ELTE Faculty of Economics Program Guide 2023-2024

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Programme and Course Guide 23 24

Dean’s welcome

ELTE, founded in 1635, is Hungary’s most renowned university. The first Faculty of Economics was established 100 years ago, the predecessor of the current Faculty of Economics. Our Faculty has become a defining centre of Economics trainings in Hungary, as it is the largest institution for Master's and MBA training in the country, and is among the top two centres for academic excellence in the Bachelor's trainings, with quickly increasing international visibility for the English BSc degrees, International Business Economics and Finance and Accounting. In 2021 we launched our doctoral School of Business and Management. By the autumn semester of 2023/24 our student numbers have topped seven thousand.

We welcome the growing number of international students to our campus in the historic city centre of Budapest. Our highly qualified Faculty mostly consists of associate and full professors, with decades of teaching experience and close collaborations with international partners and organisations. ELTE Faculty of Economics is the first institution in Hungary to become a member of Business Graduates Association (BGA), and students are exempted from modules of ACCA (Association of Chartered Certified Accountants) More than just an Economics Faculty, the programmes incorporate accessory academic domains – including psychology, informatics, and the social sciences. I warmly welcome our international students to Hungary’s most prestigious university, with highly acclaimed lecturers and a vibrant student life.

3 Table of contents IMPRESSUM Publisher: ELTE Faculty of Economics Dr Tihamér Margitay dean Editors: Dr Judit Fortvingler Dr Gábor Zemplén Dr Nóra Kelecsényi Photography: Balázs Gyüre Péter Horváth Ilka Verebics Design: Orlando Stúdió Kft. Pre-press: Rózsa 44 Bt. Web & contacts: Faculty website: https://gtk.elte.hu/en/ International Office Contact: https://gtk.elte.hu/en/contact-us http://facebook.com/eltegtk Instagram: @elte.gtk_official Introducing ELTE 4 Why study at the Faculty of Economics? 7 Bachelor’s programmes 8 English Bachelor’s degrees 11 Student’s perspective – Interview 12 Courses for Erasmus+ mobility 14 Business Economics Summer University 40 Tutor’s perspective – Interview 41 Student Union & ESN at ELTE Faculty of Economics 42 Sports at ELTE 43

Introducing ELTE

ELTE is the largest academic and scientific establishment in Hungary, the country’s most popular university. It has the widest educational portfolio in the country, over 130 bachelor's and master's programmes, and over 50 degree programmes in foreign languages.

ELTE is a public research university with 380-year-old traditions, located on both sides of the river Danube in Budapest.

If you would like to find out more about ELTE browse our information booklets:


Accreditation and Membership

ELTE Faculty of Economics is an esteemed member institution of the Business Graduates Association (BGA), an international membership and quality assurance body of world-leading and high-potential business schools who share a commitment for responsible management practices and lifelong learning, and are looking to make a positive impact on their students, communities, and the economy as a whole.

Both our Finance and Accounting BSc and Accounting MSc programmes have been recognised by ACCA (Association of Chartered Certified Accountants), a worldwide body for professional accountants, and awarded exemption accreditation for certain exams, five and six out of thirteen, accordingly.

The Faculty of Economics earned the 4-Star Recognition by EFQM (European Foundation for Quality Management) after an on-site accreditation in 2022. The recognition attests the Faculty’s impressive achievements and demonstrates its commitment to continuous improvement.

Founded in 1635 by Cardinal Péter Pázmány Moved to Pest in 1777 Established Economics Faculty (1920 – 1934) Established the Institute of Business Economics in 2017, from 2021 Faculty of Economics In early 2020 the Institute of Business Economics moved to Rákóczi út 7. (Building Q) to our new campus in a historic building

Innovative full time English and bilingual BSc programmes

Innovative full time English and bilingual BSc programmes

Summer University in English (one-week courses)

Summer University in English (one-week courses)

Visiting studentships and exchange placements

Visiting studentships and exchange placements


Why study at the Faculty of Economics?

What our faculty offers:

A leading MBA programme (2-year, part time). Specialisation in Finance / Management / Marketing

The most popular Master's programmes in Hungary (2-year full time or part time):

Management and Organisation

Specialisations in Corporate Management and Organisation / Process Management / Human Resource Management / Management and Organisational Psychology / Marketing Research and Communication


Specialisations in Investment Analysis / Finance of Multinational Corporations / Financial Mathematics


Specialisations in International Accounting and Auditing / Accounting and Controlling. ACCA accredited courses


International Economy and Business

The main strengths of the Master's and Bachelor's programmes

— Emphasis on the application of theory to practice and the development of soft and transversal skills valuable in the workplace

— Flexible workload to suit your learning habits: courses can be completed by either earning an offered grade during the teaching period (continuous study pattern) or by taking exams at the end of the semester (focused revision)

— Modular class format in certain courses allowing a concentrated elaboration of the material

— Availability of class recordings to prepare for assessments (Video Library)

— Extended and closely monitored project work and thesis process supervised by experienced faculty

Work experience during compulsory internship periods for bachelor students.

Since September 2021, the Faculty has also offered PhD programmes (currently in Hungarian) at the Doctoral School of Business and Management.

Further info: https://doktori.hu/index.php?menuid=191&lang=EN&di_ID=226


Bachelor’s programmes

Students can choose from different Bachelor’s programmes in the field of economy and business:

Bachelor's in Finance and Accounting (Hungarian or English degree, workload: 210 credits, 7 semesters)

Bachelor's in International Business Economics (Hungarian or English degree, workload: 240 credits, 8 semesters)

Two Hungarian degree programmes which are bilingual (most courses are offered both in English and in Hungarian).

Bachelor's in Economics and Management (Hungarian degree)

Bachelor’s in Trade and Marketing (Hungarian degree)

Our Bachelor's programmes cover all the important areas of the economy and provide several learning options:

— to become a successful employee of a modern company, a team player, a specialist of a subject or a manager of an organisation;

— to be a confident professional with economic, legal and communications expertise.

Plan you own curriculum – optimise your workload to fit your learning strategies!

As the two English programmes share the same courses in the first year, students can switch to another programme after one year, if they prefer.

Midterms OR Exams

Freedom to distribute workload to suit your learning habits and strategy: you can complete a course in two manners: either during the teaching period or by taking an exam. If you earn 30 points on a 100-point scale in midterms and in in-class quizzes during the teaching period or 50% in a specific midterm, you will be eligible to take the exam. If you earn over 60 points in midterms and quizzes, you can get an ‘offered grade’, and thus be exempted from taking the exam.


Introducing our English Bachelor’s degrees

A more general degree (8 semesters), including one semester traineeship in international work environments

International Business Economics

The programme enables students to become experts in international market processes, the operation of the EU, and the economic, political, and cultural impacts of globalisation.

The skill-set that helps: Openness, communication skills, teamwork skills, systems thinking.

Courses include: International Financial Management, International Political Economy, National and International Taxation, Negotiation

What can you do after graduation?

(with job examples)

— Problem-solving, negotiations (Business manager in international work-environments)

— Analysis of business processes (Data analyst / External auditor / Financial risk analyst)

The general training in business economics and the international orientation of the programme help you to become successful in multi-national and competitive jobs, fast-tracking your career.

If you want a degree with countless job opportunities, from running your own business to working for prestigious multi-national corporations we offer a more specific degree (7 semesters):

Finance and Accounting

The programme familiarises students with economic processes both on macro and micro level and acquaints them with the European monetary and business environments with a focus on finance, accounting, and controlling.

The skill-set that helps: Analytical skills, precision, attention to detail, problem-solving skills

Courses include: Corporate Finance, Accounting, Analysis and Controlling, Management Accounting

What can you do after graduation? (with job examples)

— Finance: economic viability in future scenarios (stockbroker). Reporting, forecasting financial situation, expected costs, incomes, taxes (Financial planning).

— Accounting: understanding and presenting past financial data (Chartered accountant / management accountant)

This programme enables students to become experts in economics and financial planning, to manage financial projects and help financial decision-making in companies.

If you want to learn more about our English degrees, BSc in International Business Economics and BSc in Finance and Accounting, see the programme structure and the admissions criteria here:



No February intake, enrolment only in September.

For application and admissions details, see https://gtk.elte.hu/en/fulldegree

Fee: 2700 EUR/semester for EU/EEA students, 3600 EUR/semester for non-EU/EEA students.


How did you hear about ELTE? What were your assumptions about the Faculty of Economics before starting your studies?

I first heard about ELTE as one of the leading research universities in Hungary. ELTE offers a wide range of study programmes, but when I realised that International Business Economics, my ultimate passion is an available programme, I immediately submitted my application. At first, I expected that studying at the Faculty of Economics would be very demanding with high requirements. It turned out that this was exactly the challenge I seek! Studying in a different culture and in English, a language which is not my mothertongue are experiences that transform me and push me off my limits.

How would you describe the teaching style at the faculty? Could you highlight a method you particularly liked?

Professors at the faculty stand out due to their unique way of thinking and tackling problems. They don’t just introduce tons of formulas or tell us how we are supposed to handle exercises. Instead, they dig deeper into the problems and show us the underlying core ideas. I really appreciate that my Microeconomics professor encouraged us to connect the information instead of giving direct explanations. This teaching style improves students’ critical thinking and creativity.

The professors also have a charismatic teaching style that adds colour to every lecture they give. For example, earlier I had an Accounting professor whose sense of humour is out of this world. We were forced to stay at home during the pandemic so he ended up giving lectures to an empty room. Later he brought two of his son’s stuffed toys to class and pretended that they were his students. Imagine watching the teddy bears attentively listen to accounting analysis, just the same as you! How far my professors would go beyond their responsibility to assist students!

Student’s perspective –interview with Khanh An, a Vietnamese student and SH mentor coordinator at the Faculty of Economics recognised with the 2022 SH Excellence Award

What do you think about the curriculum of the BA degree programmes and what do you like about it?

When I was in Vietnam, I used to join some businessrelated contests and activities but I was always stuck at the analytical part that required many calculations. Now, I’m much more confident in dealing with those parts, thanks to courses, like Accounting, Mathematics, Economics and Finance offered as part of the degree programme. These courses provide an insight into the world of business and most importantly, they also provide efficient tools to navigate in the business world. The courses helped me overcome my fear of subjects that deal with calculations. Each course is a stepping-stone that takes me closer to my career goal of becoming a business consultant.

How would you describe the student community at the faculty?

As most classes are interactive, the classroom environment is always cooperative and students are not afraid to give their opinions. The community I am part of is helpful and caring: some friends and I even exchange notes so we prepare for the exams together! The majority of my classmates are Hungarian and I cannot tell how much I admire their effective learning style! Many of my friends whom I met at ELTE are very open to new experiences and eager to learn, especially outside the classroom. During one of our holidays, I had the chance to go skiing with one of my classmates.

Growing up in a tropical climate, I don’t really have experience with snow, let alone skiing. It was such a fulfilling, eye-opening experience and I cannot wait to do it again this year!

What is the story of these photos?

These photos were taken as part of a photoshoot that we made for a friend of mine. I met this friend of mine, a Ukrainian girl in the dorm where I lived at the time. Later on I introduced her to my best friend who is very good at photography. We had a wonderful day touring around Budapest and took excellent pictures, as you can see here. This is one of many extraordinary connections that I have made since I study here which proves that making friends and integrating socially into a new environment is not difficult at all.

Have you visited other places in Hungary apart from the capital city, Budapest?

After visiting Lake Balaton twice, I am totally in love with it! I once stayed in Siófok and another time in Tihany and I admired the breath-taking view of the Balaton and enjoyed those moments of tranquility every time I walked along the shore. We also went to Esztergom and visited the largest Basilica there. I realize how beautiful Hungary is and I just want to discover this country more before I go to other places in Europe.

You have successfully completed your 3rd year at the Faculty, congratulations! How would you sum up your experiences for prospective students?

I can con fi rm that studying here at the Faculty of Economics is no child’s play but it is definitely worth your time and effort. All the experiences I have with my professors, international coordinators, and friends really correspond to ELTE’s motto, which is “Community of Knowledge”. In this community, you are entitled to so many opportunities where your talents can be discovered and nurtured. Right now, all this may seem a bit far away to you as a future applicant and student, but I guarantee that your hard work will pay off and you will thank yourself later for striving.


Course Selection for Erasmus+ mobility

Our courses are offered either in the Autumn/Winter semester or in the Spring/Summer semester

Elective courses have fixed timeslots and generally no prerequisites. (10 x 90-minute lectures, 2 video lectures, 2 midterms),

Other courses have a modular timetable, and some of the compulsory courses may require previous acquaintance with the subject area or the completion of prerequisite courses.

6-credit courses: 12 lectures, 8 seminars, 3 video lectures, 3 midterms

3-credit courses: 6 lectures, 4 seminars, 2 video lectures, 2 midterms

In general, there is no compulsory attendance in the lectures, seminars, or mid-terms. However, attendance will help you complete your courses, as it is on these occasions that you can collect points towards your exam eligibility (which is minimum 30 points in midterms and quizzes or minimum 50% in one specific midterm) or your offered grade (from 60 points). If you obtain 30 points, you can complete the course with an exam during the exam period. Alternatively, by earning and accepting an offered grade, you will not have to take an exam at all.

three six flexible yes fixed none 14
Courses in English ACCOUNTING AND FINANCE Accounting I. 16 Corporate Finance II. 16 Analysis and Controlling 17 Investment and Financing 17 Accouting II. 18 Corporate Finance I. 18 Finance and Accounting Informatics 19 National and International Taxation 19 International Financial Management 20 Management Accounting 20 MARKETING AND COMMUNICATION Argumentation 22 Community and Individual 22 Marketing I. 23 Negotiation 24 Marketing Research 24 Persuasion 25 LAW Business Law II. 26 International Business Law 26 Business Law I. 27 Business and Human Rights 27 CALCULUS, STATISTICS & ECONOMETRICS Econometrics 28 Mathematics I. 28 Business Statistics 29 Mathematics II. 29 ECONOMICS AND ECONOMIC POLICY Economics I. 30 International Finance and Economics 30 Foreign Economic Policy 31 Economics II. 32 Economic Policy 32 Industrial Organisations 33 Data Analysis in the Social Sciences 33 MANAGEMENT Introduction to Management 34 Leadership and Organisational Studies 34 Fundamentals of Human Resource Management 35 SOCIAL SCIENCES Transdisciplinarity and Expertise 36 Schools and Methods in Cultural Anthropology 36 Sociology and the Study of Modern Societies 37 Fundamentals of Political Science 37 Introduction to Cultural Anthropology 38 Conceptual Tools of Sociology 38 autumn spring autumn spring autumn spring autumn spring autumn spring autumn spring autumn spring 15

Accounting I.

The primary objective of the course is to develop the understanding of financial accounting information for decision-making, and the discussed case studies focus on the role of financial accounting in communicating business performance. A specific aim of the course is to develop the participants’ skills in producing and using accounting information in real-life business situations.

Corporate Finance II.

Have you ever wondered how the stock price of a company is determined? Have you witnessed some recent rallies or plummets in stock prices and feel you might have missed out? Building on the principles acquired in Corporate Finance I., here you will learn the methodology of stock valuation based on the firms’ fundamentals. This is no wizardry as many investment advisors would present it but is rather a question of following a series of rigorous logical steps, grounded on facts and science. Besides the necessary theory, you will be walked through reallife examples step-by-step from start to finish, with links to the various data sources. After mastering this course, you will understand the mechanics behind, and thus surely become a more confident investor with significantly less FOMO when seeing swings in stock prices. This knowledge will also come in handy when deciding about corporate acquisitions outside the stock market.

Zoltán Bűdi
Dr László Szívós six Credits none prerequisite FLEXIBLE timeslots class 1 admitted at three
Credits yes
prerequisite flexible timeslots class 2 16 admitted at Dr Gergely Harsányi Dr Marcell Dülk

Investment and Financing

The course explains the essential characteristics of financial markets and financial intermediaries. The subject is divided into two parts. In the first part, students learn investments, including different portfolio management theories. The primary goal of the first part is to show the complexity of the relationship between risk and expected return. The second part provides insight into financial intermediation, lending activities, and project financing. Students understand different types of risks and how they are managed by financial intermediaries.

Analysis and Controlling

The purpose of the course is to provide the skills and knowledge necessary for students to analyse, interpret, and criticise accounting information. The objective of the module is to extend the scope of using financial information for both external and internal purposes. The prerequisite of the course is accounting knowledge. The course also includes an introduction to auditing.

Dr Judit Fortvingler
Dr Gábor Bóta Dr György Walter six Credits yes prerequisite flexible timeslots class 2 admitted at
Credits yes prerequisite flexible timeslots class 3 17 admitted at

Accounting II.

Accounting II. applies the International Financial Reporting Standards (IFRS) as a framework for financial accounting, and provides special advanced accounting knowledge for students on the accounting treatment of complex transactions that have an impact on the financial position and financial performance of a business entity. Both theoretical and practical aspects are discussed.

Corporate Finance I.

Corporate Finance discusses the theoretical background of financial decisions of corporations, methods, and tools supporting these decisions, and their applications. Corporate Finance class serves as the background for the subjects dealing with the functional areas of corporate finance such as Advanced Corporate Finance, Investment and Financing Decisions, Project and Corporate Valuation. The main purpose of corporate finance decisions is to decide if the change, resulting from the decision, increases the value of the company and shareholders’ value. During the course, students get familiar with savings (risk and return, time value of money, capital market pricing) and their effects on the methods and costs of raising capital. Students get fundamental knowledge about investment and financing decisions, including net present value calculations, risk analysis, financing techniques, and liquidity management. By the end of the semester, students have a solid understanding of the system of corporate finance decisions, they are able to raise relevant questions and to use their theoretical knowledge to solve corporate problems.

Zoltán Bűdi Dr Judit Fortvingler
six Credits none prerequisite flexible
at ACCOUNTING & FINANCE three Credits yes prerequisite flexible
Dr Tamás Tóth Dr György Andor
timeslots class
timeslots class
admitted at

Finance and Accounting Informatics

Nowadays, companies are using information systems supported by information technology to collect, store, manage, process, and retrieve financial and non-financial data in order to prepare insightful management reports that are used by business analysts, managers, accountants, and C level executives in their operational and strategic decisions. The course introduces students to the foundations of database management systems, the enterprise resource planning (ERP) systems, and the world of business intelligence (BI). If you attend this course, you can learn how to manage ERP selection and implementation projects, how to prepare and present management dashboards with Microsoft Excel and Power BI, and why you need to support your IT projects with BPR (business process reengineering) tools.

International Financial Management

International Financial Management explains the essential characteristics of financial markets and financial intermediaries. The subject is divided into four parts. In the first part, students learn behavioural corporate finance. The second part provides insight into financial assets, clearing and settlement, and the current regulatory issues in the EU. In the third part, students understand different types of risk, and how they are managed by financial intermediaries. The primary goal of the fourth part is to explain operations of currency and derivative markets, including the most prevalent financial instruments (swap, futures, options).

Dr László Szívós
three Credits yes prerequisite flexible timeslots class 3 admitted at ACCOUNTING & FINANCE six Credits yes prerequisite flexible timeslots class 3 admitted at 19
Dr Mihály Ormos Bohák

The subject covers two major topics. The first aim is to introduce the theoretical background of taxation, to reveal the basic relationships of tax forms and taxpayers, and to describe the development of the three main tax types. The second aim is to introduce the principles of national and international taxation, the interconnection between them, and to introduce rules and legislation of taxation (scope of directives) of the European Union. We address the need for state involvement, public finance subsystems, general government revenue, public finance expenditure, and the financing of social systems, including the role of tax as a state revenue in the financing of the budget. In a more detailed discussion of the revenues of the public finances, we provide students with the basic principles of taxation, some fundamental ways of computing the tax liability in the frame of personal income tax, corporate tax, and valueadded tax. This is related to the description of the structure of the taxation procedure, turnover, and tax compliance in the Hungarian tax system and its administration. In the second major topic, students acquire knowledge of the basic system of international taxation and the systems of tax compliance.

National and International Taxation Management Accounting

Management accounting is a superpower in your hand if you know how to use it. This field of accounting is much more on the business side, it is a system that uses accounting and other information to support managerial decisions. We learn how to calculate the cost of running the business and how to use cost information in pricing, profitability, and cost management decisions. The course demonstrates how you can prepare a budget that helps you to coordinate and control the operation of the business, and also supports performance evaluation.

Dr Mária Lakatos
six Credits yes prerequisite flexible timeslots class 2 admitted at
three Credits none prerequisite flexible timeslots class 2 admitted at
Zoltán Bűdi Dr László Szívós


The course improves the participants’ argumentative and rational conflict management skills and helps them develop a critical and reflective attitude. We are going to study the central logical, argumentation-theoretic, and rhetorical concepts and will apply them to reallife dialogues. We are going to pay special attention to those aspects of argumentation that are particularly important in business settings like negotiation, decision making, and selling.


Credits none

prerequisite flexible

timeslots class 2

admitted at

Community and Individual

The course introduces the students – through lectures and related seminars – to the theories of the relationship between individuals and society with special emphasis on social practices in business life. Students get acquainted with the basic elements and procedures of social psychology, famous experiments, ethical implications of actions, and the mechanisms to which humans are necessarily exposed in social situations. The course serves as a basis for several other classes in business and economics.


prerequisite flexible

timeslots class 1 22

admitted at

Dr Benedek Láng Dr Gábor Forrai
Credits none

Marketing I.

The objective is to enable students to understand the impact of marketing orientation on organisational behaviour and to learn about the related tasks and tools. The course familiarises students with the core concepts and tools of marketing starting with answering the question ’what is marketing?’ To put it simply, marketing engages customers and manages profitable customer relationships, so the aim of marketing is to create value for customers in order to capture value from customers in return. Secondly, the course discusses the steps of the marketing process from understanding customer needs by the methods of gathering information and market research, through designing customer valuedriven marketing strategies and integrated marketing programmes, building customer relationships to capturing value for the organisation. Marketing tools, from product policy to branding, pricing strategies, and sales to marketing communications will be presented. The major trends and forces affecting marketing, e.g. trends in digital, mobile, and social media are presented for each topic.

Dr Erika Hlédik
Credits none prerequisite flexible timeslots class 1 admitted at


The aim of this course is to help students understand the basic theoretical background for successful negotiation (BATNA, competitive arousal etc.). The course covers these topics not only from a theoretical point of view. The basic aim is to improve the negotiation skills of students and, therefore, it includes in-class negotiations and group work in preparing for business negotiations. The course focuses on the strategies and tactics of negotiation but also includes some psychological background knowledge on the topics. It also develops the models of adversarial, cooperative, and integrative negotiation structure. Case studies exemplify the usefulness of these models.

Marketing Research

The course is designed to provide a fundamental understanding of marketing research methods. Marketing research focuses on helping students recognise the role of systematic information gathering and analysis in making marketing decisions. The topics of this course include problem definition, research design (exploratory, descriptive, and causal), data collection methods, questionnaire design, measurement scales, sampling techniques, and data analysis. Emphasis will be given to both the qualitative and quantitative aspects of marketing research.

Dr Erika Hlédik
mARKETING & COMMUNICATION three Credits yes prerequisite flexible timeslots class 3 admitted at six Credits yes prerequisite flexible timeslots class 2 admitted at 24
Dr János Tanács Dr Gábor Forrai


The course provides a comprehensive introduction to persuasive communication by looking at various techniques of social influence. In addition to presenting the social science perspective on persuasion and attitude change, the classes focus on classic and contemporary tools used for persuasion, including sequential techniques, self-presentation, wording, emotional appeals in everyday situations. Numerous examples and case studies of persuasion in action are presented.

Dr Gábor Forrai Dr Gábor Zemplén three
Credits none
prerequisite flexible timeslots class 2 mARKETING & COMMUNICATION admitted at

Business Law II.

This course is specifically designed for non-law students. It focuses on a concise introduction to the way law generally operates in business decisions. The method is manifold, it includes historical explanations, institutional descriptions, text, and case analysis, as well as comparative approaches. Wherever we go, whatever we do, we are bound by legal relationships, we enter into dozens of contracts each and every day. A newborn baby has the right to inherit, and a kindergarten pupil may engage in basic transactions (exchages, gifts) years before the legal age, when one has full capacity to manage his own affairs. While lately rights might be more in the focus of attention, duties are equally important and indispensable. The course focuses on contracts and enables students to understand the basic reasoning in legal thinking, the basic concept of properties and contracts, to carry out negotiations, to interpret contractual clauses, and to recognise the meaning of special contractual clauses.

International Business Law


Dr András L. Pap Dr Kinga Pétervári
Credits none prerequisite flexible timeslots class 2 26 admitted at Dr Kinga Pétervári The course is designed for non-law students. So the classes focus on the understanding of the legal background for states to business negotiations at an international level. The main topic of the International Business Law course is the operation of the WTO, the dispute settlements, the considerations of states entering trade treaties, and the enforcement thereof. The objective is to demonstrate how rational business decisions are to be made in a legal environment and what kind of issues are to be considered in the decision-making. The course focuses on cases, explanations, argumentations, and interpretations necessary for a manager in making business decisions. Students are welcome to discuss issues in class. Credits yes prerequisite fixed timeslots class 3 admitted at

This course is specifically designed for non-law students. Its objective is to demonstrate, by using examples, how rational business decisions are to be made in a legal environment. The operation of the basic legal institutions is discussed in an international, global context. Legal studies deal with many aspects of our everyday life. What are the unalienable rights of men? What is private property? What should free trade mean? The course enables students to recognise legal problems (not to solve them), to understand the approaches and attitude of lawyers (judges), to be able to read basic legal documents (not to write), to make business decisions, to argue with regard to basic legal aspects, and carry out business negotiations with regard to basic legal aspects.

Business Law I. Business and Human Rights

This course is designed for non-law students. This course is designed to show students how international human rights standards and ethical business practices are incorporated into the design, implementation, and evaluation of multi-national business activities, especially in developing countries. It will demonstrate how active cooperation among governments, local organisations, international NGOs, and the international corporations are incentivised in order to maximise political and economic development benefits. Students will examine the role of the United Nations and its human rights processes, and other components of international codes of conduct. The course focuses on international documents, cases, explanations, argumentations, and interpretations useful for a manager in business decisions. Students are welcome to discuss issues in class. This course is designed for Business Law course students of various nationalities and backgrounds.

Dr András L. Pap Dr Kinga Pétervári
three Credits yes prerequisite fixed timeslots class 3 admitted at six Credits yes prerequisite flexible timeslots class 1 admitted at 27
Dr András L. Pap


This course introduces the basics of econometric analysis. We deal with cross-sectional and time-series analyses. The course starts with the foundations of classical multiple linear regression models. After that, we present the tools of model building and the choice between nested models. The discussion is continued with the requirement of spherical disturbances in classical linear models and the treatment of heteroskedastic error terms by robust standard errors and generalised least squares. We also deal with models which are non-linear in their explanatory variables. We discuss the topic of nominal explanatory variables and their incorporations into regression models.

Mathematics I.

Review of elementary functions, their graphs, and applications. Linear, quadratic and power functions. The exponential and logarithmic functions. Composition of functions. Mathematical models. Limits of functions and continuity. The number e. Differential calculus of real-valued functions. The concept of the derivative at a point and its interpretation as rate of change, as slope and as a linear approximation. The derivative functions. Derivatives of the power, exponential and logarithmic functions. Differentiation rules. Applications of the derivative. Increasing and decreasing functions, optimal values. Percentage changes: the logarithmic derivative and elasticity. Functions of several variables. Partial derivatives and local optimum. Level curves, optimum problems with constraints. The definite integral as area. The fundamental theorem of calculus. Indefinite integrals. Improper integrals. Applications of the definite integral to probability.

Calculus, statistics & econometrics Dr Ákos Dombi
Credits yes prerequisite flexible timeslots class 3 six admitted at Credits none prerequisite flexible timeslots class 1 admitted at 28

Business Statistics

The primary purpose of the course is to acquaint students with the basic statistical toolbar and its business applications including the tools and methods of collecting, graphically presenting, describing, measuring, and analysing statistical data. The lessons focus on business statistics, sampling, and descriptive statistics. The course enables students to test hypotheses and to analyse regression and correlation in practice.

Mathematics II.

Vectors in 2 and 3 dimensions. Coordinates. Equations for lines, planes. Vectors in n-dimensional space. Matrices. Systems of linear equations, Matrix equations. Determinants and inverse. Eigenvalues and eigenvectors. Basics of probability. Events, their probability. Independence. Conditional probability and Bayes theorem. Random variables and their expected value, variance and standard deviation. Discrete random variables. The binomial distribution. Poisson distribution. Continuous random variables. The cumulative distribution function and probability density functions. Uniform distribution. Normal probability distributions. The central limit theorem (statement only).

Dr Gábor Árva Dr Zsuzsanna Tóth Calculus, statistics & econometrics
Credits yes prerequisite flexible timeslots class 2 admitted at
six Credits yes prerequisite flexible timeslots class 1 admitted at

Economics I.

The primary aim of the course is to acquaint students with the basic definitions of economics and the fundamental relationships in microeconomic context, which are important for those professionals who are going to work either in the business sector or in the various social sciences. The mind of economics and its toolbar can be successfully utilised in various business and social problem-solving situations. This course focuses on the principles of economics and the basic models of microeconomics. The analysis of consumer’s and producer’s decisions is followed by equilibrium and market failure analyses. The course also discusses models dealing with time and uncertainty. In the second part of the semester, a brief overview is provided on the foundations of welfare and political economy. This course is viewed as the grounding course of further optional and advanced courses in various topics of economics.

International Finance and Economics

This course aims to acquaint students with basic international economic and financial issues. During the classes, students learn about the macroeconomic theory and policy of open economies. We discuss the background of international financial flows and the key contexts and concepts of balance of payments statistics. Lectures address the theme of the exchange rate policy, and also the issues of the eurozone. We deal with the capital market actors, the development of financial markets, and international funding. Finally, we look into financial disturbances, crises, and crisis management.

Dr Tamás Pál
economy & economic policy
three Credits no prerequisite flexible timeslots class 1 admitted at
six Credits none prerequisite flexible timeslots class 2 admitted at
Dr Patrick Baude

Foreign Economic Policy

This course introduces the main concepts, mechanisms, and areas of foreign economic policy. The major goal is to equip students with the knowledge necessary for the successful management of international finances, commerce, and business both at the enterprise and the government level. Building on the foundations of economic policy and international economics, we aim to offer a practice-oriented approach that, beyond the theoretical basis, also pays special attention to the newest empirical results regarding the individual topics. After the introduction of the main goals, concepts, and schools of foreign economic policy, we discuss two crucial aspects of the international political and economic environment of national economic policies: globalisation and regional economic integrations. We investigate the tendencies of economic development in the latest century focusing on inequality both between and within countries. The course continues with the discussion of foreign trade with a special focus on its potentials in enhancing economic growth. We also investigate the main aspects of international competitiveness, the related dilemmas of measurement, and foreign direct investments.

six Credits none prerequisite flexible timeslots class 2 admitted at economy & economic policy 31
Dr Márk Molnár Dr Ákos Dombi

Economics II.

This course introduces the foundations of macroeconomics. We start with the basic concepts in macroeconomics and the very notion of economic modelling, endogenous and exogenous variables. After that, we discuss the characteristics of the major macroeconomic indicators (such as the GDP, inflation, and unemployment). We deal with the theories of short-term economic fluctuations in details. We investigate the mechanisms of aggregate demand via the IS-LM models both in closed and open economies. After modelling aggregate demand, we switch to the theories of aggregate supply. We introduce the Phillips curve. We also discuss the interface of economic policy and macroeconomics. In the frame of the latter, we introduce how the different schools of economic policy relate to the toolkits of fiscal and monetary policies. We also present the advantages and disadvantages of rulebased and discretionary decision-making in economic policy. Finally, we discuss the concept of microeconomics-based macroeconomics.

Economic Policy

This course offers insight into the basic concepts and schools of economic policy with a special emphasis on some crucial aspects of current national economic policies. The primary goal is to empower students to understand and interpret the national and global economic and social processes. With this end in view, we touch upon a broad spectrum of topics. We introduce the main schools of economic policy such as neoliberalism, the social market economy, the welfare state, Keynesian economic policy, and supply-side economic policy. We discuss economic globalisation as an essential part of the responsibilities and available tools of national economic policies in the 21st century. We deal with the two major sub-areas of economic policy, fiscal policy, and monetary policy, the financial crises, the redistributive systems of economic policy.

six Credits noNE prerequisite flexible timeslots class 1 admitted at three Credits yes prerequisite flexible timeslots class 2 admitted at economy & economic policy
Dr Patrick Baude Dr Tamás Pál Dr Ákos Dombi

Industrial Organisation

The course aims to study the structure of firms and markets and their interactions. Instead of idealised models of firms and markets analysed in microeconomics, this course takes a closer, more realistic look, providing practical knowledge and a theoretical framework for analysis and prediction. The study of the industrial organisation adds real-world frictions such as limited information, transaction costs, costs of adjusting prices, government actions, and barriers to entry by new firms into a market to the perfectly competitive model. It then considers how firms are organised and how they interact in such a world. The course goes beyond the descriptive traditional structure-conduct-performance approach by using the latest advances in microeconomic theory, including transaction cost analysis, game theory, contestability, and information theory.

Data Analysis in the Social Sciences

This course will cover how regression analysis can be used to identify causal relationships. Much of the presentation will follow a policy evaluation perspective. We will discuss the implicit assumptions underlying each research design, read published papers that implement each design, and will see examples of how to execute each strategy using the freely available statistical software package R.


Credits yes

prerequisite flexible

timeslots class 3

admitted at

economy & economic policy 33
three Credits none prerequisite flexible timeslots class 2 admitted at
Dr Márk Molnár Dr Patrick Baude

Introduction to Management

This course acquaints participants with the functioning of business organisations, as fundamental units of economy and society. Students will learn about the characteristics of human work in organisations, understand the behaviour of leaders and subordinates, peculiarities of group work in work settings as well as design and cultural aspects of an organisation as a whole. Applicable management methods and tools with their expected effects will also be covered within the different topics. Students will develop their knowledge, for example, in terms of organisational structure and culture, motivation, leadership, and management theories.

Leadership and Organisational Studies

The course aims to familiarise students with the challenges and difficulties of running and leading organisations. Participants will learn about the basic concepts of strategic management, managerial decision-making, management consulting, and organisational development. This course also provides students with the theoretical knowledge and technical skills to manage diverse personalities and solve workplace conflicts. Finally, participants will study the modern management theories and their lessons. Through the theoretical and practical knowledge acquired in this course, students will be able to use management tools, analyse organisations and treat different organisational areas as a system.

Mónika Bárány Dr Anita Kozák Management Dr Katalin Pádár six Credits none prerequisite flexible timeslots class 1 admitted at
Credits yes prerequisite flexible timeslots class 3 34 admitted at

Fundamentals of Human Resource Management

This course introduces the organisational aspects of Human Resources Management (HRM), which is a strategic approach to the effective management of organisational workers so that they can help the business gain a competitive advantage. The course includes the basic systems of HRM, enabling participants to apply theories and methods in their work environments successfully. In the course, attention will be paid to the development of individual knowledge, skills, and abilities (KSAs), which, can contribute to employees’ success in organisational settings (e.g., competencies to increase individual efficiency and performance, collaboration in different cultures).

Dr Eszter Daruka
Credits none prerequisite flexible timeslots class 1 35 admitted at

Transdisciplinarity and Expertise

The course offers an introduction to the growing literature on expertise and transdisciplinary research and innovation strategies. Topics include the ‘public understanding of science’, the ‘fractal model of expertise’, as well social and cognitive biases, 21st-century skills, and all the tools you need to survive in a post-truth world. The problem-spaces covered in the course will be illustrated with case studies, ranging from ‘wicked problems’ for sustainable development, through crisis-response in pandemic to pseudoscience, and more. The lectures trigger the reflection of the students on their worldviews and epistemologies, on their understanding of the nature of science, the difficulties one faces when making decisions in considerable uncertainty. By the end of the course, students will have improved their ability to interpret information relevant for (business) decision making by a deeper understanding of media-mechanisms, the nature of science in society, and the challenges of picking reliable expertise to solve complex problems.

Schools and Methods in Cultural Anthropology

The course focuses on different schools and methods in the complex field of cultural anthropology. In reviewing different subdisciplines of cultural anthropology throughout the semester, the course – after the general introductory sessions – concentrates on issues of psychological, aesthetical, linguistic, legal, and medical anthropology. The general structure of the course is such that in the first class dealing with each topic offers a theoretical overview, while the second class focuses on case studies, researches, and debates. The aim is to demonstrate the cultural anthropological viewpoints and approaches irelated to the above-mentioned topics. The objective of the course is to familiarise students with different subfields of cultural anthropology and to help the application of an anthropological understanding of current societal issues.

Máté Kiss
social sciences three Credits none prerequisite fixed timeslots class 2 admitted at three Credits NONE prerequisite fixed timeslots class 2 admitted at 36
Dr Gábor Zemplén Dr Benedek Láng

Sociology and the Study of Modern Societies

This is an introductory course not requiring any previous knowledge. It offers a survey of some of the major research fields of sociology and, through their lens, some particular domains of social life in modern societies from deviance to education and from religion to lifestyle.

Fundamentals of Political Science

Don’t be turned off by the word “politics”! Our ability to solve our common problems lies in our capacity for politics. In this course we will learn about the processes, ideas, institutions, and skills that make for able and aware citizens and capable democratic polities. We will challenge each other to think critically and knowledgeably about politics and to become engaged participants in democratic life. To that end we will not only do a course together, but be part of a conversation on how best to improve our societies and our world.

social sciences
three Credits NONE prerequisite fixed timeslots class 2 admitted at
Dr Ottó Gecser
Credits NONE prerequisite fixed timeslots class 2 admitted at 37
Thomas Zsigo three

Introduction to Cultural Anthropology

The course is built on the assumption that cultural anthropology, on the one hand, is a discipline that defines itself based on its research subjects (cultures outside of Europe) while, on the other hand, it can be regarded as an approach that is commonly used to analyse various social structures and cultural situations. The aim is to demonstrate the potential application of the cultural anthropological approach in social research; what cultural anthropology can communicate as “unusual” or unique. The objective of the course is to familiarise students with the defining nature of cultural anthropology, its trends, specific methods, and cultural anthropological theories developed in relation to culture in general and its elements, to help students recognise the world’s cultural diversity in order to develop sensitivity towards other cultures, and to prepare them to be able to identify and understand those.

Conceptual Tools of Sociology

This is an introductory course not requiring any previous knowledge. It acquaints students with essential forms of analysis and explanation used by sociologists, and it gives them conceptual tools for unpacking complex phenomena around them in sociological terms.

three Credits NONE prerequisite fixed timeslots class 2 admitted at three Credits NONE prerequisite fixed timeslots class 2 admitted at
social sciences
Dr Ottó Gecser Máté Kiss

ELTE Business & Economics Summer University

ELTE Business & Economics Summer University

Interest in BESU has grown ever since its launch in 2019. Both the number of the courses and of the local and inter‐national students has risen considerably, and topped 10 and nearly 130, respectively, in 2023. Together with the Hungarian students, international participants from all corners of the world, including such distant countries as the USA, South Africa, Iran, Columbia and Panama, attended 25 hours of classroom teaching and enjoyed various extracurricular activities during the Summer University. BESU courses offer a 3 ECTS workload, which may be accepted for credit transfer by the participants’ home universities.

In 2023 the following courses were taught by ELTE faculty members, guest professors from other universities, and business professionals:

Building Skills in Business Communication Corporate Financial Analysis – An Integrated Approach

Creative and Critical Thinking in a Business Context

Innovation and Start‐ups in Business Networks

Innovation Management

M&A Advisory in Practice

Negotiation Performance Management

State‐Owned Enterprises and Economic Development: Concepts, Challenges, Tendencies

Tourism: Current Challenges and Future Trends

BESU is planned to be organised in the same format in 2024 as well. The details of the next summer university will be announced on the faculty website later.

E-mail: sumuni@gtk.elte.hu

Website: https://gtk.elte.hu/sumuni

Facebook: https://www.facebook.com/eltebesu/


“Accounting is sometimes fun…”

about his course, Managerial Accounting Interview with László Szívós

Professor Szívós, could you tell us a few words about the course?

This is really an intro to accounting. We’re going to cover all the basic accounting concepts, discuss the various financial statements like income statement, balance sheet, cash flow statement, etc. Understanding how such statements are compiled makes one able to see what the various figures that show up in these statements tell us about the company.

Is it then not intended only for future financial officers and accountants?

Definitely not. The ability to understand these statements is crucial for all decision-makers. Suppose one of your buyers applies for a commercial loan and you have to decide how much to offer and what payment deadline to set. Or you are in the process of sourcing a new supplier and you want to make sure that it won’t lag behind with the deliveries because of some financial trouble. If you want to make such decisions, you have to be able to read their financial statements. Or if you want an example on a personal level, imagine that you’re an engineer working at the company’s research lab, your bonus is tied to the profitability margin or some other financial indicator, and you’re considering hiring new workforce or purchasing new equipment, then you may want to know how this decision will be incorporated into your bonus. And decisions are one thing. The other is that if you don’t understand accounting concepts, you’ll have difficulties communicating with the financial department. You tell them that you have to make certain purchases and then you are

dumbfounded if you are asked whether it’s going to be OPEX (operating expenditure) or CAPEX (capital expenditure).

So, you’re saying that a certain level of understanding of accounting is needed everywhere in the for-profit sphere.

László Szívós is an assistant professor at the Department of Finance and Accounting. Member of ACCA (Association of Chartered Certified Accountants), with a REFA international controlling certificate. Within the framework of ACCA he has been preparing auditors for financial accounting and performance management examinations in English in several countries in Europe. He has actively participated in the development of corporate controlling systems and management information systems as a consultant.

Yes. The picture that accounting matters only to those who like sitting in the backroom and doing Excel tables is false. In fact, accounting courses offered by professional training schools to non-accounting professionals always fill up because people who merely wanted to pass their accounting exam as students realise in real life that they need that sort of knowledge. And talking about false stereotypes, it is not true either that the production of a statement is a kind of blind algorithmic process. One also needs sound professional judgement, like when you work for an airline and need to set up a provision to compensations for lost baggage or expenses in relation to frequent flyer cards. No textbook will tell you how to do that.

You make it seem like accounting is sometimes fun.

Certainly. If you ask me, you may live without understanding accounting, but it is not worth it.


Student Union of ELTE Faculty

of Economics

The representative body for all the students of ELTE Faculty of Economics is the Student Union (in Hungarian: Hallgatói Önkormányzat; HÖK), which was founded in March 2019. The primary goal of the Student Union is student advocacy, but its responsibilities also include facilitating communication between instructors and students, organising and coordinating social events, promoting educational opportunities abroad, and advising students on scholarship matters The Vice President for Foreign Affairs welcomes questions posed by international students concerning their studies or any other matters related to their life in Hungary. Contact us through facebook: https://www.facebook.com/eltegtkhok and Instagram: https://www.instagram.com/eltegtkhok/ and also via email at kulugy@gtkhok.elte.hu

ESN at ELTE Faculty of Economics

ESN (Erasmus Student Network) is a university organisation across Europe whose primary goal is to create closer integration between international and local students and to help international (mainly Erasmus +) students integrate into the country's university life. ESN mentors help students from other cultures, and their various tasks range from helping freshmen to apply for a student card, through all kinds of university-related administrative tasks, all the way to organising extracurricular activities. ESN organises a lot of events for new arrivals including various ESN parties, pub tours, cultural events, sports competitions, multiday domestic trips and camps. If you don't want to miss out on our amazing events, follow us on Facebook, contact us via gtk@esnelte.hu, or apply to be a mentor! You will find all information concerning the application procedure at www.esnelte.hu


Sports AT ELTE

ELTE offers a wide range of sport activities. Students can take sports courses both for credits (offered by the Physical Education and Sports Center) and for pleasure. The University Athletics Club (BEAC), which was founded in 1898 and whose members have won six Olympic and over 400 Hungarian championship titles, offers trainings to people with a desire to be active in over 40 different sports including aerobics, yoga, dancing, football, fencing, wall and rock climbing, swimming, martial sports, etc. A wide variety of sports events are also held during the academic year where students can try various sports available at the university.

Further info: www.beac.hu/en | E-mail: info@beac.hu | Facebook: www.facebook.com/elte.beac

The Faculty of Economics has its own Hiking Club, which organises regular walking and hiking events to introduce students to the natural beauty of Budapest and the surrounding areas. Find information on upcoming hikes and student accounts of earlier events on the faculty website (News) or contact the club at gtk.turaklub@gtk.elte.hu

43 43

For correspondence, please use the following emails

Full degree students: degreeprogramme@gtk.elte.hu

Stipendium Hungaricum students: sh@gtk.elte.hu

Erasmus+ Incoming students: incoming@gtk.elte.hu

Erasmus+ Outgoing students: outgoing@gtk.elte.hu

Summer University students: sumuni@gtk.elte.hu

Where to find us?

Building Q, Rákóczi út 7. Budapest 1088, Hungary

see map: https://bit.ly/2UaCN4o

entry through ELTE Trefort Campus

see map: https://bit.ly/2VKZo8r

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Articles inside

Sports AT ELTE

page 43

Student Union of ELTE Faculty

page 42

“Accounting is sometimes fun…”

page 41

ELTE Business & Economics Summer University

page 40

Introduction to Cultural Anthropology

pages 38-39

Sociology and the Study of Modern Societies

page 37

Schools and Methods in Cultural Anthropology

page 36

Transdisciplinarity and Expertise

page 36

Industrial Organisation

page 33

Economic Policy

page 32

Foreign Economic Policy

pages 31-32

Economics I.

page 30

Business Statistics

page 29


page 28

Business Law I. Business and Human Rights

page 27


pages 26-27

Business Law II.

page 26


page 24

Marketing I.

page 23


page 22

International Financial Management

pages 19-20

Finance and Accounting Informatics

page 19

Corporate Finance I.

page 18

Corporate Finance II.

page 16

Introducing our English Bachelor’s degrees

pages 11-14

Bachelor’s programmes

pages 8-10

Dean’s welcome

pages 2, 4-7
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