Public Financial Management from edX

This IMFx course is designed to strengthen participants' abilities to assess why Public Financial Management (PFM) is important; and how it supports macroeconomic stability, economic growth, and the achievement of the Sustainable Development Goals.

Presented by staff of the International Monetary Fund whoprovide advice to countries on their PFM institutions and reform plans, the course provides a practitioner's view to PFM starting with what PFM is, and why it is important. Over five parts, the course modules cover all stages of the budget cycle, and discuss key concepts from budget preparation, to government accountability in budget execution, and reform implementation.

You will explore these topics through video lectures, relevant readings, and testimonies from senior policy-makers and civil society. During the lectures, presenters will use examples from countries at different stages of economic development.

Throughout the course, you will have the opportunity to engage with fellow participants from around the world, and with course staff through the discussion forum. Assessments in each course module will test your understanding of key concepts, allowing you to track the progress of your understanding. A case study at the end of the course brings together the different aspects of how governments should manage their money, and deliver public services.

This course is offered by the IMF, with financial support from the United States Agency for International Development (USAID).

The IMF’s online learning program receives financial support from the Government of Japan.

What's inside

Learning objectives

Why pfm is an important tool to implement public policies.
How to describe and analyze the budget cycle, and its main components.
How pfm systems contribute to improved fiscal performance.

The benefits of fiscal transparency, fiscal reporting, and management of fiscal risks.
How civil society, public participation and supreme audit institutions keep governments accountable.
The importance of prioritization and sequencing pfm reforms, and the roles of political institutions and country context.

Why pfm is an important tool to implement public policies.
How to describe and analyze the budget cycle, and its main components.
How pfm systems contribute to improved fiscal performance.
The benefits of fiscal transparency, fiscal reporting, and management of fiscal risks.
How civil society, public participation and supreme audit institutions keep governments accountable.
The importance of prioritization and sequencing pfm reforms, and the roles of political institutions and country context.

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Focuses on public financial management, from its basics to its importance in achieving the Sustainable Development Goals

Presents a practical perspective, drawing on the expertise of IMF staff who provide guidance to countries on PFM reforms

Provides a comprehensive examination of the budget cycle, covering all stages from preparation to execution

Incorporates examples from countries at different stages of development, enhancing its global relevance

Offers opportunities for interaction and collaboration through discussion forums

Includes a case study that integrates various PFM concepts, providing a holistic view of their application in governments

Reviews summary

Foundational public financial management

Based on the course information, prospective learners can anticipate a comprehensive and authoritative overview of Public Financial Management (PFM), delivered by International Monetary Fund (IMF) staff. The curriculum is designed to offer a practitioner's view, systematically covering all stages of the budget cycle from preparation to accountability and reform implementation. The course incorporates relevant readings and real-world examples from various countries, including testimonies from senior policy-makers. Students can expect to solidify their understanding through assessments in each module and a culminating case study, with opportunities to engage with peers and staff in discussion forums.

Focuses on policy, not specific software.

"While comprehensive on policy, I might need to supplement the course for deep dives into specific PFM software or operational tools."

"I expect a strong conceptual foundation in fiscal management, but perhaps less emphasis on very granular implementation details."

"The course's focus on macroeconomic stability and SDGs suggests a strategic, rather than purely technical, approach to PFM."

Opportunities for global peer interaction.

"Engaging with fellow participants from around the world could offer diverse perspectives on PFM challenges."

"The discussion forum might be a good place to clarify doubts and share insights with both peers and course staff."

"I hope to benefit from collaborative learning and networking with other professionals interested in PFM."

Well-organized modules with assessments.

"The course structure with five parts, modules, and assessments seems well-designed for tracking my progress."

"I'd appreciate the opportunity to test my understanding of key concepts throughout each module."

"The logical flow of topics should make complex subjects more manageable and easier to absorb."

Emphasizes real-world PFM practices.

"The 'practitioner's view' suggests I'll learn highly applicable strategies for PFM."

"I look forward to the examples from various countries and testimonies from policymakers to ground my learning."

"A final case study should help me integrate concepts and apply them practically to real-world scenarios."

Covers all stages of the budget cycle.

"I anticipate a thorough exploration of the budget cycle, from preparation through execution and accountability."

"The course's promise to cover reform implementation ensures a complete understanding of PFM processes."

"I would gain insights into how governments manage money and deliver public services comprehensively."

Taught by International Monetary Fund staff.

"I expect the content to be highly authoritative and current, given it's from IMF staff who advise countries."

"Learning directly from practitioners deeply involved in global PFM is a significant advantage."

"The instructors' expertise suggests a robust and credible foundation for understanding PFM principles."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Public Financial Management with these activities:

Discover Resources on the IMF Website

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Visit IMF’s website to explore additional resources, such as country-specific reports and articles, related to Public Financial Management.

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Navigate to IMF’s website
Explore IMF’s virtual library

Review Fiscal Performance Indicators

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Strengthen your understanding of key indicators used to assess fiscal performance, which are essential for effective PFM.

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Identify the key fiscal performance indicators relevant to your country or organization.
Gather data and calculate the values of these indicators.
Analyze the results to identify areas of strength and weakness.
Develop recommendations for improving fiscal performance.

Design a Government Expenditure Plan

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Apply your knowledge of the budget cycle to create a realistic government expenditure plan, fostering a deeper understanding of expenditure management.

Browse courses on Public Expenditure

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Determine the priorities and objectives of the government.
Estimate the revenue and expenditure for the upcoming fiscal year.
Allocate funds to different sectors and programs based on priorities.
Develop a plan for monitoring and evaluating the implementation of the expenditure plan.

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Career center

Learners who complete Public Financial Management will develop knowledge and skills that may be useful to these careers:

Financial Manager

Financial Managers typically need a bachelor's degree in accounting, finance, or a related field, and some states require licensure. Public Financial Management would be a good addition to your educational background as it would help build a foundation in vital public financial practices for your role in managing an organization's financial resources. The course provides a practitioner's view to PFM, starting with the basics and covering the budget cycle, budget preparation, government accountability, and reform implementation.

See salaries and explore the career path for Financial Manager

Auditor

Many Auditors hold a bachelor's degree in accounting, finance, or a related field, and some states require licensure or certification. Auditors need to be able to analyze financial records, which is a key component of the IMF course, which covers topics such as fiscal transparency, fiscal reporting, and management of fiscal risks. The Public Financial Management course can help you develop a strong foundation in these areas, as well as provide exposure to case studies that will help you succeed in this role.

See salaries and explore the career path for Auditor

Budget Analyst

Budget Analysts usually need a bachelor's degree in a field such as finance, accounting, economics, or public administration, and employers may require an MBA for more senior positions. The Public Financial Management course can help you develop the skills and knowledge you need to succeed in this role through its introduction to how PFM systems contribute to improved fiscal performance.

See salaries and explore the career path for Budget Analyst

Investment Analyst

Investment Analysts typically need a bachelor's degree in finance, economics, or a related field, and some employers require an MBA. The Public Financial Management course would be a useful addition to your educational background as it provides an overview of how PFM is used to implement public policies, and it covers topics such as fiscal transparency, fiscal reporting, and management of fiscal risks.

See salaries and explore the career path for Investment Analyst

Economist

Economists typically hold a master's or doctoral degree in economics. Public Financial Management may be useful to you in this role as it provides an overview of how PFM is used to implement public policies. The course covers topics like fiscal transparency, fiscal reporting, and management of fiscal risks, which can help you to understand the economic impact of public financial decisions.

See salaries and explore the career path for Economist

Policy Analyst

Policy Analysts typically need a bachelor's degree in a field such as public policy, economics, or political science, and some employers require a master's degree. The Public Financial Management course provides an introduction to how PFM is used to implement public policies. The course covers topics like fiscal transparency, fiscal reporting, and management of fiscal risks, which are essential for understanding the financial implications of policy decisions.

See salaries and explore the career path for Policy Analyst

Financial Advisor

Financial Advisors typically need a bachelor's degree in a field such as finance, economics, or business administration, and many states require licensure. The Public Financial Management course may help you develop the skills you need to succeed in this role as it covers topics such as fiscal transparency, fiscal reporting, and management of fiscal risks, which are essential for understanding the financial landscape and providing sound advice to clients.

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Compliance Officer

Compliance Officers typically need a bachelor's degree in a field such as finance, accounting, or law, and some employers require an MBA or other graduate degree. The Public Financial Management course may be useful to you as it provides a practitioner's view to PFM, starting with the basics and covering the budget cycle, budget preparation, government accountability, and reform implementation.

See salaries and explore the career path for Compliance Officer

Risk Manager

Risk Managers typically need a bachelor's degree in a field such as finance, economics, or engineering, and some employers require an MBA or other graduate degree. The Public Financial Management course may be useful as it covers topics such as fiscal transparency, fiscal reporting, and management of fiscal risks.

See salaries and explore the career path for Risk Manager

Management Consultant

Management Consultants typically need a bachelor's degree in a field such as business administration, engineering, or economics, and many employers require an MBA. The Public Financial Management course may be useful to you as it provides a practitioner's view to PFM, starting with the basics and covering the budget cycle, budget preparation, government accountability, and reform implementation.

See salaries and explore the career path for Management Consultant

Operations Manager

Operations Managers typically need a bachelor's degree in a field such as business administration, engineering, or economics, and some employers require an MBA or other graduate degree. The Public Financial Management course provides an overview of how PFM is used to implement public policies. The course covers topics like fiscal transparency, fiscal reporting, and management of fiscal risks, which can help you to understand the financial implications of operational decisions.

See salaries and explore the career path for Operations Manager

Project Manager

Project Managers typically need a bachelor's degree in a field such as engineering, business administration, or computer science, and some employers require an MBA or other graduate degree. The Public Financial Management course provides an overview of how PFM is used to implement public policies. The course covers topics like fiscal transparency, fiscal reporting, and management of fiscal risks, which can help you to understand the financial implications of project decisions.

See salaries and explore the career path for Project Manager

Data Analyst

Data Analysts typically need a bachelor's degree in a field such as computer science, statistics, or mathematics. The Public Financial Management course may be useful as it covers topics such as fiscal transparency and fiscal reporting, which can be used to analyze large datasets.

See salaries and explore the career path for Data Analyst

Statistician

Statisticians typically need a master's or doctoral degree in statistics or a related field. The Public Financial Management course may be useful as it covers topics such as fiscal transparency and fiscal reporting, which can be used to analyze large datasets.

See salaries and explore the career path for Statistician

Actuary

Actuaries typically need a bachelor's degree in mathematics, statistics, or economics, and most states require certification. The Public Financial Management course may be useful as it covers topics such as fiscal transparency and fiscal reporting, which can be used to analyze financial risks.

See salaries and explore the career path for Actuary