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Undergraduate studies (first cycle)

Study programs

The Faculty of Economics in Shtip, within its undergraduate studies (first cycle), offers a range of study programs in the field of economics and business. The study programs are comprehensive, modern, and adapted to both the domestic and international business environment.

The programs are regularly updated and are internationally acknowledged and recognized.

“Business economy” i.e Business Economics is the first accredited English-language program at the Faculty of Economics in Stip. This program integrates the principles of economics with business practices, preparing students for the dynamic environment of the business world both locally and internationally. The program aims to provide understanding of how economic theories and methodologies are applied in business decision-making, marketing strategies and financial planning, in order to provide students with initial Principles in the economic theory, quantitative methods, and the ability to apply these tools in solving real-life problems.

The study program lasts 3 years i.e. 6 semesters and brings 180 ECTS according to the European Credit Transfer System.

Upon completing the four-year academic study in the first cycle of this program, students gain the following title: Bachеlor in Business Economics VI B (NQF) – 180ECTS

Some of the most important courses in “Business economy” are the following:

  1. Principles of Economics
  2. Principles of Finance
  3. Management
  4. Macroeconomics
  5. Marketing
  6. E-commerce
  7. Digital Economy
  8. Business Communication
  9. Global Economy
  10. Supply chain management and global logistics
  11. Economy of Money, Banking and Financial institutions
  12. International Business

 

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 (in English) program, students will acquire the following applicable knowledge and skills:

Analytical skills:

Economic analysis: Understanding and applying microeconomic and macroeconomic principles to the analysis of market trends and economic conditions.

 

Interpretation of data:

  • Collect, process, and interpret economic data to draw meaningful conclusions.
  • Use statistical and econometric methods to analyze and predict business and economic trends.
  • Acquire problem-solving skills

 

Operational Efficiency:

  • Analyze business operations to identify operating inefficiencies and make appropriate recommendations
  • Apply the principles of management economy to optimize resource allocation and operational processes.

 

Financial Skills:

  • Analysis of financial statements to assess the financial condition of businesses.
  • Understanding of financial markets, investment strategies, and corporate finance principles.

 

Marketing and Market Research Skills

  • Market research to identify consumer needs, market trends, and competition
  • Using economic principles to analyze pricing strategies, product positioning, and market segmentation.
  • Analyze the economic factors that influence consumer choices and demand patterns.

 

Communicative and Interpersonal Skills:

  1. Ability to communicate effectively, as well as prepare and present reports, business plans, and research findings in written and oral form.
  2. Ability to solve business problems, conduct research and develop strategic initiatives.

 

Technical understanding/skills:

  1. Understanding the role of digital technologies in business operations and market analysis.

 

Practical experience;

Apply theoretical knowledge in practical business scenarios through case studies and project work.

Graduates of the Business Economics program have a wide range of career opportunities in a variety of sectors in both domestic and global economic settings.

International organizations

  • Economic Advisor: provides analysis and recommendations on economic policies and strategies to international bodies
  • Trade Specialist: analyzes international trade policies and advises businesses on global trade strategies.

 

Entrepreneurship

  • Startup founder: Uses knowledge from business economy to identify market opportunities, develop business plans, and start new ventures.
  • Small Business Owner: Applies economic principles for effective business management and development.

 

Corporate sector

  • Business Development Manager: Identifies growth opportunities, develops strategic partnerships, and helps in the increase of the company’s market share.
  • Marketing analyst: studies market conditions to identify potential sales opportunities and develop marketing strategies.
  • Operation Manager: oversees business operations to ensure efficiency, productivity, and profitability.

 

Finance and banking

  • Financial analyst: evaluates financial data, prepares reports, and makes investment recommendations.
  • Portfolio Manager: manages clients’ investment portfolios

 

Consulting

  • Management Consultant: Advises organizations on business strategy, operational efficiency, and organizational improvements.
  • Economic Consultant: Provides economic analysis expertise to help businesses and government agencies solve economic problems.
  • Business Analyst: Analyzes business operations and processes to identify areas for improvement and develop solutions.

 

Government and the Public Sector

  • Political Analyst: evaluates and develops policies related to economic issues
  • Economic Development Officer: Works to improve economic conditions and promote growth in communities or regions.

 

Regulatory Affairs Specialist: Ensures that businesses are compliant with regulations and assists in the development of regulatory policies.

The study program in Finance enables the graduate students strong Principles in the financial theory, analysis and management. Knowledge and skills in this field can be applied in different varieties of careers in the finance sphere, including investment banking, managing money/fortune, risk-management, corporate finance and finance planning.

The study program lasts 4 years i.e. 8 semesters and brings 240ECTS according to the European Credit Transfer System.

By finishing these four-year study program, the students receive the title: Graduated student/Bachelor in Economic finance

Part of the main courses in the branch Finance are the following:

 

  1. Principles of finance
  2. Principles of economy
  3. Company theory
  4. Financial accounting
  5. Monetary economy
  6. Financial markets and institutions
  7. Banking
  8. Macroeconomy
  9. Accounting management
  10. Financial management
  11. Banking management
  12. Public finance
  13. Insurance
  14. Local finance
  15. Portfolio management
  16. International finance
  17. Management investment
  18. Financial risks management
  19. Monetary and fiscal policy of EU
  20. Auditing

 

The whole structure of the study program can be seen on this link, while the course program for each course here.

During the studies of the Finance study program, students acquire the following applicable knowledge and skills:

Financial analysis: Ability to analyze financial data and assess the financial situation of the organizations. Assessing investment opportunities, identifying trends and patterns in financial data and making informed decisions based on financial analysis.

Financial management: Financial management skills, including budgeting, forecasting and financial planning. Managing cash flow, 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 the 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, and the ability to present financial information to stakeholders

Employment opportunities after completing this program are mostly focused in the financial sectors of companies as well as in the overall financial industry and are great.

Financial Analyst: in 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: in investment banks, corporations or other financial institutions. Responsible for advising clients on mergers and acquisitions, underwriting securities offerings and providing strategic financial advice.

Equity manager: in banks, investment firms or other financial institutions. Responsible for managing clients’ investments, advising on financial planning and developing investment strategies.

Risk Manager: in 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 financial data analysis, preparation of financial reports and financial advice for management.

The Management and Marketing program is designed to enable students gain  comprehensive combination of management and marketing knowledge and skills necessary to lead companies in today’s dynamic business environment. The program is aimed at fostering critical thinking, innovation, and strategic decision-making. It opens numerous career opportunities in a variety of industries and sectors, including the opportunity to start your own business.

The study program lasts 4 years i.e. 8 semesters and brings 240ECTS according to the European Credit Transfer System.

By finishing these four-year academic studies of the first cycle of this program, students acquire the title: Bachelor of Economics in Management and Marketing.

Part of the most important courses in the Management and marketing branch are the following:

 

  1. Management
  2. Strategic Management
  3. Organizational Behavior
  4. Human Resource Management
  5. Business planning
  6. Investment Management
  7. Marketing
  8. Marketing Research
  9. Marketing Management
  10. Strategic marketing
  11. E-business
  12. Digital Marketing
  13. Consumer Behavior
  14. Entrepreneurship
  15. Business communication
  16. Principles of Economics
  17. Principles of Finance
  18. Principles of Accounting
  19. Brand Management
  20. Business Statistics

 

You can find the full structure of the study program at the following link, while the course program for each course here.

During the Management and Marketing program, students will gain the following applicable knowledge and skills:

Management and leadership: Setting strategic goals and objectives and developing plans to achieve them. Establishing policies and procedures for efficient and effective operations.

Marketing Strategy and Planning: Creating marketing strategies and plans for product development and markets, promotion and sale of products and services.

Communication: Strong communication skills, including written and verbal communication, as well as ability to present and persuade others.

Market Research: Skills in market research, data collection, and analysis for taking informed marketing decisions.

Brand Management: Managing the brand image, developing and implementing guidelines for branding, messaging, and observing brand awareness campaigns.

Advertising: Managing various advertising channels such as printed materials, TV, online and creating effective advertising campaigns.

Sales: Sales techniques and processes and the development of sales strategies to meet goals. Build customer relationships and negotiate deals.

Digital Marketing: The Tools of Digital Marketing, Social Media Marketing, Marketing Through email, search engine marketing, and content marketing. Skills to create and execute Digital marketing campaigns.

Entrepreneurial skills: Innovative thinking, finding market opportunities, creating products and services, planning, organizing, selling, and managing your own business.

After finishing the undergraduate program in Management and Marketing, students are substantially prepared for a variety of career opportunities in a variety of industries and in a variety of job positions.

CEO: Responsible for the overall strategic direction of the company and oversees all aspects of the business, including operations, finance, marketing, and human resources.

Marketing Manager: Responsible for developing and implementing marketing strategies and plans to promote and sell a product or service.

Brand Manager: Responsible for managing the brand image and ensuring consistency across all marketing channels.

Advertising Manager: Responsible for developing and implementing advertising campaigns to promote a product or service.

Market Research Analyst: Responsible for researching and gathering information about consumer behavior, preferences, and trends.

Public Relations Specialist: Responsible for managing the public image of the organization. Collaborates with the media and all other stakeholders to promote positive coverage of the company and deal with any negative publicity.

Project Manager: Responsible for planning, coordinating, and directing projects by managing the team and allocating resources toward the successful completion of project tasks and goals.

Digital Marketing Manager: Responsible for the development and implementation of digital marketing campaigns, including social media, email, and search engine optimization.

Entrepreneur: Developing a business idea, creating a business plan, and executing it to bring your own idea to life.

The Business Economy study program integrates the principles of economics with business practices, preparing students for the dynamic environment of the business world. This program aims to provide understanding of how economic theories and methodologies are applied in business decision making, market strategies and financial planning. In addition, the study program also focuses on understanding how economies work and how economic agents communicate in different market structures, in order for students to acquire a thorough basis in the economic theory, the quantitative methods, and the ability to apply these tools in solving real-life problems.

The study program lasts 4 years, i.e. eight semesters and brings 240 ECTS credits according to the European Credit Transfer System.

By finishing these four-year study program, the students receive the title: Graduate business economist / Bachelor in business economy

Part of the main courses in the branch Business economy are the following:

  1. Principles of economics
  2. Principles of finance
  3. Company theory
  4. Macroeconomy
  5. Microeconomy
  6. Entrepreneurship
  7. Industrial economy
  8. Economy of innovations
  9. International economy
  10. Small business management
  11. Money, banks and financial markets economy
  12. International business

 

The whole structure of the study program can be seen on this link, while the course program for each course here.

During the studies of the Finance study program, students acquire the following applicable knowledge and skills:

Analytical skills:

  • Economic analysis: Understanding and applying microeconomic and macroeconomic principles to analyze market trends and economic conditions.
  • Analysis of costs and benefits for making informed business decisions.

 

Data interpretation:

  • Collecting, processing and interpreting economic data to draw meaningful conclusions.
  • Using statistical and econometric methods to analyze and predict business and economic trends.
  • Acquisition of problem-solving skills

 

Making strategic decisions:

  • Developing and evaluating business strategies based on economic theories and market research.
  • Identifying and solving business problems using quantitative and qualitative methods.

 

Operational efficiency:

  • Analyzing business operations to identify operational inefficiencies and provide appropriate recommendations
  • Application of the principles of managerial economics to optimize the allocation of resources and operational processes.

 

Financial Skills:

  • Analysis of financial reports to assess the financial condition of businesses.
  • Understanding of financial markets, investment strategies and principles of corporate finance.

 

Capital Budgeting and Forecasting:

  • Preparation of budgets and financial forecasts to support business planning and decision-making.
  • Using financial models to evaluate the potential impact of business decisions on financial performance.

 

Marketing and market research skills

  • Market research to identify consumer needs, market trends and competition
  • Using economic principles to analyze pricing strategies, product positioning and market segmentation.
  • Understanding consumer behavior and applying knowledge to develop effective marketing strategies.
  • Analyzing economic factors that influence consumer choice and demand patterns.

 

Communicative and interpersonal skills:

  • Ability to communicate effectively, as well as prepare and present reports, business plans and research findings in written and oral form.
  • Ability to solve business problems, conduct research and develop strategic initiatives.

Technical skills:

  • Using software tools for data analysis, financial modeling and economic simulations (eg. Excel, Stata, R).
  • Understanding the role of digital technologies in business operations and market analysis.

Practical experience–

  • Application of theoretical knowledge to practical business scenarios through case studies and project work.

 

Research projects:

  • Conduct independent or joint research on relevant economic and business topics.
  • Developing research skills by formulating hypotheses, collecting data and drawing conclusions based on evidence.

Graduates of the Business Economics program have a wide range of career opportunities in various sectors due to their strong analytical, financial and strategic skills.

 

Finance and banking

  • Financial analyst: evaluates financial data, prepares reports and makes investment recommendations.
  • Investment banker: assists companies in raising capital, mergers, acquisitions and other financial services.
  • Credit analyst: evaluates the creditworthiness of individuals and businesses to approve loans and lines of credit.
  • Portfolio manager: manages clients’ investment portfolios

 

Consulting

  • Management Consultant: Advises organizations on business strategy, operational efficiency, and organizational improvements.
  • Economic Consultant: Provides economic analysis expertise to help businesses and government agencies solve economic problems.
  • Business Analyst: Analyzes business operations and processes to identify areas for improvement and develop solutions.

Government and the Public Sector

  • Political Analyst: evaluates and develops policies related to economic issues
  • Economic Development Officer: Works to improve the economic conditions and promote growth in communities or regions.
  • Regulatory Affairs Specialist: Ensures that businesses are in accordance with the regulations and assists in the development of regulatory policies.

 

Corporate sector

  • Business Development Manager: Identifies growth opportunities, develops strategic partnerships, and helps in the increase of the company’s market share.
  • Marketing analyst: studies market conditions to identify potential sales opportunities and develop marketing strategies.
  • Operations Manager: observes business operations in order to ensure efficiency, productivity, and profitability.

 

Entrepreneurship

  • Startup founder: Uses knowledge from business economics to identify market opportunities, develop business plans, and start new ventures.

Small Business Owner: Applies economic principles for effective business management and development.

The Accounting and Auditing study program provides graduates with strong Principles in accounting as well as understanding of auditing and financial analysis. The gained knowledge and skills can be applied in a wide range of careers in the accounting and financial industries.

The study program lasts 4 years i.e. 8 semesters and brings 240ECTS according to the European Credit Transfer System.

By finishing the four-year study program from the first cycle of studies, the students gain the title: Graduate Economist in Accounting and Auditing/ bachelor in Accounting and Auditing

Part of the most important courses are the following:

  1. Principles of Accounting
  2. Principles of Economics
  3. Principles of Finance
  4. Financial Accounting
  5. The Economy of Money, Banks and Financial Markets
  6. Banking
  7. International Finance
  8. Financial Markets and Institutions
  9. Accounting Information Systems
  10. Analysis of financial statements
  11. Organizational and accounting control systems
  12. Management Accounting
  13. International Financial Reporting
  14. Auditing
  15. Financial Management
  16. Internal auditing
  17. Public Finance
  18. Management
  19. Marketing
  20. Business planning

 

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 Finance program, students will gain the following applicable knowledge and skills:

Accounting: Understanding accounting principles and practices, including financial reporting, budgeting, and taxation. Preparing financial statements, analysis of financial data, and knowledge of accounting standards and regulations.

Auditing: Conducting audits, including assessing internal controls, identifying risks, and testing financial data.

Financial analysis: Financial analysis skills, including the ability to assess financial performance, identify trends, and assess risk.

Information technology: Knowledge of information technology systems used in accounting, such as accounting software and enterprise resource planning systems.

Communication: Strong communication skills, including written and verbal communication, as well as the ability to present financial information to stakeholders.

Attention to details: Skill in attention to details, as accounting and auditing require precision and accuracy in financial reporting and analysis.

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 many.

Accountant: Employed by public accounting firms, corporations, government agencies, or non-profit organizations. Responsible for maintaining financial records, preparing financial statements, and ensuring compliance with accounting standards and regulations.

Auditor: In public accounting firms, government agencies, or corporations. Responsible for assessing the accuracy and reliability of financial information, identifying risks and weaknesses in internal controls, and making recommendations for improvement.

Forensic Accountant: In public accounting firms, government agencies, or corporations. Responsible for investigating financial fraud, identifying financial irregularities, and providing expertise in legal proceedings.

Financial Manager: In corporations or non-profit organizations. Responsible for managing the organization’s finances, preparing financial statements, and making strategic financial decisions.

Note: This program is in the process of accreditation and enrollments are expected to begin in June-August 2025. 

The study program of International Business and Economy aims to profile professional and competent economists to be capable of dealing with all challenges in the national and international economy at the macro and micro levels. We live in a world where knowledge, expertise and innovation are the driving force in every society. Our goal is to train quality economists who want to advance their careers within the framework of modern economics and business challenges. By acquiring all these skills and abilities, one needs to correct the current misconception about the skills and competencies for doing business, analyzing macroeconomic issues, and evaluating economic policies, that this can be achieved without a scientifically and methodologically basic principles. On the contrary, doing business and analyzing economic issues, especially in the context of complex global conditions, is a difficult process that requires a significant economic academic background as a basic principle on which a professional career in the field of business economics can be built.

The study program follows the  examples of the study programs in the respective field of remarkable European and world universities, taking into account that it is in accordance with  the norms, standards and methodology accepted in the European higher education area, so as to allow comparability with the programs of higher education institutions in that area.

The study program lasts 4 years, i.e. eight semesters and brings 240 ECTS credits according to the European credit transfer system.

By finishing these four-year academic studies, the students gain the title; Graduated economist in the field of international business and economy (B.A. in International business and economy) (240ЕCTS). 

Some of the most important courses in International business and economy are the following:

  1. International Economy
  2. Industrial Economy
  3. The Economy of Innovation
  4. International Business
  5. Global Economy
  6. Public Finance
  7. International Finance
  8. International Marketing
  9. Financial Markets and Institutions
  10. Economy of Money, Banking, and Financial Markets
  11. Global Economy Geography
  12. Entrepreneurship and innovation
  13. Customs system and politics
  14. Foreign trade
  15. Strategic Management
  16. Investment Banking
  17. Supply Chain Management and global logistics
  18. Digital economy
  19. International Marketing
  20. Applied Economy

 

The full structure of the study program can be found on the following link, while the course program for each course here

During the study of the International Economics and Business program, students acquire the following applicable knowledge and skills:

Knowledge and competencies:

  • Possess knowledge and understanding of economic issues with a special focus on independent research in the field of international business economics, international finance, as well as economic analysis at the macro and micro level.
  • Be able to lead the production process of a company, make financial analysis at the enterprise level, conduct research on a specific macroeconomic event and quantify its impact on the real-life sector.

 

Application of Knowledge and Understanding:

  • Apply knowledge and understanding of business economics, especially the sources and manner of their use of finance;
  • Application of basic economic concepts, theories and practices to the operation of companies and valorization of economic policies;
  • Apply knowledge to economic analysis at the micro and macro levels, quantify macroeconomic changes and determine the level of impact in the national economy.

 

Ability to assess:

  • Ability to analyze, present, and interpret economic data at the macro and micro levels based on the application of qualitative and econometric methods and techniques.
  • Ability to develop and evaluate business models, make economic analyses for investment projects, commercialize new products, and transfer new technology.
  • Ability to evaluate economic policies and their impact on private sector operations.

 

Communication skills:

  • Be able to communicate, inform, and connect ideas, problems, and solutions from various areas of business, economics, and finance.
  • Argumentatively explain their views to the professional and non-professional public using modern economic methods and techniques.
  • Take personal responsibility for communication in the area in which they operate.
  • Presenting expert opinion supported by arguments.

 

Learning Skills:

To have the skill of persistence in learning using comparative examples, professional and scientific papers, as well as making scientific conclusions and recommendations.

Possess the skill of learning through a complex approach to a variety of examples from all domains of business economics.

Employment opportunities after completing this program are predominantly focused on the national and international sectors of companies as well as the overall business ecosystem. These include national and international companies and institutions that enable: the recognition and identification of knowledge in the areas of market research, national and international legislation, banking, finance, insurance, customs, supply chain management, monetary-credit system and policy, banking systems and credit relations, financial markets and international institutions, economic development and many other related scientific disciplines.

Business Analyst: Employed by national and international investment banks, corporations, or other financial institutions. Responsible for analyzing financial data, evaluating investment opportunities, and making recommendations to clients for suitable business investments.

Capital Manager: In companies, banks, investment firms, or other institutions, whose primary role is to raise capital. Responsible for managing clients’ investments, advising on financial planning, and developing investment strategies.

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 providing financial advice to guide companies and strengthen their competitiveness.

The study program International Economics and Business produces cadres that correspond to the following occupations from the National Classification of Occupations:

2631.03  Economist

2631.10 Customs economist

2631.11 Analysis and planning economist

2631.17 International Exchange Economist

2631.22 Development Economist

The program is in the process of being accredited, with enrollments starting in 2025.

Study programs archive