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Business Economics

The study programme Business Economics enables students to acquire advanced theoretical and practical knowledge necessary for taking an active role in the transition processes in the country and abroad. This programme is available in both in Serbian and English. Students enjoy the privilege of learning from the most distinguished professors and experts in the field of applied economics, which engage students in creative problem solving, making and implementing decisions in the areas of strategic and operational management, accounting and auditing, finance and banking, insurance, human resources management and marketing and trade. Students who opt for this program will be trained to acquire professional positions in finance faster and more easily (CIMA, CFA, CPM, investment advisor, investment manager, independent appraiser, broker, and licensed real estate agent), risk management (PRM) and accounting (ACCA). Also, the implementation of the EU directives in the field of finance, accounting and management will involve the recruitment of candidates with the title of master economist for performing professional tasks.

hatUpon graduation, students will be awarded the title Master Economist.

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Study options:
  • FFinance and Banking
  • AAccounting and Auditing
  • IInsurance
  • SStrategic Management
  • HHuman Resource Management
  • MMarketing and Trade
I semestar

Students are familiarised with basic methodological postulates, specific epistemology of humanities and principal logical research. Student also learns about techniques for collecting, analysing and exploring scientific material and the structure of scientific research or phases in the scientific research process.

The purpose is to acquire knowledge and skills to choose target markets and create, retain and increase the number of customers by creating, delivering and communicating superior value for customers.

The focus is on the acquisition of theoretical-analytical and applied knowledge in the area of financial reporting and business decision making, mastering of techniques of accounting for financial reporting and business decision making, and familiarizing with contemporary achievements in financial reporting and business decision making.

With the completion of this course the student shall possess knowledge about corporate governance, principles and tendencies of modern financial management. The student will master the concept of time value of money and its use in financial and monetary design. The student will also learn how to manage working capital and understand the way working capital is being financed in a modern and innovative way, and also learn about traditional and modern investment financing of corporations. Students will master the problems of financial restructuring, mergers and acquisition of corporate enterprises.

This course will advance student’s theoretical-analytical and applicable knowledge of contemporary tools and methods used by auditors in professional work. The principal aim is to enable students to employ digital technologies in the audit. Students will acquire the critical thinking skills in the digital economy environment, especially from the viewpoint of possible risks during the audit of the financial statements.

The objective of the course is to familiarise the student with the role that corporate culture plays in the modern business environment. Students will acquire knowledge of contemporary trends in the study of corporate culture as a decisive factor in the adoption and implementation of innovative strategic decisions. Special attention will be devoted to examples from the practice of contemporary organisations in which corporate culture is a principal factor in positioning organisations on the market and its adaptation to changes in the environment.

The course goal is to familiarise the student with the significance of organisational behaviour in the creation of modern, innovative business environment. The student will learn that strongly motivated individuals and groups within the organisation have a powerful influence on sustainable competitive advantage. Special attention is paid to the study of the latest concepts and current practices in the behaviour of individuals, behaviour within groups and organisational systems.

The course will equip the student to internal business environment, which enables identification and application of the organisation's distinct strengths in a sustainable competitive advantage. In case studies, students will be able to analyse business and corporate strategies that enable organisations to position and reposition themselves in the modern market. Students will learn about newer approaches to strategic decision-making, such as Perceptual Maps, and approaches to measuring results and outcomes of business, including the Balanced Scorecard system.

The course introduces students to the models of risk allocation in the insurance company's business. Special attention will be paid to modern trends in risk management, actuarial, compliance and data protection of insurers and insurers (primarily in the field of the application of the GDPR / General Data Protection Regulation. Students will have the opportunity to learn about the most effective practices that are applied in risk allocation model.

The chief objective of the course is that students gain theoretical-analytical and applicable knowledge in the field of auditing and related audit services (examinations, agreed procedures, compilations). Also, the objective is that students learn to observe the client's audit, to put forward solutions in accordance with the needs of the client. They will be informed about contemporary achievements in the field of auditing and related audit services and the tendency of the future profession.

This course asks students to improve their knowledge of market communication. Special attention will be paid to advertisements, which is seen as a form of communication with the consumer and society. Students will be introduced to the process of mounting and conducting advertising campaigns, new trends in traditional and digital advertising, as well as other current creative solutions in this field.

The course challenges students to broaden their knowledge about the application of marketing in an international environment. The need to engage in international flows requires specific marketing research to devise an appropriate marketing strategy. Students will be introduced to the trends and challenges of pursuing business in different cultural, economic, technological, legal and political conditions, with the aim of creating marketing mixes for the international market.

II semestar

This course will provide the student with knowledge in the fields of: 1) digitisation, which pervades all spheres of modern business, 2) different aspects of operations on modern stock exchanges, foreign exchange markets, derivative operations and other financial instruments, and (3) in the field of strategic, operational, marketing and financial management of banks and other financial institutions. Students will be able to adapt the stock exchange and banking operations to dominant tendencies: digitisation, increased risks and increased demands of regulatory bodies.

The course encourages students to critically examine the characteristics and factors that influence the occurrence of special events in the life of a business (bankruptcy, liquidation, remediation, fusion, consolidation). Then, by considering a series of case studies from domestic and foreign practice, they will explore the differences in the quality of accounting information of special balance sheets in our country in relation to the balance sheets compiled by companies in EU Member States and Anglo-Saxon countries (UK and United States).

The chief objective of the course is to introduce the student to the Human Resource Management Process (HR - Human Resources) and its significance in achieving a sustainable competitive advantage of contemporary organisations. By analysing case studies and examples of successful HR policies and practices, students will understand the fundamental role that human resource managers have in discovering and nurturing the potential of employees. Special attention will be paid to the latest developments in this field, which are influenced by a changing environment of the knowledge economy, globalisation, technology, virtual business and increasingly frequent requirements for flexible working time and space.

The course enables students to learn about the structure of modern intelligent system and the way it helps analyse and visualise key business indicators important for making strategic decisions. Students become acquainted with the systems available on the market and will examine the way in which a large amount of data is processed. They also receive various reports which enable finding f lawful relationship between seemingly unrelated events and making various predictions.

The course provides students with a contemporary and current understanding of leadership and its impact on the operations of contemporary organisations. Special attention is given to the contemporary trends in the study of leadership. By studying the examples of successful leaders, students will understand the principal role that leaders have not only in adapting organisations to a changing business environment, but also in creating an innovative environment, innovative organisations and innovative employees.

The course will acquaint students with the concept of the insurance company's business. This concept implies Risk Management, Asset and Liability Management and Customer Relationship Management. The aim is to enable students to apply acquired knowledge in practice in insurance and reinsurance societies, companies that use insurance services in their work as well as in state institutions that deal with insurance and control activities.

This course acquaints the student with budget planning, budget types, budgeting methods, budget research and budgeting challenges. Students will learn the ways of planning business activities as well as specific types of budget, such as: individual, group, fixed, flexible, operational, and financial. Finally, students will develop skills related to budget research based on various contemporary approaches, from psychological settings to complex economic and sociological theories.

The course familiarises students with the tax Serbian Republic’s tax system . The student will master the basic requirements of the laws that constitute the tax system of the Republic of Serbia. Students will become more familiar with tax regulations and the ability to contribute to their development in their companies.

The course will help students expand knowledge about the CRM concept (Customer Relationship Management), which enables more efficient realisation of business strategy and goals through identifying the wishes and expectations of consumers. Students will also get acquainted with the extended CRM concept, so-called eCRM (electronic customer relationship management) that emerged as a result of the development of new electronic and interactive media, whose goal is to improve customer service, retain a profitable path

The course students will introduce students to the process of developing and designing new products. The growth of the company on the market is based on systematic search and placement of new or changed products. Students will learn how to recognize successful business ideas with profitable potential; how develop a new product in order to be successfully positioned on the market; as well as how to assume the success or failure of a new product.

The student applies basic, theoretical methodological, scientific-professional and expert-applied knowledge and methods for solving specific problems within the selected area of business economy: finance and banking, accounting and auditing, insurance and human resources management. During the progress of research paper, students examine the problem, its structure and complexity. They then proceed to base their conclusions on the possible ways of solving it and the creation of adequate decisions of the strategic, tactical and operational character. By studying professional literature, the student becomes acquainted with methods intended for solving similar tasks and practice in their solving.

The goal of preparing and defending the final master's work is to provide a student research-oriented topics and to demonstrate an autonomous and creative approach in applying theoretical knowledge and practical skills in future practice.

  • The candidate takes six exams. The first project assignment integrates four subjects from the first semester, while the second integrates two subjects from the second semester.
  • During the course of lecture, the candidate defines the theme for his or her master work. Project objectives from the first and second semesters can be integrated into the master's thesis.