Finance

Financial Control with Variance Analysis

By Dr. Jason Cherubini

3 CPE Credits

Learn the principles of standard costing and variance analysis to improve financial performance and drive improvement in business operations.

Created At Nov 18, 2025  |  Updated At Nov 18, 2025
Key Concepts in Standard Costing Explained

11:49

Chapter 1

Key Concepts in Standard Costing Explained

Understand the key concepts of standard costing, where it fits in budgeting, and how it sets the foundation for measuring financial performance through variance analysis.

4 Quiz Questions

Importance of Setting Material Standards

10:50

Chapter 2

Importance of Setting Material Standards

Explore the importance of setting material standards, how to budget for material costs, and the role of variance analysis in identifying and addressing discrepancies in material usage and pricing.

4 Quiz Questions

Techniques for Setting Labor Standards

10:12

Chapter 3

Techniques for Setting Labor Standards

Learn how to set labor standards, track the time and wage rates, and analyze labor cost variances to optimize efficiency and manage workforce costs effectively.

4 Quiz Questions

Best Practices for Setting Overhead Standards

20:57

Chapter 4

Best Practices for Setting Overhead Standards

Discover best practices for setting overhead standards, allocating indirect costs, and using variance analysis to manage and reduce overhead, helping firms become leaner and more efficient.

4 Quiz Questions

Analyze Material and Labor Variances

11:50

Chapter 5

Analyze Material and Labor Variances

Analyze material and labor variances to identify inefficiencies, understand root causes, and make informed decisions that can improve production costs and overall profitability.

4 Quiz Questions

Manage Overhead Variances For Better Performance

13:04

Chapter 6

Manage Overhead Variances For Better Performance

Dive into managing overhead variances by evaluating cost differences, applying Kaizen principles for continuous improvement, and using variance analysis to improve business operations.

4 Quiz Questions

Class Resources

Course Description

A quick snapshot of what this Masterclass covers!

Led by Dr. Jason Cherubini, ‘Financial Control with Variance Analysis’ provides a thorough exploration of standard costing principles and variance analysis, highlighting their vital roles in cost control and evaluating financial performance within organizations. Participants will understand the importance of establishing standards for materials, labor, and overhead, while learning the methods and challenges involved in setting these benchmarks. The course delves into various types of variances - material, labor, and overhead - offering clear guidance on calculating and analyzing these variances to identify their causes and financial implications. Practical, real-world examples are integrated to illustrate the application of these concepts in everyday business scenarios. By incorporating variance analysis into financial reporting and performance measurement, learners will acquire the skills necessary to take corrective actions and foster ongoing improvements in cost management. The program concludes with strategies for using variance analysis as a tool for strategic financial control, empowering participants to enhance their organization’s financial outcomes through effective cost management practices. This course equips professionals with the knowledge and tools to confidently apply these techniques, enabling them to contribute meaningfully to their organization's financial success.

Learning Objectives

Discover the key takeaways and skills you'll build throughout this Masterclass!

  • 1. Identify how standard costing helps managers forecast, compare actual vs. planned costs, spot variances, and optimize operations for future performance.
  • 2. Distinguish between direct material and labor costs, understand variances, and discuss how labor standards help in performance evaluation and process improvement.
  • 3. Compare between variable and fixed overhead costs, discuss how overhead is allocated across products, and explore the impact of variances on future operations.
  • 4. Differentiate between material and labor variances and explore strategies for managing favorable and unfavorable variances.
  • 5. Recognize how variance analysis helps in operational efficiency, cost control, and performance evaluation.
  • 6. Determine how variance analysis improves budgeting, process improvement, and strategic decision-making.
Dr. Jason Cherubini

Dr. Jason Cherubini

Expiration Date

1 year from the start of the course/upon subscription expiry

Course Duration

2 Hours
32 Mins

6

Chapters

Organized into clear, concise chapters for easy learning!

Topics Covered

Key concepts and skills you'll master throughout this Masterclass

Standard Costing Variance Analysis Direct Materials Labor & Overhead Costs Continuous Improvement (Kaizen)

Finance & Advisory

Modern Finance Ops

Certifying Organizations

National Association of State Boards of Accountancy (NASBA)

NASBA Logo
  • Continuing Professional Education Credit (CPE): 3
  • Fields of Study:
    Finance3 CPE
  • Sponsor Identification number: 149174
  • Instructional Delivery Method: QAS Self Study
  • Program Level: Basic
  • Prerequisite Education: There are no prerequisites for this course
  • Advanced Preparation: There is no advance preparation required for this course
  • Created on: 18 Nov 2025
  • Reviewed on: 18 Nov 2025
  • Updated on: 18 Nov 2025
  • Video Duration: 1 hr 18 min 42 sec

To earn CPE credits, the learner is expected to:

  • Complete all videos and chapter quizzes
  • Complete the final exam within one year from completing the course
  • Score 70% or higher on final exam

If you undertake this course for CPE credits, you can leave final comments in the Feedback.

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Frequently Asked Questions

Continuing Professional Education (CPE) is a requirement for Certified Public Accountants (CPAs) and Certified Management Accountants (CMAs) and other professionals, one that is designed to help maintain their competency and skill sets as providers of professional services. As part of ongoing requirements to maintain the CPA or designation, CPAs and CMAs must meet all the regulations set out by the state they are registered in.

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Sponsor Id#: 149174

Miles Masterclass Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

We are licensed by NASBA and follow their guidelines for the subject area (field of study).

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Certified Public Accountants (CPAs) must adhere to the continuing education requirements set forth by the State Board of Accountancy of the state(s) where their CPA license is held. The requirements for continuing professional education vary from state to state. The American Institute of CPAs (AICPA) requires certain CPE for maintaining membership.

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We are licensed by NASBA and follow their guidelines for the subject area (field of study).

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Duration (excluding admin activities like Session Rules, Presenter Introduction, Q&A)Number of Polling Questions to be AskedNumber of Polling Questions to be Answered to be Eligible for CPE CertificateCPE Credits (50 minutes = 1 CPE Credit)
60 minutes431.2
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120 minutes872.4
180 minutes12113.6

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