CIPM Intermediate I Level Syllabus

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About CIPM Intermediate I Level Exams

The CIPM Intermediate I Level is a crucial step for those pursuing a career in Human Resource Management. It builds on the foundation laid in the initial courses and introduces more advanced concepts and practices. 

This level covers subjects such as Business administration and Practices, Fundamentals of Economics, Finance for Human Resource Managers, etc, offering a comprehensive understanding of these areas. It provides students with the knowledge and skills needed to handle more complex HR functions and challenges in the workplace. 

By completing this level, you gain a solid grasp of HR policies, labour laws, and the dynamics of workplace behaviour, preparing you for higher responsibilities and specialized roles in the HR field. The courses are designed to be practical, with real-world applications, ensuring that the knowledge gained is not just theoretical but also applicable in everyday HR scenarios. 

This stage of the CIPM program is essential for anyone serious about advancing their career in Human Resources and becoming a competent HR professional

Intermediate I Level in CIPM

The Intermediate I Level of the Chartered Institute of Personnel Management (CIPM) syllabus is broken down into 5 modules namely: 

i. Business Administration and Practices

ii. Fundamentals of Economics

iii. Finance for Human Resource Managers 

iv. Business Statistics and Social Research Methods 

v. Communication Process, Management and Development 

Course 1 : Business Administration and Practices

About BAP

The Business Administration and Practices course is all about understanding how businesses and organizations work and succeed. This course covers a wide range of topics, starting with the basics of business administration and management. 

In this course, you will learn about important concepts like corporate social responsibility, globalization, and business ethics. These topics will help you understand the challenges and opportunities that modern businesses face today. 

You will also learn about the strategies and techniques that successful businesses use to stay competitive and thrive. The goal of this course is to give you the knowledge and skills you need to become an effective and responsible business leader or manager. 

By the end of the course, you will have a solid understanding of how businesses operate and what it takes to succeed in today’s fast-paced and ever-changing business world

Aim & Competencies


This course aims to provide students with a comprehensive understanding of Business Administration and Management, focusing on the various aspects critical to the success of businesses and organizations in a globalized world. The syllabus covers various topics, from the fundamentals of business administration and management to advanced concepts like corporate social responsibility, globalization, and ethics. 

By studying these topics, students will gain an understanding of the challenges and opportunities facing modern businesses, as well as the strategies and techniques needed to succeed in this highly competitive and dynamic field. Ultimately, the aim of the syllabus is to equip students with the knowledge and skills needed to become effective and responsible business leaders and managers in the 21st century.


By the end of the Business Administration and Practices course, you should now be able to:

i. Understand and apply fundamental principles of business administration and management.

ii. Develop and implement strategies for effective corporate social responsibility (CSR) programs.

iii. Recognize and address ethical issues in business decision-making.

iv. Formulate and evaluate business strategies to ensure competitiveness and success.

v. Demonstrate effective leadership, management, and communication skills.

vi. Utilize critical thinking and problem-solving skills to make informed business decisions.

Business Administration and Practices

 Syllabus For CIPM Intermediate I Level
 LevelIntermediate I
1NATURE OF BUSINESSi. What is business?

ii. Primary objectives of a business

iii. Secondary objectives of business

iv. Characteristics of business

v. Classification of businesses (Sized-Based, Input-Based, Activity-Based, Use-Besed, Mode of Ownership-Based, etc)

vi. Different types of industries (Profit/Non-Profit, Public sector/Private sector, Industrial/Sectoral etc)

vii. Organic business functions

viii. Failure of business

ix. Planning against business failure

x. Business, society, and the law

xi. Business ownership forms

xii. Choice of selection of ownership form (Sole Proprietorship, Purtnership, Limited Liability companies, Cooperative Societies)

xiii. Business stakeholders.

xiv. Expectations of stakeholders

xv. Effects of Stakeholders expectations
2EVOLUTION OF BUSINESSi. The development of commerce

ii. Evolution of commerce

iii. The industrial revolution

iv. Factors that affect industrial revolution in the United Kingdom, China, Japan, and the rest of the world

v. The impact of industrial revolution on business managers
3THE ENVIRONMENT OF BUSINESSi. Nature and importance of business environment

ii. The general external environment elements (Business, Political, Economic, Socio-Cultural, Technological, International, Demographic, Customer, Climatic, Ecological, and Legal environments)

iii. The task environmental elements

iv. The internal environmental element
– Meaning and functions of production management,
– Deciding on the type of production system,
– Factors influencing the choice of the production system,
– Facilities/plant location,
– Factors affecting facilities/plant location,
– Planning the layout and design of an organisation’s facilities,
– Types of facilities layout,
– Factors affecting design and layout of an organisation,
– Planning and controlling the production process,
– Scope of production planning,
– Production control,
– Productivity,
– Measurement of productivity,
– Productivity improvement schemes,
– Maintenance policies and procedures and
– Types of maintenance policies and Procedures

ii. Marketing
– Meaning and roles of marketing,
– Marketing functions.
– Organization of the Marketing department,
– The concept of market and market segmentation,
– Methods of market segmentation,
– Benefits of market segmentation,
– Consumer behaviour,
– Types of consumers,
– Importance of consumer behaviours
– Factors influencing consumer behaviour,
– Marketing mix and it’s elements
a) Price product,
b) Place and promotion,
c) Marketing research, and importance of marketing research

iii. Human Resource functions in business
– Meaning and functions of HRM,
– Human Resource planning, recruitment, selection, placement and Induction, training and development,
– Performance appraisal,
– Employee compensation,
– Employee welfare services and benefits
– Industrial relations
5BUSINESS ANALYSIS AND EVALUATION TOOLSi. Meaning and nature of business analysis evaluation tools and techniques

ii. Objectives and uses of business analysis/evaluation tools and techniques

iii. Farms of business analysis evaluation tools and techniques

iv. SWOT analysis (Analysis of internal strengths and weaknesses/external opportunities and threats)

v. BPEST analysis (An analysis of external environmental factors/forces)

vi. Financial analysis (An analysis of financial performance and positions)
6FORMS OF BUSINESS OWNERSHIPi. Business enterprises (Private and public)

ii. Ownership forms

iii. Selection of ownership forms

iv. Sole proprietorship (Meaning, Nature, Operation, Formation, Advantages and Disadvantages)

v. Partnership (Mearning, Nature, Operation, Formation, Types, Advantages and Disadvantages)

vi. The Corporation Limited Liability Company

vii. Formation of a limited liability company

viii. Forms of Limited Liability Company-Public Limited Liability Company and Prriate Limited Liability Company

ix. Cooperative Society: Meaning, Nature, Operation, Formation, Types, Advantages and Disadvantages

x. Public Corporation: Meaning, Nature, Operation, Formation, Types, Advantages and Disadvantages

xi. Franchising, Patent, Copyrights and Licensing
7FORMS OF BUSINESS COMBINATIONSi. Meaning, nature, and forms of Business Combinations

ii. Merger (Meaning, Nature, Forms, Advantages and Disadvantages)

iii. Acquisition (Meaning, Nature, Farms, Advantages and Disadvantage)

iv. Consolidation (Meaning, Nature, Forms, Advantages and Disadvantages)

v. Integration: Meaning, Nature, Forms, Advantages and Disadvantages

vi. Absorption (Meaning, Nature, Forms, Advantages and Disadvantages

vii. Takeover (Meaning, Nature, Forms, Advantages and Disadvantages)

viii. Conglomerate (Meaning, Nature, Forms, Advantages and Disadvantages

ix. Joint arrangements (Meaning, Nature, Forms, Advantages and Disadvantages)

ii. Article of association

iii. Prospectus

iv. Certificate of incorporation/registration

v. Feasibilty reports/Business plans

vi. Minutes of meetings

vii. Schedule of non-current assets

viii. Schedule of directors

ix. Schedule/Register of shareholders

x. Strategic business policy manual (Vision Statement, Mission statement, Goal, Employee Handbook, Operations Handbook)
9SCALE OPERATIONS AND ECONOMY OF SCALEi. Operation and size of firms

ii. Measurement of the size of firms ie Input measurement, Output measurement, Market share measurement and Profit level measurement)

iii. Determinant of the size of firms

iv. Type of firms

v. Types of scales and economies of scales

vi. Limitations of the growth of firms

vii. Economy structure theory

viii.Capitalist economies (Meaning, nature, advantages and disadvantages)

ix. Socialist economies (Meaning, Nature, Advantages and Disadvantages)

x. Mixed economies (Meaning, Nature, Advantages and Disadvantages)

xi. Choice of economy structure

xii. Market structure (Meaning, Nature and Scope)

xiii. Perfect markets

xiv. Imperfect markets – Monopoly, Duapoly, Oligopoly, and Monopolistic competition
10GOVERNMENT AND BUSINESS ADMINISTRATIONi. The role of government in business adminstration and operation

ii. Government as a major stakeholder in business administration

iii. Government business regulatory agencies

iv. Analysis of operational efficiency of government business regulatory agencies: CAC, CEN, SEC, NOIC, SMEDAN, NASAMI, ITF, CMD, NAFDAC, DPR, AMCON, ASCON, BOI, NFIU att
11INTERNATIONAL BUSINESS ADMINISTRATIONi. Meaning, nature, and scope of International Business Administration

ii. Relevant forces of International Business Administration environment

iii. Business system

iv. Political systems

v. Economic systems

vi. Socio-Cultural system

vii. Technological system

viii. Legal system

ix. Challenges/Barriers to effective International Business Administration (Language, Exchange rates, Precautionary measures policies, Trade barrier, etc)

x. Labour accounting, Environmental standards, and Standard of living

xi. Foreign exchange market

xii. Foreign Directives (FD)

xiii. Tariffs, Taxes, Import and Export Regulations and Documentation

xiv. International Trade Agreements (Meaning, nature and scope)

xv. Analysis of forms of International Trade Agreement with relevant pros and cons such as Free Trade areas, custom union, common market, etc )

xvi. Models of Intemational Trade

xvii. Risks management in international business trade

xix. Multi-National Corporations (MNCs) and Multi-national entities (MNE)
12BUSINESS SOCIAL RESPONSIBILITYi. Meaning, nature and scope of business social responsibility

ii. Areas and dimensions of corporate social responsibility

iii. Arguments for and against Corporate Social Responsibility

iv. Changing concept of Social Responsibility

v. The Concept of Stakeholders

ii. Causes of business administration failures

iii. Indicators and symptoms of business administration failures

iv. Remedies or survival strategies for business administration recovery

v. Planning against business failures

ii. The three major areas of managerial ethics

iii. Code of ethics and professional standards

iv. Ethical concerns of managers

v. Ethical behaviours

vi. Moral

vii. Integrity

viii. Corporate governance, procedures and compliance

ix. New for effective corporate governance in Nigeria

x. Codes of best practices on corporate governance in Nigeria

xi. Compliance requirements of corporate governance

xii. Sanctions in corporate governance

xiii. Social audit
15GLOBALIZATIONi. Meaning, nature, and scope of Globalization

ii. Elements of globalization

iii. Merits and demerits of Globalization

iv. Implication of Globalisation for managers and business administrators

v. Implication of Globalisation for business organisations

vi. Implication of Globalisation for economy and business stakeholders

vii. Global warming

Course 2 : Fundamentals of Economics

About FE

The Fundamentals of Economics course is designed to give you a solid understanding of how economies work, both on a small scale (microeconomics) and a large scale (macroeconomics). 

In this course, you will learn the basic concepts of economics and how they apply to everyday life and business decisions. The course covers everything from individual consumer behaviour to national economic policies. 

You will also be exposed to how different economic factors impact businesses and how to use this knowledge to solve economic problems. By the end of the course, you will be able to apply economic principles to real-world issues, both within a company and at the national level. 

This course can also be taken by anyone looking to understand the economic forces that shape our world and how to make informed decisions in the field of Human Resources and beyond

Aim & Competencies


This course aims to expose students to understanding the fundamentals of economics at both the micro and macro levels of the economy and to equip students/practitioners to apply the requisite knowledge to proffer solutions to economic issues as well as Human Resources practices at the level of the firm and the national level.

On completing the Fundamentals of Economics course, you should be able to:

i. Understand and apply basic microeconomic concepts.

ii. Know and know essential macroeconomic principles.

iii. Analyze and solve basic economic problems.

iv. Make informed business and HR decisions using economic knowledge.

v. Interpret economic data and trends.

Fundamentals of Economics Syllabus

 Syllabus For CIPM Intermediate I Level
 LevelIntermediate I

ii. Scarcity, choice and opportunity cost

iii. Scope of Economics

iv. Economics is a Science

v. Positive vs normative economics

vi. Micro-economies vs Macro-economies

vii. Economic problems in society

viii. Economic systems
– Capitalist economic system
– Socialist economic system
– Mixed economic system
2DEMAND AND SUPPLY ANALYSISi. Definition of demand

ii. Types of demand

iii. Change in demand and change in quantity demanded

iv. Determinants of demand

v. Definition of supply – Types of supply

vi. Change in supply and change in quality supply

vii. Determination of equilibrium price, quantity and resources

ii. The ordinalist approach

iii. Cardinalist approach

ii. Price elasticity of demand

iii. Cross-elasticity of demand

iv. Income elasticity of demand

v. Elasticity of supply

vi. Determinants of elasticity

vii. Total revenue and elasticity of demand

ii. Types of production

iii. Factors of production

iv. Total product, Marginal product and Average product

v. Law of diminishing returns

vi. Stages of production

vii. Production in the long run
6THEORY OF COSTi. Definition and nature of costs

ii. Types of costs

iii. Costs behaviour in the short run

iv. Costs behaviour in the long run
– Definition, concepts and elasticity of demand
– Types of demand
– Determinants of demand
– Change in demand and change in quantity demand

ii. Supply
– Types of supply
– Determinants of supply
– Change in supply and change in quantity supply

iii. Demand, supply and equlibrium price
– Price Legislation

iv. Elasticity of demand and supply
– Definition
– Price elasticity of demand
– Cross elasticity of demand
– Income elasticity of demand
– elasticity of supply
– Determinants of elasticity

ii. Types of market failure

iii. Public policy and market failure

iv. Externalities

v. Government failures

ii. Analysis of revenue concepts

iii. Perfect competition

iv. Monopoly

v. Monopolistic Compensation

vi. Oligopoly
10THEORY OF DISTRIBUTIONi. Theories of wages
– Demand and supply of labour
– Trade Unions
– Theories of rent
– Theories of interest
– Transfer formings and economic rent

ii. Methods of measuring National income

iii. Circular flow of income

iv. Problems of computing National Income

v. Importance of National Income

vi. Problems of international comparison of per capital income

vii. Determination of equilibrium level of income

viii. Determination of consumption function and savings function

ix. The multiplier concepts

x. The acceleration principle

ii. Apex financial institution

iii. Deposit-money banks

iv. Other types of Financial institutions

v. Definition of money

vi. Types of money

vii. Characteristics of money

viii. Functions of money

ix. Theory of demand of money

x. Theory of supply of money

xi. LM Analysis

ii. Sources of finance to Government

iii. Taxation budget

iv. Public debt

v. Government expenditure

vi. Public goods and private goods

vii. Fiscal policy
14INFLATIONi. Definition

ii. Types

iii. Measurment of inflation

iv. Effects

v. Causes of inflation

vii. Control of inflation
15UNEMPLOYMENTi. Definition

ii. Types of umemployment

iii. Causes of unemployment

iv. How to control unemployment

v. Philip’s Curve

ii. Theories of growth

iii. Why economics growth may not promote economic development

iv. Features of developing economies

v. Factors of economics growth

vi.Features of emerging economies

ii. International Trade

iii. Internal trade Versus International Trade

iii. The reasons for International Trade

iv. Classical theories of International Trade

v. The gains from International Trade

vi. Concept of trade restriction

vii. The terms of trade

viii. The balance of trade

ix. The balance of payment

ii. Problems of development management in Nigeria

iii. National economic policies
19STRUCTURE OF THE NIGERIAN ECONOMYi. Sectors in the Nigeria economies

ii. Sectorial contributions to GDP

iii. Problems of sectorial development in Nigeria

ii. The World Bank

iii. The IMF

iv. African Development Bank

v. International Development Association

vi. The Group of Five

vii. The Group of Seven

ii. Economic development

iii. Development and work force

iv. Work force engagement

v. Labour productivity and economic growth

Course 3: Finance For Human Resource Managers

About FHRM

This CIPM Intermediate I Level course is designed to teach you how to effectively manage financial resources in an organization. It will prepare you to handle financial issues that impact the workforce, ensuring you can make informed decisions that optimize employee performance and productivity. 

This course will teach you all about the key financial concepts and tools needed to oversee budgets, manage costs, and contribute to financial planning and analysis. By understanding how financial management intersects with HR, you will be better informed and prepared to align financial strategies with HR goals, enhancing the overall efficiency and success of the organization. 

If you are an HR beginner or professional who wants to play a strategic role in your organization’s financial health and workforce optimization, this course is just right for you.

Aim & Competencies


The general objective of this course is to enable candidates to learn about the effective management of financial resources as a preparatory course in handling finance issues. 

It will guide a Professional Human Resource Manager in optimizing the output of the Workforce.


At the end of this course, you should be able to:

i. Understand key financial concepts relevant to HR management.

ii. Effectively manage budgets and control costs within the HR function.

iii. Contribute to financial planning and analysis in the organization.

iv. Align financial strategies with HR goals to optimize workforce performance.

v. Make informed financial decisions that impact employee productivity and organizational success.

vi. Analyze financial data to support strategic HR initiatives.

Finance For Human Resource Managers Syllabus

 Syllabus For CIPM Intermediate I Level
 LevelIntermediate I

ii.Meaning/Definition of budget and budgeting

iii. Forecasts and budget

iv. Significance/Importance/Objectives of budgets

v. Advantages/Benefits of budgets and budgeting

vi.Disadvantages/Limitations of budgets and budgeting

vi. The budget process

vii. Preparation and monitoring of various types of budgets (Fixed, Flexible, Functional, Cash and Master budgets)

viii. Budgeting techniques (Zero based, Ruling/Continuous, Incremental, Performance based, Activity based, Planning Programming based budgets)

ix. Budgetary control

x. Significance/Importance/Objectives of budgetary control

xi. Advantages/Benefits of budgetary control

xii. Disadvantages/Limitations of budgetary control

xiii. Types of budget control ratios (Capacity, Activity, Efficiency, Calendar, Idle time ratios)

xiv. Pre-requisites/Preliminaries for the adoption of a system of budgetary control

xv. Installation of a good system of budgetary system (Organization, Chart, Budget centre, Budget manual, Budget controller, Budget officier, Budget committee, Budget period, Budget key factor, Budget reports)

xvi. Chapter summary

xvi. Practical illustrations

xvii. Practice questions
2STANDARD COSTING AND VARIANCE ANALYSISi. Introduction to standard costing

ii. Meaning/Definition of standard costing

iii. Significance of standard costing

iv. Advantages/Benefits of standard costing

v. Disadvantages/Limitations of standard costing

vi. Application of standard costing

vii. Standards and its various types (Basic, Ideal, Current, Expected and Normal)

viii. Standard costing systems

ix. Installation of good standard costing system

x. Functions of standard costing system

xi. Features of standard costing system

xii. Components/Elements/Classes of standard costing (Direct material, Direct labour, Variable overheads and Fixed overheads)

xiii. Variance analysis

xiv. Significane/Importance of variance analysis

xv. Varaince pyramid/Chart

xvi. Analysis of direct material, Direct labour, Variable overheads and Fixed overheads variance)

xvii. Advanced various analysis (Mix and yields variance)

xviii. Sales and operational variances

xix. Accounting treatment of variances

xx. Benchmarking for setting of standards

xxi. Variance imparting to management

xxii. Chapter summary

xxiii. Practice questions

ii. Meaning/Definition of the cost-volume-profit analysis/Break Even analysis

iii. Objectives of CVP analysis

iv. Uses/Significance of the C-V-P analysis

v. Advantages/Benefits of C-V-P analysis

vi. Disadvantages/Limitations of C-V-P Analysis

vii. Assumptions of the C-V-P analysis

viii. The concept of contribution as it relates it’s C-V-P analysis

ix. Marginal cost equations

x. Contribution margin ratio and its significance

xi. Margin of safety

xii. Methods of C-V-P analysis (Graphical, Tabular and Algebraic methods)

xiii. Multi-Product C-V-P analysis

xiv. Applications of the C-V-P analysis in HR decisions

xv. Case studies

xvi. Practice questions

ii. Meaning/Definition of taxation

iii. Objectives, principles and classification of tax

iv. Basic concepts in taxation (Tax base,Tax yield, Tax incidence, Tax burden, Tax impact, Tax shift and Tax effect)

v. Tax administration in Nigeria (Joint tax board (JTR), Federal Inland Revenue Service Board (FIRSB), State Board of Internal Revenue (SBIR), Joint State Revenue Committee (JSRC), Local Government Revenue Commitee (LGRC), Technical Committe of the Boards and Tax Appeal Tribunal (TAT).

vi. Roles and challenges of tax administration system in Nigeria

vii. Taxation of employment income (Taxable persons, Taxable income, Basis of assessment, the PAYE system, Benefits in kind)

vii. Computation/Determination of Gross Income, Consolidated Relief Allowance (CRA), Chargeable Income

viii. Computation/Determination of the Personal Income Tax Payable and the Міnimum Income Таx Payable)

ix. Computation/Determination of other specific terms such as (Investment income tax, Withholding tax, Value added tax, Company income tax, Tertiary Education Tax, Capital Gains Tax, Taxation of Partners in Partnership, Trusts, Settlements and Estates)

x. The Finance Act, 2019

xi. Case studies

xii. Practice questions

ii. Meaning/Definition of payroll and payroll management

iii. Significance/importance of payroll management

iv. Advantages/Benefits of payroll management

v. Limitations/Challenges of payroll management

vi. Payroll management process

vii. Methods of payroll management

viii. Payroll management system

ix. Pre-requisites of a good payroll management system

x. Types of payroll management systems

xi. Best practice in payroll management

xii. Payroll components and computations

xiii. Payroll applications

xiv. Case studies

xv. Practice questions

ii. Meaning/Definition of financial risk

iii. Nature and scope of financial risk

iv. Fundamentals of financial risk

v. Categories/Types of financial risk (Market, Credit and Financing/Liquidity risks)

vi. Justification for management of financial risk

vii. Kick management framework

viii. The risk management process/cycle

ix. Risk strategies and tools

x. Quantifying financial risks

xi. Tools and techniques to miligate risks

xii. Chapter summary

xiii. Practical illustrations

xiv. Practice questions

ii. Meaning/Definition of financial planning and reengineering

iii. Nature/Scope of financial planning and reengineering

iv. Justifications for financal planning and reengineering

v. Merits/Benefits of financial planning and reengineering

vi. Demerits/Limitations of financial planning and reengineering

vii. Challenges of financial planning and reengineering

viii. The financial planning and reengineering process

ix. Financial forecasting and modelling

x. Financial planning for sustainable growth of Human Resource

xi. Sustainable growths models

xii. Computations in financial planning and reengineering

xiii. Case study

xiv. Practice questions

ii. Meaning/Definition of electronic payment system

iii. Difference between electronic payment and conventional payment systems

iv. Advantages/Benefits of electronic payment system

v. Economic benefits of electronic payment system in Nigeria

vi. Disdvantages/Limitations of electronic payment system

vii. Challenges/Concerns of electronic payment system

viii. Factors to be considered in the choice of electronic payment system

ix. Types of electronic payment systern

x. Methods/Modes of electronic payment system in Nigeria (Credit/Debit card, Electronic cheques, Cryptocurrency, Digital-Cash, E-Wallet, Anonymous transactions, Micropayments/Hyperlinks, Smartcards, Mandex etc)

xi. Risks in electronic payment system

xii. Bi-electronic payment gateways

xiii. Types of electonic payment gateways

xiv. Application of electronic payment system to HR functions

xv. Evaluation of E-payment in Nigeria

xvi. Chapter summary

xvii. Practical illustrations

xviii. Practice questions

ii. Meaning/Definition of financial management

iii. Element and scope of financial management

iv. Objectives of financial management (Profit maximization with arguments for and against, Wealth maximization with arguments for and against)

v. Functions/Roles of financial managers

vi. Importance of financial management

vii. Case study

viii. Practice questions

ii. Meaning/Definition of financial needs analysis

iii. Objectives of financial needs analysis

iv. Analysis components of financial needs

v. Advantages/Benefits of financial needs analysis

vi. Disadvantages/Limitations of financial needs analysis

vii. Challenges of financial needs analysis

viii. Steps involved in financial needs analysis and assessment

ix. Chapter summary

x. Practical illustrations

xi. Practice questions
3SOURCES OF FINANCEi. Introduction

ii. Meaning and significance of sources of finance

iii. Classification of sources of finance: (Time Period: Short, Medium, and Long Term) (Ownership: Equity/Owners Funds and Debt/Borrowed funds)

iv. Sources of generation: Internal and External

v. Issue of shares and securities

vi. Methods of raising additional equity shares

vii. Financial markets

viii. Evaluation of the efficiency of the Nigerian financial markets

ix. Case study

x. Practice questions

ii. Meaning and definition of financial statements

iii. Components of Financial Statements (Income Statement, Statement of Financial Position, Statement of Changes in Equity Statement of Cashflow)

iv. Meaning and definition of financial statement analysis

v. Types of financial statement analysis

vi. Techniques of financial statement analysis (Comparative statement analysis (lncome statement and Financial Position), Trend analysis, Common-size analysis and Cash-flow Statement analysis)

vii. Financial ratio analysis (Profitability/Performance, Liquidity, Activity/Short Term Solvency, Long Term Solvency Leverage/Gearing, and Investment/Financing Ratios)

viii. Importance of financial ratio analysis

ix. Limitations of financial ratio analysis

x. Case study

xi. Practice questions
5CAPITAL BUDGETING DECISONi. Meaning and definitions of capital budgeting

ii. Need/Importance/Objectives of capital budgeting

iii. Features of capital bulgeting decisions

iv. Classification and types of capital budgetting decisions

v. Methods of capital budgeting decision (Traditional/Non-Discourted Cashflow Methods and Modem/Discounted Cashflow method)

vi. Risk and uncertainly in capital budgeting decision-(Risk Adjusted Discount Rate, Certainly Equivalent Method, Sensitivity technique. Probability technique, Expected Value, Variance, Standard deviation, Co-efficient of Variation Method, Decision Tree Analysis, Triple Assessment )

vii. Practice questions
6WORKING CAPITAL MANAGEMENTi. Meaning/Definition of working capital and working capital management

ii. Dynamics of working capital

iii. Importance of working capital

iv. Sources of working capital

v. Concept of working capital

vi. Gross working capital, net working capital, Component of working capital)

vii. Types of working capital (Permanent working capital, Temporary working capital, Semi-variable working capital)

viii. Working capital position/Balanced working capital position

ix. Factors determining working capital requirements

x. Computation (or Estimation) of working capital

xi. Determining the finance mix (Hedging approach, Conservative approach, and Aggressive approach)

xii. Working capital management policy

xiii. Importance of working capital management

xiv. Types of working capital management

xv. Tools of working capital management (Inventory management, Cash management, Liquidity management, Receivable management)

xvi. Concepts of overcapitalization and undercapitalization

xvii. Case study

xviii. Practice questions
7CAPITAL STRUCTUREi. Meaning/Definition of capital stucture

ii. Objectives and importance of capital structure

iii. Forms/Types of capital structure

iv. Features, elements, and determinants of capital structure

v. Factors determining capital structure (Leverage, Cost of capital)

vi. Capital structure theories (Traditional approach, Net Income (NI) approach, Net Operating Income (NOI) Approach, Modigliani, and Miller approach)

vii. Formular and computations in capital structure

viii. Case study

ix. Practice questions
8DIVIDEND POLICYi. Meaning of dividend

ii. Significance of dividend to investors

iii. Types of dividends (Cash dividend, Stock dividend, Bond dividend, Property dividend)

iv. Concept of dividend payout ratio and retention ratio

v. Dividend decision/policy

vi. Theories of dividend policy (Dividend irrelevance approach, Modigliani and Miller’s Approach, Dividend

vii. Relevance approach-Walter’s Maclel, Gordan’s Modell

viii. Types of dividend policies (Regular, Stable, irregular, Nil dividend policy)

ix. Factors determining dividend policy (Profitable position of the firm, Uncertainty of future incomes, Legal constrains, Liquidity position, Sources of finance, Growth rate of the firm, Tax policy, Capital market conditions)

x. Determination and implications of dividend policy

xi. Computation of dividends

xii. Case study

xiii. Practice questions
9CAPITAL AND FINANCE MARKETSi. Meaning/Definition of capital and financial market

ii. Features/Charateristics of efficient functioning financial markets

iii. Importance or functions of financial markets

iv. Structure/Components of financial and capital markets

v. Participants in financial and capital markets

vi. Distinction between financial markets

vii. Products of capital and financial market

viii. Money market instruments and features

ix. Capital market instruments and features

x. The reforms undertaken in the Nigerian money and capital markets

xi. Case study

xii. Practice questions
10THE NATURE AND RISKS OF FINANCEi. Meaning and definition of risk in Finance

ii. Risk financing

iii. Capacity/ability to finance risk

iv. Use of capital funds

v. Types of risks in Finance

vi. Measurement and management of risk in Finance

vii. Case study

viii. Practice questions
11PUBLIC FINANCEi. Meaning/Definition of public finance

ii. Scope of public finance

iii. Significance/Importance of public finance

iv. Concepts in Public Finance

v. Public Finance and Private Finance

vi. Economic rationale of a modern state

vii. Components of Public Finance

viii. Origin and development of Public Finance

ix. Principies of Public Finance

x. Allocation of resources in Public Finance

xi. Rational and function of government intervention in Public Finance

xii. Different acts/machinery and body for Public Finance

xiii. Different acts and body for Public Finance

xiv. Calculation in Public Finance

xv. Case study

xvi. Practice questions
12INTERNATIONAL TRADE AND INSTRUMENTSi. Meaning/Definition international trade and instruments

ii. Nature and scope of international trade

iii. Roles of international trade

iv. Historical development of international trade

v. Basic concepts and reasons for international trade

vi. Comparison between international trade and international business

vii. Prevailing problems of international trade

viii. Various forms of international trade

ix. International capital flow

x. Facilities for export financing market

xi. Trade terms and documentation

xii. Payment terms and system

Course 4: Business Statistics and Social Research Methods

About BSSR

The Business Statistics and Social Research Methods course is an important course for every HR personnel. It helps you understand how to gather, analyze, and interpret data in a business context. 

The course will also teach you the fundamental principles of statistics and research methods, focusing on their practical application in solving real-world business problems. You will also learn how to design research studies, collect data, and use statistical tools to make informed decisions. 

By mastering these skills, you will be able to conduct effective social research, understand market trends, and provide valuable insights that drive business strategies. This course is a must-take for anyone looking to enhance their analytical skills and contribute to data-driven decision-making in their organization

Aim & Competencies


This course aims to expose students to the use of modern-day statistical tools in business decisions and social research methods thus, making the HR Manager relevant as a business partner.


At the end of this CIPM Intermediate level course, you should be able to:

i. Design and conduct effective research studies.

ii. Collect and analyze data using statistical tools.

iii. Interpret statistical results to inform business decisions.

iv. Understand and apply various social research methods.

v. Identify and analyze market trends using statistical techniques.

vi. Communicate research findings clearly and effectively.

Business Statistics and Social Research Methods Syllabus

 Syllabus For CIPM Intermediate I Level
 LevelIntermediate I
1THE GENERAL NATURE OF BUSINESS STATISTICSi. Nature of business statistics

ii. Uses and importance of statistics in Human Resource management
2STATISTICAL DATAi. Types of statistical data

ii. Sources of statistical data

iii. Methods of data collection

iv. Sampling and Sampling techniques

ii. Frequency/distribution tables

iii. Graphical representation of data

ii. Median

iii. Mode

iv. Other fracticles
5MEASURES OF VARIABILITYi. Range and semi-interquartile range

ii. Mean absolute deviation

iii. Variance and standard deviation

v. Coefficient of variation

vi. Skewness and kurtosis
6PROBABILITY AND PROBABILITY RULESi. Permutation and combination

ii. Classical and sample space approach

iii. Probability rules
7PROBABILITY DISTRIBUTIONSi. Bernoulli and binomial distributions

ii. Poisson distribution

iii. Normal distribution
8REGRESSION AND CORRELATIONi. Definition and uses of regression

ii. Fitting the regression line

iii. Correlation

ii. Difference between two population means and proportions

iii. Estimation

iv. Confidence interval for true population mean and proportion

v. Confidence interval for the difference between two population means and proportions
10TEST OF HYPOTHESISi. One sample test for mean and proportion

ii. Two sample test for mean and proportion

iii. Analysis of variance

iv. Contingency tables

v. Goodness of Fit
11LABOUR TURNOVERi. Meaning and importance of labour turnover

ii. Calculation of labour turnover

iii. Construction of index numbers
1INTRODUCTION TO SOCIAL RESEARCHi. The nature and importance of research

ii. Types of research

iii. Guidelines for selecting a researchable topic

iv. Evaluating the research topic for scope, clarity and un-ambiguity
2PLANNING THE RESEARCHi. Writing the research proposal

ii. Identifying the key research variables

iii. Formulating the theoretical conceptual framework

iv. Research design
3LITERATURE REVIEWi. Purpose of literature review

ii. Scope of the literature review

iii. Reading the literature and making notes
4DATA GATHERING METHODSi. Identifying the data gathering instrument

ii. Advantages and disadvantages of the various data gathering instruments

iii. Validity and reliability of data

iv. Sampling and sampling techniques

v. Designing statistical instruments
5DATA ANALYTICS AND REPORT WRITINGi. Analysis and interpretation of research data

ii. Presentation of research report

iii. Organization of report writing

iv. Documentation, footnotes and references

ii. Collaboration

iii. Research ethics

iii. Research principles and approach

Course 5: Communication Process, Management and Development

About CPMD

The Communication Process, Management, and Development course is all about understanding how communication works in a business and how to manage and improve it. In this course, you will learn the basics of communication, including how messages are sent and received. 

You will also explore different communication methods and tools used in business settings, and how to choose the right one for each situation. 

The course also covers how to manage communication in a team or organization, ensuring that everyone is on the same page and working towards the same goals. You will learn techniques to improve your communication skills, such as active listening and clear speaking. 

Additionally, the course will teach you how to develop effective communication strategies to help your organization achieve its objectives. This includes understanding the role of communication in leadership, conflict resolution, and employee engagement. 

By the end of the course, you will have the skills to manage communication processes, enhance teamwork, and contribute to a positive workplace environment

Aim & Competencies


Communication is of significance to the operations and continuity of every corporate organization. Consequently, organizational members should have a proper orientation of the process of communication, its tools, objectives and ethics. 

The general objective of the course is, therefore, to enable candidates to acquire and apply the mechanics of effective communication for organizational purposes as well as develop the competence for writing business correspondence in different contexts.


On completing the Communication Process, Management, and Development course, you should be able to:

i. Understand how communication works in a business setting.

ii. Manage communication in teams and organizations.

iii. Improve personal communication skills, like active listening and clear speaking.

iv. Develop communication strategies to support organizational goals.

v. Handle conflicts and enhance employee engagement through effective communication.

Communication Process, Management and Development

 Syllabus For CIPM Intermediate I Level
 LevelIntermediate I

ii. Media of communication: Oral, Written, Electronic and Non-verbal

iii. Importance of communication

iv. Barriers to communication

v. Factors to consider in choosing communication medium

vi. Interpersonal and intrapersonalal communication

vii. Patterns of communication (Networks)

ii. Horizontol and vertical communication

iii. Quasi and diagonal communication

iv. Rumour and grapevine

v. Informal channels

vi. Advantages and disadvantages of each channel
3LISTENING SKILLSi. What it means to listen

ii. Types of listening

iii. Purposes of listening, barriers to listening, and how to enhance listening
4READING SKILLSi. Definition

ii. Types of reading

iii. Barriers to effective reading

iv. Vocabulary development through reading

v. Enhancing active reading
5WRITING SKILLSi. Essay writing

ii. Proof-reading and editing

iii. Writing speech
6SPEAKING SKILLSi. Verbal and non-verbal cues

ii. Barriers to effective speaking.

iii. Principles of effective speaking

iv. Attitude and emotion in speech
 GRAMMAR AND USAGEi. Common grammatical erros

ii. Words commonly confused

iii. Homonyms

iv. Polysemy

v. Tense and Sequence

vi. Count and non-count nouns

vii. Cord classes

viii. Sentence structure

ix. Use of punctuation marks

x. Subject-Verb agreement
8BUSINESS CORRESPONDENCEi. Formal business letters

ii. Memo

iii. Circular notice

iv. Minutes agenda

v. Writing business e-mails

ii. Report writing

iii. Resume

iv. Advert design for organisations

v. Use of Bulletins, Newsletters and House Journals
10CROSS CULTURAL COMMUNICATIONi. Cultural intelligence

ii. Effective communication in multi-cultural settings

iii. Diversity and inclusion

ii. Ms Teams

iii. Google Meets

iv. Airmeets, etc

v. Benefits and shortcomings of using these tools for Virtual meetings

ii. Teamwork and building rapport through information-sharing
13NATURE OF MANAGEMENTi. Management Orientation

ii. Principles, behaviour, process, activities, role; tasks and understanding the organizational process
14CONFLICT MANAGEMENTi. Conflict organization

ii. Types and causes

iii. How to handle conflicts and the role of communication
15DEVELOPMENTi. Meaning and concept of development within an organizational setting

ii. Equipping employees for advancement

iii. Training

iv. Learning

v. Succession, manning and leadership

Exemption for Some Courses

1FoundationHolders of OND/NCE and its equivalent in the Social Sciences, Humanities and Management courses
2Intermediate IHolders of degree (HND/Bachelor) in Management and Social Sciences, Humanities, Arts and Law do not need to write the CIPM Intermediate I exam.
3Intermediate IIHolders of degree (HND/Bachelor) in Human Resources Management, Industrial Relations and Personnel Management or an M.Sc/MBA in Management and Social Sciences, M.Phil, LLM, Associate certificate (by Examination only) of other relevant and recognised Institutes
4Professional ITo be exempted from taking the CIPM Professional Examinations I, you will need to have an M.Sc/MBA/PHD in Human Resources Management, Industrial Relations and Personnel
5Professional IIThere are no exemptions for this level. All aspiring HR personnel will have to take this course and pass it before they are issued their certificates

Frequent Asked Questions About CIPM Intermediate I Level

How long does it take to complete the CIPM Intermediate I Level?

The duration varies depending on your pace. It could take weeks or even months to complete all the courses and prepare for the exams.

Are there any prerequisites for enrolling in the CIPM Intermediate I Level?

Yes, you need to have completed the Foundation level of the CIPM program before advancing to the Intermediate I Level.

Can I retake a CIPM Intermediate I Level exam if I fail?

Yes, you can retake the exam if you do not pass on your first attempt. But if after 7 years, you are unable to complete all your courses and exams, you will have to re-register and start the process all over.

How much does it cost to enroll in the CIPM Intermediate I Level?

The cost of the CIPM Intermediate I Level is 45, 750 naira. But if you are eligible for an exception, you will only have to pay 16,200.

To check your exception eligibility, visit

What is the pass mark for the CIPM Intermediate I Level exams?

You will need a minimum of 50% to scale through the Intermediate I Level.

What career opportunities can I expect after completing the CIPM Intermediate I Level?

Completing this level opens up advanced career opportunities in HR, such as HR specialist roles, HR consultancy, and higher management positions in Human Resources.


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