Economic Policy and Sustainable Development


Economic Policy and Sustainable Development study programme is a modern, one-year master academic programme that educates experts – master economists in the field of sustainable development and various segments of macroeconomic policy aimed at managing these developments. The programme has a long tradition at the Faculty of Economics in Belgrade, which indicates its fundamental character and importance, but it follows the spirit of the times and fosters a modern approach to problem analysis, respecting the latest developments in the field.

We are witnessing that economic policy and practice in different countries, and especially in Europe, are being reformed by focusing on SUSTAINABILITY as a key development concept aiming at economic growth essentially based on the “clean” sectors and new jobs creation. The new growth and developmental approach aim to reduce poverty and inequalities, as well as to strengthen the resource/environmental sustainability in a long run. Regardless of macro or micro issues, the system gives preferences to those experts who are focused on adaptation, development and implementation of basic principles of so-called “Green Economy”, including different sectors and different decision-making processes and levels. This programme enables students to become familiar with business environment in a modern economy, including economic policy reforms toward defining incentives, business models and partnerships for the promotion of sustainable development.

The programme includes the wide range of elective courses and gives the opportunity to profile knowledge in accordance with the students’ preferences and their specific interests.
After graduation, students will be able to make optimal decisions regarding various aspects of sustainability, while respecting economic, social and environmental criteria. Using obtained knowledge and skills, graduates will be able to perform in leading economic positions both in state and private institutions in different sectors of the economy, as well as to use analytical tools in development projects in different agencies for local, urban, rural and regional development, or in different types of consulting specialties and advisory services. Additionally, they are trained to hold teaching positions in secondary vocational education in the field of economics, research assistant positions in scientific-research organizations, as well as to continue their further training in specialist and doctoral studies in related scientific areas.

Let’s co-create the future together!


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: 25
Government-funded quota: 5
Contact: Email:
Phone: +381698066384, +381698066385, +381698066386


The EP&SD Programme is based on a combination of theoretical and professional knowledge, and offers the possibility of narrow specialization in three areas (modules): (1) Economic Policy; (2) Sustainable Development; (3) Rural Economy and Agribusiness. The elective courses allow independent combination of the second part of the programme, according to students’ preferences.

The EP&SD Programme aims to:

  • Develop competencies using the theory of economic growth applied in spatial (national, regional and local) and sectoral terms (at the level of different industries important for development of the Republic Serbia) in the context of designing strategic development solutions;
  • Accelerate the involvement of graduates in strategic management issues for sustainable development in different governmental bodies (from local and regional to national level), as well as in international development policy institutions;
  • Empower students to continue their education in the field of economic policy and development, as well as to make an intellectual contribution to sustainable development policy in practice.

The EP&SD Programme is based on the implementation of a new development concept that integrates the economic, environmental and social components, and is embedded in the UN 2030 Agenda. Graduates will be able to:


  • Explain and analyze the theory of economic development, as well as to analyse and predict economic trends at the international, national, regional and local levels.
  • Apply development policy, e.g. identify and creatively solve complex development problems at all levels in the economy.
  • Model the economic growth in accordance with the principles of sustainability.
  • Analyse the role of institutions and their functioning in directing the development performances of the economy and businesses.
  • Strategically manage public finances, monetary policy and social infrastructure, industrial policy, technology and development policy, rural (agricultural) development policy and natural resources.
  • Determine the need for financial resources in accordance with the development goals, to obtain and effectively use financial resources from domestic and foreign sources (international development and pre-accession funds).
  • Understand the consequences of economic decentralization and the role of regional and local communities in creating the conditions for sustainable development


  • Assess the effects of measures and instruments applied in different economic policy segments, taking into account opportunity costs and (re)distributive effects.
  • Create policy recommendations based on collected and processed information.
  • Collect and analyse available information for the formulation of strategic documents and development plans and policy recommendations across sectors and different policy levels (national, regional, local).
  • Use information technologies and digital tools in economics.
  • Manage the development departments of companies, agencies and funds
  • Apply an entrepreneurial approach to the development of sectors and regions.
  • Participate in economic policy and development projects in different sectors and at different territorial levels.
  • Communicate and discuss about complex strategic solutions in a way that is understandable both to the professional and wider public.


  • Apply the principles of sustainable development at the macro and micro levels.
  • Make decisions in accordance with the public interest and social responsibility.

The Programme qualify students for the following professional positions:

  • Strategic Plan and Policy Manager
  • Research and Development Manager
  • Public Policy Advisor
  • Economic Advisor
  • Economic Analysis

Teaching and research qualifications:

  • Teacher in secondary vocational education
  • Associate in Economic Sciences



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 basket:

  • Introduction to Development Economics
  • Theory of Growth and Development
  • Public Finance
  • Agricultural Economics

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