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Financial Management

Level of studies

Study holder

J.J. Strossmayer University of Osijek, Faculty of Economics in Osijek

Undergraduate

a) The purpose of the undergraduate and graduate programme of study in Financial management lies in the fact that the financial system across all its markets, as well as different types of work related to finances (financial operative units, planning, investment budget, etc.), work in accounting records, audit, tax consulting, and the like, have great importance in the world economy and absorb a large proportion of the newly employed. In developing economic systems, such as Croatian, these types of work have been given an inadequate treatment. However, in the course of current developments, this has been improved, and consequently there is a larger demand for this profession than others. For this reason there is a substantial demand for the personnel in this profession, and their working positions include banks, insurance companies, savings banks, savings and mutual loan societies, societies for investment and pension fund administration, brokerage firms, investment advisers, tax consultants, auditors, and financial experts in companies of all sizes. Considering the features of the study programme and the offered elective courses, the students who complete this programme can also work in the public and government sector, as well as in the local government in financial, accounting and tax-related positions. The students who finished four-year university studies in Financial management according to the existing programme have in fact up to now acquired jobs in such positions in private, public and government sector with different employers.

This programme is closely connected to contemporary scientific insights, which was equally the case with the already-existing four-year programme created at the beginning of the 1990’s, after the process of economic adjustment of Croatian economy to the market economy had been initiated. A big part of this adjustment referred to the financial system, in which the process was also the most intense. Subsequently, this generated the demand for the appropriate professions and experts in this field. Due to the fact that this development resulted in a new legal framework, as well as new institutions (stock markets, investment and pension funds), instigated commercial and state audit, and demanded more extensive knowledge in the field of management, the proposed undergraduate and graduate programme has included the innovations surrounding these new circumstances. Yet it also anticipated the changes still to happen within the financial system of the Republic of Croatia in the future, which are already the components of the developed financial systems. In order for students to be able to gain additional knowledge according to their preference, there are a larger number of elective courses offered, which give students the opportunity to receive additional information and skills in the field of accounting or other financial disciplines. Additionally, by choosing the courses within other study programmes they can gain knowledge in computer technology, management, marketing, etc. The possibility of choosing the elective courses is in particular the feature of the graduate study programme. The educational process fostered by the undergraduate and graduate studies will, along with general and methodological disciplines, encompass the contemporary theoretical trends in micro- and macroeconomics, management, marketing, as well as international economic relations, accounting, public and monetary finances, banking, financial management, financial analysis, investment, portfolio theory and management, audit, insurance, etc. Moreover, practical skills will be developed, which will be useful to the students in their everyday work activities. This programme is analogous to the programmes at the New York University (USA), Southern Illinois University (USA), as well as The University of Liverpool (Great Britain).

b) The programme of study in Financial management is the component of the already-existing programmes of graduate and postgraduate education at the Faculty of Economics in Osijek. The course of study Financial management has been in existence since 1997 and was preceded by the course of study Finances. Among the students there is wide interest in this course of study, the proof of which is the years-long experience, as Financial management is selected by 60-70% of the third-year students enrolled into the graduate programme (120-160 students per year). The postgraduate programme “Finances and Banking” also raises a lot of interest: so far two generations with approximately 70 students have been enrolled.

In the case of undergraduate studies, we are fully staffed for all courses with teachers, who all have appropriate scientific titles and are fully employed at the Faculty of Economics in Osijek, and in the case of graduate studies most of the courses are taught by our own faculty. Due to the fact that the graduate study will require three to four years until the realisation of the programme can be initiated, by which time several research assistants will have been awarded the appropriate scientific titles, all the positions will be filled by permanent staff of the Faculty of Economics in Osijek. Nevertheless, cooperation with the professors from other national and international universities will be a continuous part of the educational process.

c) Students who complete the undergraduate programme of study in Financial management will be able to continue their graduate studies within analogous graduate programmes in Croatia and Europe. The existing graduate programme of study in Financial management has already been accepted and our university degree was formally recognized at the Lund University, Sweden. Since the programme contents are coordinated in such a manner that they are analogous to the programmes of corresponding European universities, it can be expected that the students will be able to transfer to other universities. Students who finish the undergraduate programme within other programmes of study and wish to transfer to the graduate study in Financial management will be required to pass differential exams.