The budgetary process is the sole responsibility of senior management staff and finance staff. Hence these members of staff must have accurate and updated information efficient budgeting procedures. Budgets are developed for each financial year. The managers and staff involved will have to develop budgets for their own areas of responsibility and then hand it over to the finance department. These draft budgets are then reviewed by higher management and later approved by a committee, or something similar depending on the organisation. This module is aimed at those students who have decided to take a year out of formal studies to gain accredited work experience and are registered on a degree programme with an accredited professional practice element. The Professional Practice Year aims to give students a continuous experience of full-time work within an organisation.

Picture2; Sovereign Spreads. Sovereign spreads measure how much (above US treasury bonds) do countries have to pay to borrow money. Low spread = good, high spread = bad. Spreads are measured in basis points. For example, If the governments of Chile, Brazil or Peru need money to finance short term programs, or any other projects, they can borrow for 1 year at less than 30 basis points of spread. If the US treasury is say 3%, this means that the total cost for the above countries would be around 3.3%. For Venezuela and Argentina the same borrowing would cost them 10% and 25% respectively. Data from Factset.