The Faculty of Business and Financial Studies (FPFS) began operating in 2005 with a clear mission and vision in creating educated staff in the following areas:
- Accounting and Auditing;
- Taxes, Customs and Budget;
- Public Sector Management;
- Public and Local Government;
- Sports and Health Management;
- Business Law.
As a logical continuation of the basic studies, postgraduate Master study programs are directed towards the following areas:
- Finance and Auditing;
- General Management;
- Mobile Business and Electronic Business;
- Health Management.
Master program lasts two years and one obtain a Master of Economics degree.
This kind of education profile continued all the way, until obtaining the approval from the Ministry of Education and Culture for the study program of the Faculty of Business and Financial Studies as an organizational unit of the University of Business Studies in Banja Luka, thus the Faculty of Business Studies basically was substituted with a new structure of a new organizational unit.
In that context, we established the study program of Business and Financial Studies directed towards the following study groups, which last three years and obtain 180 ECTS: Accounting and Auditing; Banking and Stock Exchange Operations; Taxes, Customs and Budget. Afterwards, we obtained the approval for the four-year study program with 240 ECTS, entitled Finance, Banking and Insurance, with the following study groups: Accounting and Auditing; Banking and Taxes, Customs and Budget.
With an effort to encircle education in the field of Business and Financial Studies at all levels, we obtained the approval for masters studies directed towards the following study programs: Financial, Bank and Stock Exchange Management, with additional 60 ECTS points and obtaining a Master of Economics degree.
Over 1000 students graduated during the period 2005 to 2011. Most of the students (over 75%) are permanently employed which basically means that all study programs of this faculty are in accordance with the labor market and with the development strategy of the Republic of Srpska. The continual growing trend of employment of the students who graduated at the Faculty of Business and Financial Studies is also confirmed by the number of students who transferred from other faculties from the Republic of Srpska and abroad. Additionally, all study programs of this faculty meet the conditions for administering work in East Sarajevo and Bijeljina.
Study programs of the Faculty of Business and Financial Studies are implemented in accordance with the Bologna process and with the study programs of the countries in the region, namely signatories of the Bologna declaration. In order to ensure the necessary quality of all study programs, teaching at the Faculty is carried out by professors of scientific repute from the country and abroad.
In cooperation with other faculties and institutes from the country and abroad (Belgrade, East Sarajevo, Varaždin, Nova Gorica, Maribor, Novi Sad, Subotica, Ottawa and Moscow) we organize elite studies within the following areas: Economics, Law, Ecology, Tourism, Design, Computer Science, Journalism and Communication Studies. Thus, we are oriented towards functional organization of the third study cycle in accordance with the proposition of mutual implementation of the study program Economics and Finance at the University of Business Studies Banja Luka, University of East Sarajevo, University of Banja Luka, University of Business Academy in Novi Sad and University of Zagreb.
According to the agreements on cooperation with the above mentioned institutions of higher education, we insured mobility of students and professors, books and scientific research work, all on propositions of the European Credit Transfer and Accumulation System (ECTS) in the European educational area. Thus, the vision and mission of the strategic education are especially valued, from the aspects of restructuring and innovation of the study programs, then profiling our own scientific staff, creating the scientific university youth and European summarizing the quality of academic studies of the first, second and third cycle, with programmed skills and competences upon graduation. Finally, the newest accomplishments in the field of scientific research, the results of scientific meetings organized by the Faculty of Business and Financial Studies, full papers written by assistants and students, abstracts from master and doctoral thesis and other, are all published and promoted in the journal entitled “Poslovne Studije” (“Business Studies”).
Development strategy of the Faculty of Business and Financial Studies reflects not only the transfer of existing knowledge but the creation of new scientific accomplishments and new knowledge. Practical implementation of the new knowledge is the core virtue of the new European competences and skills of graduated students trained for operating in the fields of global business, management, entrepreneurship, banking, insurance, auditing and others that are in accordance with the globalization of economic and financial science.