Banking and Financial Management


Master in Banking and Financial Management is created to provide students with well-balanced combination of advanced level fundamental knowledge in banking and finance in broader sense, as well as with skills related to application of methods of quantitative analysis. Curriculum and syllabi are designed with reference to the best international practice, at the same time following requirements of contemporary labour market. In addition to standard theoretical knowledge, programme provides insight into the most recent trends in these fields, such as the impact of digitalization on banking and financial management paradigm, development of fintech companies, etc. Programme is designed in flexible way, so that in addition to three mandatory courses dealing with relevant issues in banking, monetary economics and financial markets, students can opt three electives – one from each of the three baskets, organized in coherent manner (investment, financial management and quantitative analysis).

Experience of large number of graduates indicates that long tradition of this programme delivered at the University of Belgrade – Faculty of Economics and its alignment with contemporary trends, provides students with perspective to purse career in managerial positions in commercial and investment banking, insurance, stock exchange business and financial management in general, as well as to continue doctoral studies in this field in Serbia or at the reputable universities abroad.


Duration: 2 semesters
(60 ESPB)
Start: Applications: September
Start semester: October
Language: Serbian
Degree: MSc in Economics
Fees: 1 ECTS = 3.459,48 RSD (42 ECTS = 145.298 RSD).
Final 18 ECTS devoted to master thesis development and professional practice: 41.458 RSD
Programme quota: 80
Government-funded quota: 15
Contact: Email:
Phone: +381698066384, +381698066385, +381698066386


This master programme is designed to provide students with relevant theoretical knowledge and skills in banking and finance in broader sense, with high degree of flexibility in terms of specialization.


Objectives of the programme are as follows:

  • To enhance competences of students, obtained at the undergraduate studies, in finance, banking and insurance, and related fields
  • To develop academic competences for research in finance (in broader sense) and banking
  • To educate professionals trained to make managerial decisions in finance and to engage in policy making, by respecting business ethics and public interest.

Upon completion of the programme, students will be able to:

  • Identify different management strategies in banking and financial organizations
  • Analyze implications of digitalization and development of fintech innovations on approach to management in banking and financial institutions, as well as in finance in general
  • Forecast consequences of alternative regimes of monetary policy for financial performances and business policy of companies and financial institutions, in globalized and digitalized environment
  • Evaluate risks and returns to investment in financial instruments
  • Analyze financial and actuarial performances of insurance industry products, as well as insurance companies in general
  • Evaluate economic evaluation of investment projects and financial performances of companies
  • Evaluate tax and financial implications of business decisions
  • Apply methods of statistical and econometric analysis in order to support economic and business decision making
  • Manage portfolio of financial instruments
  • Contribute to business and public policy making in finance and banking, by respecting public interest and social responsibility.


  • Director of bank
  • Director of insurance company
  • Director of risk management in banking and insurance
  • Financial dealer and broker
  • Financial manager
  • Financial and investment advisor
  • Manager in research and development
  • High school teacher in economics
  • Taching assistant in economics at a higher education institution


Candidates who have completed four years of undergraduate degree (240 ECTS) may apply for admission to the Master of Academic Studies. Applicants who have completed Integrated Studies or Master Academic Studies, earning at least 300 ECTS, may also be enrolled in the first year of Master Academic Studies.
The ranking list for enrolment in the first year of master academic studies is determined based on the general grade average, length of study in previous studies and the result on the entrance exam.

Candidates take two subjects in the entrance exam:
1. Principles of Economics
2. Candidates select another course from the following course basket:

  • Monetary Economics
  • Banking
  • Public Finance
  • Foreign language

A condition for enrolment is to earn more than half of the maximum number of credits in each subject. Having completed the application and testing process, a unique ranking of the candidates is published.
The final order of candidates for enrolment is obtained by creating a ranking list, formed as follows:
1. Quadrupled GPA from undergraduate academic studies (up to 40 points)
2. Number of points in tests (2 tests with 20 points each)
3. The total number of points is adjusted by the length of study by subtracting 0,25 points for each month of study after the expiry of the deadline for graduation, as follows, 0,25 points are added for each month of study beyond the deadline. For study programmes with 240 ECTS, the deadline is four years; for study programmes with 180 ECTS the deadline is three years; for master academic studies of 60 ECTS is one year, while the expected deadline for completion of master academic studies of 120 ECTS is two years.

Candidates who in their previous university studies had a subject with syllabus similar to the one of the entrance exams subjects at the University of Belgrade – Faculty of Economics, may use the grade from that subject instead of taking the entrance exam test in that subject. Instead of points on a given test, student receive doubled grade earned on that subject as their corresponding score.

Candidates holding foreign degrees need to have their degrees recognised by the University of Belgrade in order to apply for enrolment. We encourage potential candidates to submit their requests for recognition by mid-July (or earlier) at the latest, in order to meet the application and enrolment deadlines, as the procedure can take up to a few weeks. At the moment, for candidates applying for IMT programme, it is sufficient to provide evidence that the recognition process has been initiated. All relevant information about the recognition procedure can be found at the University page:


The tuition fee for courses of the Master Academic Studies (42 ECTS) is 145.298,00 RSD. In the final phase of the study, the tuition fee for 18 ECTS related to the master thesis and student internship is 41.548,00 RSD.

Payment dynamics:
First instalment – 40% at enrolment
Second instalment – 20% until 15.1.
Third instalment – 20% until 15.3.
Fourth instalment – 20% until 15.5.
Fifth instalment for 18 ECTS is 41.548 RSD in the final stage of the study

The tuition fee for foreign students is 1500 euros (official middle RSD exchange rate at the NBS on the day of payment) and 41.548,00 RSD in the final stage of the study.


University of Belgrade – Faculty of Economics
Kamenička 6, 11000 Belgrade, Serbia
Tel: +381698066384, +381698066385, +381698066386