International Economic Relations


International economic relations are a set of different relations of countries, enterprises, international organizations, that through economic interaction manifest their social, political and other aspects of modern global relations. In the period of globalization of the world economy, national economies cannot develop without significant interaction with the world market and global institutions. The International Economic Relations programme will provide students with the combination of knowledge and skills about modern relations in the world economy. This refers both to macro-level phenomena, regarding international economic organizations, foreign trade policy, international finance, international development; as well as to the business level, regarding the actors and flows of international business, international business contracts, e-commerce and business strategies. Students’ competences gained through this master programme are an upgrade of the knowledge and skills gained through the undergraduate studies, directed towards management and analytical 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: 50
Government-funded quota: 10
Contact: Email:
Phone: +381698066384, +381698066385, +381698066386



Programme of the International Economic Relations module



The module has the following aims:

  • To upgrade the students` competences (knowledge and skills) acquired in the undergraduate academic studies in the field of international economic relations
  • To profile executives for companies operating in an international setting, as well as for international institutions and their representative offices
  • To develop academic capacity in conducting economic research
  • To educate professionals who demonstrate and promote the importance of academic knowledge.

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

  • Manage the process of adopting and changing foreign trade policies in competent institutions and assess their adequacy
  • Compare and evaluate management models and manage financial institutions operating in an international environment
  • Manage risks in international business
  • Manage foreign direct investment projects
  • Formulate and propose strategic decisions for the foreign trade company in which he/she is employed
  • Master negotiation skills in international business
  • Analyse international business contracts and EU law and know how to protect the interests of the company
  • Manage projects of the scientific research in the field of international economic relations
  • Apply professional judgment and critical thinking in business decision-making processes
  • Propose and define new guidelines for changing foreign trade policy
  • Demonstrate a systematic approach in the investment and financial decision-making process
  • Make decisions regarding international financial arrangements and international payments
  • Evaluate the consequences of various external shocks on Serbia as a small open economy
  • Assess different economic/financial problems in the international commodity and capital markets and outline possible solutions
  • Manage complex and unforeseen situations that require new solutions in order to increase export competitiveness
  • Assess whether the conditions for conducting international transactions are fulfilled
  • Critically perceive the effects of Serbia’s arrangements with international financial institutions
  • Be able to understand EU rules and institutes and to identify relevant ones for the solution of a specific problem
  • Develop skills necessary to perform export-import operations and to manage foreign trade companies
  • Present and suggest the choice of appropriate instruments aimed at ensuring that obligations from the contracts are fulfilled
  • Adopt a multidisciplinary approach which is necessary in international business.

In addition to the professions presented at the level of undergraduate studies with advanced knowledge, master studies in this module prepare students for the following professions:

  • Foreign Trade Manager
  • Public Policy Advisor
  • Economic Affairs Advisor
  • Assistant Minister
  • Lecturer in educational institutions
  • Researcher at institutes
  • Director of an international organization
  • Chairman of the Chamber of Commerce
  • Research and Development 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:

  • International Economics
  • International Commercial Law
  • International 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