FINANCIAL MANAGEMENT 

The curriculum financial management is designed for those whose focus is managing companies, sectors, administrative management in the public sector, governance and management of public finances, work in banks, financial sectors, financial and investment consulting, etc.

In this curriculum, three key (mandatory) courses are offered:

Managerial accounting – the goal of this course is to enable students to understand management accounting as a skill for cost management in companies, determining sales prices, profit determination, assessing profit sensitivity based on cost structures, and developing business plans and budgets for companies.

Corporate finance – the course aims to acquire knowledge and competencies for applying financial principles and techniques to solve practical problems in companies. It delves deeper into critical decision-making areas for businesses. The course is practically oriented and focused on maximizing the company’s value from a corporate finance perspective, mergers, acquisitions, and dividend policy. 

International financial management – the aim of this course is to enable students to understand the process of globalization that creates complex and risky circumstances in which it takes place international trade as well as the use of various modern instruments for hedging international trade deals.

This study program is open for all fields, as it includes programs for acquiring qualifications for financial managers who may come from various professional backgrounds.

Study program Financial Management (4+1, total 60 credits)

I Semester
NumberCodeCourse titleProfessorECTS
1. FME101/2025 Managerial accounting Biljana Angelova, Ph.D
Neda Petroska Angelovska Ph.D
10
2.FME102/2025International financial managementBiljana Angelova, Ph.D10
3. FME103/2025Corporate FinanceBiljana Angelova, Ph.D
Klimentina Poposka, Ph.D
10
Total30

II Semester
NumberCodeCourse titleECTS
1. /Elective course from the list of elective subjects of the study program5
2./Elective course from the list of elective subjects of the study program5
МT/2025Master’s Thesis20
Total30

Elective course (4+1)
NumberCodeCourse titleProfessorЕКТС
1.FME201/2025Financial analysis and reporting Biljana Angelova, Ph.D
Neda Petroska Angelovska Ph.D
5
2.FME202/2025Project managementBiljana Angelova, Ph.D
Elizabeta Djambaska Ph.D
5
3.FME203/2025Financial management of local self-governmentBiljana Angelova, Ph.D
Vladimir Petkovski Ph.D
5
4.FME204/2025Corporate pricing strategiesDiana Boskovska, PhD
Katerina HadziNaumova-Mihajlovska, PhD
5
5.FME205/2025Corporate entrepreneurshipIrina Piperkova Ph.D
Elizabeta Djambaska Ph.D
5
6.FME206/2025Mergers and AcquisitionsBiljana Angelova, Ph.D
Diana Boskovska, PhD
5

Study program Financial Management (3+2, total 120 credits)

I Semester
NumberCodeCourse titleProfessorECTS
1.FME101/2025 Managerial accountingBiljana Angelova, Ph.D
Neda Petroska Angelovska Ph.D
10
2.FME102/2025 International financial managementBiljana Angelova, Ph.D10
3.FME103/2025 Corporate FinanceBiljana Angelova, Ph.D
Klimentina Poposka, Ph.D
10
Total30

II Semester
NumberCodeCourse titleProfessorECTS
1.FME104/2025Investment ManagementDiana Boskovska Ph.D
Elizabeta Djambaska Ph.D
10
2.FME105/2025Corporate Strategies and Business PlanBiljana Angelova, Ph.D
Iskra Stancheva Gigov Ph.D
10
3./Elective course from the list of elective subjects of the study program5
4./Elective course from the list of elective subjects of the study program5
Total30

III Semester
NumberCodeCourse titleProfessorECTS
1.FΜE106/2025Corporate governanceVasil Popovski Ph.D
Irina Piperkova Ph.D
10
2.FΜE107/2025Financing of SMEsBiljana Angelova, Ph.D
Klimentina Poposka, Ph.D
10
3./Elective course from the list of elective subjects of the study program5
4/Elective course from the list of elective subjects of the study program5
Total30

IV Semester
NumberCodeCourse titleECTS
1.Elective course from the list of elective subjects of the study program5
2.FMEЗ/2025Project assignment5
3.FMMP/2025Master’s thesis20
Total30

Elective course (3+2)
NumberCodeCourse titleProfessorECTS
1.FME201/2025Financial analysis and reporting Biljana Angelova, Ph.D
Neda Petroska Angelovska Ph.D
5
2.FME202/2025Project managementBiljana Angelova, Ph.D
Elizabeta Djambaska Ph.D
5
3.FME203/2025Financial management of local self-governmentBiljana Angelova, Ph.D
Vladimir Petkovski Ph.D
5
4.FME204/2025Corporate pricing strategiesDiana Boskovska, PhD
Katerina HadziNaumova-Mihajlovska, PhD
5
5.FME 207/2025Commercial bankingKlimentina Poposka, Ph.D
Neda Petroska Angelovska Ph.D
5
6.FME 205/2025Corporate entrepreneurshipIrina Piperkova Ph.D
Elizabeta Djambaska Ph.D
5
7.FME 206/2025Mergers and AcquisitionsBiljana Angelova, Ph.D
Diana Boskovska, PhD
5
8.FME 208/2025Operational managementNeda Petroska Angelovska Ph.D
Milena Boskoska Klisaroski Ph.D
5
9.FME 209/2025Managerial decision makingVasil Popovski Ph.D
Irina Piperkova Ph.D
5
10.FME 210/2025Public-private partnershipElizabeta Djambaska Ph.D
Aleksandra Lozanoska Ph.D
5

REQUIRED DOCUMENTS FOR ENROLLMENT

– Certificate from the faculty (original or copy certified by a notary)
– Curriculum Vitae (CV)
– Citizenship (certificate)
– Certificate of knowledge of a foreign language
– Application addressed to the Scientific Council of the Institute of Economics – Skopje 
– Application form 
– Semester enrollment form
– Index

The mode of study shall be conducted in accordance with the Rules of Study in One-Year and Two-Year Study Programs, published on the website of the Institute of Economics – Skopje.