Curriculum - Zagreb School of Economics and Management


Fall semester

Corporate Finance Management5Mato Njavro, PhD, ZSEM, Croatia
Managerial Accounting3Hrvoje Volarević, PhD, ZSEM, Croatia
Business Ethics, CSR and Sustainability3Kristijan Krkač, PhD, ZSEM, Croatia,
Borna Jalšenjak, PhD, ZSEM, Croatia,
Igor Matutinović PhD, ZSEM, Croatia
Quantitative Methods for Managers4Denis Lukić, PhD, ZSEM, Croatia
Supply Chain Management6Renato Radačić, AT Kearney, Croatia Goran Oblaković, PhD, ZSEM, Croatia
Maximization and Measurement of Company Value (Capstone)5Goran Oblaković, PhD, ZSEM, Croatia

Spring semester

Operations Management6Renato Radačić, AT Kearney, Croatia Goran Oblaković, PhD, ZSEM, Croatia
Strategy5Dino Dogan, PhD, ZSEM, Croatia,
SAP/MS Dynamics NAV6Karmela Aleksić-Maslać, MSc, ZSEM, Croatia,
Branko Sinković, MA, ZSEM, Croatia
Graduate Thesis7


The students study and develop mathematical and statistical models applied in decision making in production, services, marketing, finance and general business processes. The course emphasizes the creation, development and application of deterministic and stochastic systems in forecasting, production planning, inventory management, maintenance, facility location, assembly line development, critical path method and simulations.


The course is based on the following concepts and management strategies: developing a capacity for strategic thinking, estimating alternatives, forecasts and management of strategic change; connecting different managerial disciplines; reactions to acquisitions, outsourcing, decreasing the number of employees, joint ventures, strategic mergers; development, coordination and managing financial, physical and human resources; strategy models, competitive advantage, strategic options.


This course covers the role of statistical deduction in reducing uncertainty in the process of making business decisions. Students will familiarize themselves with the most advances statistical instruments and methods, and then learn to implement these instruments in interpreting statistical data and reports.


This course is oriented toward document and information management outside the plant, which involves cooperation on product creation, planning and forecast of demands, supply management, distribution system, channel management, supply and logistics. Strategies for order filling influence of Internet on distribution and processes at the end of a supply chain shall be analyzed. Special attention will be given to distractions in a supply chain, like high transaction costs between business partners, insufficient information, etc.


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.


This course is designed to help students comprehend the continuing and systematic management of functions within organizations so that they may compete in the corporate world of the 21st century. This course will contain the Capstone computer simulation. The importance of maximizing value for shareholders and its numerous aspects will be discussed using theoretical concepts which will be implemented during this project. Students will control all the aspects of a business: production, sales, marketing, distribution, financing, human resource management, etc.


This course will prepare students/managers for critical and analytical thinking while making business decisions based on currently available information from different types of financial reports. This way, students/managers should be able to use the knowledge they acquire in everyday situations int he companies where they work. This course includes topics such as interpretation and analysis of basic financial reports, cost calculation and the business budgeting process, and interpretation of new concepts used to measure company value for stockholders.


In the Business Ethics, CSR and Sustainability Course, students will learn how to recognize moral dilemmas in business, fast formulation of solutions to these dilemmas, all in a transparent manner. Students will also engage in critical analysis of business cases and will learn to make transparent, ethical business decisions. The following concepts are covered in his course: ethical systems, 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 with respect to culture, religion, tradition, government policy and legislation, etc.


Introduce with some modules of selected ERP system in labs, cases etc.


I’ll the supply chain system activities exist and have been performed since long time ago. But, only in the last ten years they are studied as a part of a coordinated whole. This course gives the insight in the importance of a supply chain coordination emphasizing the analytical tools and quantitative techniques that can be used for efficient decision making. The studied topics are supply and demand planning, inventory planning and management, aggregate production management, transportation management, pricing and revenue management. At the end some discussion related sustainability are included.


The final step in the graduate studies is writing a master thesis in the field chosen by the candidate and mentored by a professor teaching in this field. Before embarking on the research project, the candidate has to submit the proposal of his/her topic, including the methodology used in research. The mentor assists the candidate in the course of his/her research project and completion of his/her thesis.

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.

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.

Ivor Omerzo

After finishing my undergraduate studies, I wanted to focus in the field I’ve been working in while studying. MBA in Supply Chain Management was the optimal choice with plenty of opportunities to visit and hear from the experts in a plethora of different companies and learn new applicable skills that can be put to work during your career. Our hosts at the various companies ask for feedback and ideas and show the students the possibilities of applying for positions in such companies. The professors and guest speakers are all people that have worked in the field and are keen to pass on their knowledge to students. It’s a great choice for those interested in SCM.

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