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According to the policy of "Integrated Business Faculty" special attention and incentives is given to advanced students. Besides research and interactive content and activities for each subject from the curriculum, which in turn provide a greater number of points or higher grades, this category of students has financial incentives in the form of full or partial scholarships.

In order to stimulate a greater commitment, but also to motivate other students to follow the example of the best, the teaching council awards scholarships based on student’s success for the following academic year.

During its six years of operation, IBF has approved more full or partial scholarships to top students.





This page provides access to information that we believe will be of benefit to all current and future students of the “Faculty of Business Economics”.

Why study at Intergrated Business Faculty

Enrolment of students


students fbe classroom


Rights and the duties of students

Integrated Business Approach

buffet classroom students

Internships and scholarships

Calls for proposals

Exchange programs




Integrated Business Approach

The uniqueness of the integrated approach to studying business economics is that all relevant aspects of running a business and making timely and optimal decisions, just like in the real business world, are complex, with different priorities, with simultaneous causation. This approach to the study of economic science allows us to simulate the segments of the market economy in which students make decisions about their own virtual real-business. Consequently, students are assessed depending on the profitability of the Student Company, active involvement and individual contributions to team work. Specific content in the so- called Integrated Enterprise Program (IBC-1 and IBC-2) consist of legal, organizational, marketing, financial, behavioral, etc. Aspects are presented below.

Modules 1, 2 and 3 (comprised in IBC 1) are taught and applied in the second year of the studies

Modules 4, 5 and 6 (comprised in IBC 2) are taught and applied in the third year of the studies

Module 1: Team Work
This module represents an integral approach in creating implementation teams for certain goals. The curriculum is conducted in teams. Groups consist of 10-30 students. Each team consists of 5-6 persons. The duty of each team is to create its own website. The duration of module 1 is 5 weeks.

Goals to be achieved:

  • To improve the ability to adapt to the team concept in a specific situation
  • To improve the relationships among the team members. This actually means joint creation of the plan, its execution and use of the experience of the team members in developing certain goals and tasks. The teams are expected to offer mutual interaction in performing the tasks planned, which leads to higher cohesiveness in the group, and consequently, to a productive team, which is a prerequisite for starting the project and achieving its team goals and tasks.
  • Raising the awareness about the need of planning. Planning of the future should increase chances for implementing productivity, which is definitely possessed by each of the teams. By planning within the team, a larger possibility for mutual control is ensured.
  • Gives students an introduction to the use of tools and processes needed to create their website.

The website of each team (regardless of whether they are existing or newly formed) must be composed of the following three basic components:

Description of the team: Description of the current structure (background) – defining the project, which is target of the team implementation, its goals and tasks, sponsors, customers and their demands. All personal information and other team members’ relevant information are contained here.
Description of the team structure: Includes the number (size) of the team, subgroups, etc.
Description of the organization of the team: which activities are covered by which team member, who cooperates with whom, and how they inform each other.
Agreement for team work contains the name and logo of the group. Advantages and disadvantages, and limiting factors for the work of the team. Structuring the team, roles of the members and internal work processes. The students, based on the knowledge acquired, are asked to create an efficient organizational structure and undisturbed flows of information. The Agreement should contain specific time periods when the team would meet, and a timetable (gantogram) should therefore be prepared, to cover the activities of the team during the semester.
The conceptual approach in this module is based on three components. Each of the components incorporates the influence of some internal and external factors, such as: the organizational structure, organizational culture, economic surrounding and the macroeconomic surrounding. Creating the team: organization, structure and culture; Team work: goals, management, development, communications, project management, decision making, conflict and evaluation; Evaluation of the efficiency in executing the planned team goals: introducing a criterion for measuring efficiency by the team itself. The mentor grades the team structure and functioning for each project assignment.

Module 2: Business Systems
The module Business Systems is introducing students in the integrated analysis of environment and its impact on the goals and strategies of the corporation. The environment as a subject of this analysis is: macroeconomic environment analyzed in terms of natural resources and labor and business; or commercial environment composed of the 5 main components-competition, consumers, suppliers, market structures and other driving forces of such a structured business environment. This module lasts 6 weeks.
Goals to be achieved:

  • More thorough use of economic information from the macro economic point of view. This analysis will be focused on natural resources and technologies in terms of their utilization as well as analysis of: financial, economic, global, socio-cultural and demographic characteristics of population and labor policies, regulations and laws.
  • More thorough use of economic information relating to the economic environment such as market structures, suppliers, consumers, competition and other forces driving the economy.
  • Practical evaluation of external influences on the business of the corporation. In order to accomplish this goal a knowledge of all components that determine the operational working and strategy of corporations such as the marketing, finance and accounting, internal organization, human resources management and engineering is necessary.

Module 3: Planning the Production Process

This module is designed to integrate the knowledge which the students have acquired in the field of marketing, finance and management in creating a corporate business strategy. The course lasts for 6 weeks.
Goals to be achieved:

  • Larger knowledge in the process of planning, implementation and control in the integral management cycle. Strategic development plans are prepared in a way that it would point to the required steps in this complex process. This involves defining a vision and mission, and afterwards analyzing company’s strengths and weaknesses, as well as the exogenous variables, such as opportunities and threats, which are always factors of external influence, and upon which the company can act.
  • Larger knowledge in operation of plans, defined on strategic, tactical and operational level that would cover the components of marketing goals and plans, production plan, fork force plans and financial plans.
  • Possibility to identify critical issues and problems, as well as using information from the previous implementation phase, as a feedback of the company’s strategic plan.

Module 4: Planning and Deciding

Planning and Deciding is a module which represents a logical continuation of the knowledge acquired for planning in the given business surrounding. The accent in this module is placed on the procedures and instruments used to foresee sales, as well as preparation of pro-forma reports, from which plans derive for all individual company functions. The duration of this module is 6 weeks.
Goals to be achieved:

  • Knowledge about the ways and methods for conducting quantitative and qualitative prediction of sales.
  • Preparing operational plans for all company functions.
  • Knowledge about subliming results from the operational planning in the company’s financial report, i.e. preparing a pro-forma cash flow report for one fiscal year, and a pro-forma balance sheet and income statement.

Module 5. Management of corporate resources

The management of corporate resources is intended for future managers and entrepreneurs who will make decisions about handling and using of all available resources. This integrated course provides a complementary knowledge and sublimation of the knowledge gained from courses in business and economics. The duration of the module is 6 weeks.
Goals to be achieved:

  • Business decisions about acquisition and making available all the resources of the company, their management and the effects of the managing and decision making on the financial position of the company, and consequently on the value of the capital owned by shareholders.
  • Integrated knowledge about procedures and methods of business decisions such as investment decisions, operational decisions, decisions regarding human resources, information system decisions and financial decisions.
  • Integrated knowledge about managing with money and securities, inventory, working capital, investments in personnel, fixed assets and consumer demands.
  • Expanded knowledge about the choice, selection, training and a new approach for assessing the productivity of labor.
  • Expanded knowledge about the managing of with the informational database of the company, processing and modeling of the data.
  • Expanded knowledge about the relationship between liabilities and capital financing, determination of financial leverage and dividend policy.
  • Analysis of external environment: competition, international events, financial markets and capital costs, risk assessment and their impact on cash flows and on determining the value of the shares in the company.

Module 6. Operational decisions in business

This module focuses on the methods and conditions under which operational decisions are made for business. This is module is based on integrating the knowledge in the field of marketing management, production management and finance. It is organized for a period of 6 weeks.
Goals to be achieved:

  • Deepening the knowledge in terms of decision making related to marketing mix. Decisions about production, promotion and price forming are emphasized.
  • Deepening the knowledge concerning the buyers behavior, , the analysis of orders, the offered products and the ways they are offered, the elasticity of demand in terms of price of products;
  • Deepening the knowledge in terms of distribution models from which information about product , demand of products and other relevant data are received, and their impact on the global planning of enterprise resources. Simulation of electronic trading.


The activities of our students as part of the integrated business approach are realized through the creation and management of virtual companies. The products created as a part of these companies can be viewed on the following link.


Rights and the duties of students

The rights and the duties of students are defined in the Statute of “Integrated Business Faculty”-IBF in Articles:

  • General acts on the status of student at IBF-Articles 70-74
  • Rights of the students- Article 75
  • Duties of the students-Article 76
  • Convenience for the best students
  • Code of conduct

Article 75

  • Full-time studies and status of a full-time student, and part-time studies and a status of a part-time student
  • Enrollment and education under equal conditions determined with law, this Statute and with the general acts of IBF
  • Quality research and education process as envisaged in the curriculum,
    The right to self-determination of the quality of teaching and teachers,
    Participation in the management of the faculty, in accordance with the Law and this Statute,
    Protection of rights and duties before the bodies of the IBF,
    Protection of personality and dignity of the student from abuse
  • Decide about the type of studies
  • Continue studies in other high education institution if the Faculty ceases to function or if the student terminates the studies
  • Use the library and databases, space and equipment, software and other scientific and professional infrastructure of IBF;
  • Elect and be elected as a representative of the students in the Faculty bodies;
  • Use student standard services (accommodation, food, health care, etc.), public transportation, according to the conditions determined by law and the appropriate service providers;
  • Transfer to another high education institution, or other studies, while using the advantages of the ECTS;
  • Organize in forms of citizens’ associations and other forms of personal initiative;
  • Continue the interrupted studies;
  • Use recess of no less than 60 days within a calendar year;
  • Receive state or other scholarships, or to use a financial credit for support during studies;
  • Cooperate with other students in the country and abroad
  • Acquire other rights in accordance with law and this Statute.

Article 76

  • To comply with their obligations arising from the Statute, as well as to respond to violations of these obligations.
  • To use the card for the electronic recording system for entering and exiting IBF.
  • To develop Term paper each academic year during the study from a seminar they have attended. The costs for attending seminars that are related to organized transport, accommodation facility and publication of a brochure of the seminar will be borne by each student individually.

    Code of Conduct regulates the following aspects of employees’ behavior of and students of IBF:

General Information about the IBF Policies

Alcohol policy
IBF is a "dry" faculty and has a no-alcohol policy. Students are not allowed to possess or consume alcohol while in any IBF facility on the Faculty grounds. Including the off-site Student Housing Program, violators are subject to the provisions set in the Code of Conduct. Macedonian law prohibits the consumption or alcoholic beverages by persons under the age of 18, The Faculty expects all members of the community to conduct themselves in a responsible manner when consuming alcohol in general. Drunkenness and public Intoxication are unacceptable and those students (at all ages) who violate this norm will be subject to disciplinary sanctions.

Drug-free workplace
IBF is a drug-free workplace and the Faculty will not tolerate the manufacture, distribution, dispensation, sale, purchase, possession, offer to sell, and/or use of any illegal drugs at any IBF facility or at any IBF function. Any student found to have violated this policy will be subject to arrest and disciplinary action.

Computer network and internet access policy
The Internet is a worldwide network of computers that contains millions of pages of information and advertisements. Users are cautioned that many of these pages include offensive, sexually explicit, and inappropriate material. In general, it is difficult to avoid at least some contact with this material while using the Internet. Even innocuous search requests may lead to sites with highly offensive content. Additionally, having an email address on the Internet may lead to receipt of unsolicited email (i.e.”spam") containing offensive content. Users accessing the Internet do so at their own risk; IBF is not responsible for material viewed or downloaded from the Internet by users. Users should be aware that IBF monitors use of Its Internet and email system and that a student's Internet and email access are the property of IBF. IBF’s monitoring activities may change periodically to comply with specific legislation. It is important that students read each section of the Policy that affects their work because they will in the future, be deemed to be aware of Its contents in the event that there is any breach of IBF policy. IBF encourages the use of electronic and technological media In the conduct of Ks business. IBF expects students to use these facilities sensibly and to act professionally. For example, when sending email messages, students should use the same safeguards and precautions as they would when sending a fax or letter and should not act on impulse. Similarly, students should exercise proper judgment as to which Internet sites they visit. IBF accepts that It Is sometimes difficult to determine the boundaries between acceptable and unacceptable behavior; consequently, the Faculty has set down guidelines for the use of IBF IT systems (these guidelines may be amended from time to time). If a student does not understand any of the following rules, he or she should discuss them with an Academic Computing staff member. Students will be subject to disciplinary action if they violate the Policy or otherwise abuse or misuse the system. Depending upon the severity of the offence the students may also be subject to summary dismissal. E-mail and Internet use at IBF is governed by the following policy:

Computer network use limitations
Among prohibited activities, the Faculty's computer network may not be used to disseminate, view, or store commercial or personal advertisements, solicitations, promotions, destructive codes (e.g., viruses, Trojan horse programs, etc.). or any other unauthorized materials. At all times users are responsible fоr the professional, ethical, and lawful use of the computer system. Use of the computer is a privilege that may be revoked at any time by the Faculty.

Communication of trade secrets
Unless expressly authorized to do so, users are prohibited from sending, transmitting, or otherwise distributing proprietary information, data, trade secrets, or other confidential Information belonging to the Faculty. Unauthorized dissemination of such material may result in severe disciplinary action as well as substantial civil and criminal penalties under state Economic Espionage (intellectual property) laws.

All intellectual property treated in the course of study or employment by the Faculty or a
Faculty-sponsored project belongs to IBF. All computer equipment, software, and
facilities used by students and employees are also proprietary to IBF, including all
documents, materials, and email created. Accordingly, students and employees should
use IBF property and Intellectual property only in the work context and solely for
the benefit of IBF. IBF reserves the right to monitor, access, retrieve,
review, and delete the following without notifying the individual concerned: all entail
sent, received, or in the course of composition; mail boxes and private directories: all
use of the Internet and all other communication techniques deployed while using the system: music and movies; and any third party screen savers, software, materials, etc, on the system. IBF also reserves the right to withdraw any of the facilities privileges provided by the Faculty If the Faculty considers that a student's or employee's use of them is in any way unacceptable.

Field trips
Field trips and off-campus tours of other businesses, NGOs, Faculties, working studios, or other Faculty-related off-campus activities are part of the educational experience at IBF. Each student should sign a field trip waiver for each off-campus outing (available through the sponsoring faculty and/or academic department). The Faculty expects that students will conduct themselves in a professional manner at all times during on and of)-campus activities. The Code of Conduct applies to all Faculty events both on and off-campus.

Loyalty, honestyand appearance
The faculty, staff and students are expected to behave in loyal and fair manner regarding communicating correct, true, complete and on-time information about IBF’s programs, activities, policies, procedures and practices, inside and outside the IBF. Casual dressing code and appearance is preferable for staff, faculty and students during their stay at the IBF facilities. The violation of this section is a misdemeanor, punishable by notice, dismissal or exclusion in dependence of the gravity and repeated numbers of violation.

Intellectual property
Broadly speaking, intellectual properly refers to copyrighted material, designs, patents, trademarks, inventions, ideas, know-how, business Information, and lists. Most images text, and materials are protected by copyright; trademarks protect others. The downloading, possession, distribution, or copying of a copyrighted work-for example, a document, book, software program, on-line teaching guidelines/text/exercises etc. or video—is an Infringement of copyright unless the person downloading is properly authorized to do so by the copyright owner. Therefore, absent authorization from the copyright owner, these activities are prohibited. These basic principles also apply to materials obtained from third parties such as customers, other companies, information services, and Internet sites. Students should address inquiries or concerns to the appropriate Faculty or staff member.

The Director of IBF, of his authorized person, issues and appropriate document for the rights and duties of the students in accordance with this Statute and Code of conduct


To get the required passing score for each subject from the curriculum, the student must successfully (completely, timely, with quality and dedication) to perform the tasks set by professors. Final estimates are obtained based on the following criteria:

  • Attendance at lectures (10%)
  • Activity at lectures (10%)
  • Research activities (20%)
  • Successfully passed colloquia / final exam (60%)


According to the Law on Higher Education of the Republic of Macedonia and the European Credit Transfer System (ECTS), IBF assessment uses the following scale:







EXCELLENT - outstanding performance with only minor errors



VERY GOOD – above-average standard but with some errors



GOOD - generally sound work with a number of notable errors



SATISFACTORY - fair but with significant shortcomings



SUFFICIENT - performance meets the minimum criteria



FAIL - more work required before the credit can be awarded



FAIL - considerable further work is required



The final assessment of the module is determined based on average results achieved by the final exam and planned activities that the student earned during the semester. The specific requirements of the modules are determined by the FBE, with special attention being given to students who are distinguished by their talent, commitment and action. Namely, for each module from the curriculum several thematic research activities are provided which students realize through team work under supervision of the professor. Depending on the demonstrated quality (depth and scope of research and knowledge), the best students will receive the highest grade.
If the student does not get 6 or higher grade it means that he/she did not pass the exam and will have to take the same exam again. The less successful students have the opportunity for additional training, consulting and various other extracurricular activities so as to pass the minimum required for passing grade.
For undergraduate studies in Business Economics, for each of the five available programs a corresponding (in this case maximum) number of credits and points have been anticipated. In accordance with the proposed allocation of credits, corresponding to the total scope of engagement of the professors and students, about 1500 – 1800 working hours on average have been planned for surmounting the entire curriculum (number of classes planned, lecturing- ex cathedra, exercises envisioned as modules for practical application and independent work of the students to learn the lessons).
Practically, the groups will be consisted of 25-30 students, with daily schedule of 4 classes lectures-ex cathedra, 2 classes of exercises (in appropriate combination of teaching and exercises through practical simulation in the modules, in order to be implemented) and 2-3 hours independent work of the students. Based on such dynamics and schedule of activities during each of the 6 semesters, the required number of 180 credits will be realized.
The grading of the students results will be done periodically, for each semester, through 2 colloquiums. and a final exam at the end of the semester. The final grade will be determined based on the previously mentioned criteria for attendance and activity at lectures, research activities and successfully passed colloquia / exam.
The students who will collect

  • From 50% to 60% of the number of points will get an average grade 6 for the studies
  • up to 70% of the number of points will get an average grade 7 for the studies
  • up to 80% of the number of points will get an average grade 8 for the studies
  • up to 90% of the number of points will get an average grade 9 for the studies
  • up to 100% of the number of points will get an average grade 10 for the studies


The following is planned according to the principal concept of the Integrated Business Faculty:

  • During the first academic year, all students (regardless of the program they select during the third year of studies) to acquire knowledge in the fundamentals of business economics, through appropriate representation of certain scientific disciplines (macroeconomics, mathematics, statistics, financial accounting, microeconomics, business law and English language).
  • During the second academic year, it is again planned for students to acquire a certain quantum of fundamental knowledge for all students (management accounting 1 and 2, managerial economics, corporate finance, integrated business approach). Apart from these, so called fundamental courses, compulsory for all students, a possibility for electives is planned i.e. the students can also study additional lessons in entrepreneurship, GIS 1, economics of regional integration and marketing basics.
  • During the third academic year, it is planned for students to specialize in the selected program. Therefore, suitable fundamental (compulsory) courses are anticipated for each program. However, in order to meet the individual interests of the students, an opportunity has been given for them to select another two courses from the list of elective courses for each respective program.


Following the successful completion of the planned activities during the three-year studies, students will also have to prepare a graduation paper. After the successful public presentation of the graduation paper, the students will acquire a diploma as:

  • Economist in Financial Management
  • Economist in Marketing Management
  • Economist in Sustainable Development - Environmental Economy
  • Economist in Regional and Local Business Development
  • Economist in Banking


Undergraduate Studies 

1. The price of full time studies at the "Integrated Business Faculty" (IBF) is 600€ per year.
The payment should be done entirely, in denars according to the average foreign currency rate of the National Bank of the Republic of Macedonia on the date of payment.

The exam application fee in each regular examination session is 10 €. 
Verification of the semester: 
• from 1st to 20th December 50 € 
• from 1st to 20th May 50 € 
The payment for exam application and the verification of the term is done in denars according to the average foreign currency rate of the National Bank of the Republic of Macedonia on the date of payment.


2. The tuition for part time studies at the IBF is 700€ per year. 

The payment should be done entirely, in denars according to the average foreign currency rate of the National Bank of the Republic of Macedonia on the date of payment.

The exam application fee in each regular examination session is 10 €. 
Verification of the semester: 
• from 1st to 20th December 50 € 
• from 1st to 20th May 50 € 
The payment for exam application and the verification of the term is done in denars according to the average foreign currency rate of the National Bank of the Republic of Macedonia on the date of payment.


Specialized professional studies 

The tuition fee for specialized professional studies at the IBF is 1000 € per year. 

Payment can be made in full amount or in two instalments, in according to the average foreign currency rate of the National Bank of the Republic of Macedonia on the date of payment

Enrolment of students

"The Integrated Business Faculty" (IBF) has a policy of free admission which includes willingness to provide a place for each candidate who meets the requirements to be included in the academic program.

Undergraduate Studies

Eligibility for enrolment
Applicants who are enrolled at the IBF undergraduate studies should meet the following terms:

  • A four year secondary education recognized / validated diploma in the Republic of Macedonia.
  • Passed high school graduation exam, state graduation exam or final exam for those who have completed a professional high school.

Applicants who have completed four years high school or adequate education abroad are eligible to enrol upon validation of the diploma by the Ministry of Education and Science of Republic of Macedonia

Transfer of students from other local and foreign universities is done on the basis of submitted transcripts and curricula.

Candidates enrol as full-time and part-time students with self-financing of the studies.

Enrolment documents

  1. Completed application (available at this web site or at the Student’s office)
  2. Original transcript of secondary education (for students who have completed secondary education before 2008 or outside the Republic of Macedonia) and copy with notary certification
  3. Graduation diploma for candidates who have completed secondary education in 2008.2009, 2010 and 2011 and a copy with notary certification.
  4. Original transcripts and copies with notary certification.
  5. Birth certificate and copy.
  6. One picture 6x9.
  7. Certificate of full-time employment and a copy of Form M1/M2 or medical certificate for part-time study (documentation supplied by part-time students).


Specialized professional studies

Eligibility for enrolment
Candidates admitted to the specialist professional studies of IBF should meet the following terms:

  • completed undergraduate studies with 180 credits

Applicants who have completed undergraduate studies outside the Republic of Macedonia are eligible to enrol upon validation of the diploma by the Ministry of Education and Science of Republic of Macedonia.
Candidates are enrolled with self-financing of studies.
Enrolment documents

  1. Completed application (available at this web site or at the Student’s office)
  2. Original diploma for undergraduate studies and completed copy with notary certification
  3. Original certificate and a copy with notary certification.
  4. Birth certificate and copy.
One picture 6x9.

What is business economics and why study at Intergrated Business Faculty

To understand what is business economics and why to study business economics, we will first try to clarify four fundamental terms of economic science:

• scarcity,
• resources
• use of alternative resources and
• economic compromise

What is scarcity?
Scarcity simply means that people want more than what is available, or when something is rare and not in sufficient quantities to fully satisfy one's desire or need.
We want more than we have at the moment. Consumers want more clothes, comfortable homes and better cars, but their national budgets can not withstand it. Businessmen (the companies) want to spend more on ads and introduce modern production machinery, but their budgets do not allow it. The same applies to the state which usually wants to spend more than it collected through taxes. So, we all want to buy more than we have available money. Therefore, with the money that we have, we need to decide what to buy. Hence, we can say that business economics, similar to the general economy, is a science of choice. Its aim is to meet the highest level of customer satisfaction, and the highest level of firm’s profitability.

What are resources?
Resources are factors of production (means of production) which firms use to produce goods and services. Resources are: land, labor force including skills and abilities of workers, machinery, buildings, raw materials, money etc.).

What is alternative use?
Not only scarcity, but also alternative use is also in the centre of the business economics. If each resources had only one use than things would be simple. However, water for example, can be used for production of juices as well as ice-cream, and many other products. The same holds true for other resources: human resources, forests, oil, iron, etc. The main issue that each firm should ask is: What amount of resources should be allocated for each use? Every firm does that in this way or another, successfully or unsuccessfully. To do that successfully is the objective of the business economics.

Why study business economics at the Integrated Business Faculty?
Because the study of individual scientific disciplines is integrated at IBF that is business economics, in addition to the study of certain subjects is taught through the simulation of complex economic reality, with multidimensional combination of various aspects of business. The uniqueness of this integrated approach is due to the fact that it is the only one applied in the country, thus enabling students, upon graduation, to fit into everyday business activities at the workplace. This is proven by:
- High rate of employment (80%) of our graduates,
- High grades for students’ knowledge and responsibility by companies where internship was conducted.

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