Executive Education


Management control is an essential function of management to ensure that the organization’s objectives and strategies are carried out effectively. Management can use different mechanisms to achieve control, i.e., people controls, action controls and results controls.

This is because, when companies reach a certain size, it will become difficult for owners or leaders to give all employees detailed instructions on how to perform certain tasks. Management control mechanisms are then important to guide the managers in the company, so that they contribute in the best possible way to the total value creation of the company. In this course we discuss, for example, what responsibilities each unit in the organization should have, what goals to set for the units, how to measure the value creation of the units, how to use incentives in the organization, principles of transfer pricing, and different tools to achieve these goals.

Therefore, the course explores the key decisions that must be made in using financial results controls, such as financial responsibility centers, planning/budgeting, performance standards and targets, transfer pricing, presentation of performance results, and performance-based incentives. Limitations of traditional financial performance measures are discussed (e.g., their tendency to make managers excessively short-term oriented) and recently developed approaches to deal with these shortcomings are analyzed (e.g., EVA, Balanced Scorecard).

Additionally, the course also deals with control-related issues, e.g., the valuation of intangible property, the dysfunctional effects of control system tightness, or using management control systems to spread good ethics within a firm. The course is designed to be useful particularly for those who aspire to be managers, management consultants, controllers, financial specialists, or compensation consultants.


Ludmila Ketterer

 +49 69 798 33512



This course is offered in the part-time Master in Finance program and may be attended on a “no credit” basis by individuals not enrolled in the program. Course participants are visitors who are not responsible for assignments and do not take an exam or earn academic credits. As the number of seats in the course is limited, we recommend to register online early.


Upon completion of this course, you will:

Distinguish causes of management control problems;

Design and evaluate an appropriate and comprehensive management control    system, e.g., regarding choice of controls, control system tightness, or control system costs;

Analyze financial performance and implement typical instruments in the context of financial control, e.g., planning, budgeting, or transfer-pricing;

Effectively choose appropriate financial measures for performance evaluation (e.g., ROCE, EVA);

Understand the controllability problem and the need to control for uncontrollable factors within the presentation of performance results


Application of the management control package;

Performance evaluation;

Presentation of performance results


Dr. David Heller

David Heller is Senior Research Fellow at Max Planck Institute for Innovation and Competition, Munich. He studied economics and management at universities in Hamburg, Valencia, and Frankfurt, before receiving his Ph.D. in economics at Goethe University Frankfurt for his essays “On the Economics of Innovation and Corporate Finance”. He was a visiting researcher at Hamburg Institute of International Economics (2014), Deutsche Bundesbank (2017), and New York University, Stern School of Business (2019). Since 2019, he has been a senior research fellow at Max Planck Institute for Innovation and Competition in Munich. His research interests are in the fields of corporate finance and innovation economics, particularly entrepreneurial- and SME finance, IP-backed finance, innovation and science policy, and investment theory.

Key Facts

Course materials

Course materials will be provided in electronic form.




Partially online via Zoom and Campus Westend of Goethe University Frankfurt.

Certificate of participation

A GBS certificate of participation is awarded upon completion of the course.

Course Fee*

€ 950 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 400.

*Withdrawal and fee refund
In case the course withdrawal request is received two weeks prior to the start of classes, GBS will retain a withdrawal fee of €50. In case the course withdrawal request is received less than two weeks prior to the start of classes, GBS will retain 50% of the payment made.

Course Schedule
Date Session
Offered in SS 2022  

There are two main things which make returning for Open Programs such a valuable and worthwhile experience. The first is being back on campus – meeting the current students, returning to campus again, the whole experience was just so pleasant. The second is the level of quality in the courses – the faculty teaching are absolute experts.

Stephan KieneDuke-Goethe Executive MBA Class of 2009


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Register for our Management Control Systems program now.


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