Master studies

Candidates taking the entrance exam may select two out of the following:

Candidates who have completed undergraduate studies and achieved at least 240 ECTS can be enrolled in Master’s course of the Faculty of Economics in Kragujevac.

Master academic studies in Financial management of public administration

Structure of the curriculum

The Financial management of public administration master study program lasts one year (2 semesters), consists of 60 ECTS and belongs to the field of social and humanities, the field of Economic Sciences. Upon completing this study program, student obtain master of economics degree.

The conditions for enrolling in this study program and other essential elements of the study program and the study regime are prescribed by the Statute of the Faculty of Economics of the University in Kragujevac, the Rulebook on the Faculty's study rules and the Rulebook on student enrollment in the study program of the University of Kragujevac.

Teaching methods will depend on the type of teaching, and they can be active teaching, independent work of students, colloquiums, exams, study research work and the preparation of a master thesis. Active teaching is achieved through lectures, exercises, consultations and mentoring. Teaching is achieved through constant contact of students with professors and associates. Lectures, exercises and consultations are held every week in the semester according to the schedule.

The purpose of this study programme

The purpose of the Financial management of public administration master study program is to educate students in the field of financial management of public administration at the level of master academic studies, which ensures deepening of knowledge in the following areas: assessment of intended investments and selection of sources of financing in public administration, assessment of the effects of decisions made in public administration, analysis of financial reports and financial conditions of public administration, internal and external supervision of public administration, budgeting and control, managerial accounting in public administration, financial reporting of public administration, public administration accounting, project financing in public administration, management in public administration, electronic administration and public policy analysis.

The knowledge acquired in this study program provides students with the opportunity to successfully master modern business concepts, methods, solving standards, information technologies, techniques and skills for solving key problems faced by public administration in modern conditions.

The purpose of this study program is that, on the basis of deepened and improved methodological, theoretical and applied knowledge, students will be able to perform complex analytical, project and managerial activities in the field of financial management, accounting, internal and external control and auditing, performance management, budgeting and control, financial reporting, financial analysis and project financing in public administration. All these problems are discussed in the broader context of public policy analysis, public administration management and electronic administration.

The purpose of this study program is to provide students with quality fundamental, theoretical-methodological, scientific-professional and professional-applied knowledge for their further effective scientific improvement and inclusion in the educational and scientific process of doctoral academic studies, but also the necessary basis for efficient and effective involvement in solving real problems faced by the public administration in Serbia.

Objectives of the this study programme

The objectives of the study program of the master academic studies Financial management of public administration arise from the basic objectives and tasks of the Faculty and are determined by the purpose of the study program. The objectives of the study program are to deepen the knowledge and develop the skills of students in accordance with modern achievements in the field of financial management of public administration, which refer to:

• analysis of the financial environment of organizations of public administration,
• financial management of intended investments, analysis of costs and benefits of investment projects and sources of public administration funding,
• short-term financial management in public administration,
• analysis of financial reports and financial conditions of public administration,
• internal and external supervision, as well as internal and external control and auditing in public administration,
• principles, functions and process of budgeting, budget control and performance management in public administration,
• regulatory framework and financial reporting process of public administration,
• application of regulations and cash basis in public administration accounting,
• financing and increasing the efficiency of project implementation in public administration,
• approaches to management and analysis of stakeholders and challenges for the success of public administration organizations,
• concepts, technologies and models of electronic administration, as well as the application of electronic administration systems and services,
• the process of creating and evaluating public policies, theories and models of public policies, and analyzing the motives and expectations of actors in the process of creating public policies,
• training students for independent and team work in solving various problems in public administration and training students for independent studio research work as a basis for further academic and research processes within doctoral academic studies.

Competencies acquired within this study programme

Students who complete the master academic studies Financial management of public administration will possess general competencies related to: the ability to analyze and synthesize, plan and organize, the ability to solve problems, management skills, the ability to work independently and in a team, the ability to communicate, the ability to apply knowledge in practice, the ability to flexibly adapt to new situations, the ability to manage projects, effective communication at the national and international level and a systemic approach to risk management.

 Students will also possess subject-specific, that is, professional competencies that are specified in more detail within the description of learning outcomes within this study program. Students supplement the knowledge acquired during undergraduate academic studies in order to apply the acquired knowledge and skills to solve specific problems in public administration organizations, as well as to prepare for further scientific and research work.

Through this study program, students acquire knowledge and academic skills that enable them to solve specific problems in organizations of state administration, local government, state audit and inspectorate. Students are trained to apply modern concepts of financing and evaluation of investment projects, analysis and selection of sources of financing, internal and external supervision, budgeting and control, financial reporting, accounting and analysis of financial reports and financial conditions of public administration.

Master academic studies in Business informatics

Structure of the curriculum

Master academic studies on the Business Informatics study program last 1 year (2 semesters), and consists of 60 ECTS. There are two modules within the study program: 1) Electronic business and 2) Artificial intelligence in business. After completing the master academic studies in Business Informatics, the student obtain master of business informatics degree.

By completing this study programme, the student acquires knowledge and skills in the field of electronic business and artificial intelligence, which are currently identified as the two most important determinants of the technological development of society and business. The acquired knowledge also represents a good basis for further professional and scientific training.

Enrollment of candidates is based on the Competition announced by the University of Kragujevac and conducted by the Faculty of Economics. In order for a candidate to apply for admission to master academic studies, he must have completed undergraduate academic studies resulting in 240 ECTS credits and pass an entrance exam (testing knowledge), namely, for the Electronic Business module, an entrance exam in economics or informatics, and for module Artificial intelligence in business, an entrance exam in informatics. The final ranking for enrollment in master academic studies is formed on the basis of the general success achieved in the undergraduate academic studies and the results of the knowledge verification exam.

When enrolling in studies, the student opts for one of the two offered modules:

1. Electronic business - The Electronic business module offers the opportunity to learn more about modern concepts of electronic business such as electronic commerce, electronic payment systems, digital marketing, management information systems, etc.
2. Artificial Intelligence in Business - The Artificial Intelligence in Business module offers the opportunity to learn about the tools, techniques and methods of artificial intelligence and their application in solving business problems. Within this module, students will be introduced to the concept of artificial neural networks, machine learning, big data processing and analysis, decision support systems

The number of students enrolled in this study program is proposed by the Faculty. The Government of the Republic of Serbia determines the number of students who will be financed from the budget, that is, the number of those who will be self-financed. The order of candidates for enrollment is determined based on the final ranking list.

The study program includes compulsory and optional areas of student education and consists of academic-general education (AO), theoretical-methodological (TM), scientific-professional (NS) and professional-applicative (SA) courses, necessary for a general education of a business informatics specialist. The study program is implemented through lectures (p), exercises (v) and other forms of active teaching.

Teaching is organized by semesters. Each course lasts one semester. Studies are realized in the Serbian language. Courses are divided into compulsory and optional. The student chooses one course from each group of elective courses, so that the total number of ECTS points in the academic year is at least 60.

Exams and evaluation of students are carried out in the manner and according to the procedure established by the general act of the Faculty of Economics of the University in Kragujevac. A student who has not successfully mastered a compulsory course, in the following school year, enrolls (takes and passes) the same course. A student who has not successfully mastered an elective course, in the following school year, can re-enroll in it, or opt for another elective course.

The prerequisite for course enrollment, if any, is given in the course specification.

The purpose of this study programme

The purpose of the Business Informatics study program is the education of masters in business informatics who will possess interdisciplinary and applied knowledge and skills from the two, currently, most acute areas of applied informatics, electronic business and artificial intelligence.

The study program is aligned with the development strategy of the Faculty of Economics of the University in Kragujevac, which includes the modernization of curricula in accordance with current national and global technological trends of digitization of business and application of artificial intelligence in business management. The study program has clear and recognizable purposes and social roles:

• education of a master in business who will work on the introduction and implementation of electronic commerce systems and platforms;
• education of a master in business who will work on the introduction and implementation of electronic payments systems and platforms;
• education of a master in business informatics who will work in digital advertising and marketing;
• education of a master in business informatics who will work on the design and implementation of decision support systems and information systems management;
• education of a master in business informatics who will work with the structuring, storage and analysis of big data;
• education of a master in business who will work on the development of predictive models using machine learning techniques and artificial neural networks needed for adequate business decision-making.

Within the Quality Assurance Strategy, the Faculty of Economics of the University of Kragujevac has defined basic tasks and objectives, with which the purpose of the master academic study program in Business Informatics is fully aligned.

Objectives of the this study programme

The objectives of the Study Program are:

• training the student for practical work on the introduction of electronic commerce systems and platforms,
• training students for practical work on introduction of electronic payment systems and platforms,
• training students for practical work in digital advertising and marketing,
• training students for practical work on decision support systems and management information systems,
• training students for practical work on structuring, storing and analyzing big data,
• training students for practical work on the development of predictive models using machine learning techniques and artificial neural networks needed for adequate business decision-making.

The stated objectives are achieved through:

• acquiring knowledge and skills in the field of electronic commerce systems and platforms;
• acquiring knowledge and skills in the field of electronic payment systems and platforms;
• acquiring knowledge and skills in the field of digital advertising and marketing;
• acquisition knowledge and skills required for application and development of decision support systems and information systems management;
• acquisition knowledge and skills required for application and development of software tools and techniques of machine learning and artificial neural networks;
• acquiring the knowledge and skills needed for the application and development of software tools and techniques for processing big data.

The objectives of this study program are aligned with the development strategy of the Faculty of Economics of the University of Kragujevac with regard to the modernization of curricula in accordance with current national and global technological trends.

Competencies acquired within this study programme

By completing this study program, the student acquires general and subject-specific abilities that are in the function of quality performance of professional, scientific and artistic activities.

By completing this study program, the student acquires the following general abilities:

• ability to follow and apply modern IT developments and achievements in the fields of electronic business and artificial intelligence;
• ability to design and introduce electronic commerce systems and platforms;
• ability to introduce electronic payment systems and platforms;
• ability to apply digital advertising and marketing;
• the ability to apply and introduce decision support systems and management information systems;
• ability to design and structure systems for processing big data;
• ability to develop predictive models using machine learning techniques and artificial neural networks needed for adequate business decision-making;
• team work ability;
• ability for professional advancement;
• ability to present the results of their work;
• ability to respect professional ethics.

By completing this study program, the student acquires the following subject-specific abilities:

• understanding, design and use of electronic commerce systems and platforms;
• understanding and use of electronic payment systems and platforms;
• understanding and use of digital advertising and marketing techniques and tools;
• understanding, design and use of decision support systems and information systems management;
• understanding and use of technologies for storing and processing big data;
• understanding and use of software tools and techniques of machine learning and artificial neural networks.

Master academic studies in Economics and Business Management

Structure of the curriculum

The Economics and Business Management master study program lasts one year (2 semesters), cosists of 60 ECTS and belongs to the field of social and humanities, the field of Economic Sciences. Upon completing this study program, student obtain master of economics degree.

This master study program has ten modules: Economic Policy and Development; International Economy; Innovation and Technological Entrepreneurship; Marketing; International Management; Management in the Public Sector; Management in Tourism; Accounting and Business Finance; Risk and Insurance and Finance and banking and it results in the academic title of master of economics.

The conditions for enrolling in this study program and other essential elements of the study program and the study regime are prescribed by the Statute of the Faculty of Economics University in Kragujevac, the Rulebook on the Faculty's study rules and the Rulebook on student enrollment in the study program of the University of Kragujevac.

Teaching methods will depend on the type of teaching, and they can be active teaching, independent work of students, colloquiums, exams, study research work and the preparation of a master thesis. Active teaching is achieved through lectures, exercises, consultations and mentoring. Teaching is achieved through constant contact of students with professors and associates. Lectures, exercises and consultations are held every week in the semester according to the schedule.

Exams and evaluation of students are carried out in the manner and according to the procedure established by the general act of the Faculty of Economics of the University of Kragujevac. A total of five courses are studied, three of which are compulsory, and the remaining two are chosen from a basket of elective courses, the size of which depends on the module. It is planned that the first semester consists of four courses, and in the second one there should be fifth course and professional practice. After passing the exams, the student is obliged to write and defend a master thesis.

The purpose of this study programme

This study program has a clearly defined purpose and role in the educational system, accessible to the public.

The purpose of the master study program Economics and Business Management is to enable students, through further scientific and professional education, to deepen their knowledge in the areas of: economic policy and development, international economy, marketing, management, tourism and hotel management, accounting and business finance, finance, banking and insurance, within which micro and macro economic decisions are made, important for the functioning of the economic system and economic entities; economy of growth and development; monetary policy and public finance; institution of the financial market and financial instruments; banking and electronic payment system.

The knowledge acquired in this study program provide students with the opportunity to successfully master techniques and skills for competently solving key problems faced by business entities, banks and other financial institutions, state institutions, profit and non-profit organizations, in which future master economists will be professionally engaged.

The purpose of this study program is that, on the basis of deepened and improved theoretical, methodological and applied knowledge, students will be able to perform the most complex analytical, project and managerial activities in the organizations and institutions in which they will be employed, in the complex conditions of global economic processes and accelerated technological development.

The study program of master academic studies provides quality fundamental, theoretical-methodological, scientific-professional and professional-applied knowledge for further scientific and professional training of students, as well as for their successful inclusion in the educational and scientific process of doctoral academic studies.

The Faculty of Economics of the University of Kragujevac has defined the basic tasks and objectives within the Quality Assurance Strategy, with which the purpose of this study program at the master academic studies is fully aligned.

Objectives of the this study programme

The master study program Economics and Business Management has clearly defined objectives. Its objectives derive from the basic objectives and tasks of the Faculty and are determined by the purpose of this study program. The skills and specific knowledge offered by this study program are more closely defined in one of the ten modules:  Economic Policy and Development; International Economy; Innovation and Technological Entrepreneurship; Marketing; International Management; Management in the Public Sector; Management in Tourism; Accounting and Business Finance; Risk and Insurance and Finance and banking. The objectives are:

1. Deepening theoretical, methodological and applied knowledge in the field of economic policy, macroeconomics, economic growth and development, institutional economics, international finance, financial institutions and instruments, banking and stock exchange operations, accounting, innovation, entrepreneurship, marketing and management;
2. Enabling students to understand and further study the key open questions of contemporary economic theory and economic practice;
3. Training students for the competent application of acquired theoretical and applied knowledge in solving specific problem situations faced by business entities, banking and financial institutions, state and local government bodies in their functioning, in which future master economists will be engaged;
4. Enabling students of master academic studies to acquire knowledge and techniques during their studies, and above all during the preparation and presentation of the final master thesis, for independent theoretical and practical analysis of relevant problems of contemporary economic science and practice;
5. Acquiring knowledge necessary for the continuation of students' education within doctoral academic studies.

The Faculty of Economics of the University of Kragujevac has defined the basic tasks and objectives within the Quality Assurance Strategy, with which the objectives of this master study program are fully aligned.

Competencies acquired within this study programme

By completing the master study program Economics and Business Management, the student acquires general and subject-specific abilities that are in the function of quality performance of professional, scientific and artistic activities.

Students who complete this study program will possess general competencies related to the ability to: analytical reasoning, planning and organizing, solving problem situations, applying knowledge in practice, flexible adaptation to new situations, independent work and project management.

Students will also possess subject-specific, i.e., professional competencies that are specified in more detail in the description of the learning outcomes of the modules within this master study program.

Students supplement the knowledge acquired during undergraduate academic studies in order to apply the acquired knowledge and skills to solve specific problems in the business environment at the level of economic entities, as well as to prepare for further scientific and research work.

The Economic Policy and Development module:  Students acquire academic knowledge and practical skills that enable them to successfully solve complex problems at the level of companies, banks, state and local government bodies and other profit and non-profit organizations. Acquired specific knowledge about the functioning of the economy in modern conditions provides the students of master academic studies with the competencies to actively participate and contribute to solving specific economic problems. Students are trained for independent qualitative and quantitative analysis of the growth and development of the national economy, as well as for successful assessment and forecasting of the current and future trends of the domestic economy. Students acquire competencies for performing complex economic tasks in various public institutions and private companies. Students are trained to independently monitor current theoretical and practical economic trends, which is a requirement for engaging in complex analytical activities in the work of state bodies, local government bodies, for work at faculties and scientific research institutes, as well as for further scientific advancement within doctoral academic studies.

 The International Economy module:  Students acquire academic knowledge and practical skills that enable them to successfully solve complex problems in the field of international economic relations, foreign trade and international business. Students are trained to work and perform more complex jobs in multinational companies and domestic business entities that do business with foreign countries. Students who complete this module are qualified to work as economists in multinational companies, economists in domestic companies and companies engaged in foreign trade, professional associates in state administration and local government bodies, etc.

Innovation and Technological Entrepreneurship module: Students acquire academic knowledge and practical skills that enable them to navigate successfully in an environment that is subject to increasingly dynamic and complex changes. Students acquire professional competencies that enable them to recognize technological possibilities, that is, the development of ideas, knowledge and new technologies through the appearance of new products and services on the market. In this way, students are trained to perform complex and creative jobs in companies that are ready to adapt to changes, i.e. to change and innovate.

Marketing module: In addition to general economic-financial, statistical-methodological and business management competencies, students acquire academic knowledge and practical skills that enable them to successfully solve more complex situations when it comes to business organization, evaluation and use of market research results, sales, procurement, distribution, product development, promotion, situational analysis and marketing planning. In this way, students are trained to perform more complex tasks within the analysis and planning of marketing activities, sales, market representation, commercial, product or brand development, promotional activities, etc.

International Management module:  Students acquire academic knowledge and practical skills that enable them to perform more complex tasks at an international level in the field of strategic management, human resource management, logistics, planning, quality management, market research, as well as for the creative use of modern information and communication technology. Students who complete this module will be able to perform tasks: planning, organizing, controlling business processes, human resources management, quality management, financial management, international business management, in profit and non-profit organizations, state and international institutions, etc.

Management in the Public Sector module: Students acquire academic knowledge and practical skills that enable them to successfully perform managerial and analytical tasks in the public sector. The specificity of the public sector requires a special study of its organization, management, financing, public relations so that students acquire the necessary knowledge to understand its role, organization, legal structure and way of functioning in general. Students who complete this module will be qualified to perform complex professional and managerial tasks in the public sector.

Management in the Tourism module: Students acquire academic knowledge and practical skills that enable them to successfully perform managerial and analytical tasks in the field of business economics, with a special emphasis on tourism and other complementary activities, i.e. the sphere of creating a tourist product, its promotion, sale and application of modern information and communication technology in tourism and hotel industry. Students who complete this module will be qualified for analytical, managerial, research and practical jobs in companies or institutions that are directly or indirectly related to the field of tourism, but also in companies of other sectors. The acquired knowledge enables students to solve specific problems in the management of hotel companies, tourist destinations and other organizations that are directly or indirectly related to the field of tourism.

Accounting and Business Finance module: Students acquire academic knowledge and practical skills that enable them to successfully perform highly specialized jobs in the field of accounting, auditing, financial management in all economic sectors: financial sector (banks, insurance companies, investment and pension funds), profit sector (production, trade and service business entities), auditing firms, public sector, etc. Students who complete this module will be able to perform the following tasks: management of accounting and managerial accounting activities in commercial and non-commercial organizations; internal audit work; external audits; state audits; making financial and investment decisions; investment advisor; portfolio manager; financial analysis; company valuations, etc.

Risk and Insurance module: Students acquire academic knowledge and practical skills that enable them to successfully manage risk when performing business activities, understand the organization and functioning of the insurance market, as well as to perform activities in institutions and on the insurance market. Students are trained to work in insurance companies as well as in other institutions that distribute insurance offers. Students who complete this module are qualified to perform following jobs: economists in insurance companies, insurance brokers and representatives, actuarial jobs, banking jobs, financial expert jobs in insurance companies, professional associate in the procedure of processing and liquidating insurance claims, etc.

Finance and Banking module: Students acquire academic knowledge and practical skills that enable them to solve more complex problems in the field of monetary system and monetary policy, banking business, organization and functioning of the financial market, stock market business and activities of institutional investors. Students are trained for a competent theoretical and practical understanding of the key relationships of financial and real sectors of the modern economy. The competence of the students is manifested through their ability to professionally and responsibly manage relevant transactions on the financial market, with the aim of successful business operations of the subjects in which they perform responsible work. Students who complete this module are qualified to perform following jobs: portfolio managers, economists in international financial organizations, actuarial jobs, banking jobs, stock broker jobs, financial inspectors, financial experts, professional associates in state administration and local self-government bodies, etc.