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Faculty of Economics Program and Course Guide
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 in the country for Masters and MBA training, and is among the top two centres for academic excellence in the Bachelors trainings, with quickly increasing international visibility for the English only BSc degrees International Business Economics and Finance and Accounting. In 2021 we have launched our doctoral School of Business and Management. By the autumn semester of 2022/23, our student numbers topped 6000. 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 organizations. ELTE Faculty of Economics is the first University in Hungary to become a member of Business Graduates Association (BGA), and our Accounting Masters students get exemption from two modules of ACCA (Association of Chartered Certified Accountants) More than just an Economics Faculty, the programs incorporate accessory academic domains – including psychology, informatics and the social sciences. I welcome our international students to Hungary’s most prestigious university, with highly acclaimed lecturers and vibrant student life.
Dr. Tihamér Margitay dean 2
Table of
contents
Introducing ELTE
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Why study at the Faculty of Economics? Bachelor’s programs
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English Bachelor’s degrees __________________________________________________________________________________ 11 Student’s perspective – Interview
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Courses for Erasmus+ mobility __________________________________________________________________________ 14 Business Economics Summer University ________________________________________________________ 40 Tutor’s perspective – Interview
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Student Union & ESN at ELTE Faculty of Economics Sports at ELTE
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IMPRESSUM Publisher: ELTE Faculty of Economics Dr. Tihamér Margitay dean Editors: Dr. Judit Fortvingler Dr. Gábor Zemplén Photography: Balázs Gyüre Péter Horváth Ilka Verebics
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Introducing ELTE
ELTE is the largest scientific establishment in Hungary, the country’s most popular university. It has the widest educational portfolio in the country, over 130 B.A. and M.A. programs, and over 50 degree programs in foreign languages. ELTE is a public research university with 380-year-old traditions, located on both sides of the river Danube in Budapest.
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
If you would like to find out more about ELTE browse our information booklets: https://www.elte.hu/en/bruchures
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 highpotential Business Schools who share a commitment for responsible management practices and lifelong learning, and are looking to provide positive impact on their students, communities, and the economy as a whole. Our MSc in Accounting program has been recognised by the ACCA (Association of Chartered Certified Accountants), a worldwide body for professional accountants, and awarded exemption accreditation for the exams in Financial Reporting and Audit and Assurance.
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Innovative English and Bilingual B.A. programs (full time programs) Summer University in English (one week courses) Visiting studentships and exchange placements 6
Why study at the Faculty of Economics? What our faculty offers: A leading MBA program (2 year, part time). Specializations in Finance / Management / Marketing The most popular Masters programs in Hungary (2-year full time or part time): Management and Leadership Specializations in Corporate Management and Organization / Process Management / Human Resource Management / Management and Organizational Psychology / Marketing Research and Communication
Finance Specializations in Investment Analysis / Finance of Multinational Corporations / Financial Mathematics Accounting Specializations in International Accounting and Auditing / Accounting and Controlling Marketing
The main strengths of the programs — strong focus on business law issues in order to avoid legal pitfalls — development of business communication skills — increased attention to social sciences to help make an impact in the world and to be able to apply theory in practice — solving real-life problems from the field of international business economics through project works assisted by lecturers
From September 2021 our PhD programs were launched, the Doctoral School of Business and Management Further info: https://doktori.hu/index.php?menuid=191&lang=EN&di_ID=226 7
Bachelor’s programs Students can choose from different Bachelor’s programs in the field of economy and business: Economist in International Business English degree (240 ECTS credits, 4 years) (For the academic year 2023/24 Stipendium Hungaricum fellowships are available!) Finance and Accounting English degree (210 ECTS credits, 3,5 years) Business Economy and Management Bilingual Hungarian degree Commerce and Marketing Bilingual Hungarian degree Our BA/BSC programs cover all the important areas of the economy and provide lots of learning options: — to become a successful employee of a modern company, a team player, a specialist of a subject or a manager of an organization; — to be a confident professional with economic, legal and communications expertise.
Plan you own curriculum – optimize your workload to fit your learning strategies! Students can switch to another program after one year, if they see fit Midterms OR Exams Freedom to distribute workload: get a grade for your work during the teaching period or take an exam. In midterms from the total of 60 points you can accept an ‘offered grade’, and get exemption from taking exams. To acquire the exam eligibility, you have to obtain at least 30 points during the semester or achieve 50% on a specified midterm.
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Introducing our English Bachelor’s degrees A more general degree (8 semesters), including one semester traineeship in international work environments
Economist in International Business
The program enables students to become experts in international market processes, the operation of the EU and the economic, political, and cultural impacts of globalization. The skill-set that helps: Openness, communication skills, work in groups, 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 program 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 program familiarises students with economic processes both on macro and micro level and gets them acquainted with the European monetary and business environments with a focus on finance, accounting, and controlling. The skill-set that helps: Analytical skills, precision, detective’ skills, comparisons 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 program 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 BA in International Business Economics, BA in Finance and Economics see the program structure and the admissions criteria: https://www.elte.hu/en/international-business-economics https://www.elte.hu/en/finance-and-accounting No February intake, enrolment only in September. Fee: 2700 EUR/semester for EU/EEA students, 3600 EUR/semester for non-EU/EEA students. 11
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ow did you hear about ELTE? What were your assumptions about the Institute of Business 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 programs, but when I realized that International Business Economics, my ultimate passion is an available program, I immediately submitted my application. At first, I expected that studying at the Institute of Business 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 mother-tongue are experiences that transform me and push me off my limits. How would you describe the teaching style at the institute? Could you highlight a method you particularly liked?
Professors at the institute 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, last semester I had an Accounting professor whose sense of humor 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 them as 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 of the Faculty of Economics, recognised by 2022 SH Excellence Award 12
What do you think about the curriculum of the BA degree programs 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 program. 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 institute? 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. 13
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 1st year, congratulations! How would you sum up your 1st year of studies for prospective students? I can confirm that studying here at the Institute of Business Economics is no child’s play but it is definitely worth your time and effort. All the experiences I have with my professors, 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 for you as a future applicant, 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
fixed
flexible
three
none
Elective courses have fixed timeslots and generally no prerequisites. (10 x 90 minute lectures, 2 video lectures, 2 midterms),
yes
Other courses have a modular timetable, and some of the compulsory courses have prerequisites.
six
6 credit courses: 12 lectures, 8 seminars, 3 video-lectures, 3 mid-term exams 3 credit courses: 6 lectures, 4 seminars, 2 video-lectures, 2 mid-term exams
In general, there is no compulsory attendance for the lectures, the seminars, or the midterms. However, to get a grade you will need to write some of the midterms and collect at least 30 points out of 100 to be eligible for an exam (or achieve minimum 50 % in one specified midterm). Alternatively, you can accept an offered grade at the end of the teaching period (at least 60 points out of 100 have to be collected for an offered grade).
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Courses in English
spring
autumn
MARKETING AND COMMUNICATION Argumentation Community and Individual Marketing I.
22 22 23
Negotiation Marketing Research
24 24
Persuasion
25
autumn
Business Law II. International Business Law
26 26
spring
LAW
Business Law I. Business and Human Rights
27 27
15
autumn
Econometrics Mathematics I.
28 28
spring
CALCULUS, STATISTICS & ECONOMETRICS
Business Statistics Mathematics II.
29 29
autumn
Economics II. Economic Policy Industrial Organizations
32 32 33
MANAGEMENT autumn
18 18 19 19 20 20
30 30 31 31
Introduction to Management Leadership and Organizational Studies
34 34
spring
spring
Accouting II. Corporate Finance I. Finance and Accounting Informatics National and International Taxation International Financial Management Management Accounting
Economics I. Economics II. International Finance and Economics Foreign Economic Policy
Fundamentals of Human Resource Management
35
SOCIAL SCIENCES autumn
16 16 17 17
Transdisciplinarity and Expertise Schools and Methods in Cultural Anthropology Sociology and the Study of Modern Societies Fundamentals of Political Science
36 36 37 37
spring
autumn
Accounting I. Corporate Finance II. Analysis and Controlling Investment and Financing
spring
ECONOMICS AND ECONOMIC POLICY
ACCOUNTING AND FINANCE
Introduction to Cultural Anthropology Conceptual Tools of Sociology
38 38
Accounting I.
Dr. László Szívós
Zoltán Bűdi
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 producCredits prerequisite timeslots admitted at ing and using accounting information in real-life business situations. six
none
fixed
class 1
Corporate Finance II.
Dr. Marcell Dülk
Dr. Gergely Harsányi
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 Credits prerequisite timeslots admitted at deciding about corporate acquisitions outside the stock market. three
yes
flexible
class 2
ACCOUNTING & FINANCE 21-22/1ST SEMESTER
16
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 Credits prerequisite timeslots admitted at managed by financial intermediaries. six
yes
flexible
Dr. György Walter
Dr. Gábor Bóta
class 3
Analysis and Controlling The purpose of the module 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 module is accounting knowledge. The module also includes Credits prerequisite timeslots admitted at an introduction to auditing. six
yes
flexible
class 2 Dr. Judit Fortvingler
ACCOUNTING & FINANCE 21-22/1ST SEMESTER
17
Accounting II.
Dr. Judit Fortvingler
Zoltán Bűdi
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 prac- Credits prerequisite timeslots admitted at tical aspects are discussed. three
yes
flexible
class 1
Corporate Finance I.
Dr. György Andor
Dr. Tamás Tóth
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, Investments 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 relCredits prerequisite timeslots admitted at evant questions and to use their theoretical knowledge to solve corporate problems. six
none
flexible
class 1
ACCOUNTING & FINANCE 21-22/2ND SEMESTER
18
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 Credits prerequisite timeslots admitted at (business process reengineering) tools. three
yes
flexible
Dr. László Szívós
class 3
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 behavioral 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 Credits prerequisite timeslots admitted at (swap, futures, options). six
yes
flexible
András Bohák
Dr. Mihály Ormos
class 3
ACCOUNTING & FINANCE 21-22/2ND SEMESTER
19
National and International Taxation The subject of taxation and international taxation 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 value-added 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 secCredits prerequisite timeslots admitted at ond major topic, students acquire knowledge of the basic system of international taxation three no flexible class 2 and the systems of tax compliance.
Dr. Mária Lakatos
Management Accounting
Dr. László Szívós
ACCOUNTING & FINANCE
Zoltán Bűdi
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 Credits prerequisite timeslots admitted at control the operation of the business, and also supports performance evaluation. six
yes
flexible
class 2
21-22/2ND SEMESTER
20
21
Argumentation 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 apply them to real-life dialogues. We are going to pay special attention to those aspects of argumentation that are particularly important in business settings like negotiation, Credits prerequisite timeslots admitted at decision making, and selling. Dr. Gábor Forrai
three
none
flexible
class 2
Community and Individual
Dr. Benedek Láng
The course introduces the students – through lectures and related seminars – to the theories of the relation 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 eco- Credits prerequisite timeslots admitted at nomics. three
none
flexible
class 1
mARKETING & COMMUNICATION 21-22/1ST SEMESTER
22
Marketing I. The objective is to enable students to understand the impact of marketing orientation on organizational behaviour and to learn about the related tasks and tools. The course gets students acquainted with the core concepts and tools of marketing starting with answering the question ’what is marketing?’ To put it simply, marketing is engaging customers and managing 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 value-driven marketing strategies and integrated marketing programs, building customer relationships to capturing value for the organization. Marketing tools, from product policy to branding, pricing strategies, and sales to marketing communications will be presented. The major trends and forces affecting marCredits prerequisite timeslots admitted at keting e.g. trends in digital, mobile, and social media are presented for each topic. six
none
flexible
Dr. Erika Hlédik
class 1
mARKETING & COMMUNICATION 21-22/1ST SEMESTER
23
Negotiation
Dr. Gábor Forrai
Dr. János Tanács
The aim of this course is to help students to 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 on preparing for business negotiations. The course focuses on the strategies and tactics of negotiation, but it also includes some psychological background knowledge on the topics. It also develops the models of adversarial, cooperative, and integrative negotiation structure. Case Credits prerequisite timeslots admitted at studies exemplify the usefulness of these models. three
yes
flexible
class 3
Marketing Research
Dr. Erika Hlédik
The course is designed to provide a fundamental understanding of marketing research methods. Marketing research focuses on helping students recognize 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 Credits prerequisite timeslots admitted at be given to both the qualitative and quantitative aspects of marketing research. six
yes
flexible
class 2
mARKETING & COMMUNICATION 21-22/1ST SEMESTER
24
Persuasion 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 app in everyday situations. Credits prerequisite timeslots admitted at Numerous examples and case studies of persuasion in action are presented. three
no
flexible
Dr. Gábor Zemplén
Dr. Gábor Forrai
class 2
mARKETING & COMMUNICATION 21-22/1ST SEMESTER
25
Business Law II.
Dr. Kinga Pétervári
Dr. András L. Pap
This course is specifically designed to non-law students. It focuses on a concise introduction to the way the 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 heir, and in the kindergarten many engage in pity trades (exchanges, gifts), years before the legal age, when one has full capacity to manage his own affairs. Lately, rights might be more apparent, nevertheless, 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, Credits prerequisite timeslots admitted at to interpret contractual clauses, to recognize the meaning of special contractual clauses. six
none
flexible
class 2
International Business Law
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 Trade 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 the business decisions. Students are welcome to discuss issues in Credits prerequisite timeslots admitted at class. three
yes
fixed
class 3
LAW 21-22/1ST SEMESTER
26
Business Law I. This course is specifically designed for non-law students. Its objective is to demonstrate 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 recognize 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, and argue with regard to Credits prerequisite timeslots admitted at basic legal aspects, to carry out business negotiations with regard to basic legal aspects. six
yes
flexible
Dr. Kinga Pétervári
Dr. András L. Pap
class 1
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 organizations, international NGOs, and the international corporations are incentivized in order to maximize 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 Credits prerequisite timeslots admitted at is designed for Business Law course students of various nationality or backgrounds. three
yes
fixed
Dr. András L. Pap
class 3
LAW 21-22/2nd SEMESTER
27
Econometrics 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 generalized least squares. We also deal with models which are non-linear in their explanatory variables. We discuss the topic of Credits prerequisite timeslots admitted at nominal explanatory variables and their incorporations into regression models.
Dr. Ákos Dombi
six
yes
flexible
class 3
Mathematics I.
Ágnes Kovács
Dr. Gergő Kis
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. IndeCredits prerequisite timeslots admitted at finite integrals. Improper integrals. Applications of the definite integral to probability. six
none
flexible
class 1
Calculus, statistics & econometrics 21-22/1ST SEMESTER
28
Business Statistics The primary purpose of the course is to get students acquainted 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 Credits prerequisite timeslots admitted at hypotheses and to analyze regression and correlation in practice. six yes flexible class 2
Dr. Zsuzsanna Tóth
Dr. Gábor Árva
Ágnes Kovács
Dr. Gergő Kis
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 Credits prerequisite timeslots admitted at limit theorem (statement only). six
yes
flexible
class 1
Calculus, statistics & econometrics 29
21-22/1ST SEMESTER
Economics I.
Dr. Patrick Baude
The primary aim of the course is to get students acquainted with the basic definitions of economics and 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 utilized 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 Credits prerequisite timeslots admitted at optional and advanced courses in various topics of economics. three
no
flexible
class 1
Economics II.
Dr. Patrick Baude
economy & economic policy 21-22/1ST SEMESTER
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 theoriesof 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 Credits prerequisite timeslots admitted at economic policy. Finally, we discuss the concept of microeconomics-based macroeconomics. three
yes
flexible
class 2
30
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 Credits prerequisite timeslots admitted at look into financial disturbances, crises, and crisis management. six
none
flexible
Dr. Tamás Pál
class 2
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: globalization 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 Credits prerequisite timeslots admitted at measurement, and foreign direct investments. six
31
none
flexible
class 2
Dr. Ákos Dombi
Dr. Márk Molnár
economy & economic policy 21-22/1ST SEMESTER
Economics II. The primary aim of the course is to get students acquainted with the basic definitions of economics and 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 utilized 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 Credits prerequisite timeslots admitted at optional and advanced courses in various topics of economics.
Dr. Patrick Baude
six
no
flexible
class 1
Economic Policy
Dr. Ákos Dombi
economy & economic policy 21-22/2nd SEMESTER
Dr. Tamás Pál
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 globalization 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 finanCredits prerequisite timeslots admitted at cial crises, the redistributive systems of economic policy. three
yes
flexible
class 2
32
Industrial Organization The course aims to study the structure of firms and markets and their interactions. Instead of idealized 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 organization 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 organized 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, con- Credits prerequisite timeslots admitted at testability, and information theory. three
none
flexible
Dr. Márk Molnár
class 2
economy & economic policy 33
21-22/2nd SEMESTER
Introduction to Management This course gets participants acquainted with the functioning of business organizations, as fundamental units of economy and society. Students will learn about the characteristics of human work in organizations, understand the behavior of leaders and subordinates, peculiarities of group work in work settings as well as design and cultural aspects of an organization 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 organizational structure and culCredits prerequisite timeslots admitted at ture, motivation, leadership, and management theories.
Katalin Pádár
six
none
flexible
class 1
Leadership and Organizational Studies
Dr. Anita Kozák
Mónika Bárány
The course aims to get students acquainted with the challenges and difficulties of running and leading organizations. Participants will learn about the basic concepts of strategic management, managerial decision-making, management consulting, and organizational development. This course also provides students with the theoretical knowledge and technical skills to manage diverse personalities and solve workplace conflicts. Finally, participants will get to know 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, analyze organizations Credits prerequisite timeslots admitted at and treat different organizational areas as a system. six
yes
flexible
class 3
Management 21-22/1ST SEMESTER
34
Fundamentals of Human Resource Management This course s duces the organizational aspects of Human Resources Management (HRM) which is a strategic approach to the effective management of organizational 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. Attention during the course on the development of individual knowledge, skills and abilities (KSAs), can contribute to employees’ success in organizational settings (e.g., competencies to increase individual efficiency Credits prerequisite timeslots admitted at and performance, collaboration in different cultures). three
none
flexible
Eszter Daruka
class 1
management 21-22/2nd SEMESTER
35
Transdisciplinarity and Expertise
Dr. Benedek Láng
Dr. Gábor Zemplén
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 covered problem-spaces 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 reflection of the students on their worldviews and epistemologies, on their understanding of the nature of science, and difficulties to make decisions under deep uncertainty. Students by the end of the course will have improved their ability to interpret information relevant for (business) decision making by a deeper understanding of media-mechanisms, the nature of science Credits prerequisite timeslots admitted at in society, and the challenges of picking reliable expertise to solve complex problems. three
none
fixed
class 2
Schools and Methods in Cultural Anthropology
Máté Kiss
social sciences
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 that in the first class dealing with each topic offers a theoretical overview, while the second class is focusing on case studies, researches, and debates. The aim is to demonstrate the cultural anthropological viewpoints and approaches in connection with the above-mentioned topics. The objective of the course is to familiarize students with different subfields of cultural anthropology and to help the Credits prerequisite timeslots admitted at application of an anthropological understanding of current societal issues. three
yes
fixed
class 2
21-22/1ST SEMESTER
36
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 Credits prerequisite timeslots admitted at modern societies from deviance to education and from religion to lifestyle. three
yes
fixed
class 2 Dr. Ottó Gecser
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 Credits prerequisite timeslots admitted at will not only do a course together, but be part of a conversation on how best to improve our three yes fixed class 2 societies and our world.
Frank Thomas Zsigo
social sciences 21-22/1ST SEMESTER
37
Introduction to Cultural Anthropology
Máté Kiss
The course is built on the assumption that cultural anthropology, on one hand, is a discipline that defines itself based on its research subjects (cultures outside of Europe) however, on the other hand, it can be regarded as an approach that is commonly used to analyze 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 familiarize 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 recognize the world’s cultural diversity in order to develop sensitivity toward other cultures, prepare Credits prerequisite timeslots admitted at them to be able to identify and understand those. three
yes
fixed
class 2
Conceptual Tools of Sociology This is an introductory course not requiring any previous knowledge. It makes students familiar with essential forms of analysis and explanation used by sociologists, and it gives them conceptual tools for unpacking complex Credits prerequisite timeslots admitted at phenomena around them in sociological terms. three yes fixed class 2
Dr. Ottó Gecser
social sciences 21-22/2nd SEMESTER
38
39
ELTE Business
Economics Summer University in July 2022 ELTE Business & Economics Summer University, 1115 July 2022 After a twoyear gap BESU took place this summer with the participation 55 Hungarian and 20 international students. The courses involved 24hour classroom teaching, and students successfully completing them could earn 3 ETCS credits. We offered the following courses: Business Communication Skills Comparative Economic Development Entrepreneurship: What do you need to know? Managerial Accounting: Information in Business Decisionmaking Marketing Strategies in Digital Context M&A Advisory in Practice Negotiation The courses were taught by ELTE faculty members, guest professors from other universities and business professionals. We are going to organize BESU in 2023 as well in the same format.
E-mail: sumuni@gtk.elte.hu Website: https://gtk.elte.hu/sumuni Facebook: https://www.facebook.com/eltebesu/ 40
“Accounting is sometimes fun…” Interview with László Szívós about his course, Managerial Accounting
P
rofessor 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.
I
s 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 41
dumbfounded if you are asked whether it’s going to be OPEX (operating expenditure) or CAPEX (capital expenditure).
S
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.
o, you’re saying that a certain level of understanding of accounting is needed everywhere in the for-profit sphere. Yes. The picture that accounting matters only for those who like sitting in the backroom and doing Excel tables is false. In fact, accounting courses offered by professional training schools for non-accounting professionals always fill up, because people who merely wanted to pass their accounting exam as students realize 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 judgment, 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.
Y
ou 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
Since its foundation in March 2019, three presidencies have been leading the organization successfully. The primary goal of the Student Union is student advocacy, but its responsibilities include facilitating communication between instructors and students, organizing and coordinating social events, facilitating educational opportunities abroad and conducting various scholarships. Feel free to contact our Vice President for Foreign Affairs with your questions concerning your studies or any other problems. You can reach us through facebook: https://www.facebook.com/groups/2134974053416664/about and Instagram: https://www.instagram.com/eltegtkhok/ and also via email at kulugy@gtk.elte.hu
ESN at ELTE Faculty of Economics
The ESN (Erasmus Student Network) is a university organization 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, up to common entertainment opportunities. ESN organizes 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 42
Sports AT ELTE The University Athletics Club (BEAC) was founded in 1898, and members have won 6 Olympic and more than 400 Hungarian champion titles. Selectable sports: aerobics, Argentine tango, table tennis, athletics, ballroom training, boxing, Brazilian jiu jitsu, cheerleading, rattle ball, crossminton, wall climbing, floorball, futsal, functional training, running, spinal gymnastics, gyu-ryu karate, navigation, salsa dancing, belly dancing, jazz dancing, refereeing, yoga, kayak-kenu, kettlebell, kickboxing, conditioning, basketball, Chinese kung fu, football, mountain biking, muay-thai boxing, women's football, women's self-defence, para-swimming, volleyball, chess, spinning, squash, swing dancing, rock climbing, orienteering, ballroom dancing, tennis, hiking, badminton, TRX, swimming, fencing, zumba. Charge for enrolment appr. 20 EUR Further infos: www.beac.hu/in-english | E-mail: info@beac.hu | Facebook: www.facebook.com/elte.beac
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For correspondence please use the following emails
Erasmus+ Outgoing students: outgoing@gtk.elte.hu Erasmus+ Incoming students: incoming@gtk.elte.hu English degree program students: degreeprogramme@gtk.elte.hu Stipendium Hungaricum students: sh@gtk.elte.hu Summer University students: sumuni@gtk.elte.hu
Where to find us?
Building Q, Rákóczi út 7. see map: https://bit.ly/2UaCN4o entry through ELTE Trefort Campus see map: https://bit.ly/2VKZo8r Hungary, Budapest 1088