Faculties of Economics in Serbia are in re-organizational phase in accordance with principles of Bologna process and needs of national economy. Curricula for studies of Economics at Universities in Serbia have been created in order to cooperate with the national economy and to follow and influence its development through graduate, postgraduate and doctoral studies and scientific research. In conformity with the strategy of the country with industry dominating, Curricula were designed at Faculties of Economics in Serbia and were mostly orientated towards industrialization processes during the period of 50 years. However, during last few years, because of all the changes brought to our country regarding needs and requirements of the environment, Faculties of Economics have applied up-to-date processes by introducing new courses at graduate and postgraduate studies. Priorities, target groups and models of studies are recognized, study programs and undergraduate studies are started in accordance to Higher Education Law on September 2005 which is the base for legislative and institutional frame for reorganization and rationalization of study programs related to Business Management and Economics in Serbia. These activities are supported with TEMPUS projects JEP CD 41146 – 2006 “Rationalization of the postgraduate studies in Business Management and Economics in Serbia”. Result of this project is adopted new study programs for undergraduate study on three State Faculty of Economics (Belgrade, Kragujevac and Nis). On Faculties of Economics in Belgrade, Kragujevac and Nis on undergraduate study level there are about 19.000 students and are engaged about 300 academic staff and 200 administrative staff.

The basic resources for organization of master studies are competent professors and experiences from previous master and special studies. Master studies last 2 years plus period for writing of master thesis, according to Higher Education Law, and special studies last 1 year plus period for preparing specialist paper. Since today 2169 students received master degree on the Faculty of Economics in Belgrade, 91 in Kragujevac and 90 in Nis. Indicator of low level of quality of teaching process is relation between number of masters and number of registered students which is less 20%. The average success on exams is highest in Serbia (about 70%) but old and non-optimized study programs resulted in students’ giving up and not finishing their studies. The next characteristic of old master studies is relatively small number of enrolled students and dominantly mentorship approach to studies, especially in the second year of the studies. This fact resulted in low economic effects of studies.

Master studies exist on the Faculty of Economics in Kragujevac since 1991. During that time 91 students have received master degree. In the very first year of master studies in 1991, there were 120 students enrolled. On the Faculty of Economics in Kragujevac number of academic staff is 78 (38 professors and 40 assistants) and number of employed in administration and support services is 46. Up to now, master studies have been organized in the following fields: Business economy, Management, Marketing, Finance and accounting, Managerial and organizational methods and Macro-economics.

Master studies exist on Faculty of Economics in Belgrade since 1969. During that time 2169 students finished master degree program (last year 58 of them). Every year there are 300 to 400 students studding master programs. Number of academic staff is 130. Master studies have been organized in the following fields: Banking and financial management, Actuality, Economics of business, Market economy and state government, Organization and management, International economy, Rural economy and business, Econometric, Theory and policy of business growth , Fiscal and monetary management, International management and marketing, Statistic analysis, Management information systems, Operational researches, Management in trading, Demography, Marketing management, Management in tourism, Financial and accounting analysis.

Number of academic staff employed at the Faculty of Economics in Nis is 77. Master studies have been organized in the following fields: Growth management, Theory and policy of economic development, Monetary economics and banking, Accountancy and management, Management, Marketing, Efficiency of companies strategy, Strategic management, Business management, Foreign trade, Agro-industrial management, Decision support IS. In the last 4 years, 40 students enrolled master studies per year. Since today 90 students received master degree.

After two years of studies and after completing all courses students had to work on their master thesis which has individual scientific research character. All postgraduate students at Faculties of Economy in Serbia have foreign language course during their studies (mostly one foreign language, and some of them two foreign languages). Only small number of them has the opportunity to improve their knowledge of foreign language through study stays in EU countries. According to these facts we can identify communication gap.

Despite the measurable improvements within the study programs of the Faculties of Economics in Serbia, studies of Economics are not satisfactory for the following reasons:

    - prevailing old-fashioned ex-cathedra approach to education with insufficient two-way communication and individual students’ work,

    - old-fashioned Curricula is not in accordance with domestic needs and European trends,

    - insufficiency of teaching material from contemporary economics and management (banking, insurance, tourism, stock exchange, entrepreneurship, e-business, e-commerce and other services),

    - long duration of studies,

    - insufficient use of information and communication technologies in teaching processes, management staff, student affairs office, library, communication with students, communication with the environment,

    - weak links with other faculties within the University in order to realize interdisciplinary and multidisciplinary studies,

    - rudimentary students’ knowledge of foreign languages and information technologies,

    - low number of computers available (1 computer at approximately 50 students).

There are two groups of reasons for rationalization of master studies:

    - needs and demands of stakeholders, specially economic entities, students, Government departments and Universities and

    - legislative for High education according to integration in European education area.

The demands and needs of business are: special knowledge connected with a new study programs and courses in the master studies, need for larger number of students with this new knowledge, specialized knowledge for some characteristic fields with interdisciplinary and multidisciplinary approach and knowledge, students of master studies should have ability for further learning, creativity and team work and large difference in business branches demands large diversification of study programs and courses.

The demands and needs of students are: effective acquisition of knowledge that are competitive on domestic and EU market, higher permeability on studies and compatibility with other EU Universities and improved mobility of students.

The demands and needs of Universities and Faculties are: increase of offer of different education services, increase of income and horizontal interconnection with other entities, Faculties and Universities.

The demands and needs of Ministry of education and sport and Ministry of science and environment protection are: development of scientific fields that are subject of master studies, increase of number of accreditations of Universities/Faculties and contribution to harmonious economic growth.





Faculty of Economics, Djure Pucara Starog 3, 34000 Kragujevac, Serbia

tel. +38134303502, fax. +38134303516


Text Box: University of Kragujevac, Faculty of Economics