I semester
No. Code Courses
Classes (per week) ECTS
 1. Env700 Applied research methods 5+2 10
 2. Fin 730 Financing and Management of SMEs 5+0 10
 3. Fin 750 Securities and Portfolio Management 4+2 10
Total ECTS 30


II semester
No. Code Courses Classes (per week) ECTS
 1. Fin720 Financial Analysis and Managerial Accounting for Business Decision Making 4+2 10
 2. Fin 740 Management with International Business Finances 6+0 10
Elective course 10
The elective course is selected from the following list
Fin 700 Corporate Finances 4+2
Fin 770 Franchising, Leasing and Other Nonbanking Sources of Financing 6+0
Bus 420 Business Planning and Control 4+2
Total ECTS 30


III semester
No. Code Subject Classes (per week) ECTS
1.   Elective course 10
2.   Elective course 10
3.   Elective course 10
Three elective courses are selected from the following list
Fin760 Price policy and Cost Management 6+0
Bus 710 Management, Valuation and Monitoring of Projects 4+2
Econ 740 Econometrics 4+2
Fin790 Prevention of Money Laundering 4+2
Fin780 Managing Financial Risks 4+2
Bus 730 Creativity, Innovation and Organisation 4+2
Total ECTS 30


IV semester
Preparation of master thesis 30 ECTS

Overall, the number of acquired credits, exams and master’s thesis is 120 ECTS, distributed as follows:

Total ECTS from courses 90
ECTS from master thesis 30
Total ECTS 120
*The study program is accredited by the Board for Accreditation and Evaluation of Higher Education of the Republic of Macedonia, the procedure for obtaining a solution for starting work is in progress.