schedule

GSCFM Year 1           GSCFM Year 2          
GSCFM Instructor Roster 

Financial Reporting & Analysis

Pre-work: Please review the Case Assignment: Moore’s Pool Supplies included in the Syllabus

        Income Statement Structure
        Cash Flow Statement
        Financial Analysis
        Cash Flow Construction
        Cash Flow Analysis

Introduction to Legal Issues in Credit
        No materials at this time.

Successful Presentation Skills

Pre-work / Assignment
        Introduction Letter  
        Please come prepared to make 2 three-minute presentations; one personal and one professional. Due to time limit, you may not use PowerPoint.
        Please make sure you watch all video links (included in the introduction letter) before class.

        Successful Presentation Skills Handout
        “Secrets for Successful Presentations” booklet – Read through booklet.

Corporate Strategy
        Prework: Please review the Readings, Cases and suggested study questions


       Prework: Please read and come prepared to discuss Economic Indicators for Dummies.
        Session 1: Economic Grown Handout
        Session 2: Output Efficiency and Costs Handout
        Session 3: Consumer Demand Handout
        Session 4: Monetary Policy and Fiscal Policy Handout

Body Language  - Joint Session with Year 2 Students
        Presentation will be distributed in class.

Supplemental Resources
The NACM Resource Library has many materials that you will find useful while you are preparing for your CCE Exam and working on your GSCFM Group Project. You can find more materials on the NACM Resource Library

•          Manual of Credit and Commercial Laws
•          Credit Management: Principles & Practices

GSCFM Program Materials for Second Year

We are pleased that you will be returning to NACM’s Graduate School of Credit and Financial Management. This webpage will house all of your course materials.  Feel free to print the material or bring your laptop or tablet to class.

Second Year GSCFM Program Materials

Your schedule, class documents and outlines are posted below.

2017 Year 2 Schedule

GSCFM Year 1           GSCFM Year 2         
GSCFM Instructor Roster

Advanced Negotiations
     Read Negotiate This! By Caring, But Not T-H-A-T Much, by Herb Cohen
     All other material will be distributed in class

Financial Warnings

    The Financial Numbers Game
     Seeking Sustainable Cash Flow
     Review the Buy Smart case

     Capitalized Costs
     Misreported Assets
     Management Fraud
     Creative Cash Flow
     CFO Magazine Article: Harder to Recognize

Legal Environment of Credit
Presentation will be distributed in class

Power of Professional Protocol / Painless Networking
      All other material will be distributed in class

Becoming Masterful Influences

Prework: Read "The Complete Leader: Everything You Need to Become a High Performing Leader" and “The Introvert Leader: Living Authentically in a World That Says You Can’t”

      Complete the Behavioral Intelligence Profile online 
      Read the following chapters from The Complete Leader:

             •    3.3 Presenting Skills
             •    3.4 Written Communication
             •    3.5 Diplomacy & Tact
             •    3.6 Interpersonal Skills
             •    3.7 Persuasion
             •    3.8 Negotiation
             •    3.9 Conflict Management


                 “The Introvert Leader: Living Authentically in a World That Says You Can’t” by Andy Johnson    
                 “The Complete Leader: Everything You Need to Become a High Performing Leader" by Ron Price & Randy Lisk
Feedback- Guidelines for Giving and Receiving
NACM Behaviors Presentation

Body Language  – Joint Session with Year 1 Students
Presentation will be distributed in class

Supplemental Resources

The NACM Resource Library has many materials that you will find useful while you are preparing for your CCE Exam and working on your GSCFM Group  Project. You can find more materials on the NACM Resource Library

     • Manual of Credit and Commercial Laws
     • Credit Management: Principles & Practices


Welcome GSCFM Students

Please print out (or be able to access in class) each project and bring with you to Dartmouth. The Year 2 Students will be giving a brief presentation on their projects at a time and date to be determined as we get closer. Please read and familiarize yourself with each group project before you arrive to and come prepared with your thoughts on each "check list" to see if any of the groups have any holes or gaps that could help ensure that a better credit department or decision are made.

If you have any questions, please contact Tracey Lerminiaux at (410) 740-5560, ext. 1029 or This email address is being protected from spambots. You need JavaScript enabled to view it..


Team One

Team Two


Team Three

Team Four

Graduate School of Credit and Financial ManagementWhat to Expect from the NACM Grad School

« Apply Today « Application Process and Tuition «
Curriculum « What to Expect « Instructor Bios

What Students Say:

“I cannot overstate the value that the program had for me, both professionally and personally. Aside from providing what I believe is the best preparation method for the CCE exam, the class and study structure allowed me to learn more about my profession in four short weeks than I could have ever learned otherwise. My horizons were definitely broadened as I interacted with peers from many industries, and not only did we have many fruitful discussions about our field, we had a lot of fun together as well!”
–Wayne Mattson, CCE,
accounts receivable manager,
DLT Solutions LLC

The GSCFM program is held on the campus of American University, located in Washington, DC. American University is a private research university nestled amid the upscale neighborhoods and embassies of upper northwest Washington. The university offers a safe and welcoming community in the midst of a bustling city.

Participants, staff and instructors are housed in one of the residential halls on American's campus. Meals are provided for the duration of the program. Participants are required to attend every meal to help cultivate relationships and camaraderie with both the faculty and other participants.

Participants receive the GSCFM Executive Award upon successful completion of all program requirements. Graduation, featuring a special dinner and awards ceremony, is held on the last night of the second session. The Best Student Award, selected by the members of the GSCFM class, honors the individual who makes a significant contribution to the general quality of the program, based on class participation and enhancement of the overall educational experience.

credit analyst careerTo be prepared for these topics upon arrival, participants must complete advance reading assignments. A complete list of advance reading assignments and textbooks are shipped to each participant before the start of the program.

Attendance at all scheduled class sessions is mandatory. In addition, participation in the discussion of assignments, class activities and projects is required. Between the first- and second-year sessions, participants will be assigned a project that will draw upon concepts presented in the first session, culminating in a presentation before members of the class and faculty. Failure to meet any of these requirements will endanger the participant’s certificate of completion.

credit analyst careerHousing and Meals

Participants, staff and instructors will be housed in one of the residential halls on American University's campus. Although the specific design of each dorm bedroom unit varies, participants will occupy a unit with a private bathroom.

Meals will be served daily. A photo session and special graduation dinner are held on the program’s final night. Participants are required to attend every meal to help cultivate relationships with both the faculty and other participants.


« Apply Today « Application Process and Tuition «
Curriculum « What to Expect « Instructor Bios

The GSCFM program provides a foundation in disciplines such as financial analysis, valuation, business economics, business law, corporate strategy, treasury management, and international finance and credit.

Session Descriptions Instructors Special Acknowledgement Honor
Best Practice Insights from the Instructors


class, credit investigation, credit granting decisions  The First-Year Session Concentrations

The cornerstone of the first-year program is financial statement analysis. Complementing the financial analysis program are sessions on corporate strategy, economics, body language and non verbal communications and presentation techniques. These sessions, adding information about how to operate in a changing environment and how to understand and maximize corporate competitive strategy, bring new ideas and greater depth of knowledge to the decision-making process.

The Second-Year Session Concentrations

During the second year, participants will continue to expand their understanding of the financial side of credit during the financial warnings segment. This segment brings together the elements already covered in the first-year session, providing an in-depth look at credit strategy in a competitive environment, focusing on new techniques for credit investigation and credit granting decisions. Adding to these topics are sessions on the legal environment of credit, leadership and etiquette skills, body language and non verbal communications and advanced negotiations. Participants also present their projects and have the opportunity to take the CCE exam.

credit risk class

Session Descriptions

Advanced Financial Statement Analysis

The objective of this course is to make credit professionals better aware of the information contained in a firm's annual report and how to analyze it. An improved awareness equates to improved knowledge about credit risk. An emphasis will be placed on the examination of the annual report's statement of cash flows, the management discussion and analysis section, disclosure notes explaining accounting policy and other significant factors. Through a combination of lectures and case analyses, the course will emphasize analysis and interpretation of cash flows, discovery of off-balance sheet financing, and indicators to assess a firm's liquidity. Problems with some traditional financial ratios will be examined.

Corporate Strategy

Strategic management refers to a growing body of knowledge concerning the effective management of organizations in competitive environments. This particular course will provide a perspective of this field by focusing on three broad themes: one, competitive positioning; two, leveraging capabilities; three, harnessing relationships and networks. The course is designed to emphasize the special role of the General Manager – an individual who has risen in an organization beyond his or her functional base and has assumed broader responsibilities for the coordination of different functional activities and the development and implementation of a vision and strategy for the organization. Through carefully selected cases, this course will offer various cutting edge frameworks that shape the students' thinking on managing the strategic challenges of the modern corporation.

Financial Warnings: Detecting Creative Accounting Practices

Generally accepted accounting principles provide wide latitude in the selection of accounting techniques. Their aggressive and sometimes fraudulent application can cause misleading results, even permitting the reporting of profits where losses may have been more realistic. Whether earnings are overstated due to the aggressive application of accepted standards or because of fraud, economic fundamentals will eventually expose the charade. The end result will be a negative earnings adjustment, a likely net loss for the period and often several reporting periods, and a requisite reduction in forecast cash flow. Through a series of short exercises and case assignments, participants in this course are taught to detect and question potential earnings overstatements, the objective of which is to provide sufficient lead-time to permit corrective action.

Becoming Masterful Influencers

Whit Mitchell and Ron Price return to help 2nd year participants maximize influence. Their sessions will include dynamic communications, the business case for emotional intelligence, strategies for building strategic influence and building a road map for your professional success. By the end of this session, you'll build confidence in dealing with negotiations often required with senior leadership and boardroom executives!

Successful Presentation Skills

Whether you're making impromptu comments during a meeting or giving a formal presentation, there are specific techniques to use that will ensure your success. Learn how to overcome nerves, read your audience, project confidence, use visual aids, and recover if your mind goes blank. Every speaking situation will be addressed from handling Q&A to being persuasive. Participants will receive individual coaching, videotaped examples, and group feedback in a supportive, learning environment.


Legal Environment of Credit

Comprehensive knowledge of business laws specific to the field of credit is critically important to each decision today's credit executive makes on a daily basis. This intensive course will focus on a broad range of advanced legal issues affecting the credit decision. This course will encompass a combination of lectures, readings, case studies and interactive discussions to enable participants to increase their knowledge of the complex issues in corporations, partnerships, sole proprietorships, contracts, bankruptcies, antitrust and negotiable instruments as they impact credit decisions.


The purpose of this course is to allow business leaders to understand how to evaluate the performance of the U.S. economy both over the long-run and during short-run fluctuations (business cycle).

Students will be exposed to the major economic statistics that business leaders use to analyze the economy and the potential impacts they may have on their own businesses. Beyond just knowing the definitions and how these statistics are constructed, Mr. Strauss will teach the relative importance of specific statistics and how you can use them to help understand and explain changes in the growth path for the U.S. economy and businesses.

The topics covered will include: Growth economics and how business cycles are determined; Key Indicators for the Business Cycle including: GDP, industrial production, financial markets, prices, capital spending, inventories, labor markets, consumer demand, housing markets; Monetary policy and the Federal Reserve's dual mandate (full employment and stable Inflation); Fiscal policy and how important are deficits and debt to the U.S. economy; International trade and will the U.S. dollar remain as the world's reserve currency?; Leading economic indicators; and the importance of bankruptcy and unemployment to the evolution of the U.S. economy.

Interpreting Body Language

Body language expert and former federal law enforcement officer, Janine Driver, is joining us to teach non-verbal and verbal communication techniques that we can use in our everyday and business life. She shows us how to become a powerful leader as well as how to read and fix a situation in five minutes or less.

Power Of Professional Protocol

Business is based upon establishing and maintaining relationships. During this program, we will review and practice the social skills and good graces on which relationships rely. This program will convey to you the basic skills to persuade clients, impress your boss and win over your co-workers. The lessons learned through this etiquette program will provide you with knowledge that will place you above your competition. This program is designed for business professionals seeking to improve their savvy in the working world. We will cover such topics as:

  • Appropriate Attire
  • Posture & Body Language
  • Handshakes & Business Cards
  • Electronic Etiquette
  • Meeting Management
  • Interactions with Others
  • Confidentiality
  • Thank You Notes

Painless Networking

While commonly considered a superficial frill of a bygone era, professional networking is an essential professional skill. Come learn how to handle business situations, from conferences to cocktail parties, with poise and confidence. This is an interactive program designed to be both educational and entertaining. You will have the opportunity to practice what you learn in class. We will cover such topics as:

  • What to Know Before You Go
  • Nametags: Where They Go and Why
  • Handshakes: Lessons from Goldilocks
  • Introductions: What They Say About You
  • Body Language: What You Are Really Saying
  • Conversation: Business versus Social
  • Connecting With Clients and Customers
  • Building Business Relationships

Distinguished Instructors

NACM is proud to have secured these instructors in past program sessions. Read more about the instructors.

Wanda Borges, Esq. Janine Driver Susan Fee, MEd, LPC
Whit Mitchell Charles Mulford, PhD, CPA Ron Price
Dr. Mohan Subramaniam    

Certificate of Achievement

award, credit career, career in creditParticipants receive the GSCFM Executive Award upon successful completion of all program requirements. Graduation will be held on the last night of the second session.

Special Achievement Honor

“I believe that NACM is setting the standard for credit management.”

—A 2008 first-year student

Selected by the members of the GSCFM class, the Best Student Award honors the individual who has made a significant contribution to the overall quality of the program, based on class participation and enhancement to the overall educational experience. The award recipient will be honored at the graduation dinner and at the following year’s NACM Annual Credit Congress.

Best Practice Insights from the GSCFM Instructors

Follow the Cash
Charles Mulford, PhD, CPA
"It's the strongest signal we have of financial strength or weakness."

Put Connection before Content
Susan Fee, MEd, LPC
"Whether it's a job interview, client presentation or updating your boss, your audience
has to like and trust you enough to listen to your content."

Make the Transition from Classroom to Workplace
Kurt Weiland
"All training, all discussion, all study is worthless—that's right, worthless—unless it
translates into behavior change and workplace improvement."

Don't Take Negotiations Personally
Judith White, PhD
"We automatically respond negatively when someone is rude or defensive or pushes
our buttons, and we just have to keep telling ourselves that we're going to get a
better outcome if we don't take it personally."

Don't Trust the Media with Economic Statistics
Chris Kuehl, PhD
"Most of what we get is either not very well explained or it's out of context."

Think Critically in Ethics
Diane Swanson, PhD
"Put aside your assumptions and approach scenarios with fresh eyes and come up with
practical recommendations."