Curriculum - Zagreb School of Economics and Management


Fall semester

Financial Institutions and Markets5
Financial Derivatives5
International Financial Management5
Financial Institutions Risk Management5
Portfolio Management and Investments6
Business Ethics and Corporate Responsibility6


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. The main goal of Financial Institutions and Markets course is to introduce main types of financial institutions, markets and instruments as well as to improve knowledge of the model of functioning of international markets and institutions, interaction of main market participants and institutional and regulatory environment. Students should be learnt how to create critique overview of general and particular financial market events as well as clear insight in market structure and development. Students would be able to recognize key patterns and trends in global financial markets and to evaluate their impact on national economies and markets.


Business ethics is not a clear and unambiguous area; it is exposed to numerous interpretations within the context of “what is the right thing to do”. The course comprises discussions on interrelations between economic, legal, political, social, cultural and ethical issues in the definition of the business policy, managerial decision making at the stage of the business policy implementation, and, finally, as an integral part of business activities. Although CSR is a relatively new term, its roots go back a long time and can be traced to a variety of philosophical, ethical, and environmental discourses. Thus there are a number of different approaches to CSR as well as a number of different definitions of what exactly CSR comprises. Furthermore the concept has been extended to apply not just to corporations but to many other (not necessarily profit seeking) forms of organisation. The concept of CSR is therefore complex. It is the purpose of this course to introduce students to this complexity and to the various components which might comprise socially responsible behaviour. In doing so it is intended to provide a framework both for further study and for planning and evaluating the actions and performance of an organisation in the context of sustainable and socially responsible activity. Particularlly: (1) Developing sensitivity to immoral and irresponsible acts in business world. (2) Encouraging proactive behavior in favor of ethical standards. (3) Developing know-how of incorporating ethical standards in business procedures and detecting irresponsible acts in companies.


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). The course covers market strategies based on derivatives as well as different hedging concepts. The lectures do not focus solely on theory, lot of practical examples are discussed so that students get better overview of the problems and challenges investment companies and their clients face on daily basis. Option and futures evaluation is based on concept of no arbitrage, so students should have a good understanding of algebra. This course should attend students who plan to work in risk or portfolio management, trading, corporate finance or related fields.


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.

The objective of this course is to explore the principal risks and opportunities faced by corporate financial managers and international money managers in a world of credit crisis, volatile currencies, interest rates and different financial, accounting and fiscal systems. The main topics that will be considered include foreign exchange markets, international money and capital markets, interest rate and currency exposure and understanding derivate instruments to manage risk, including options, futures and swaps, financial innovations in the raising of funds in global markets. The points of view taken will be those of (i) corporate financial managers and (ii) international investors.


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. The course objective is to provide students with a complete overview of the investment process and portfolio structuring. Also, through case studies and project assignments students be will encouraged to think analytically, i.e., to locate and solve problems in capital market practice. Adopted knowledge should help the participants making rational investment decisions.

Spring semester

Financial Reporting and Analysis6
Quantitative Methods and Economics5
Financial Management6
Alternative investments5
Fixed income6
Graduate Thesis7


The aim of the course is to analyze the application of the International Financial Reporting Standards (IFRSs) through selected case studies. Students will be presented the regulatory framework for financial reporting in the EU and Croatia based on regulations and international standards. The content and structure of the IFRS will be historically reviewed. Special attention will be given to the formulation of the accounting policy in the areas of recognition and measurement of accounting categories as well as of publishing in the accounting reports pursuant to the IFRS.


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.


Auditing course is designed to provide the student with all aspects of auditing profession and modern trends in auditing in the world, in the European Union and in the Republic of Croatia. This course will provide students with knowledge in the field of internal and external auditing, and the application of International Standards on Auditing and the code of professional ethics for auditors. The students will learn about the audit process, including the final completion of audit and the formulation of audit report. This course provides the student with the knowledge on the role of auditors, the importance of audit committees and internal control. The students will learn about the current challenges in auditing profession (in the world and in the Republic of Croatia), and about the future trends in the world that are affecting financial reporting and auditing.


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.

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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