Curriculum - Zagreb School of Economics and Management


First semester (September – February)

Financial Derivatives5Iskra Kalođera Schmiedecke, PhD, ZSEM, Croatia
Mario Glogovic, CFA
Financial Institutions and Markets5Neven Vidakovic, PhD
Denis Alajbeg, PhD
International Financial Management5Jurica Vukas, PhD, ZSEM, Croatia
Denis Alajbeg, PhD
Andrej Bajić, MBA, ZSEM, Croatia
Financial Institutions Risk Management5Andrea Pavlović, PhD, ZSEM, Croatia
Ivan Šverko, PhD, ZSEM, Croatia
Business Ethics, CSR and Sustainability3Kristijan Krkač, PhD, ZSEM, Croatia
Borna Jalšenjak, PhD, ZSEM, Croatia
Igor Matutinović, PhD, ZSEM, Croatia
Portfolio Management and Investments9Denis Alajbeg, PhD, ZSEM, Croatia
Tomislav Bajic, CFA
Matej Modrovcic, CFA

Second semester (March – July)

Financial Reporting and Analysis6Branka Remenaric, PhD, ZSEM, Croatia
Financial Management6Dario Silić, PhD, ZSEM, Croatia,
Zoran Barac, PhD, ZSEM, Croatia
Dino Dogan, PhD, ZSEM, Croatia
Maja Barac Adrinek, CFA
Quantitative Methods and Econometrics5Igor Jemric, PhD, ZSEM, Croatia
Petra Posedel Šimovic, PhD, ZSEM, Croatia
Tomislav Galac, CFA
Denis Lukic, PhD, ZSEM, Croatia
Graduate Thesis10

Requirement for MBA diploma

Elective coursemin 3

Requirement courses for preparation for the CFA diploma

Fixed income6Tomislav Bajic, CFA
Alternative investments5Jurica Vukas, PhD, ZSEM, Croatia
Ivan Šverko, PhD, ZSEM, Croatia

*ZSEM reserves the right to change the courses and the faculty


Course description


The course is divided into several basic units of crucial importance to financial management such as: basic theoretical concepts of modern finance, valuation and return on investment in securities, portfolio risk securities, valuation of debt and equity options, the theory of capital structure, and analysis of value creation within the company (NPV, IRR, PBP, WACC, EPS …) etc. In modern financial theory this course is dealing with modern analysis of corporate securities in the primary and secondary capital markets and financial strategies. Separate financial focus will be on investing in stocks, investing in bonds and real estate. Using input values such as the spread, rating, solvency, capital cost, yield, maturity, business and financial risk objective of this course is to show how the practice works in Croatia and in foreign capital markets to facilitate student understanding and successfully managing the modern corporate finance.


The course consists of two parts: in the first part students will acquire basic knowledge of the principles of investing, they will analyze the types and characteristics of securities available for investment, and financial markets in which are they traded and investment environment. It will also be considered the valuation of financial instruments and their selection criteria for the investment portfolios of individuals and businesses. The course covers the modern theory of investment as well as traditional approaches to selecting and managing investments. Students will acquire the analytical skills needed to conduct evaluations of shares, debt securities and alternative investments. In the second part the focus is on major topics related to modern portfolio management, from asset allocation strategies to risk management. Their study, students will get the latest information on portfolio management in terms of globalized financial markets. Combining theory with practice, the course will be presented to the entire flow of the portfolio management process – from formulating investment strategy and portfolio composition, and monitoring and adjusting portfolio.


This subject is an introduction to the main financial risks faced by banks and other financial institutions. Within this framework, students will learn the role and importance of efficient functioning of risk management in financial institutions.


The course deals with market strategies based on financial derivatives, and different concepts of risk insurance (hedging). The theory that deals with the lectures extensively supported by practical examples from the world of finance, so that students get a detailed insight into the issues and challenges they face every day of the investment company, and meet customer requirements. The very principle of valuation of futures and options requires a mathematical approach, since the basic relations are based on the principle of”the impossibility of the existence of arbitration”(concept of no arbitrage).


This course indicates potential risks and investment opportunities which modern financial managers face in the world of volatile exchange rates, interest rates, and different financial and accounting systems. The course is divided into the following basic units: foreign exchange market, international money and capital markets, liability to interest rate and exchange rate risk, using derivatives in risk management, including options, futures and swaps, and financial innovations on global markets. Additionally, the course deals with historic and current credit crises, including debates on the topic of occurrence, effects and lessons in which the newest research in the field is applied.


This course deals with financial markets, where participants are given asymmetrical information. The main intention is to cover basic concepts, as well as to review current issues within the area of financial markets and institutions. We’ll examine the role of financial intermediaries in the process of resolving information asymmetry on the loan market and in promoting economic growth.


Conceived as a continuation of the undergraduate course, in this course student will gain an ability to identify moral dilemmas in doing business and to formulate and solve these processes in a quicker and transparent way. Certain case studies will be critically evaluated and ethical decisions will be made in a transparent way. The course includes the following topics: ethical systems, ethical decision making in doing business- all in relation to customers, market, environment, procurement and international business. Furthermore, the place and role of a corporation will be analyzed in terms of its position towards culture, religion, tradition, government policy and legislation etc.


At the end of the program, students are expected to write a graduate thesis. We recommend them to focus on research of issues related to banking and finance in the Croatian economy. Research areas can be recommended by sponsoring institutions, which shall directly benefit from the outcome of the thesis, in sense of implementing or improving/realizing certain business areas and project.

What students say about ZSEM?

Vitor Duarte

Professors at ZSEM are great since they resort to several innovative teaching methods, and most of the times I was able to learn from their personal experiences on the market. All of these made me feel very interested in the courses I was taking at the time and made me want to go for further knowledge.

Sid Eshuis

I like best that it's a small school and also the teaching style - during lectures and seminars we work on real case studies. There's not too much theory and everything is very practice oriented, which is very different from my university back home.

Draženko Kopljar

I am a student of the MBA Program in Finance and Banking at ZSEM. The program lasts one year after which a thesis must be written. In comparison to typical studies, its great advantage is interactivness throughout the program, meaning that students are not passive listeners, but they have to participate actively in lectures.

Matea Sokolar

From the beginning I had very high expectations about the MBA program at ZSEM, including both the subject courses and the professors. The thing that I liked the most was the way of teaching, especially from the international professors who encourage each lecture to have discussions and where students are encouraged to give their opinions. I also liked that the professors gave real life examples in class. Another thing that I liked about the program is that in both semesters, there were many international students so I had the opportunity to make friends from all over the world.

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