Accounting, Controlling and Corporate Finance


Master in Accounting, Controlling and Corporate Finance is a logical continuation of the Accounting, Auditing and Financial Management programme at the undergraduate level. At the same time, it is open to other students interested in management, marketing, information technology, quantitative methods and models, and corporate governance. It is particularly suited to students with skills such as professional judgment, analytical thinking, critical approach to problem solving, and the ability to work in multifunctional teams. Building on a practically oriented curriculum, internationally comparable and interactive courses, with strong commitment to ethical values, the programme offers in-depth competences related to popular accounting topics.

By choosing this programme, students can gain competitive knowledge and skills related to transparent reporting on company performance to internal and external stakeholders, as well as internal and external auditing in the private and public sectors. Particular attention is paid to the state-of-the-art techniques in the area of measuring and managing company performance and the implementation of controlling in business practice. The acquired financial knowledge will enable students to apply a coherent approach to solving complex financial management problems using qualitative and quantitative methods of analysis. In addition, students will be able to understand complex business and financial processes and successfully communicate with managers, financial institutions, capital market participants, regulatory bodies, and other external stakeholders.

The programme is designed to meet the growing demand for academically trained experts in accounting, auditing, controlling and corporate finance. Therefore it offers excellent career opportunities. With the knowledge gained in this programme, graduate master students can build their professional careers in different manufacturing and trading companies, public and private sector, accounting and audit firms, multinational companies, ICT and high-tech industries, financial institutions, consulting firms, etc.


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: 125
Government-funded quota: 15
Contact: Email:
Phone:  +381698066384, +381698066385, +381698066386


The Accounting, Controlling and Corporate Finance programme is a combination of carefully selected fundamental theoretically and practically oriented courses. Thereby, the programme is designed to provide students with the opportunity to choose and specialize in one of three modules: accounting and auditing, controlling or corporate finance. Having elective courses on all modules allows students themselves to design a part of the programme according to their preferences.

The ACCF programme has the following aims:

  • To upgrade students’ knowledge and skills in accounting, audit and corporate finance acquired during undergraduate academic studies;
  • To improve students’ performance and to develop their skills through electives;
  • To provide academic rigour to students’ scientific research;
  • To develop students’ commitment to ethical and social responsibility.

Programme’s ILOs are aligned with IAESB’s International Education Standards for Accountants and best practices in corporate finance education.
After completion of the programme, degree holders will be able to:

  • Apply accounting principles and International financial reporting standards requirements to complex business transactions
  • Create, assess and determine the cumulative effect of accounting policies
  • Prepare and analyse financial statements and consolidated financial statements
  • Manage the complex problems of creating, reporting and distribution corporate profit
  • Apply advanced corporate finance management tools and techniques
  • Participate in the design and implementation of high-quality accounting information system in profit and non-profit entities
  • Apply different firm valuation approaches and methods in different business circumstances
  • Use various audit and assurance concepts and procedures in the private and public sector according to the regulatory and institutional framework


  • Perform professional judgments and critical thinking in the process of valuation
  • Demonstrate innovative thinking and a systematic and analytical approach in the development and validation of investment and financial decision-making process
  • Develop problem-solving solutions in complex and unstructured decision situations
  • Present effectively and discuss constructively reports and solutions proposed
  • Collaborate in a cross-functional team towards common visions and diverse perspectives


  • Apply fundamental principles within the Code of Ethics for Professional Accountants to navigate complex ethical dilemmas
  • Take attitudes and practice ethical behaviour that promotes accounting profession credibility
  • Act in the public interest and make professional judgments aligned with social responsibility

Besides the general positions list for graduate studies, the following list illustrates additional positions for ACCF master’s degree holders:

  • Finance director
  • Head of Controlling
  • Head of Accounting Division
  • External Auditor/Internal Auditor
  • Director of Risk Management
  • Financial analyst
  • Investment Consultant
  • Portfolio Manager
  • Financial Consultant
  • Higher education lecturer
  • Research Fellow



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. Financial Accounting

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