Business Management


Business Management master’s degree study programme offers students improved and developed knowledge, conceptions, contemporary business strategies and skills, management and marketing in its functional and specific sectoral aspects.

This study programme is a great foundation for all students, but also for business people of various profiles who want to be able to, through gaining knowledge and skills of contemporary business operations, achieve business success and improve their business and organizational performances, both on the local and the international markets, not only in the real industrial sector, but also the hospitality industry. For those students who wish to do research and broaden their knowledge based on empirical analysis, new concepts and applicable scientific and research methods, there is the possibility of enrolling in PhD studies after completing this programme.
The study programme is designed mainly in accordance with the contemporary trends in development of the scientific disciplines of business management, but it is also fully harmonized with the study programmes of business management at renowned foreign higher education institutions.


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: 225
Government-funded quota: 35
Contact: Email:
Phone: +381698066384, +381698066385, +381698066386


The Business Management study programme presents an upgrade for students’ competencies obtained in different programmes of undergraduate academic studies, but also in young business people of various profiles in the fields of: strategic and operational management, organization, leadership and control of processes and performances; organizational structuring, organizational behaviour, human resources management and management of organizational changes; development of competitive advantage in the marketing channels of the supply chain; customer behaviour, brand management and integrated marketing communication; international business and management in tourism and hospitality industry.

The Business Management study programme covers seven possible elective modules designed in such a way that the mandatory courses present fundamental disciplines in the fields of economics, business and management, while the elective courses are directive depending on students’ interests.

The elective modules of the Business Management study programme are:

  • Strategic Financial Management,
  • Organization and Human Resource Management,
  • Marketing Management,
  • International Business Operations,
  • Business Communications and Public Relations,
  • Trade-Sales and Supply Chain Management,
  • Strategic Management in Tourism and Hospitality.


The module aims to:

  • upgrade and improve students’ knowledge and skills, gained in undergraduate academic studies in the field of strategic and operational management, organizing, leadership and process and performance control, towards the development of competencies in strategic management by enterprise value
  • develop the competencies of effective and efficient investment in real and financial assets, with the aim of increasing the enterprise value based on the knowledge and skills for valuing investment projects and securities
  • build on the students’ competencies obtained in undergraduate academic studies in organizational structuring, organizational behaviour, human resources management and the management of organizational changes
  • develop the competencies of an effective and efficient organizational design, leadership in organizations, human resources management; knowledge and competencies management, the management of organizational changes
  • build on the students’ knowledge and skills obtained in different undergraduate academic study programmes in the area of market strategy and the development of competitive advantage in marketing channels and supply chain
  • develop the ability to realize analytical and research work in procurement, sales and business creation
  • develop highly specialized academic and professional knowledge and competencies in strategic management, consumer behaviour, brand management and integrated marketing communication
  • enable students to contribute to improving the marketing activities of organizations
  • enable students to contribute in specific areas of business and communication, depending on the chosen elective courses
  • build on the competencies obtained in undergraduate academic studies on international business
  • direct professionals towards the promotion of business internationalization and international marketing orientation
  • train students in the strategic management of hotels, other tourist enterprises and destinations
  • develop the competencies necessary for the strategic planning and organizational implementation of marketing and sales strategies in tourism enterprises and travel destinations.

After the completion of the module, the student will be able to:

  • formulate and implement strategies of business and financial restructuring
  • shape and conduct the process of investment and business planning
  • develop and apply different methods and techniques for the analysis of human behaviour in organizations
  • develop and use reliable methodology in monitoring and assessing the adequacy of the applied system for structure and human management in an organization
  • apply highly specialized academic and professional knowledge for procurement, sale, electronic commerce and supply chain management
  • develop long-term relationships among market participants
  • value, critically comprehend and construct principles and theories in different marketing areas
  • develop and apply the marketing mix instruments
  • gain knowledge in measuring the effects and evaluation of campaigns and programmes of marketing communication and public relations
  • be familiar with the regulatory and self-regulatory framework in marketing communication and public relations
  • analyse an international business and market environment using advanced tools
  • suggest ways for improving the programme for the national promotion of exports
  • be familiar with the principles of strategic planning and tourism, as well as the principles of strategic planning and management in tourist destinations
  • be familiar with the principles important for making strategic decisions related to real estate investments that have the function of tourism development.


  • General and executive managers; Financial managers; Strategic planning and policy managers; Managers of professional services in finances and insurance; Teachers and teaching associates;
  • Legislators; Senior government officials; Local self-government managers; Human resources managers; Legal affairs managers, legal secretaries and other managers in business services, administration and general affairs; Organization and management analysts; Personnel and career development professionals; Training and professional development professionals;
  • Sales director; Procurement manager/director; Product category manager/Product category director; Commercial director; Sales operations director (managers of the retail network); Customer relationship manager; E-commerce manager; Supply chain manager; Retail format manager; Business development manager; Foreign trade manager;
  • Marketing managers; Brand managers; Market managers; Public relations managers; Sales managers; Research and development managers; Quality management managers; Marketing consultants;
  • Sales and marketing managers; Public relations and propaganda managers; Marketing and advertising professionals; Public relations professionals;
  • Strategic planning and policy manager; Procurement and distribution manager; Financial manager; Managers of research organizations, culture institutions, etc.; Economics professionals;
  • Public service/public sector organization director (Tourism); Hotel manager; Restaurant manager; Hospitality facility manager; Travel agency manager.


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:

  • Enterprise Economics
  • Strategic Management
  • Business Law
  • Organisation of Enterprise
  • International Management
  • Marketing
  • Marketing Communication
  • Marketing Channels
  • Economics of Tourism
  • 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