Fall semester (September – February)

  • Financial Institutions and Markets (5 ECTS)

    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.

  • Financial Derivatives (5 ECTS)

    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.

  • International Financial Management (5 ECTS)

    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.

  • Risk Management in Financial Institutions (5 ECTS)

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  • Portfolio Management and Investments (6 ECTS)

    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.

  • Business Ethics, CSR and Sustainability (6 ECTS)

    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.

Spring Semester (March – July)

  • Financial Management (6 ECTS)

    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.

  • Financial Reporting and Analysis (6 ECTS)

    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.

  • Alternative Investments (5 ECTS) - CFA elective

  • Fixed Income (6 ECTS) - CFA elective

  • Quantitative Methods and Econometrics (5 ECTS)

  • Elective (3 ECTS) - non CFA students

  • Internship (3 ECTS)

    The aim of the internship is to enable students to apply academic knowledge and skills in a real business environment and to develop the accompanying independence, responsibility, and creativity necessary to perform business and work tasks in situations of practical business activities. Students are encouraged to connect their internship with the preparation of the graduate thesis in a way that through internship they apply the knowledge and skills acquired during their studies, but also in collecting and analyzing primary and secondary data and proposing recommendations based on that data.

  • Graduate Thesis (7 ECTS)

    The final step in 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 the research. The mentor assists the candidate in the course of his/her research project and the completion of his/her thesis.