Economics and Management of Energetics


Academic programme of master studies “Economics and Management of Energetics ” (60 ECTS) belongs to the graduate (second) cycle of studying in the area of economics, specifically economic analysis and economic policy.

The programme follows highly dynamic evolution in the economic environment, and satisfies the needs for new competences, knowledge and skills which are necessary for graduate economists and required by companies and government institutes. At the same time, the programme follows all innovations in the area of education such as standards of Bologna process, as well as the directions of development of tertiary education in Serbia, with the aim of providing quality, flexible and efficient educational process.

The programme is designed in a way that gives the knowledge and skills to students required for work in the sector of energetics. We welcome all students who want to develop their careers in professions of leaders and consultants in the sector of energetics on the tasks of economic analysts and consultants in business sector, as well as on the tasks related to the formulation, realization and creation of energy policy, and in government institutions (ministries and agencies). The knowledge and competencies given by this programme provide students with the possibility to continue scientific research on PhD level.


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


Graduate academic programme “Economics and Management of Energetics” (60 ECTS) belongs to the second cycle of tertiary education in the area of economics and specifically economics and management of energetics.

The programme “Economics and Management of Energetics” offers knowledge in the area related to the part of the programme which covers narrow scientific discipline and core content of the programme, as well as supplementary content.

Students acquire knowledge in energetics, organization of energy subjects, price and tariff policy in energetics, energy systems, investment management and investment policy in energetics, human resource management, quality management, operational management and management of performances, as well as macroeconomic content necessary for performing tasks in designing and implementing energy policy.

Curriculum of the academic programme “Economics and Management of Energetics” involves mandatory and elective courses, as well as preparation and defence of master thesis. Mandatory courses carry 21 ECTS, as well as the electives. By preparation and defence of master thesis student acquires 18 ECTS.


Programme aims to:

  • Educate experts – master degree economists who will have highly-specialized competencies of experts in the sector of energetics, and will be able to perform the tasks on various levels of organizations in the energetics sector
  • Educate experts – master degree economists who will be competent in performing complex economic tasks on the high and medium management levels in sector of energetics, as well as in formulating and implementing development policy of energetics sector
  • Educate experts – master degree economists who will be competent in managing the energetics sector companies and other subjects in that area, as well as to successfully participate in the regulation of that sector
  • Introduce graduates to professions of leaders and consultants in the area of energy policymaking on the national level
  • Educate young scientists and involve them in research in the area of economics and management of energetics and prepare them to continue their education on PhD level
  • Educate experts and leaders who will professionally and in an ethical way perform tasks of master-degree economist in the area of energetics.

After successful completion of the program, student will be able to:

  • Apply economic concepts (microeconomic and macroeconomic) in solving real economic problems in energetics sector such as: price policy, regulation policy, investment on macro and micro level
  • Formulate and test various economic models in energetics which assumes the ability to apply economic analysis in problems of energy-generating products and ways in which world markets of energy function
  • Apply methods of economic analysis in choosing alternative options of energy policy (cost-benefit analysis)
  • Manage analytical work in electric energy companies
  • Manage analytical work in public sector of energetics – EPS, EMS, ministry and government agencies (for energetics and energy efficiency)
  • Formulate and manage complex projects in energetics sector (on the level of state and individual companies) including investment projects
  • Formulate and manage economic policy in domain of energetics sector (price policy, investment etc.)
  • Work on analytical and managing tasks in international agencies and organization for energetics
  • Use concept, methods and techniques of contemporary management in energetics
  • Use interpersonal and communication skills: team work, communications, conflict solving, negotiation, development of interpersonal relations, evaluation of results, leadership
  • Perform individually and with full responsibility perform managing role in the most complex projects in energetics
  • Easily accept new solutions and arguments with critical opinion and ethics on work
  • Control the work process and evaluate performance of others.

Jobs which can be performed by students after the graduation from “Economics and Management of Energetics” programme are: consultant position in analytical sector in energy companies; consultant position in analytical sector in public sector of energetics; consultant position in development sector in energy subjects; consultant position in sector of investment management on various levels (micro-companies, macro – regions and state); managing position in analytical sector in electric energy companies; managing position in development sector in electric energy companies; managing position in public sector of energetics; managing position in agencies for energetics; managing regulatory policy in energetics sector, analyst of tendencies on the energy markets and overall energy system in institutes.


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:

  • Basic Macroeconomics
  • Macroeconomic Analysis
  • International Commercial Law
  • Mathematics

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 ranking 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