NAME AND OBJECTIVES OF THE STUDY PROGRAM

Studies on the second cycle at the Faculty of Economics (academic graduate programs) are organized in two study programs:

1. Finance, Banking and Insurance;
2. Business Economics.

Each of the study programs contains two modules:

1.a) Accounting and Auditing;

1.b) Financial Management, Banking and Insurance;

2.a)  International Economics;

2.b)  Management and Entrepreneurship.

The scientific area to which the study programs belong is Economics.

The constant growth of knowledge in the field of economic science required frequent changes to the curriculum and adjustments to the new economic and social reality. Dramatic socio-economic changes and the requirements from economic and non-economic environment for new profiles of experts, have led to the quick response of our Faculty which, through these study programs, offers the new model of higher education, in compliance with the requirements of the Bologna Declaration and expressed needs.

The conditions in which the Faculty existed and survived have imposed the education of professionals in the field of modern business, such as: management, entrepreneurship, banking, marketing, accounting, audit, business finance, insurance, human resources, business information, international economics, etc. Parallel to this, the Faculty gave necessary knowledge for scientific research in various areas of contemporary economic science.

The main objective of both study programs of the graduate academic studies is education of relevant experts in a particular field at the master level, who will be trained to perform the complex and managerial jobs in the economy, as well as for inclusion in scientific-research work.

The program aims to enable students to work on solving concrete problems in economics and business economics (management and business), as well as for further academic researches within the doctoral studies. The program enables students to gain knowledge and master skills that are necessary to perform very complex managerial and analytical activities in various fields.

STUDY PROGRAM MODEL

Model of study programs is 4 + 1 + 3. Undergraduate studies last 4 years or 240 ECTS credits, and the master program lasts one year or 60 ECTS credits. Doctoral studies last 3 years or 180 ECTS credits, bringing the total for all three cycles to 480 ECTS credits.

SCIENTIFIC AREA TO WHICH THE STUDY PROGRAMS BELONG

Study programs on one-year graduate academic studies – master studies belong to the scientific area of Economics.

The study program Finance, Banking and Insurance comprises the following scientific areas:

• Business Finance
• Accounting and Auditing
• Monetary Economics
• Fiscal Economics
• Management
• Actuarial science
• Operations Research

The study program Business Economics comprises the following scientific areas:

• International Economics
• International Business Law
• Business Law
• Monetary Economics
• Marketing
• Entrepreneurial Economics
• Management
• Theoretical Economics
• Sociology of Culture

TYPES OF STUDY AND THE LEARNING OUTCOME

The second cycle (one-year graduate academic studies – master studies) lasts for two semesters, with the total of 60 ECST credits.

Upon completion of the second cycle of studies, students will have the following qualifications (learning outcomes)):

• they will show a systematic understanding and mastering of new specific and theoretical knowledge in the field of economics and management, based on current knowledge and broaden the knowledge gained during undergraduate studies.
• they will apply conceptual and abstract thinking with a high level of creativity and use their knowledge and understanding in new and unfamiliar areas, within the wider context in the field of study program.
• they will successfully perform the managerial tasks in the field of economy, especially in the narrow orientation within their departments such as finance, banking, insurance, accounting, international economics, management and entrepreneurship. They will also be able to transfer their knowledge to those without, but also to those with, economic knowledge and to participate in research projects.
• they will have the interpersonal and teamwork skills, appropriate to different contexts of learning and employment, and will show the abilities of leadership and initiative.
• they will possess the learning skills to study the literature that will enable them to continue their studies in a way that will largely be self-directed and autonomous, and they will be enabled for future independent or team oriented scientific-research work.
• they will be able to continue their studies in the third cycle, i.e. the three-year doctoral studies.

PROFESSIONAL, ACADEMIC OR SCIENTIFIC TITLE

Upon completion of the second cycle the student obtains the title:

Master of Economics (with addition of the area in which the Master's degree was obtained).

CONDITIONS FOR ADMISSION TO THE STUDY PROGRAM

The right of entry to the second cycle will be granted to all those candidates who have completed the first cycle of studies at economics faculties lasting for four years or a total of 240 ECTS points, and have for the most part consistent curriculum with the program of the Faculty of Economics in Banja Luka. Those candidates, whose curriculum is not consistent for the most part, will have to pass the entrance examination, i.e. the difference of subjects defined by the Scientific-Educational Council of the Faculty.

Candidates who have completed the elementary academic studies at the Faculty of Economics in Banja Luka will directly enroll the graduate degree programs of academic studies, based upon rating list of the Commission for students admission. Rating list for the number of students will be formed according to the decission  of the Government of the Republic Srpska.

Candidates who have completed the first cycle of studies at economics faculties lasting three years or a total of 180 ECTS points, gain the right to enroll in fourth year of studies at the Faculty of Economics in Banja Luka, in accordance with the Rules of studying on the first and second cycle of the University of Banja Luka and in accordance with the Regulation on the Harmonization of Curricula.

Regulation on the Harmonization of Curricula will be adopted by the Scientific-Educational Council of the Faculty of Economics in Banja Luka before the start of the academic year 2010/2011.

ORGANIZATION AND DURATION OF THE STUDIES

The second cycle (one-year graduate academic studies – master studies) lasts for two semesters, with the total of 60 ECST credits. It will be organized as a regular or a part-time study with the classes taking place at the Faculty of Economics. Students will attend lectures and exercise classes, participate in discussions, independent research, visit businesses, listen to guest lectures of experts from government, NGO and the private sector, and write the final master paper.

CRITERIA AND CONDITIONS FOR ECTS CREDITS TRANSFER

Conditions for transfer of ECTS credits from one study program to another within the University of Banja Luka and between the University of Banja Luka and other universities are defined in the Rules of Studying in the First and Second Cycle Studies, in Articles 24 and 29.

METHOD OF SELECTION OF SUBJECTS FROM OTHER STUDY PROGRAMS

There is no overlap of subjects between the study programs. A subject that is on the list of elective subjects in both study programs will be selected among the other elective subjects by polling that will be conducted before the beginning of the ninth and tenth semesters, so that the subject for which the students show most interest will be included as an elective subject by the decision of the Scientific-Educational Council.

REQUIREMENTS FOR TRANSFER FROM OTHER STUDY PROGRAMS 

According to the Rules of Studying on the First and Second Cycle Studies (Article 24) the conditions for transfer from one program to another are determined by the University Senate, based upon the proposal of the Faculty / Academy.

More precise conditions for transfer from other study programs within the same or related studies will be defined by the Regulation on the Harmonization of Curricula that will be adopted by Scientific-Educational Council of the Faculty of Economics in Banja Luka before the start of the academic year 2010/2011.

STUDENTS' RESPONSIBILITIES AND DYNAMICS OF STUDIES

Students' responsibilities and dynamics of studies are defined by the Law on Higher Education, the Statute and the Rules of Studying on the First and Second Cycle of the University of Banja Luka.

DEPARTMENT:  FINANCE, BANKING AND INSURANCE

Module: Accounting and Auditing

Module: Financial Management, Banking and Insurance

DEPARTMENT:  BUSINESS ECONOMICS

Module: International Economics

Module: Management and Entrepreneurship                                    

ELECTIVE SUBJECTS:

Module: Accounting and Auditing and Module: Financial Management, Banking and Insurance

1. Fiscal and Monetary Finance
2. Company Valuation
3. Evaluation of Investment Projects
4. Investment in Securities
5. Code of Ethics and International Regulations
6. Information Technologies in Accounting and Auditing
7. Preparation and Presentation of Business Balance Sheets in Accordance with IFRS
8. Risk Assessment
9. Actuarial Mathematics

Module: International Economics

1. International Finance
2. International Monetary System
3. European Union Law
4. Quality and Competitiveness
5. Global Marketing
6. Business Culture and Ethics

Module: Management and Entrepreneurship

1. Quality and Competitiveness
2. Business Analysis in Small and Medium-Sized Enterprises
3. Management of Non-profit Organizations
4. Business Culture and Ethics
5. International Finance
6. International Monetary System
7. European Union Law