EconomicsECON

Faculty of Busin ess an d Admini stration Department of Economi cs and Mana gement

ECONOMI CSAcad emic year: 2015/16

Copyrigh t IUS ©2015 , All righ ts reserved.

Faculty of Business and Administration Department of Economics and Management

Economics

Academic year: 2015/16Copyright IUS ©2015, All rights reserved.

TABLE OF CONTENTS1. GENERAL DESCRIPTION OF THE INTERNATIONAL UNIVERSITY OF SARAJEVO 5

2. OUR STUDENTS 7

3. INTRODUCTION TO THE DISCIPLINE AND QUALIFICATION 8

4. GOALS OF THE STUDY PROGRAM 8

5. TEACHING METHOD’S 9

6. EUROPEAN CREDIT TRANSFER SYSTEM (ECTS) 10

7. ASSESSMENT METHOD 11

8. STUDENT SUPPORT 12

9. PROCESS OF ACQUIRING THE DEGREE 12

10. QUALITY ASSURANCE 12

11. EMPLOYABILITY 13

12. ACADEMIC STAFF 13

13. STUDYING AT IUS 20

14. FIRST STUDY CYCLE 20

14.1 Aims and Profile of the First Study Cycle 20

14.1 Learning Outcomes of the First Study Cycle 21

14.2 Curriculum of the First Study Cycle 23

14.3 Requirements for Admission to the First Study Cycle 25

15. SECOND STUDY CYCLE 26

15.1 Aims and Profile of the Second Study Cycle 26

15.2 Learning Outcomes of the Second Study Cycle 26

15.3 Curriculum of the Second Study Cycle 27

15.4 Requirements for Admission to the Second Study Cycle 28

16. THIRD STUDY CYCLE 29

16.1 Aims and Profile of the Third Study Cycle 29

16.2 Learning Outcomes of the Third Study Cycle 29

16.3 Curriculum of the Third Study Cycle 30

16.4 Admission Requirements for the Third Study Cycle 31

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1. General Description of the International University of SarajevoThe International University of Sarajevo (IUS) Campus is located at Ilidza, near the archaeological site of the Roman remains and natural SPA water springs.

The Campus area is surrounded by the beautiful landscape, bordering with the shoreline of the River Zeljeznica on the one side and with the beginning of a famous Sarajevo’s National Park “Vrelo Bosne“ on the other. It offers a panoramic view of the nearby mountains and a peaceful and scenic study experience.The Campus is well connected to the Centre of Ilidza, Sarajevo Centre, airport, and other important desti-nations. Its outstanding and modern learner oriented facilities and research centers, friendly staff and nu-merous social and cultural life opportunities offer a unique mixture of study opportunities for the students from all over the world.

Mission of IUS The mission of IUS is to produce science, art, and technology and present it to the benefit of humanity; to educate free-thinking, participating, sharing, open-minded individuals who are open to change and improvement and who have the ability to transform knowledge into values for themselves and the com-munity. IUS, with its identity as an international institution of education and research, will cooperate with universities in the region and in other countries to provide a peaceful and comfortable atmosphere of learning for students worldwide.

Vision of IUS The vision of IUS is to become an internationally approved institution of higher education and research and a Centre of excellence and quality through the shared efforts of the founders, academic and adminis-trative staff, students and all stakeholders.

IUS aims at becoming the major hub in Balkans for bridging the East to the West as a leading international institution of higher education and Research Centre with comprehensive excellence whose students are lifelong learners, intercultural competent and well-developed leaders in socio-economic development of societies.

IUS FounderThe University founder is Foundation for Development of Education established in Sarajevo in 2001 as a non-governmental and non-profit organization, with the purpose to support education in Bosnia and Herzegovina.

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Organizational UnitsIUS has the following organizational units: 1. Faculty of Engineering and Natural Sciences (FENS); 2. Faculty of Business and Administration (FBA); 3. Faculty of Arts and Social Sciences (FASS)4. Faculty of Law (FL)5. Faculty of Education (FEDU)

University's FacilitiesThe IUS campus consists of 3 main university buildings. Each building contains mix of classrooms, re-search laboratories, amphitheaters, libraries, sport halls, meeting rooms, offices, dining facilities and cafés. In addition, the two dormitories (male and female) can easily accommodate up to 412 students.Students of the study programs can use all of the IUS resources, including library and reading rooms, wire-less internet access, access to scientific databases, dormitories, sport fields, restaurants, as well as all the services aiming to support educational and extra-curricular activities of students.The IUS library contains more than 4000 titles and 10,000 electronic titles available for download upon request. At the moment, the library has 300 titles for the Management Study Programme, as well as over 1,000 electronic titles available for download upon the request by the program coordinator.In addition to the library books and reading rooms, students have 3 computer labs with access to the in-ternet, online resources and JSTOR. JSTOR is an electronic database that provides students with access to thousands of scientific journals in nearly every an academic discipline.Students, academic and administrative staff can also use the National Library of Bosnia and Herzegovina facilities. Students of the Management Study Programme may show their IUS identification card and be granted access to all available volumes at this well-established national collection.

IUS in numbersThe total campus area is 72,000 m2 , out of which 5269,78 m2 is allocated for classrooms, 890,69 m2 for practical work, 561,83 m2 for libraries, 217,95 m2 for reading activities, 1129,10m2 for Research Centre, 3,868,65m2 for female dormitory, 4,177.75m2 for male dormitory, 425,96m2 for sport’s hall, 1,750m2 for sport fields, and 3,600 m2for parking. The IUS Campus building and classrooms enable access and com-munication of persons with special needs. There are 91 classrooms where teaching is conducted at the university and 5amphitheaters where dif-ferent education-related activities, such as: conferences, panels, seminars and workshops are carried out. In addition, there are around 10 rooms for the other practical work and study, including three computer laboratories where students have free internet access on 24/7 basis.

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In 2012 a new building was built where the Research Centre and laboratories are located.Some of the spaces and equipment are provided, as follows:

Spaces and Functions AREAThe total area of usable office space [m2] 20,508.19 m2The total area of classroom space [m2] 5,269.78 m2The total area for practical work [m2] 890,69 m2The area of library space [m2] 561.83 m2The area of reading room space [m2] 217,95 m2The area/space based on students standards [m2] 9 m2/studentNumber of amphitheatres 5Number of classrooms 91Number of libraries at the Institution 6Number of reading rooms 6Number of rooms for practical work 10Number of computer rooms 5Number of PCs in computer rooms 147

2. Our StudentsThe International University of Sarajevo 1500 students come from around the world and this number in-creases each year. Students from Bosnia and Herzegovina represent 27% of this population and 73% are foreign students coming from 25 countries worldwide (i.e. Algeria, Azerbaijan, China, Croatia, Germany, Kosovo, Kyrgyzstan, Libya, Macedonia, Egypt, Jordan, Malaysia, Mongolia, Moldova, Montenegro, Mo-zambique, Pakistan, Palestine, Romania, Serbia, Syria, Slovenia, Tajikistan, Turkey, USA). The language of instruction is English.

IUS offers plenty of extracurricular activities that enrich student academic experience. Currently, the Uni-versity hosts 19 student clubs, to mention but a few: IUS Rock Band, Entrepreneurship Club of IUS, The Club of Intellectual Activities (CIA), IUS Football Club, CASES (Culture Art Social Education Sports), SOS Club (Scouting and Outdoor Sports), and Club ROSA (Research Organization Science and Art) Club Architecture Students Assembly of IU Photography Club.

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3. Introduction to the Discipline and QualificationEconomics is the science that studies how society organizes the use of limited resources, namely time, money, factors of production such as labour, natural resources, capital, and the like. In the modern world resources cannot be organized by a central planner, but the organization is done through the combined resources and cooperation of a large number of households and firms. Economists study how people make decisions, such as how to do, what to buy, how to save, how much to invest and so on. The economic analy-sis assumes that individuals have certain goals and to achieve these goals, much depends on the organiza-tion of resources which an individual has. In addition to decisions made by individuals, economists have studied how and why individuals cooperate between themselves. Economics also analyze and study the factors affecting the whole society and deals with issues such as national income, wealth and general pros-perity of the country. Economics studies the behaviour of social systems – such as markets, corporations, legislatures, and families – as the outcome of interactions through institutions between goal-directed in-dividuals. It is concerned with important issues which affect our everyday lives, such as employment, in-come, prices, poverty, investment, housing, competitiveness, government spending, etc.

Economics is the study of factors that influence income, wealth and well-being. It aims to analyze and understand the allocation, distribution and utilization of scarce resources. An economic analysis begins from the premise that individuals have goals and that they pursue those goals as best they can. Ultimately, economists make policy recommendations that they believe will make people better off. This shows that Economics is particularly interesting and challenging programme that engages students throughout their degrees and offers excellent prospects after graduation.

The field of economics is typically divided into two broad or basic categories, microeconomics and macro-economics. Microeconomics is the study of the decisions made by an individual, company or country and how these decisions affect the market for goods and services. Macroeconomics also deals with issues of national economic policies as a whole and focuses on the study of inflation, unemployment and economic growth. Besides these two main divisions there are also the following branches: international economics, a branch of the economy which studies the relations between countries in trade in goods and services; fi-nancial economics that studies the relationships between financial agents; the public economy, which deals with matters of public finance; development economics that studies the models of local and general social development, labour economics that deals with labour market issues, etc.

Economists should be prepared to answer questions such as how to maximize their profits by using avail-able resources and opportunities, what factors must be taken into account in deciding, how to use the crisis or failure to compensate etc. Then, an economist must know how to lead a society, the role of the state, if and when government should intervene in the market and how it affects the welfare of the people. Stu-dents of the Faculty of Business and Administration, Department of Economics, will build their education through the micro and macroeconomics, financial management and Business Law and European Union.Besides excellent job prospects, education in economics offers broad intellectual training and knowledge

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of how the economy works and helps students develop numerical, analytical and descriptive skills for the constructive use of such knowledge. Moreover, a degree in economics provides graduates with a range of transferrable skills to be used in their future employment. It equips students with appropriate tools of analysis of contemporary economic issues and problems of economic policies. We offer high quality teach-ing and dedicated, innovative and effective academic staff. Almost all of our subjects are taught by full time academic staff, holding PhD degrees from recognized universities from all around the world. There exists a strong research culture in Economics at our University that allows teachers even greater expertise and to track current topics in the field of economics. Given the expertise, the economists give their recommenda-tions to governments for policies that should be useful for the community.

4. Goals of the Study ProgramOur curriculum is designed to meet the needs of future economists faced with the unexpected challenges that the world brings. The main objectives of the educational program are:

• To provide high quality education in the field of economics.• To offer education that enables students to (a) develop an understanding of economic principles, (b)

acquire the tools appropriate for economic analysis and (c) apply economic ideas to economic policy.• To enable students to develop critical thinking and creativity. • To develop in students a tendency towards an independent research work.• To foster students’ capacity to deal with situations that cross subject boundaries• To prepare students for a range of careers, including those requiring further academic and professional

qualifications.• To promote professional and ethical responsibility.

Economics Study Programme at IUS offers interdisciplinary approach by offering specific courses from other programmes at the Faculty of Business and Administration such as Management and International Relations. Our students start their education by building a background with calculus, statistics, sociology and history. Once the foundation is laid, the students are ready to continue with their studies of micro and macroeconomics, econometrics, international trade, international economics, labour economics and strategy development. They are intended to become individuals who can analyse, present, predict and forecast the future, and at the same time be part of the solutions of the current problems of their countries.University courses, that cover various topics from calculus to humanities, will give a future economist graduating from IUS necessary skills to meet the challenges of the 21st century. There are many elective courses which give students opportunity to design the programme according to their interests and pref-erences and to specialise in several areas. In this way students have the possibility to choose their future directions, e.g. some courses will prepare students for their future carriers in the industry, while other courses will give students a good foundation for the master`s and PhD studies. Finally, the programme prepares students for the life-long learning and independent work.

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5. Teaching MethodsTeaching methods applied at the University significantly vary depending on the faculties and disciplines. In general, the courses of natural science have tendency towards larger structure and more formal lessons than subjects of humanities and social sciences.

Students will discover how particular study programme is mainly instructional, which includes studying of relevant academic material and participation in the classroom, while others being highly pragmatic and include practical application of the academic knowledge.

Learning ActivitiesApart from attending lectures and tutorials, students spend a significant part of the week in independent studies, reading books and papers, looking for books and electronic resources in the library, practicing skills in laboratories, researching, writing papers and/or performing individual or group assignments and projects.

All this requires careful planning and excellent organisational skills.

Teaching ActivitiesTime spent on teaching and working with other students can take several forms, but it usually involves a combination of the following teaching methods:

• Lectures During lectures, printed materials, slides or presentations on a computer are commonly used, but the main focus is on listening to lecturers.• TutorialsAssistants usually deliver lessons (tutorials) in small groups where individual attention is given to students. Tutorials usually complement lectures, but are more topics specific. For example, they may include activi-ties such as solving problems or having discussions on particular topics broadly discussed during lectures. • SeminarsOne part of the week students spend working in smaller groups or in discussions with their mentors. During seminars one or more students prepare presentations and lead group discussions on previously established topics. Mentors usually encourage this way of learning delivery. • Practical laboratory work Most subjects involve some form of practical work, such as weekly sessions in the laboratory where stu-dents acquire technical and research skills.• InternshipInternships (min 30 working days) have been designed in a way that offers students opportunities to expe-rience on the job training and make well informed decisions about their future careers.

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• Project workMany subjects include work on various projects, whether individual or in groups. Group learning (team-work) is considered effective if all students are being cooperative and willing to contribute.

Types of AssessmentIn order to enhance students’ learning IUS applies three standard types of assessment: summative, forma-tive and continuous. These may include written examinations, tests, quizzes, laboratory tests, different types of assignments including homework, essays, reports writing such as report about internship, report on fieldwork, thesis, papers, etc.

6. European Credit Transfer System (ECTS)Semester curriculum is organized through the courses whose values are expressed in the entries of the European Credit Transfer System (ECTS) in order to facilitate the student exchange programs all over Europe. Student workload is determined by the semester with 30 ECTS study points and the total load for one academic year is 60 ECTS.

One ECTS credit equals 25 hours of a standard student’s workload. According to these standards the pro-portion of lecture hours and tutorials is not considered the only measure of ECTS course value. It is rather a comprehensive performance of a student which in addition to class or lab attendance also includes in-dependent learning, work on projects and seminars, different types of assessments, and practical training.

IUS applies BH NQF as follows: • In the first study cycle, with the duration of four (4) years, students acquire total numberof 240 ECTS

credits; • In the second study cycle students acquire total number of 60 ECTS credits, and under condition they

already accumulated 240 credits in the first cycle, the student receives master degree. • In the third study cycle, with the duration of three (3) years, students acquire 180 ECTS credits.

All courses have the code that clearly indicates their content. The course numbering system has three digits for each course, with the first digit indicating the level of the course (study year), as follows:• 100-199; 200-299; 300-399 and 400-499 for four years of first study cycle; • 500-599 for second study cycle;• 600-899 for third study cycle.

The abbreviation before the number indicates the program the offers the course. For instance, the code ARCH 101 denotes the course in architecture field intended for the first year of first study cycle.

Differences in content and value of courses are expressed through the number of hours that were planned

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for lectures, training or independent work (3 +0 or 2 +2 or 2 +1 +2). All courses of the first study cycle carry 6 ECTS credits. Assignment of an equal number of credits for each course was motivated by the de-sire to give enough time to cover all the topics discussed. This approach also emphasizes the importance of each course offered within the program. Students internship, in duration of at least 30 days, is included is part of this study programme.

Students’ internship, in duration of at least 30 days, is included as a part of this study program.

7. Assessment MethodThe general evaluation criteria are defined for the entire University, and are given in the table below. Each program complements this criterion with its own specific criteriafor the program and other requirements relevant tothe discipline.

Grades Points DescriptionA 10 100-95 Remarkable success

without error or with negligibleerrors

B 9 94-85 above average, with few mistakes

C 8 84-75 average, with noticeable mistakes

E 6 64-55 meets the minimum cri-teria

F, FX 5 <55 does not meet the mini-mum criteria

8. Student SupportInternational University of Sarajevo gives great importance to advising students especially because most students come from foreign countries. Students Parliament (SPIUS) is acting on behalf of all students studying at the IUS, and has the right to participate at meetings of the Senate of the University, with the aim of discussing issues related to the students. Therefore, the Student Parliament is the main link between the University leaders and students.

Within a study program, each student gets an advisor appointed by the Dean. The advisor monitors and evaluates student progress, and advises him/her on required and elective courses that he/she should choose to make progress during the study. Advisers also approve the list of courses.

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9. Process of Acquiring the Degree

10. Quality AssuranceQuality assurance, at the level of a study program, includes the process of the study program development itself. Consultations with teachers, area experts, students, labour market, employers’ representatives and local community representatives are defined as mandatory.

During the implementation of a study program, the regular analyses of all key study program implementa-tion indicators are performed and evident from periodic systematic analyses and reports.

The system of implementation of the curriculum and student evaluation provides sufficient autonomy to each academic staff member in order to adjust teaching methods and assessment in each course. Never-theless, clearly defined standards at the university level must be observed. Such system ensures transpar-ency in the assessment of the process and at the same time allows for customization for each teacher and student.

11. EmployabilityEconomics program at IUS aims to produce graduates who are well prepared for careers in business, gov-ernment, consulting or education. IUS unique approach to education goes beyond the classroom and enables us to be different from the competition by ensuring that our students are extremely satisfied with all aspects of their education. Every part of students’ experience at Economics Study Programme is de-signed to give them the tools needed in their future professional field, including internship programs that

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help students explore areas of career interest. Through lectures and exercises in small groups, with good co-operation with professors and teaching assistants, our students are stimulated to express creativity, to become interested in a particular area and become good analysts of economic phenomena.

The education and connections you gain from the Economics program at IUS can open the doors and acceler-ate the path for your desired career destination by opening up new horizons of possibilities. Our unique ap-proach to education goes beyond the classroom and enables us to be different from the competition by ensur-ing that our students are extremely satisfied with all aspects of their education. Every part of your experience at Economics Program is designed to give you the tools needed in your future professional field, including intern-ship programs that can help you to explore areas of career interest. Moreover, a degree in Economics provides graduates with a range of transferrable skills to be used in their future employment. It provides students with appropriate analysis tools for contemporary economic issues and problems of economic policies.

After graduation, our students are equipped with skills that help them to be employed in a variety of settings in both the public and private sectors as the economic analysts, consultants etc. Also, they can-do attitude that helps them to build own successful business, or to find a job in finance, nongovernmental organizations, local or foreign companies.

12. Teaching StaffThe study program is being implemented by competent teaching staff with significant global experience in teaching and relevant scientific backgrounds. These are short biographies of our teaching staff:

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13. Studying at IUSAll teaching at International University of Sarajevo is carried out in English. IUS implements three cycles of studies in accordance with the Bologna “4+1+3” system.

Graduate students receive a bilingual diploma and diploma supplement in English language and in one of the languages in official use in Bosnia and Herzegovina.

Eligible for admission to the first, second or third study cycle at IUS, under equal conditions, are all Bos-nian and foreign citizens for whom is determined through their diploma nostrification and equivalence that they have adequate level of education to continue their studies.

Admission announcements for the first, second and third study cycle for all study programs are published by the University in accordance with the Law, Statute and the Study Rules of the University.

14. First Study Cycle14.1 Aims and Profile of the First Study CycleThe purpose of the Economics Study Programme is education of experts in the social science discipline of economics in accordance with the needs of society and science. The Program is designed to follow the contemporary social and economic trends around the world with the focused study of macroeconomic analysis, microeconomic analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics etc.

During the first study cycle, students acquire skills necessary to gather and interpret relevant data from the economics and explain the statistical problems involved. They will be able to propose solutions to prob-lems and indicate under what conditions there may be viable solutions for them. Also, this program aims to produce professionals trained to independently perform technical tasks. These professionals will be able to apply economic analysis in order to evaluate specific policy proposals within business enterprises, financial institutions, or public administration.

The usual time for completing undergraduate studies and acquiring the degree of B.A. lasts for four years or 8 semesters. Students who complete 240 ECTS as prescribed by the Curriculum will acquire the degree of the First Study Cycle. Each semester, the University offers the list of courses which represent the cur-riculum for the specific semester.

Having completed successfully the First Study Cycle of Economics program, a student acquires the follow-ing title: Bachelor of Arts in Economics

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Article 47 of the Rules of Studies for the First Study Cycle at IUS foresees that, for a successful completion of the program, a student must pass all the exams and choose either to defend the final thesis or take extra course. Graduates receive the transcript which contains the titles of the courses attended, the projects com-pleted, the final (undergraduate) project, etc., along with the grades achieved, ECTS credits, grade point average for each semester and the cumulative grade point average.

14.2 Learning Outcomes of the First Study CycleThe learning outcomes of the first cycle of studies are formulated along the lines of national and inter-national practice. When defining learning outcomes of Economics Study Programme, clear directives of EQF and NQF are taken into account, as well as the current practice in BiH, the needs of the society, the students, the employers and the wider community, foreign and domestic experts and used benchmarks within the EHEA. In the case of Economics study program, points of reference used as a basis for defining below listed learning outcomes are:• European Qualification Framework • National Qualification FrameworkUpon successful completion of Economics program and obtaining title Bachelor of Economics our stu-dents will be able to: • Identify the role of supply and demand in the economy and analyze the necessary conditions for a

functioning market economy, • Discuss the benefits of the market system and the role of price in the market • Demonstrate the knowledge of the economic role of government fiscal and monetary policies of cen-

tral banks, banking reserves and partial structure of the market• Identify policy decisions and estimate the probability that will enhance economic growth and effec-

tiveness • Demonstrate their ability to apply economic theory in the range of business problems and effectively

explain their analysis, • Demonstrate their ability to define and analyze economic problems using algebraic and statistical

methods • Apply quantitative methods such as statistics or econometrics, and computer software (Eviews, Stata,

SPSS) to solve problems; • Identify, classify and describe the characteristics and economics of different models through the use of

analytical methods and techniques; • Identify factors to find solutions to problems that are relevant to environmental, social and political

differences;• Effectively communicate in English Language;• Find and use relevant sources of literature and information; • Recognize the need for a lifelong commitment to learning.

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14.3 Curriculum of the First Study Cycle

Table 1: Economics Program Curriculum – I cycle

EconomicsCourse group ECTS Course name Course code Course type ECTS Pre-requi-

siteUniversity courses

36 Freshman English ENG111 required 4 Communication and Reporting MAN111 required 4 Calculus I MATH101 required 6 Economics ECON101 required 6 History of Civilization HIST191 required 6 Law and Ethics SPS103 required 6 Spoken Turkish I/Bosnian I TURK111/

BOS111required 2

Spoken Turkish II/Bosnian II TURK112/BOS112

required 2 TURK111/ BOS111

Faculty courses 60 Microeconomics ECON201 required 6 ECON101Macroeconomics ECON202 required 6 ECON201International Political Econom-ics

ECON204 required 6

Probability and Statistics ECON211 required 6 MATH101International Law IR321 required 6 Contemporary Issues in the Balkans

IR262 required 6

EU Systems IR311 required 6 Marketing MAN205 required 6 MAN111Business Finance MAN222 required 6 MAN231Financial Accounting MAN231 required 6 MATH101

Programme courses

120 Management MAN102 required 6 Introduction to Globalisation and Business

ECON102 required 6

Introduction to Business IBF101 required 6 Foundation of International Relations

IR102 required 6

Econometrics ECON301 required 6 ECON211Public Economics ECON320 required 6 ECON202Industrial Organization ECON330 required 6 ECON201Financial Instititions and Markets

ECON350 required 6 MAN222

Research Methods ECON401 required 6 ECON 211International Economics ECON407 required 6 Labor Economics ECON455 required 6 ECON202Managerial Accounting MAN321 required 6 MAN231Money and Banking MAN325 required 6 ECON 202Managerial Finance MAN326 required 6 MAN222Enterprenual and Small Busi-ness Management

MAN303 required 6 MAN111

Business Law MAN332 required 6 SPS 103

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Program Elective elective 6 Program Elective elective 6 Program Elective elective 6 Program Elective elective 6

Free elective courses

18 Elective elective 6 Elective elective 6 Elective elective 6

Internship

In accordance with Procedure and Rules for Internship, No.: IUS-SENATE 11-1327/2014

Graduation project

6 Bachelor Thesis ECON490 elective 6 All courses finished

Total ECTS 240 Prepared by: Assist. Prof. Dr Mehmed Ganic

Date: 14 July, 2015

Quality Check: Edina Hadžiahmetović, QA Manager, 23 July, 2015

Table 3: Economics Curriculum – I cycle

Management Elective CoursesCourse group Course name Course code ECTS Pre-requisiteProgram Elective courses

History of Economic Thought ECON200 6 Game Theory ECON310 6 Time Series Analysis ECON355 6 ECON211Growth and Development ECON430 6 ECON202Public Budgeting and Finance ECON452 6 Islamic Economics ECON454 6 International Finance ECON461 6 ECON101Comparative Economic systems ECON462 6 International Monetary Economics ECON463 6 ECON101Bachelor Thesis ECON490 6 All courses finishedGlobal Environmental Issues IR454 6 Human Resource Management MAN302 6 MAN331Contemporary Management MAN331 6 Strategic Management MAN402 6 MAN331Innovation Management MAN406 6 International Management MAN408 6 Investment and Portfolio Management MAN421 6 MAN222International Banking and Finance MAN422 6 MAN325E-Business MAN442 6 International Marketing MAN443 6 Logistics and Supply Chain Management MAN454 6

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14.4 Requirements for Admission to the First Study CycleTo enrol into the 1st cycle of studies, a candidate has to have completed four years of secondary education which he/she proves with valid high school diploma.

As teaching at the University has been carried out in English language only, to be enrolled into the first year candidates have to have advanced knowledge of the English language. To prove capability in English the students can provide international certificates of English language proficiency, such are TOEFL, or IELTS, or equivalent certificate, in accordance with the criteria established by University regulations.If a candidate does not possess any certificate which would waive the requirement for taking English Lan-guage Proficiency exam (Proficiency exam), candidates are required to pass Proficiency Exam organised by English Language School (ELS) at the University.

Candidates who meet all requirements for admission, but who do not pass this test, are required to attend intensive program (course) of the English language at the University’s Lifelong Learning Centre, in order to acquire necessary language skills and become able to follow the lectures. While attending the English language course, students are required to submit request for dormant status for the purpose of preparation for the Proficiency exam and acquiring skills to attend lectures.

General criteria for admission are determined in the public announcement published before each aca-demic year. Ranking of candidates can be made on the basis of the following criteria:• Success achieved in high school;• Marks received in the interview organized for the candidates during application process;• Points earned on the Scholarship test (Aptitude and Math tests) organized by University for those can-

didates who applied for scholarship, and other criteria stipulated in the announcement.

Further short-listing can be done based on the performance achieved during applicants’ secondary educa-tion in the subjects relevant to the area of the undergraduate study.

Applicants from the Republic of Turkey, in addition to the previously mentioned admission criteria, have to pass undergraduate studies entrance exam (LYS - Lisans Yerleştirme SINAV) with the minimal score set by the appropriate government body in charge of higher education in the Republic of Turkey, or they have to achieve at least 1000 points on the SAT (Scholastic Aptitude Test / Scholastic Assessment Test).Students transferring from other higher education institutions are required to submit application for ad-mission (transfer) along with the official certificate on passed courses (transcript) from previous higher education institution. The request is forwarded to the relevant faculty committee. At the end of transfer-ring process, faculty dean will decide on application for transfer.The persons who lose their student status in accordance with the general acts and The Study Rules at the IUS can reclaim their status under the following conditions:

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• The University has available infrastructure and human resources to accomodate re-admitted students without any interuption of regular teaching process and everyday operations of the University;

• The student follows the study programme curriculum in current use at the time of re-admission; • The student has no arrears with the University.

Students who want to regain their students status are required to submit a request and explanation to the competent University Authorities. The decision on regaining student’s status is made by the dean.

15. Second Study Cycle15.1 Aims and Profile of the Second Study CycleThe aim of the Second cycle of studies in Economics is to prepare students for understanding the modern global economy and prepare them to build a better career in the knowledge-based society. The program combines individual level of experience and expertise in certain selected areas of specialty, and a strong foundation of general knowledge as well as knowledge in economics. Our mission is to advance research and support students in self-expression and actualization of their creative potential. The mission seeks to develop professional independence, creativity, leadership, and the capacity for continuing professional and intellectual development. Postgraduates are trained to manage new opportunities to understand the global movement, to learn how to link economical issues, to control data, and to deal with the international demand in the business world. Students of II cycle of studies in Economics at International University of Sarajevo study a range of topics relevant to modern business world. During the study, the Faculty encour-ages analytical skills of students and emphasizes the importance of linking theory taught in the classroom to actual business. In addition, the program provides the necessary foundation for students wishing tocontinue their education in the third cycle of studies.

15.2 Learning Outcomes of the Second Study CycleThe learning outcomes of the second cycle of studies are formulated along the lines of national and inter-national practice. When defining learning outcomes of Economics Study Programme, clear directives of EQF and NQF are taken into account, as well as the current practice in BiH, the needs of the society, the students, the employers and the wider community, foreign and domestic experts and used benchmarks within the European Higher Education Area. These reference points are generally accepted guidelines and best practices, standards and norms of individual national systems of higher education, as well as guide-lines for quality assurance agencies. In the case of Economics Study Programme, points of reference used as a basis for defining below listed learning outcomes are:a) European qualification Framework b) National Qualification FrameworkAfter successful completion of the second cycle of studies of Economics Study Programme a student will be able to:• create a personal program of work on an on-going basis, and learn how to work independently;

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• apply advanced theoretical and econometrical computer-based models for solving problems in eco-nomics;

• apply and adapt appropriate design process and methodologies in unfamiliar situations in order to analyze various international economic movement;

• choose appropriate management technique to achieve particular economic objectives; Having completed successfully the second study cycle of the Economics Programme, a student acquires the following title: Master of Arts (M.A.) in Economics.

15.3 Curriculum of the Second Study Cycle

Table 4: Economics Program Curriculum – II cycle

Master of Business and Administration (MBA) AY 2015 -2016Course Group

Total ECTS

Course Code

Course name Course type ECTS Pre-requisite

Required Courses

18 ECON528 Graduate Seminar I in Economics required 6 ECON529 Graduate Seminar II in Economics required 6 ECON506 Econometrics required 6

Elective 24/42 ECON501 Microeconomics elective 6ECON503 Macroeconomics elective 6ECON508 International economics elective 6ECON510 Globalization and Global Governance elective 6ECON511 Economic Growth and Development elective 6ECON514 Comparative Economic Systems elective 6ECON516 Industrial Economics elective 6ECON532 International Financial Markets elective 6ECON533 Business Finance elective 6MBA518 International banking and Finance elective 6MBA511 Financial management elective 6MBA524 Human Resource Management elective 6MBA525 Advanced Entrepreneurship and Small Busi-

ness Managementelective 6

MBA526 Strategic Management and Business Policy elective 6MBA541 Marketing Management elective 6MBA561 Management Information Systems elective 6 Two cours-es (6 ECTS each) as per students and his/her Academic Advisor agreement

Free elective elective 12

Master Thesis*

18 ECON 592 Master Thesis Optional/elective

18

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15.4 Requirements for Admission to the Second Study CycleIn addition to general legal conditions, the rights to enroll in the second cycle of study program have candidates who have completed the first cycle of studies, respectively candidates who have achieved 240 credits and candidates who have completed undergraduate studies according to pre-Bologna system of education. All the individuals who have completed the first cycle of studies and acquired title of Bachelor of Arts in Economics, are eligible to apply for the admission to the second study cycle of Economics Study Programme. To qualify for admission, students are required to prove they possess advanced knowledge of the English language by possessing a certain internationally recognized certification, or by successful passing of the proficiency test at the University (Proficiency Exam), in accordance with the general rules of the University. In addition, taking a special test or interview may be required for proving the scientific capabilities for continuation of the second cycle of study.

Ranking of candidates for admission at the second cycle of study is conducted on the basis of the following criteria:• results achieved during the first cycle of study;• candidate’s score at the interview and test which is organized when applying for study program; • other criteria determined in the announcement.

When number of candidates who have met the formal requirements for admission is larger than antici-pated number of candidates for admission, preference is given to candidates who have achieved a higher score according to acquired success in the previous cycle of study and achieved score at the interview. The persons who lose their student status in accordance with the general acts and The Study Rules at the IUS can reclaim their status under the following conditions: 1. The University has available infrastructure and human resources to accomodate re-admitted students without any interuption of regular teaching process and everyday operations of the University; 2. The student follows the study programme curriculum in current use at the time of re-admission; 3. The student has no arrears with the University.

Students who want to regain their students status are required to submit a request and explanation to the competent University Authorities. The decision on regaining student’s status is made by the dean.

16. Third Study Cycle16.1 Aims and Profile of the Third Study CycleThe aim of III cycle of studies of Economics at Faculty of Business and Administration at International University of Sarajevo is to prepare students for professional practice and continued research in the field of economics. The program assumes that a candidate has good fundamentals of economic discipline, and program provides training and education of students in a stimulating environment at a research oriented faculty. The main fields of research at the Faculty of Business and Administration, department of econom-

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ics are in international economics, finance, development economics, migration, etc.

16.2 Learning Outcomes of the Third Study CycleThe learning outcomes of the third cycle of studies are formulated along the lines of national and in-ternational practice. When defining learning outcomes of Economics study program, clear directives of EQF and NQF are taken into account, as well as the current practice in BiH, the needs of the society, the students, the employers and the wider community, foreign and domestic experts and used benchmarks within the European Higher Education Area. These reference points are generally accepted guidelines and best practices, standards and norms of individual national systems of higher education, as well as guide-lines for quality assurance agencies. In the case of Economics study program, points of reference used as a basis for defining below listed learning outcomes are:a) European Qualification Frameworkb) National Qualification FrameworkUpon successful completion of the III cycle of studies program in Economics, student will be able to:• improve critical thinking and self-independent work;• apply advanced theoretical and econometric computer models designed to solve problems in the econ-

omy;• design process and methodology in specific unfamiliar situations in order to analyze the various inter-

national economic developments;• choose the appropriate technique of action to achieve particular economic objectives;• critically evaluate different methods and techniques of research approaches• to be able to give recommendations to governments and other entities on measures that can boost

economic growth and development• actively participate in the academic community

After successful completion of third cycle studies student of Economics program will receive the title of:Doctor of Philosophy (Ph.D.) in Economics

16.3 Curriculum of the Third Study CycleTable 6: Economics Program Curriculum – III cycle

Course Code Course nameECON601 Applied Econometrics ElectiveECON609 Seminar in Advanced Economics ElectiveECON700 Science Research Project ElectiveECON800 Ph.D. Dissertation Elective

ElectiveElective

Total

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Elective Programme Courses: Code CreditsFinancial Economics ECON603 6

Corporate Finance ECON604 6

Topics in International Trade Theory ECON606 6

Special Topics in International Macroeconomics ECON607 6

Graduate Seminar on Selected Topics ECON608 6

Game Theory ECON602 6

Monetary Theory and Policy ECON611 6

Seminar in Investments BUS614 6

Seminar in Special Topics in Finance BUS616 6

The History of Management Thought Seminar BUS621 6

Organization Theory and Design Seminar BUS622 6

Microeconomics ECON501 6

Macroeconomics ECON503 6

International Economics ECON508 6

Globalization and Global Governance ECON510 6

Economic Growth and Development ECON511 6

Comparative Economic Systems ECON514 6

Industrial Economics ECON516 6

International Financial Markets ECON532 6

Business Finance ECON533 6

16.4 Admission Requirements for the Third Study CycleIn addition to the general requirements laid down by law, the right to apply for enrolment to third cycle (doctoral studies) of the study program is granted to all students who have completed Master studies ac-cording to the Bologna study model, i.e. candidates who have accomplished 300 ECTS study points, as well as all those who have completed post-graduate studies according to an earlier study model and gained the title of Master of Science (pre-Bologna and Bologna master’s studies curriculum), or candidates who have acquired education outside of Bosnia and Herzegovina and who are after the validation and equivalence procedure found to have completed adequate education for continuing of their education.

Candidates who have the title of Master of Arts in Economics and other related scientific fields in, are eli-gible for enrolment in the third cycle of study of Economics Study Programme.

Ranking of candidates for enrolment to the third cycle can be based on the following criteria:• Previous success in the second study cycle taking into consideration that candidates who have completed

post-graduate studies according to an earlier study model and gained the title of Master of Science can be recognized with 60 ECTS accordingly with the Committees decision;

• Assessment in the interview or examination that is organized when candidates are applying for enrolment;

Table: List of III cycle economics area elective courses

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• Other criteria determined by the public announcement.

In the case where the number of candidates who have met the formal requirements for enrolment is larger than approved quota for enrolment, preference is given to candidates who achieve higher score based on success in the previous study cycle and at the interview.

The persons who lose their student status in accordance with the general acts and The Study Rules at the IUS can reclaim their status under the following conditions: • The University has available infrastructure and human resources to accomodate re-admitted students

without any interuption of regular teaching process and everyday operations of the University; • The student follows the study programme curriculum in current use at the time of re-admission; • The student has no arrears with the University.

Students who want to regain their students status are required to submit a request and explanation to the competent University Authorities. The decision on regaining student’s status is made by the dean.

EconomicsECON

FBA Faculty of Business and Administration

Management

Economics

International and Public Relations

International Business and Finance

MANECON

IRIBF