Master in Applied Economics


Contemporary economics is challenged by many emerging global trends, including globalization, ageing of population and migrations, accelerated technological progress and climate change. At the same time, digitalization has triggered production of large datasets (big data) and facilitated development of machine learning techniques, which create a novel opportunities for empirical evaluation of economic phenomena. This programme trains students to combine cutting-edge theoretical models and state-of-the-art empirical tools, in evaluating the economic phenomena and economic policy, by taking into account these global challenges.

International Master in Applied Economics (IMAE) provides modern curriculum, which is delivered by renowned domestic and international academics and reputable guest lecturers – economic policy practitioners. In addition to high-quality academic training, this programme provides options for the internships at reputable national and European policy and financial institutions, think tanks and corporations. Experience and exposure to practical problems during internship will facilitate student’s work on preparation of the master thesis, which can be focused on academic or applied/policy issues.

As such, this programme offers outstanding career opportunities, in international organizations, financial institutions, public sector, non-for profit organizations or academia. Modern design of the programme and its strong quantitative focus also provides an excellent foundation for those who want to pursue enrolment into doctoral studies, either in Serbia or at the top foreign universities.


DURATION:2 semesters (60 ECTS)

START: Applications: September
Start of semester: October
DEGREE: Master of Science (MSc) in Economics
FEES: Eur 4,000 per year
For distinguished candidates scholarships (up to 25%) are available and for the best ranked candidate scholarship up to 50%.



  • Development of competences for critical evaluation of fundamental concepts in economic theory and effective use of methods of empirical analysis;
  • Mastering modern methods and techniques of data collection, processing and analysis, including work with big data, using relevant software packages;
  • Training experts for analytical, advisory and management tasks in corporate sector, public policy organizations and international economic, financial and political institutions.

Considering strong analytical foundations, graduates from this programme will be able to follow doctoral studies in economics as well as to conduct economic research independently.

After successful completion of the programme, students will be able to:

  • Apply fundamental theoretical concepts to critically evaluate optimal decisions made by consumers and investors, to analyze the factors of economic growth, to understand labour market phenomena as well as causes and consequences of income inequality and poverty;
  • Evaluate the role of government in economy and impact of government intervention on households and businesses;
  • Understand the behavioural models of economic decision-making;
  • Empirically analyze and forecast economic phenomena and policies using econometrics, machine learning, experimental and quasi-experimental methods;
  • Effectively use modern software packages (e.g. STATA, R) for data processing (including big data), as well as for statistical and econometric analysis;
  • Create and evaluate business and public policies, while taking into account the public interest and social responsibility.

Graduates from this programme will be able to pursue career in a wide range of professions, which require strong analytical skills, including, but not limited to, the following positions:

  • Experts in economics – Economist, Econometrician, Labour economist, Economic analyst, Economic advisor, Economic researcher;
  • Public policy expert – Public policy analyst, Public policy advisor;
  • Mid-level and senior government officials – The governor and vice-governor of the central bank, Director of an international organization, State secretary, etc.
  • Teaching staff at higher education institutions
  • Research and Development Executives

This programme also provides a good basis for pursuing doctoral studies in the Serbia or at high ranked university abroad.


Curriculum of this programme combines fundamental theoretical courses with state-of-the-art empirical courses, which together with the internship and exposure to high-quality research seminar aims to develop modern competences and critical thinking.


Enrolment is open for candidates who hold at least an academic bachelor degree with 240 ECTS.

Eligible applicants will be invited to an interview, at which their motivation and English language skills will be evaluated. Ranking of applicants will be based on their bachelor degree performance and the results at the interview.

Application documents:

  • Bachelor degree (a copy)
  • CV
  • Language certificate competence – B2 level
  • Motivation letter (up to 500 words)
    Letter should include contact of one academic or professional reference

Admission is limited to 25 candidates.

Applications are open throughout the year. Registered candidates will be invited to formally submit documents and for the interview in September.

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 IMAE 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:


Annual fees for entry in 2023-2024 are EUR 4,000. For distinguished candidates scholarships (up to 25%of the annual fee) are available and for the best ranked candidate scholarship up to 50%.

For foreign citizens annual fees for entry 2023/24 are EUR 6,000.

The first payment (20% of the fee) is payable upon admission, while the remaining amount is payable in 4 installments:

I installment: 20% – upon admission
II installment: 20% – until December 15.2023.
III installment : 20% – until February 15.2024.
IV installment : 20% – until April 15. 2024.
V installment : 20% – until June 15. 2024.




University of Belgrade – Faculty of Economics
Kamenička 6, 11000 Belgrade, Serbia