Program and Course InformationBusiness Mathematics and Economics - Program in English
Overview of the Program
The structure of the Business Mathematics & Economics program is designed in such a way that the first two years comprise of basic (core) mathematics and economics courses which cover applied mathematics in economics and business administration. Through this, students acquire theoretical knowledge, while intensively applying information technologies and software programs. In the third year, students learn how to program mathematical algorithms for solving problems in business, while also deepening their knowledge of financial mathematics and optimization. During the fourth year, students will take a Capstone course in which they will participate in the project development and solving business cases using all of their acquired knowledge thus far. Also, in the fourth year students are offered elective courses which will allow them to further specialize in the fields of financial mathematics and/or optimization.
Lectures and exercises are taught by faculty with extensive experience, both in Croatia and around the world. Additionally, within the context of cooperation with the business community, students have the opportunity to hear from guest lecturers who will share their experiences, notably applied knowledge and specific problems that they solve using mathematical methods, ranging from financial problems to programming, creating algorithms for optimization, forecasting, etc.
The Business Mathematics & Economics program provides a business, economics, mathematics, and quantitative foundation for successful work in Croatia, Europe and the rest of the world–for careers in banking, insurance and other institutions in the financial, administration, manufacturing, distribution, logistics, telecommunications, and software industries/sectors.
Classes are held in the English language and students are therefore expected to have active & passive knowledge of the English language. Students have at their disposal all the resources and services of ZSEM, from international exchange opportunities and services of the Career Center, in addition to access to the library, computer classrooms and online databases. Students receive literature for each academic year into which they enroll and the literature consists of the world’s best textbooks from the MATE publishing house.
Students in the program have all of the student rights of full-time students, which includes getting the student X card (in Croatian,X-ica), the right to a student transportation pass, student services at student centers in Zagreb as well as accommodation in student dormitories of the Student Center.
|First semester||Second semester|
|Elementary Mathematics||Mathematical Analysis 2|
|Mathematical Analysis 1||Principles of Economics 2|
|Linear Algebra 1||Principles of Probability and Statistics|
|Principles of Economics 1||Application of Software Packages in Mathematics|
|English Language||Linear Algebra 2|
|Third semester||Fourth semester|
|Numerical Methods in Economics||Mathematical Principles of Economic Analysis|
|Linear Programming||Principles of Financial Mathematics|
|Principles of Accounting||Principles of Law|
|Fifth semester||Sixth semester|
|Econometrics 2||Stochastic Processes|
|Excel for Mathematical Modeling||Financial Mathematics|
|Ordinary Differential Equations||Marketing|
|Principles of Management||Economics for Managers|
|Business Communication and Correspondence||Programming|
|Seventh semester||Eighth semester|
|Dynamical Systems in Economics||Capstone course|
|Graph Theory||Elective – Mathematics|
|Public Finance||Elective – Mathematics|
|Business Finance||Undergraduate Thesis in Mathematics|
|Financial Institutions and Markets|
During their undergraduate education, students must select and complete five course electives, which determine their concentration at the undergraduate level. ZSEM has prepared a long list of various course electives for its student, and the list keeps on growing every year. Besides courses related to the major field of study, students are given the opportunity to choose among many language courses. ZSEM is the only school in Croatia, which offers to its students courses in Chinese, Japanese and Arabic.
Principles of Economics 1
The course familiarizes students with basic concepts from the field of microeconomics, which studies the behavior of economic agents such as producers, industries, individual consumers and their respective relations. The goal of this course is to study how and if an economy uses its scarce resources to maximize goals (profits, utility) of society. The course starts off with an introduction to markets, the concept of supply and demand and continues with an analysis of the economic behavior of consumers and producers – how firms decided how much to produce, how producers maximize profits, and how perfect competition and other market structures such as monopolies and oligopoliesfunction. This course provides students with an introduction to the most important concepts in economics, providing them with a foundation for more advanced courses.
In today’s increasingly globalized world, undergoing constant technological and market transformations, we have an imperative to cooperate and do business with companies from all over the world. Topics covered include the special distribution and global flows of elements vital to the global economy, such as energy, commodities, financial capital, and others. Students will be introduced to core processes that are changing the worldeconomy and societies such as globalization, aging populations, the emergence of mega-cities, and the new economy. Finally, students will analyze the economies of different parts of the world while emphasizing Croatia. After this course, students will have a better insight into economic processes that are changing the world, and will be more prepared to work in an international and multicultural environment.
Information and Communication Technologies
New technologies have revolutionized the way in which we live and do business. In today’s business world, we have an imperative to be informed on technological trends, as it’s necessary to stay competitive on the labor market. In this course, students will be introduced to basic concepts of operating systems, they will then learn to use MS Office, fracture text, process images, create presentations, create a web page, and create a simple database. The course also covers more advanced topics such as mobile communications, computer networks, e-commerce, and the relationship between ethics and ICT. By completing this course, students will become more technologically literate; able to adapt to technological circumstances at their place of work.
English for Economists
The English language has emerged as the world’s most popular language in business. Most multinational corporations, regardless of their country of origin, frequently use English as their official language, requiring all internal communications to be in English. Participating in this course enables students to understand, actively use and talk about the key concepts in business and economics. The course primarily focuses on the vocabulary students can come across in the fields of management, macroeconomics, entrepreneurship, business ethics, and others. It also introduces the terms and concepts students will come across while reading books, magazines, newspapers and browsing through web pages closely connected to business practice and the global economic situation, and use them in written and oral communication.
Engleski jezik je nedvojbeno najpopularniji jezik u poslovnom svijetu. Većina multinacionalnih korporacija, bez obzira koja im je matična zemlja, koristi engleski kao službeni jezik, i zahtijevaju da se pritom sve interne komunikacije odvijaju na tom jeziku. Ovaj kolegij jezično obrađuje najvažnije pojmove iz grana poput managementa, makroekonomije, ekonomije i drugih. Kolegij će predstaviti studentima pojmove iz područja ekonomije s kojima će se susretati u knjigama, novinama, časopisima i na internetskim stranicama. Studente ćemo osposobit za aktivno korištenje termina u usmenom i pismenom izražavanju, razviti ćemo njihovo razumijevanje ekonomskih i poslovnih tekstova, usavršiti vještinu slušanja i razumijevanja usmene komunikacije, te pomoći im kako bi razvili sposobnost kritičkog razmišljanja na engleskom.
Cilj kolegija je upoznati polaznike s osnovnim pojmovima matematičke analize, tj. diferencijalnog i integralnog računa, potrebnim za različite primjene u ekonomiji. Studenti kroz predavanja, vježbe, čitanje literature i samostalno rješavanje zadataka savladavaju tehnike i pojmove matematičke analize: funkcija jedne i više varijabli, graf funkcije, osnovna svojstva elementarnih funkcija, granična vrijednost (limes), neprekidnost, derivacija, tehnike optimizacije funkcija i integral. Sve teme bit će ilustrirane primjerima iz ekonomije.
Introduction to Philosophy
One of the goals of the Zagreb School of Economics and Management is to educate students in order for them to become responsible and ethically aware citizens, as well as successful businesspeople. This course will present philosophy to students as a practical and applicable way to analyze the way individuals act in certain situations, how they make decisions and achieve their goals. Introduction to Philosophy prepares students for other courses in the humanistic fields such as Business Ethics, courses in the areas of law, sociology, psychology, and others. During this course, students will be confronted with ethical and political dilemmas. The goal of this course is to prepare students to keep a sharp focus on efficiency and profitability as well as on morality and culture once they graduate and commence their careers.
The course is designed to prepare students for success in a globalized, multicultural business world. Considering of effect of a societal context on economic activity, knowledge of sociology as a prerequisite of understanding business is equally as important as being adept in mathematics in order to understand finance and statistics. Through this course, students will learn how society is organized and how it operates, and how domestic and social forces influence social institutions and processes of social change, and the course will emphasize the importance of understanding our social reality and power relations. After completing this course, students will understand how a sociological perspective is helpful in marketing research such as consumer satisfaction or market segmentation or different analysis of people and their needs. Students will also learn how domestic and social forces influence social institutions and processes of social change.
Principles of Economics 2
This course continues building on the theoretical foundation of Principles of Economics 1, as in this course students will be introduces to the Macroeconomics, and the terms and foundations of this area of economics. Therefore, this course covers topics such as distribution of income and poverty; basic macroeconomic aggregates and system of national accounts, aggregate supply and demand, multiplier in open and closed economy; the banking system and its significance for economic development, central banks, inflation and price stabilization, indebtedness; open economy – trade, exchange rate policy, comparative advantages and protectionism, and much more. Students will learn how to use basic analytical tools and models in order to critically analyze and interpret aggregate macroeconomic variables, and engage in cross-country comparisons.
This course continues building on the foundations of Mathematics 1 by introducing students to elementary terms such as linear algebra and linear programming, which are applicable in various areas of economics. Topics covered include linear differential and differential equations, and also a short introduction to game theory. One of the goals of this course is to expand students’ knowledge of integral equations, which they were introduced to Mathematics 1, to help students master the techniques of linear algebra, introduce them to problems of linear programming, and to cover the principles of game theory (games of two players with a zero sum result). All of these themes will be illustrated by examples of their application in the field of economics. Students will also be introduces to software for solving mathematical problems.
In order to conduct any quantitative analysis or primary research, a working knowledge of statistics is vital. This course will introduce students to basic statistical concepts such as random variables, frequency distribution, mode, median, arithmetic means, dispersion measures, probability, and basic distributions of discrete and continued random variables. All topics will be illustrated with examples of their practical use in the areas of economics and business. This course will also help students develop a statistical mindset and to use precise statistic terms in order to communicate their findings. The coursework in Statistics 1 will be further built upon in Statistics 2, which students take in the following semester.
Mathematics for Economists and Managers
This course gives participants an insight into basic terms and methods of mathematical analysis of business, which is increasingly important when making decisions in a real business environment. Themes that are covered in this course include classic business mathematics such as calculating the cost of labor and capital; analyzing financial reports based on a familiarity of their structure and different; simple and complex interest calculus; applying interest to deposits; calculating loan repayment installments; different interest rates; periodical deposits and disbursements; and compounded interest and loan conversion. By learning about these mathematical techniques for analyzing businesses, students will be able to formulate an opinion regardless of the business situation they are currently in, once they enter the business world.
Introduction to Law
The goal of this course is to introduce participants to the importance of law for economists and particular legal institutes that operate in different branches of law. This course represents a rounded whole, as students are first introduced to public law through an analysis of the most important determinants of constitutional and administrative law, and then are introduces to the basics of property and obligations law, as well as fundamental institutions in the area of labor law, along with methods of solving conflicts between different business entities. As having a health understanding of the basic characteristics of the legal environment is a prerequisite for doing business successfully, learning about law is an imperative for every modern manager.
The main goal of this course is to enable students to understand, actively use and talk about the key concepts in business and economics. The course will primarily focus on the vocabulary students can come across in the fields of management, production, marketing, finance and macroeconomics.
Other goals for this course include:
– introducing the terms and concepts students will come across while reading books, magazines, newspapers and browsing through web pages, which are closely connected to business practice and the global economic situation.
– enabling students to actively use the acquired terminology in written and oral communication
– developing an understanding of authentic economic and business texts
– improving students’ listening skills and listening comprehension
– enabling students to use English to critically analyze and discuss business-related topics
Students will have access to authentic economic texts and interviews. They will be asked to engage in a variety of speaking activities, to work individually or in small groups.
Introduction to Accounting
The goal of this course is to introduce students to the principles of accounting through which they will be able to analyze basic financial reports, similar to those they will encounter upon entering the business world. Course participants will be introduces to the most importance accounting principles of bookkeeping. A special emphasis will be placed on accounting techniques for recording assets, liabilities, capital, revenue and expenditures, as well as creating final financial reports. At the conclusion of the course, students will be introduces to the principles of managerial accounting and cost accounting, which will be studied in each of their respective courses. By actively participating in classes and exercises and by contributing to individual and team assignments, students will develop the capability to make independent business decisions based on external financial reports.
Microeconomics focuses on the behavior of economic agents, such as producers and consumers, their respective (inter)relations, and different market structures. The course starts with an introduction to markets and role of prices and continues with the following topics: detailed analysis of supply and demand and their respective determinants; behavior of consumers and the way they maximize their utility; theory of production and costs; how firms maximize their profitability; perfectly competitive and imperfectly competitive (monopoly, oligopoly, monopolistic competition) market structures; strategic interaction of firms on imperfectly competitive markets; and more. This course will enable students to successfully analyze microeconomic problems and to follow the most up-to-date literature on the subject.
The ability to communicate is vital element in today’s business and management environments. Communication skills often represent the difference between success and failure. The goal of this course is to aid students in their development of business communication skills as future managers and successful business people. This course will cover networks, structures, and communication models within organizations, so that they may adapt their communications to the needs and goals of their organization. Students will also learn to recognize that communication skills aren’t a goal, they’re a method and tool which can help them achieve their goals.
Many entrepreneurs and business people can testify to the fact that it’s not enough to have an interesting business idea; one must also know how to communicate that idea to others. For this reason, the Zagreb School of Economics and Managements offers an obligatory Rhetorics course in order to teach students how to effectively and convincingly present their ideas to others. By preparing a speech or a debate, students will learn how to collect, organize, articulate, remember, and say everything they want to transmit to their audience, all within set rhetorical frameworks. By analyzing video and audio examples of speeches, students will learn to critically analyze the quality of certain rhetoric and learn which kind of verbal communication style they must use in different business situations.
Business Communication in English
Conducting research is fundamental to serious study and development of any profession, including Economics, Management, as well as any type of Business Communication. Such research is introduced to and accepted by the professional community it applies to through the use of research papers and reports. The writing of research papers is governed by standardized rules and guidelines specific to the fields of research. In this course you will learn and practice research paper writing and presentation skills which include: Defining a constructive thesis/research question, Evaluating and integrating sources, Preparing a formal business report, Using documentation style guides (APA), Preparing PowerPoint presentations to present research findings, Presenting in front of an audience.
This course continues building on the theoretical foundation of Statistics 1 by introducing students to statistical concepts and techniques needed for various applications in economics. Students, through lectures, exercises, readings and autonomous problem solving, will be able to estimate population parameters using confidence intervals and to perform hypothesis testing. Furthermore, they will acquire basic knowledge of application of regression analysis (simple and multiple) and Analysis of Variance (ANOVA) using Excel. Students will also be able to analyze time series in order to analyze an plan future business activities.
The Social Psychology course aims to provide a theoretical foundation for understanding organizational psychology, human resource management, and consumer behavior, all of which will all be covered in courses the senior years of this undergraduate program. Topics covered in this course include social opinion, social behavior and influence, social perception, cognition, non-verbal communication, social attitudes, leadership styles, and characteristics and forms of social influence. The course is organized as a combination of lectures and exercises, and topics that are taught in class will be demonstrated through simulation exercises in the form of well-known experiments, workshops, quizzes, and videos.
This course covers basic macroeconomic theory, and covers the following key concepts: Macroeconomic variables and relations between them; Goods and services marked, the financial market, and the labor market; Aggregate supply and demand; the open economy – international trade, exchange rates, balance of payments, interest rate parity; and the influence of expectations on macroeconomic aggregates. These theoretical concepts will be applied through case studies pertaining everyday economic life in Croatia and abroad, and students will engage in discussions on recent local and global macroeconomic developments. This course completes the series four basic economic courses which students must take in their first two years in the undergraduate program.
The goal of this course is to introduce students to concepts that will help them understand how the state influences business and the overall economy. Topics covered in this course include: public goods; economic function of the government; economic reasons which justify and explain state intervention in the economic sector; and the main effects of fiscal policy.Students will also become familiar with the process of state budget creation, the distinction between government revenues and expenditures, and they will gain understanding in procedures for financing of government budget and public debt. After taking this course, students will understand the principles of public finance, and will be able to analyze the interaction of fiscal policies with the private sector.
The goal of the Financial Accounting course is to introduce students to the principles of applying international accounting standards. Course participants will learn how to use a Chart of Accounts and will learn to apply bookkeeping techniques, which a crucial skill in one wants to understand how to run a company or any other organization. Students will also learn how to create financial reports such as the balance sheet, profit and loss statements, cash flow reports, and reports on changes in equity. During lectures and exercises, students will solve a large number of assignments and case studies that are applicable to real business situations. By actively participating in classes and solving group and individual assignments, student will develop their business decision making skills based on external financial reports.
Business Communication in English 2
This course will primarily focus on written business correspondence, but will also cover several aspects of oral business communication. Fundamental to any communication course and especially to business communication is the idea that writers/speakers need to know how to adapt to the rhetorical context, which includes audience, subject, purpose, and media. In this course you will practice exercising critical reading, thinking, and writing skills such as: choosing the appropriate tone and outlook for business correspondence, articulating clear, concise, and successful business messages, adjusting your writing to multiple audiences, purposes, and conventions.
The goal of this course is to introduce the students with basic notions and principles of corporate law and governance and both economic and legal relationships that corporations establish on the market. A solid understanding of law is crucial for understanding market relations and the modern economy. Therefore, the knowledge provided through this course is completely applicable to business practice.The course integrates two legal disciplines: corporate law and commercial contracts law. In the segment of corporate law, students learn about procedures of founding, organizing and managing corporations and other commercial entities. In the segment of commercial contracts law, students learn basic legal and economic relationships established by entrepreneurs on the market.
The goal of this course is to help students master the basic categories of costs and different types of costs depending on their outcomes, cost centers, and responsibility centers. Participants in this course will learn about classical methods of cost calculation such as total and marginal costs, and will learn to calculate average costs. After that, students will be introduced to cost calculation methods such as the ABC method, product life cycle costs, quality costs, and ecological costs. By taking this class, by completing assignments and passing exams, students will develop the capability to make business decisions based on internal financial reports.
Financial Institutions and Markets
In this course, students will be introduced to different types of financial institutions, instruments, and markets and they will learn to understand the difference between the principle actors in these markets, as well as the specifics of the regulatory framework in which they function. This way, students are prepared for careers in financial institutions, as well as to maintain relationships with financial institutions and markets they will come into contact with as representatives of the corporate sector. Different financial instruments will be covered – from the most simple (stocks and bonds), to the more complex (derivatives). Financial institutions covered in this course include financial intermediaries in the banking and non-banking sectors, while financial markets covered include the money, foreign exchange, and capital markets.
Corporate Finance 1
The first part of the course begins with a review of the principles of accounting and analysis of financial reports, and is focused on long term financial planning, the connection between internal and sustainable company growth and external financing, short term financial planning, and managing working capital.The second part of the course covers the time value of money, valuing bonds and stocks, and investment decisions analysis through different investment criteria. The final goal of this course is to prepare students to for the application of financial knowledge in practice, and to be able to successfully perform financial analysis, financial planning, and valuing projects in the field of corporate financing, either in public or private institutions.
This course is the first course that will help students to perceive a manager’s role and teach them a manager’s most fundamental tasks, problems, and functions. The goal of this course is to develop a deeper understanding for basic managerial functions (planning, organizing, influencing, and control) through lectures, case studies, video clips, discussion, and problem solving activities. However, students will also learn to identify ethical problems and questions of social responsibility, as well as the implications of organizational values on long term business outcomes. At the conclusion of this course, students will have had acquired basic knowledge in the area of management, and will have developed a basic understanding of the needed skills to become a successful manager.
Organizational Behavior aims to provide a detailed introduction to the study of the impact of individuals, groups, and structure on behavior in organizations. It is designed to introduce students to psychology applied in an organizational context. Competences acquired in the course will enable students to understand and motivate individuals and groups in an organization and to spur effective organizational action. Specific areas covered by the course include the adoption of competences necessary for understanding individual differences relevant to organizational behavior, job satisfaction, motivation and emotion, perception and decision-making, social influence and group processes, conflict and negotiation, power and authority, leadership, organizational culture, socialization, and innovation and changes.
This course provides students with an introduction to the area of marketing, as part of which they will learn how to utilize their business model to make an optimal profit, while achieving customer satisfaction. Students will learn what role marketing plays in a company’s strategy, which external variables a company can influence, and which variables it must adapt to. Topics covered in this course include: the marketing mix, choosing a target market, market research, promotion, propaganda and publicity, distribution, determining prices, sales and sales promotion, and others. A special section of the course is focused on ethics in marketing and social responsibility. Students will also write a marketing journal, in which they will demonstrate their level of theoretical knowledge and how to apply them on real-life marketing examples.
Legal Business Surroundings
This course places a special emphasis on the fact that a legal system in which entrepreneurs operate represents their macroeconomic environment, and as such affects their business and its results. For this reason, it is crucial to introduce students to common rules and regulations, as well as challenges that might arise because of them, which they will come across once they enter the business world, and offer them insights into how to deal with these issues. This course will build their consciousness of the need to work and do business within parameters of their regulatory framework. By doing this, students will increase the stability of their business, avoid unnecessary costs and damages, and adopt principles aligned that cause them to act in an ethical and responsible manner.
The purpose of this course is to provide students with the skills necessary to use information in financial reports in order to make business decisions, especially information that is oriented toward future trends and events, as well as toward internal reporting. Throughout the semester, students will be presented with coursework in which the central focus will be on budgeting, as a source for prognostic information for any company’s management. Other topics covered include reporting in different business segments and accounting in responsibility centers. This course will also cover some of the newest types of internal reports available to companies, generated by methods such as BSC (Balanced Scorecard) and SHV (Shareholder Value). Students will also complete a number of assignments and case studies with practical applications.
Corporate Finance 2
The purpose of this course is to familiarize the students with basic, central concepts of corporate finance. The first part of the course covers valuation, which includes discounted cash flow valuation and project analysis. The second part of the course covers the cost of capital, where and why does risk get embedded in the cost of capital and pricing the risk. The major part of the course focuses on the corporate financial policy. The aim of this part is to analyze the major issues affecting the financial policy of a modern corporation, such as the choice of its capital structure, dividend policy, and share repurchases and corporate governance system.Finally, the course covers special topics including mergers & acquisitions, an introduction to the pricing of options and their use in corporations for risk management.
Money and Banking
This course provides an overview of the nature and role of MONEY in modern economies; the role, operation, and regulation of BANKS and other depository institutions. At the end of the course students will have an understanding of the nature, operation and function of the Croatian and European money and banking systems and the Federal Reserve System, and the application of modern monetary and banking theory to domestic economic problems. Recent monetary and banking trends and financial system issues will be discussed. Above all, this is intended to be an interesting, important, useful, and demanding course dealing with issues you will certainly face in your private, public, and professional lives and which will provide you with useful and usable skills and insights.
Marketing Management is the second marketing course students will take, and it will build on the theoretical foundation of the Marketing course taught in the previous semester. This course covers different marketing function while keeping an emphasis on business conditions, target markets, and operational capabilities. While the Marketing course aimed to introduce students to terms and environmental factors, this course largely focuses on marketing decision making problem solving. Students will create a Marketing Plan, in which they will apply their theoretical knowledge on a particular business case, and in which they will demonstrate their sensitivity to questions of ethics and corporate social responsibility. Participants will also learn to identify key components of the marketing environments in different countries and how to adapt.
The goal of this course is to provide students with an insight into the principles and dynamics of consumer behavior, to introduce them to its determinants, and discuss ethical limitation in attempting to influence such behavior. Students will learn about the determinants that influence consumer behavior, will develop an understanding for processes that take place when consumers make purchasing decisions, and will engage in exercises that will prove useful when they create marketing strategies in the future. As Consumer Behavior is an interdisciplinary field that utilizes terms and principles from other fields of study, this course ties onto theoretical knowledge presenter in previous courses in sociology and marketing. Student will, through this course, learn who students really are, how they spend, purchase, use, and discard products.
ZSEM’s Entrepreneurship course utilizes an interdisciplinary approach to business planning and is intended for undergraduate students in their senior year, as well as for international students on exchange at ZSEM. This approach allows students to recognize strengths and weaknesses of business plans and helps them develop an entrepreneurial mindset, which they can apply either as employees of large corporations or in their independent entrepreneurial pursuits. In this course, students will investigate the entrepreneurial environment in Croatia and in other countries. This way, students will learn which skills are necessary for someone to become a successful entrepreneur, and for that person to represent a valuable human resource in any organization.
Management of Information Systems
In the modern business world, Enterprise Resource Planning systems (ERP) are a crucial tool in managing some of the world’s largest corporations; am active knowledge of these systems is often considered a big advantage on the job market. In this course, students will have an insight into information systems from a business’ perspective, and will learn how to implement and manage an ERP system in a small, medium, and large enterprise. During this course, students will also have an opportunity to create and present a plan for ERP implementation in a chosen company. The best assignments will be presented at the Student MIS Conference, which takes place at the Zagreb School of Economics and Management annually. Along with this, students will continually engage in discussions through our distance learning platform – Blackboard.
Introduction to the EU
As Croatia has recently become a full member of the European Union, it is extremely important that students, who are about to enter the business world, are familiar with the bodies and institution that will affect the way business is done in their organizations. For this reason, it is necessary to explain the complexity of the European Union, and to emphasize how the process of European integration is still incomplete- For this reason, one of this course’s goals is to help students adapt when doing business in this new reality of globalization. Be learning to adapt to the European legal framework, students will increase the stability of their business, avid unnecessary additional costs, and avoid damages that arise from improper or illegal business activities.
A good education, a prosperous career, and hard work are no guarantee of financial stability. The state of personal and family finances often doesn’t depend on the size of your salary, or on your education level. This course introduces students to modern personal finance, and consists of four parts. The first part gives students a framework for organizing and managing their personal finances. Topics in the second part include money management, liquidity, and financial obligations. The third part gives students and insight into how to invest for the future, while the final part analyses methods of protecting wealth, such as insurance and planning for retirement. The coursework is based on a theoretical framework and on practical examples of family activities such as financing real estate, planning for retirement, etc.
During this course, students will study literature from different areas of economics with the goal of learning the basics of international economics, key terms, and economic principles in these areas, including: Ricard’s Model, the Hecksher-Ohlin Model, the standard trade model, the effects of tariffs, export subsidies and import quotas, trade balances, exchange rates and foreign exchange markets, money, interest rates and exchange rates, price levels and exchange rates in the long term, domestic production and exchange rates, and others. By completing this course, students will learn to use microeconomic and macroeconomic analysis tools and models in order to understand global movements of goods and capital, and to analyze and interpret differences between various countries.
Strategic Management is a course aimed at helping students develop their strategic thinking capabilities in order to successfully lead an organization. Other goals of this course include teaching students how to evaluate strategic alternatives, to anticipate and manage strategic change. Participants of this course will develop their strategic thinking skills to such an extent that they will be applicable when analyzing dynamic and complex business situations, as well as when implementing their main business ideas. Also, this course will help students better understand competitive forces in the context in which their organization operates, and will have a special emphasis on maintaining a superior competitive position. Strategic leadership and entrepreneurship will also be analyzed though the position of corporate culture and values.
This course represents a study into decisions made in production and procurement, and covers the five relevant decision areas when managing a production process: quality, processes, capacity, inventory, and labor. After the course introduction, quality management will be discussed, as well as methods of quality control and improvement. Students will also be introduced to the principles of project management, and will learn how to make short-term and long-term decisions in regard to matters of capacity planning. While the goal of this course isn’t to provide students with a technical background, they will develop an understanding of the production process and, once they start their careers in renowned companies, will be able to predict procurement needs based on demand levels.
Human Resource Management
Managing a company means much more than managing resources, structures, and machines. Modern managers also need to know how to manage people, which are often considered to be the most valuable resource any company possesses. Through this course, students will learn about the importance of tying an organization’s approach to human resource management to its strategy and resource planning efforts. Students will also be introduced to different methods of recruitment, selection, and employee education, while the course will also touch upon the subjects of wages, rewarding employees, motivation, measuring effectiveness, etc. This course also lays a theoretical foundation for any students wishing to specialize in HRM in ZSEM’s MBA Program – ZSEM’s HRM MBA Specialization we recently declared the best in Eastern Europe by Eduniversal.