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Programme:

Finance (2022/2023)

Study Cycle: Second Cycle (Postgraduate)
Faculty: Business and Economics
Programme Code: FIN-120
Academic year: 2022 / 2023
Title: Master of Science in Economics / Module: Finance
ECTS: 120 (2 years) Accrediation
Decision: Decision for starting of the program

Program’s aims are:

  • Raising the level of management and supervision of enterprises and development of contemporary management;
  • Training and developing of contemporary profile managers: entrepreneurs, prepared to take actions, as well as risks related to any initiative, flexible, determined and courageous individuals;
  • Education of highly-qualified and professional managers with leadership abilities and desire to face the risks of the new millennium;
  • Creation of managers with new perspectives and way of reasoning, developing of skills for predicting the future and taking the risks and possibilities that emerge in the business of the 21st century.

Upon successful completion of the program students will be able:

  • To work individually and in groups on research methods that are more relevant for meeting the needs of the population,
  • To elaborate the differences and needs of the community, in professional and scientific terms.
  • To actively participate in creating macroeconomic and microeconomic policy.
  • To be inform and to contribute to scientific and professional elaborations.
Knowledge and understanding

Calculation of basic macroeconomic aggregates and critical analysis of current macroeconomic policies.

Providing a critical review of development policies and their application in national economy.

Applying knowledge and understanding

The ability to diagnose the actual market developments, predict the tendencies of these developments and analyze the effects of measures of economic policy on market movements.

Making judgement

Able to be involved in the position of leaders in profitable and unprofitable organizations in the country and around the world.

Analysis of the general processes of economic development in the world and especially the processes of transition, regionalization and globalization of world economic trends.

Communication skills

Allow the development of personal skills, communication, research and other important skills needed for employment.

Allowing students to actively engage in teaching and to conduct independent research in all areas of business and economics.

Learning skills

Develop the concept of critical thinking of the students.

Allowing the acquisition of research skills and experience of management, marketing and public finance, in private and nonprofit organizations.

Semester 1

  • [C2139] [3 ECTS] Taxes and Decision Making
    The subject emphasizes the decision-making approach, introduces all tax topics and covers the basic taxation of all taxpayers: individuals, corporations, partnerships and fiduciary entities, emphasizing the balance between concepts and details. The course contains sufficient technical details to provide a basis for future practice in taxation and consulting services, while not burdening the student with details that are rarely encountered.
  • [C2138] [6 ECTS] Financial Reporting and Decision Making
    Through the information of the main financial statements, it is intended that the management bodies in the company to be in time equipped with quality information in order to approve the right business decisions. Qualitative information through annual and quarterly financial statements presented in the Balance Sheet, Income Statement, Cash Flow Balance, key indicators of economic performance such as profitability, liquidity, solvency, risk and potential bankruptcy will convince potential investors and future to invest in companies and verify their investments through the market value of their shares.
  • [C2140] [3 ECTS] Commercial and Corporate Banking
    The subject aims to equip students with the basic skills for a career in commercial banking. The subject is designed to prepare commercial bankers, credit analysts and contracts on how to manage banking products and services by identifying the opportunities and managing the risks involved in the process.
  • [CM187] [6 ECTS] Econometrics
    The aim of the subject is to enable students to develop an understanding of econometrics to a level that will equip them with the understanding and evaluation of the most applied cross-sectoral data analysis and to be able to undertake such analysis. More specifically, the aims of this subject are: - to develop an understanding of the use of regression analysis and related techniques for evaluating economic relations and testing economic theories - to enable students to read and evaluate empirical works in professional journals - to provide practical experience of using major regression programs (STATA 16) to generate economic models.
  • [6 ECTS] Elective Course
    • [CBEM-503] Market Research
    • [EFB-02] Game Theory and Business Strategy
    • [C2132] E-Commerce
    • [E2579] Real Estate Finance and Investment Analysis
    • [E2580] Sustainable Enterprise
    • [E2581] Leadership, Teamwork and Diversity
    • [E2582] Accounting Information Systems
    • [E2585] Negotiations for Resolving Conflicts and Leading Change
    • [E2593] Principles of International Finance
    • [E2594] Financial Strategy and Corporate Restructuring
    • [ECBM-603] International Accounting Standards
    • [E2589] Business Process Management
    • [E2595] Quantitative Finances
    • [E2591] Digital Business
    • [CBEF-701] National Accounting and Non-profit Organizations Accounting
    • [E2596] Risk Management in Banking and Regulation
    • [E2597] Asset Pricing and Security Valuation
    • [C2137] Web and Social Media Analytics
    • [E2611] Total Quality and Performance Management
    • [CBA089] Monetary Economy
  • [6 ECTS] Elective Course
    • [CBEM-503] Market Research
    • [EFB-02] Game Theory and Business Strategy
    • [C2132] E-Commerce
    • [E2579] Real Estate Finance and Investment Analysis
    • [E2580] Sustainable Enterprise
    • [E2581] Leadership, Teamwork and Diversity
    • [E2582] Accounting Information Systems
    • [E2585] Negotiations for Resolving Conflicts and Leading Change
    • [E2593] Principles of International Finance
    • [E2594] Financial Strategy and Corporate Restructuring
    • [ECBM-603] International Accounting Standards
    • [E2589] Business Process Management
    • [E2595] Quantitative Finances
    • [E2591] Digital Business
    • [CBEF-701] National Accounting and Non-profit Organizations Accounting
    • [E2596] Risk Management in Banking and Regulation
    • [E2597] Asset Pricing and Security Valuation
    • [C2137] Web and Social Media Analytics
    • [E2611] Total Quality and Performance Management
    • [CBA089] Monetary Economy

Semester 2

  • [C2141] [3 ECTS] Applied Accounting
    The subject aims to develop students in the use of computer software dedicated to the management of financial accounting of small and medium micro entities in the Republic of Macedonia. This subject aims to develop special skills for the proper application of theoretical knowledge of financial accounting through accounting software in accordance with the Law on Accounting in force in the Republic of Macedonia and accounting standards (IAS, IAS). The subject Applied Financial Accounting will enable students to prepare all necessary material and financial documents of business entities that will enable the rapid compilation of financial reports and finalization of annual accounts for the needs of SHT and the Directorate of Public Revenue (DAP) and Central Registry of RM (RQRM). Students with this course will gain new skills and opportunities by moving one step further towards self-employment as an accountant or being employed in any Certified Accountants office in the country. Achieving these goals will enhance students' attributes by making them more confident and more competitive in the job market.
  • [EBEF-604] [3 ECTS] Auditing
    The subject is designed to provide students with a basic understanding of the theoretical and practical conceptual aspects related to auditing. The creation of the curriculum is inspired to enable students to round out the knowledge acquired from the field of accounting and further continue in the auditing profession. The main purpose of the subject is to demonstrate the key problems faced by the auditing profession internationally and domestically. The subject is conceived using a step-by-step approach within the audit process from the initial stage, which is related to the negotiation of the engagement, respectively from the planning of the audit and the knowledge of the client, through planning activities and carrying out audit procedures until the final stage, which is the formation of the opinion, the compilation and reporting of the report from the audit.
  • [E2584] [6 ECTS] Investment Management
    The subject aims to provide students with an adequate fund of theoretical knowledge and practical skills in the field of investment and investment decision-making between business entities in the country and in the modern world. The subject aims to bring together the most modern theories and methods of project management and investment processes, documenting them and measuring their efficiency and effectiveness. Students from this subject will be able to recognize and analyze investments in micro and macro plan; determine the motives and possible factors for investments; plan investment projects and manage investment processes; determine the level of investment risk; study and apply standard and modern capital budgeting criteria for the acceptance or selection of the most efficient investment project; to increase their self-confidence as well as motivation towards new scientific knowledge and practical experiences that would help them in their eventual employment or as employees in a company or commercial bank.
  • [C2134] [6 ECTS] Business Analytics and Modeling
    The subject focuses on the process of transforming data into information for solving business problems in the real world. The subject has a phased approach to knowledge generation: first, descriptive analytics is taught where visual analysis is used to characterize data; second, it teaches recommendatory analytics that focus on optimal strategies that "should" be undertaken in the future; third, predictive analytics is taught that focuses on the use of algorithms for predicting the future based on historical data. Topics include data exploration, data preparation, nonlinear optimization, etc.
  • [6 ECTS] Elective Course
    • [CBEM-503] Market Research
    • [EFB-02] Game Theory and Business Strategy
    • [C2132] E-Commerce
    • [E2579] Real Estate Finance and Investment Analysis
    • [E2580] Sustainable Enterprise
    • [E2581] Leadership, Teamwork and Diversity
    • [E2582] Accounting Information Systems
    • [E2585] Negotiations for Resolving Conflicts and Leading Change
    • [E2593] Principles of International Finance
    • [E2594] Financial Strategy and Corporate Restructuring
    • [ECBM-603] International Accounting Standards
    • [E2589] Business Process Management
    • [E2595] Quantitative Finances
    • [E2591] Digital Business
    • [CBEF-701] National Accounting and Non-profit Organizations Accounting
    • [E2596] Risk Management in Banking and Regulation
    • [E2597] Asset Pricing and Security Valuation
    • [C2137] Web and Social Media Analytics
    • [E2611] Total Quality and Performance Management
    • [CBA089] Monetary Economy
  • [6 ECTS] Elective Course
    • [CBEM-503] Market Research
    • [EFB-02] Game Theory and Business Strategy
    • [C2132] E-Commerce
    • [E2579] Real Estate Finance and Investment Analysis
    • [E2580] Sustainable Enterprise
    • [E2581] Leadership, Teamwork and Diversity
    • [E2582] Accounting Information Systems
    • [E2585] Negotiations for Resolving Conflicts and Leading Change
    • [E2593] Principles of International Finance
    • [E2594] Financial Strategy and Corporate Restructuring
    • [ECBM-603] International Accounting Standards
    • [E2589] Business Process Management
    • [E2595] Quantitative Finances
    • [E2591] Digital Business
    • [CBEF-701] National Accounting and Non-profit Organizations Accounting
    • [E2596] Risk Management in Banking and Regulation
    • [E2597] Asset Pricing and Security Valuation
    • [C2137] Web and Social Media Analytics
    • [E2611] Total Quality and Performance Management
    • [CBA089] Monetary Economy

Semester 3

  • [CMBA01] [6 ECTS] Research Methodology
    The purpose of this course is for students to gain knowledge and understanding of different scientific theories and methodologies. Students will first be explained the basic concepts and theoretical definitions and samples of all existing research methods, direct and indirect hypotheses, variables, validity of results, BIAS and prejudices and scientific qualities and quantitative research methodologies and other methodological approaches. For each chapter students will also perform practical assignments. Upon successful completion of this course, students will be able to: know and understand the importance of basic scientific concepts; learn techniques for efficient research and information retrieval and efficient access to relevant information and literature; identify, describe and formulate scientific problems; make a careful choice of alternative research approaches, describe carefully; compare and explain the advantages and disadvantages of different scientific methods for data collection and analysis in quantitative and qualitative research; apply basic scientific methods to analyze quantitative and qualitative data; provide basic theoretical frameworks on which research will be built; review them and evaluate technical and scientific publications.
  • [CMBA19] [6 ECTS] Project Management
    The purpose of this course is to introduce students to the world of modern projects and their confrontation with the opportunities and challenges of real economic life in the creation of appropriate, real need projects. Specific objectives of the subject include how to determine a project (using several stages) and to emphasize the important role of project manager (understanding the need, field of action, activities for implementation, the complexity of modern design, etc.). Students will be trained on how to apply modern tools and techniques of modern project management in the transformation necessary or appropriate creative idea in a real and documented project that will make you be more inventive about themselves and more competitive labor market.
  • [CM196] [6 ECTS] International Finance
    This subject covers the international dimension of both investments and corporate finance. Develops strategies for investing internationally, including hedging exchange rate risk, adjusting to client preferences and home currencies, evaluating performance, estimating a corporation’s exposure to real exchange rate risk, strategies to hedge risk or to dynamically adjust to shocks, and reasons for a corporation to hedge. Also covers international capital budgeting, multinational transfer pricing, and international cash management.
  • [EM554] [6 ECTS] Applied Economy
    This course introduces many important concepts and the analytical tools of intermediate economics. The objective of this course is to provide the students with intermediate economic theories and methodologies and apply the knowledge to observe, to think and to analyze the economic phenomena. The course will be studied in two parts such as intermediate microeconomics and intermediate macroeconomics. In the microeconomics, the theoretical aspect of the market mechanism and the perfect and imperfect competition as well as its practical application will be studied. While in advanced macroeconomics the theoretical aspect of economics as a whole in a short and long run, and their practical application will also be studied.
  • [6 ECTS] Elective Course
    • [CBEM-503] Market Research
    • [EFB-02] Game Theory and Business Strategy
    • [C2132] E-Commerce
    • [E2579] Real Estate Finance and Investment Analysis
    • [E2580] Sustainable Enterprise
    • [E2581] Leadership, Teamwork and Diversity
    • [E2582] Accounting Information Systems
    • [E2585] Negotiations for Resolving Conflicts and Leading Change
    • [E2593] Principles of International Finance
    • [E2594] Financial Strategy and Corporate Restructuring
    • [ECBM-603] International Accounting Standards
    • [E2589] Business Process Management
    • [E2595] Quantitative Finances
    • [E2591] Digital Business
    • [CBEF-701] National Accounting and Non-profit Organizations Accounting
    • [E2596] Risk Management in Banking and Regulation
    • [E2597] Asset Pricing and Security Valuation
    • [C2137] Web and Social Media Analytics
    • [E2611] Total Quality and Performance Management
    • [CBA089] Monetary Economy

Semester 4

  • [BE-THESIS-120] [30 ECTS] Master Thesis
    This module enables students to transfer their research skills and knowledge and to do the most complex task- writing their master thesis. The module aims to be fully practical and students to acquire the necessary knowledge and skills to approach writing the thesis. The module has unique return result-to enable students to write the master thesis with minimal difficulties, and with maximum efficiency. The course aims to improve research techniques and style of writing the paper, taking into account the prevention of the usage of illegal means, such as plagiarism and infringement of copyright, which are prohibited by the Statute of SEEU.
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