Within the Post-graduate studies at the Faculty of Economics, students are offered further improvement and specialization in the chosen field of business and economy. The study programs of the second cycle of studies are designed to respond to the current needs of the trade market within the framework of the domestic economy but also on the worldwide level.
By finishing these studies, you gain the title Masters in Economic sciences (in the chosen field) after which you gain opportunities for career advancement or employment in attractive domestic and international companies
Finance (60 ECTS)
The Finance study program provides second-cycle students improvement of the basic knowledge of financial theory, financial analysis, and financial research, which they acquired in the first cycle of study. The gained knowledge and skills can be applied to a wide range of careers in finance, including banking, government finance, risk management, international finance, corporate finance, actuarial occupations, financial planning, and more.
The study program lasts 1 year, i.e. two semesters and brings 60 ECTS credits according to the European Credit Transfer System.
By finishing these one-year second cycle studies, the students gain the title: Master of science in Finance
Condition of enrollment: gained diploma with at least 240 ECTS of first cycle graduate studies that last 4 years.
The structure of the Finance degree program includes compulsory courses, elective courses, and the preparation of the master thesis
Compulsory Subjects:
- Corporate Finance
- Banking Finance
- State Finance
- International Finance
Part of the elective courses for gaining specialized expertise are the following:
- Methodology and organization of scientific research work
- Financial innovation
- Financial Management
- E-business
- Insurance
- Investment Banking
- Credit policy and credit risks
- Advanced Economics
- Portfolio Management
- Leadership
- Business communications
- Analysis of financial statements
- Advanced Economics
- International tax systems
- Financial markets
- Mergers and acquisitions
For the detailed and complete insight into the structure of the study program click on the following link, and for the course program of each course click here.
Students enrolled in the Finance degree program acquire the following applicable knowledge and skills during their studies:
Financial Analysis: Ability to analyze financial data and assess the financial condition of organizations. Assess investment opportunities, identify trends and patterns in financial data, and make informed decisions based on financial analysis.
Financial Management: Financial management skills, including budgeting, forecasting, and financial planning. Cash flow management, optimizing resource allocation, and making strategic financial decisions.
Investment Management: Investment strategies, including portfolio management, risk assessment, and asset valuation. Analysis of investment opportunities, development of investment portfolios, and investment recommendations.
Quantitative analysis: Quantitative analysis skills, including statistical analysis and modeling. Use of data analysis tools to identify patterns and trends in financial data and make predictions about future financial performance.
Communication: Strong communication skills, including written and verbal communication, as well as the ability to present financial information to stakeholders
Upgrading fundamental knowledge in finance: the use of the previously listed skills in deepening knowledge in the financial theory and practice section, as well as acquiring creative skills to solve contemporary financial challenges.
Research work: application of advanced knowledge and skills to achieve significant progress in the field of scientific research.
Employment opportunities after completing this program are numerous and dispersed across all financial sectors of companies, financial institutions, investment funds, non-financial institutions, government institutions, and the financial industry. Students with the best results in the second cycle of studies also have opportunities for employment as assistants at some of the research institutions in the country.
Financial Analyst: Employed by investment banks, corporations, or other financial institutions. Responsible for analyzing financial data, evaluating investment opportunities, and making recommendations to clients or senior management.
Investment Banker: At investment banks, corporations, or other financial institutions. Responsible for advising clients on mergers and acquisitions, undertaking securities offerings, and providing strategic financial advice.
Actuary: In insurance companies, pension societies, investment funds. These professionals possess analytical and business skills in mathematics, statistics, probability and finance, which they apply to the analysis of financial uncertainty and risks for the purposes of complex financial and social systems around the world.
Capital Manager: In banks, investment firms, or other financial institutions. Responsible for managing clients’ investments, advising on financial planning, and developing investment strategies.
Tax Expert: In Consulting Bureaus, Public Revenue Administration, Ministry of Finance. These individuals possess knowledge and skills in the field of fiscal and tax policy, which are essential for improving the legal solutions by which tax matters are regulated and applied.
Risk Manager: Employed by banks, insurance companies, or other financial institutions. Responsible for identifying and managing risks associated with financial investments, loans, or other financial products.
Corporate Financial Analyst: In corporations or other businesses. Responsible for analyzing financial data, preparing financial statements, and advising management.
Study program Finance (Link)
Course program Finance (Link)
Important information when enrolling in the first cycle (Link: https://www.ugd.edu.mk/studiranje/prv-ciklus-studii-vodic/#a-upis)
Important Information for Enrolled Students (Link: https://www.ugd.edu.mk/studiranje/prv-ciklus-studii-vodic/#a-stu)
Accreditation (Link)
Archive of previously accredited study programs (Link)
Marketing management (60 ECTS)
The study program Marketing Management provides students with the acquisition of knowledge in various areas of business with a focus on marketing and management of marketing processes in organizations. The program offers opportunity for the student to gain knowledge that is necessary for the functioning of a business entity, starting from its structuring, its functioning to its overall development.
The importance of the program lies in the fact that offers opportunities for the students to get involved in the work of the companies from various industries, while applying the acquired knowledge and skills related to the planning and implementation of marketing tools in various marketing strategies and plans. The acquired knowledge and skills offer opportunities for students to engage in the labor market in various fields such as the private sector and the public administration, the non-governmental markets, and apply and implement the acquired skills.
The study program lasts 1 year, i.e. two semesters and carries 60 ECTS credits under the European Credit Transfer System.
Upon completion of one-year academic studies of the second cycle of this program, students acquire the title: Master of Science in Marketing Management
Admission requirement: Bachelor’s degree with at least 240 ECTS from the first cycle of (undergraduate) studies (lasting 4 years).
The structure of the study program Marketing Management (one-year studies) includes compulsory subjects, optional courses and the preparation of a master thesis.
Compulsory courses:
- Strategic Marketing
- Marketing Management
- Business Communication and the Social Media
- Strategic Management
Some of the optional courses are the following:
- Market research
- Brand management
- Marketing channels and retail
- Innovation and competitiveness
- Project Management
- Integrated marketing communications
- E-business
- Consumer behavior
- International Finance
- International Business Marketing
You can view the full structure of the study program at the following link, while the course program for each course here.
During these studies in the field of Marketing and Management, students will gain the following applicable knowledge and skills:
Knowledge of consumer psychology: The ability to assess consumer behavior in given situations.
Marketing and sales: Knowledge of developing marketing strategies, market analysis, and managing sales activities.
Analytical skills: Ability to investigate, collect, interpret information, and draw conclusions.
Forecasting and Planning: The ability to anticipate and plan for the next events and events included in a marketing plan.
Leadership skills: Motivating, leading, and encouraging others on the team.
Critical thinking: the ability to interpret, evaluate, and analyze facts and information that are available, to evaluate or decide whether something is right or wrong
Problem solving: The ability to identify the source of a problem and find an effective solution.
Organizational skills: Ability to coordinate others in a team and create a working atmosphere.
Technical skills: Using social media marketing, being able to use a Content Management System (CMS)
Communication skills: The ability to communicate with people inside and outside the company.
Completing the Marketing Management program opens a wide range of career and job opportunities in a variety of positions and industries.
Marketing Manager: Develop strategies to promote products and services.
Operations Manager: Manages production, production, and operational processes.
Brand Manager: Managing and developing the brand’s image and presence in the market.
Market Research Analyst: Analyzing market conditions to identify potential sales opportunities.
Digital Marketing Coordinator: Creating campaigns, coordinating them, and setting budgets.
Sales Representative: Ongoing engagement with existing and potential customers, as well as sharing information with them.
Promotion and Sales Manager: Planning, directing, and coordinating advertising policies and programs to generate interest in specific products and services.
Business economy (60 ECTS)
The Business Economy degree program provides students with the acquisition of knowledge in various areas of business.
The focus of this program is to enable students understand the structural and practical dimension of companies, i.e., as future business managers to acquire, store, exchange and distribute their own knowledge and the knowledge of others in the business ecosystem and beyond in an effective way. Within that, students will learn and understand the fundamentals of the system’s approach, the system’s analysis, information theory, and the business environment theory. They will also understand the organization of knowledge in modern enterprises, as well as its communication for effective management, financing, quality human resources management, and strengthening its competitive challenges.
The importance of the program is that it offers an opportunity for the student to engage in the work of companies from various industries, while applying the acquired knowledge and skills related to the most modern scientific and professional knowledge and practices.
The study program lasts 1 year, i.e. two semesters and carries 60 ECTS credits according to the European Credit Transfer System.
Upon completion of the one-year academic studies of the second cycle of this program, students acquire the title: Master of Science in Business Economics
Admission requirement: Bachelor’s degree with at least 240 ECTS from the first cycle of (undergraduate) studies (lasting 4 years).
The structure of the Business Economics (one-year study) study program includes compulsory courses, optional courses and the preparation of the master thesis
Obligatory courses:
- Advanced Business Economics
- Industrial relations
- Management and Entrepreneurship
- International Business
Part of the optional courses are the following:
- Economic systems and economic policies
- Cost-benefit analysis and project evaluation
- Industrial economics
- Research methods in business
- Statistical analysis for business
- Business Information Systems
- Applied economics
- Macroeconomics analysis
- Globalization
- International Economic Relations
You can view the full structure of the study program at the following link, while the course program for each course here.
During the study of the Business Economics program, students are exposed to the following applicable knowledge and skills:
Knowledge and skills:
Accumulating academic and professional knowledge is necessary for understanding complex economic processes at the micro level and to evaluate macro conditions and their impact on the real economy. Participants of this master study will be able to manage complex business companies on the national and international level, technical-technological business processes, gain knowledge of corporate business finance, making optimal business strategies and decisions and all other aspects necessary for successful business management.
Application of knowledge and understanding: Apply knowledge and understanding of business economics, the application of basic economic concepts, theories and practices to the operations of companies and the valorization of economic policies and the application of knowledge to economic analysis at the micro and macro levels, quantifying macroeconomic changes and determining their impact on the national economy.
Analytical skills: The ability to research, gather, interpret information, and draw conclusions.
Ability to estimate: Ability to collect, analyze, present, and interpret economic data at the macro and micro levels based on the application of quantitative methods and techniques. The student acquires skills to develop and evaluate business models, make economic analyses for investment projects, commercialize new products, and transfer new technology.
Communicative skills: Argumentative explanation of views to the professional and scientific public, applying modern economic methods and techniques.
Learning skills: Possesses learning skills through a complex approach to a variety of examples from all domains of the business environment.
Completion of the Business Economics degree program opens up a wide range of career and job opportunities in a variety of positions and industries.
Business Analyst: In a national and international institutional setting, companies seek expertise, critical, and optimal business problem solving. Responsible for analyzing financial data, evaluating investment opportunities, and making recommendations to clients for suitable business investments.
Supply chain management: In transport, logistics, foreign trade and customs companies. Responsible for optimizing import, export declarations, international transport and customs documents for the fast and smooth transport of goods, services nationally and internationally.
Capital Manager: A specialized and professional staff responsible for managing clients’ investments, advising on financial planning, and developing investment strategies.
Business Risk Manager: Responsible for identifying and managing risks associated in various business environments, investment risks, financial risks in financial investments, loans, or other financial products.
Corporate Financial Analyst: Expertise, competence from contemporary economic scientific achievements and national and international practices allows for the profiling of individuals capable of analyzing financial data, preparing financial statements, and providing financial advice to guide companies and strengthen their competitiveness.
Accounting and auditing (60 ECTS)
The structure of the study program in Accounting and Auditing allows second-cycle students to gain in-depth and advanced knowledge of designing and using analytical tools to interpret problems, challenges, and risks in the management process, as well as developing a critical understanding of the economic, social, and political factors that affect the structure, the processes, functioning, and the culture in the organization.
Students of this cycle of studies acquire extended knowledge in the field of financial reporting, functioning of the accounting system, accounting methods and techniques of cost management, accounting methods for the realization of business combinations, methods of consolidation, accounting aspects of tax calculation, analysis of financial statements, evaluation of business activities performed, audit methods and procedures, functioning of internal control, etc.
The study program lasts 1 year, i.e. two semesters and carries 60 ECTS credits according to the European Credit Transfer System.
Upon completion of the one-year studies of the second cycle of this program, students acquire the title: Master of Economic Sciences in Accounting and Auditing
Admission requirement: Bachelor’s degree with at least 240 ECTS from the first cycle of (undergraduate) studies that last 4 years.
Some of the subjects covered in the Accounting and Auditing Second Cycle include:
- Financial Reporting
- Management Accounting
- Auditing
- Analysis of financial statements
- Taxes and Tax Accounting
- State audit
- Accounting of Financial Institutions
- Accounting Information Systems and Technologies
You can view the full structure of the study program at the following link, while the course program for each course here.
During the study of the Accounting and Auditing program, students will gain the following applicable knowledge and skills:
Students from the second cycle of studies of the study program Accounting and Auditing, will improve the acquired knowledge and skills, acquire an appropriate research dimension and expertise in a given area of economics, improved with specific knowledge and skills in accounting, finance and auditing, thereby increasing the quality of accounting and auditing practice in organizations, and thereby implicitly will increase their competitiveness and organizational performance.
Upon finishing these postgraduate studies in the field of Accounting and Auditing, students will be richer in knowledge of modern accounting and auditing practices, will develop their research skills in the field, as well as will be able to apply and transfer the acquired knowledge in the business practice at a highly professional level.
The employment opportunities after completing this program are predominantly focused on the financial sectors of companies as well as the financial industry as a whole and are great.
The structure of the created study program in Accounting and Auditing, for the second cycle, as well as each specific course program (their goals and content) is in accordance with the study programs of several world’s famous universities, which is a guarantee for the profiling of professional personnel, who will easily find their place, both in the domestic and international labor market.
Professional staff in the field of accounting and auditing is necessary not only in the business sector, but also in the government, in the non-profit sector, and in general, in all social spheres – and with multidimensional employability.
Master students with improved knowledge of the complex world of accounting and auditing, in addition to universities, will find their places in senior positions in organizations in the business sector, the non-profit sector, accounting bureaus, audit houses, government institutions, public enterprises, and in general, in all organizations that apply accounting as a concept in their functioning.
MBA - Management (60 ECTS)
The MBA – Management degree program is designed to provide students with a comprehensive understanding of business, business operations, strategic thinking, leadership, and communication skills – critical to a successful career in management. Completing the program not only increases business knowledge and managerial skills, it also creates a wide range of career opportunities across a variety of industries. Master’s students are well-prepared to take on leadership and managerial roles, whether they are companies, startups, non-profit organizations, or government bodies.
The study program lasts 1 year or two semesters and carries 60 ECTS credits according to the European Credit Transfer System.
Upon completion of the one-year academic studies of the second cycle of this program, students acquire the title: Master of Science in MBA Management
Admission requirement: Bachelor’s degree with at least 240 ECTS from the first cycle of (undergraduate) studies that last 4 years.
The structure of the MBA – Management study program includes compulsory courses, optional courses and master thesis preparation:
Compulsory courses:
- Modern management
- Project Management
- Marketing Management
- Strategic Management
Part of the optional courses are the following:
- E-business
- Human Resource Management
- Leadership
- Organizational behavior
- Entrepreneurship
- Business communication and the social media
- inancial Management
- Methodology and organization of scientific research work
You can view the full structure of the study program at the following link, while the course program for each course here.
During the MBA program, students are will gain the following applicable knowledge and skills:
Strategic thinking and planning: Ability to develop and implement long-term business strategies.
Leadership and Team Management: The ability to lead, motivate, and manage teams to achieve business goals.
Operations Management: Skills to optimize business processes, manage production, and increase efficiency.
Project Management: The ability to plan, prepare, and supervise projects to achieve goals within a given budget and timeframe.
Human Resource Management: Understanding the recruitment, training, development, and keeping the employees.
Business Ethics and Corporate Responsibility: Awareness of ethical practices and corporate responsibility in business.
Data Analytics and Decision Making: Skills to analyze data and use information to make informed business decisions.
Global Perspective and Cultural Awareness: Understanding Global Markets and Cultural Differences in Business.
Innovation and entrepreneurship: Ability to create and implement new ideas and lead entrepreneurial initiatives.
Networking and communication skills: Developing professional relationships and effective communication in business environments.
Technology Awareness and IT Management: Understanding Information Technologies and Their Application in Business.
Negotiation skills: Ability to effectively negotiate and reach agreements in business activities.
Completing an MBA program in management opens up a wide range of career and job opportunities in a variety of positions and industries.
General Manager: Supervising the day-to-day operations of the company and making sure that business goals are met.
Operations Manager: Manages production, production, and operational processes.
Project Manager: Leading projects from initiation to completion, ensuring that budget and time constraints are met.
Management Consultant: Advising companies on business strategies, operations, and management practices.
Strategic Consultant: Providing highly strategic advice to improve business performance.
HR Manager: Manages recruitment, employee relations, and workplace policies.
Marketing Manager: Develop strategies to promote products and services.
Market Research Analyst: Analyzing market conditions to identify potential sales opportunities.
Product Manager: Leading product development and product lifecycle management.
Supply Chain Manager: Manages logistics, supply chain operations, and inventory.
Nonprofit Manager: Leading and managing nonprofit organizations and civic associations.
Public Sector Manager: Managing projects and operations in government institutions and agencies.
IT Consultant and Manager: Specializing in advising businesses on how to use information technology to achieve their goals.
Business Founder: Launching and managing new business ventures.
MBA - Management (Two years studies - 120 ECTS)
The MBA – Management (two-year study) program provides a comprehensive understanding of business, business operations, strategic thinking, leadership skills, problem solving, and communication – necessary for a successful career in management. The program combines theoretical knowledge with practical aspects, preparing master students for complex business environments and fostering organizational success.
The study program lasts 2 years, i.e. four semesters and brings 120 ECTS credits according to the European Credit Transfer System.
Upon completion of two-year academic studies of the second cycle of this program, students gain the title: Master of Science in MBA Management
Admission requirement: Bachelor’s degree with at least 180 ECTS from the first cycle of (undergraduate) studies that last 3 years.
The structure of the MBA study program (two-year studies) includes compulsory courses, optional courses and the preparation o the master thesis
Compulsory courses:
- Modern management
- Project Management
- Strategic Management
- Human Resource Management
- Investment Management
- Marketing Management
- E-business
- Business planning
The optional courses are the following:
- Leadership
- Organizational behavior
- International Business
- Entrepreneurship
- Change management
- Business communication and the social media
- Integrated marketing communications
- Financial Management
- Methodology and organization of scientific research work
You can view the full structure of the study program at the following link, while the course program for each course here.
During the MBA program, students will gain the following applicable knowledge and skills:
Strategic thinking and planning: Ability to develop and implement long-term business strategies.
Marketing and sales: Knowledge of developing marketing strategies, market analysis, and managing sales activities.
Leadership and Team Management: The ability to lead, motivate, and manage teams to achieve business goals.
Operations Management: Skills to optimize business processes, manage production, and increase efficiency.
Project Management: The ability to plan, prepare, and supervise projects to achieve goals within a given budget and timeframe.
Human Resource Management: Understanding the recruitment, training, development, and keeping the employees.
Financial Analysis and Management: Understanding financial statements, budgeting, investment, and financial resource management.
Business Ethics and Corporate Responsibility: Awareness of ethical practices and corporate responsibility in business.
Data Analytics and Decision Making: Skills to analyze data and use information to make informed business decisions.
Global Perspective and Cultural Awareness: Understanding Global Markets and Cultural Differences in Business.
Innovation and entrepreneurship: Ability to create and implement new ideas and lead entrepreneurial initiatives.
Networking and communication skills: Developing professional relationships and effective communication in the business environment.
Technology Awareness and IT Management: Understanding Information Technologies and Their Application in Business.
Change management: Ability to lead and manage organizational change and innovation.
Negotiation skills: Ability to negotiate effectively and reach agreements in business acts.
Completing an MBA program in management opens up a wide range of career and job opportunities in a variety of positions and industries.
General Manager: Supervising the day-to-day operations of the company and making sure that the business goals are met.
Operations Manager: Manages production, production, and operational processes.
Project Manager: Leading projects from initiation to completion, ensuring that budget and time constraints are met.
Management Consultant: Advising companies on business strategies, operations, and management practices.
Business Development Manager: Identifying new business opportunities and partnerships.
Strategic Consultant: Providing highly strategic advice to improve business performance.
HR Manager: Manages recruitment, employee relations, and workplace policies.
Marketing Manager: Develop strategies to promote products and services.
Brand Manager: Managing and developing the brand’s image and presence in the market.
Market Research Analyst: Analyzing market conditions to identify potential sales opportunities.
Product Manager: Leading product development and product lifecycle management.
Supply Chain Manager: Manages logistics, supply chain operations, and inventory.
Nonprofit Manager: Leading and managing nonprofit organizations and civic associations.
Public Sector Manager: Managing projects and operations in government institutions and agencies.
IT Consultant and Manager: Specializing in advising businesses on how to use information technology to achieve their goals.
Business Founder: Launching and managing new business ventures.
Technology Startup Consultant: Advising tech startups on business strategies.
Previous accreditations
For more information contact the referents for second cycle of studies:
Katerina Hadzi-Vasileva
Phone: +389 32 550 076
E-mail: katerina.hadzivasileva@ugd.edu.mk
Address: Krste Misirkov. Fax.201,
Stip, 2000, R. Macedonia