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Never underestimate the power of a small group of committed people to change the world. In fact, it is the only thing that ever has. Margaret Mead

Welcome note


The world is undergoing a rapid and significant change, as there is a distinct move from a uni-polar world to a multi-polar world. The share of emerging markets in the global economy is already significant and rising rapidly and therefore nations need to adapt and firms need to react to this new reality. Economies in transition that include the Eastern European countries are in a position to benefit from this geopolitical situation if they are ready and prepared. To this effect they need to be proactive and anticipate the change. The vision of the COTRUGLI Business School is to train and develop a new breed of leaders who are able to assimilate the changes that are taking place, and to use their global and regional knowledge to build solutions to ride the wave of change. They need to be local with a global footprint. With a programme, which is internationally accredited, a world-class faculty, a management and administrative team ready to anticipate and react, and above all a solid alumni base, the COTRUGLI Business School is ready to rise up to the global challenge of managing the change. Indeed the programme is designed to reinforce the conceptual base of leaders so that they are able to build on the existing theory, integrate changes both in terms of economic and technological fields and derive the necessary confidence to develop their own models. We should however not forget that a company is like a living organism, which changes and has to adapt to the changing environment; therefore management education cannot be considered just as a toolkit. At COTRUGLI participants get the opportunity to work closely with international experts who possess a solid theoretical background, which forms the basis for the confrontation of the reality of management, where creation of value for all stakeholders, including the society, is the central focus.

Jyoti gupta, Ph.D. Dean, COTRUGLI Business School

Cotrugli Benedetto


As an independent state, the Dubrovnik Republic was a center of commerce in the region for a number of centuries. The citizens of Dubrovnik were considered elite merchants, welcomed by all courts of the known world, and prized for their diplomatic skills and knowledge. Their aptitude in commerce could be equaled in measure only by one other quality they were recognized and reputed for: a firm belief that business should be conducted in a frame of social awareness. To emphasize our understanding of the significance of innovation in today’s changing world and concurrent preservation of traditional values, we have named our school after a man who was an expert and author on the subject over 500 years ago. Benedetto Cotrugli (also Benedikt ‘Beno’ Kotruljević) was a citizen of the Dubrovnik Republic, during the 15-th century. He was a merchant by profession, a humanist by education, a scientist by vocation, and a diplomat by invitation. His book “Della Mercatura et del Mercante Perfetto”, written in 1458, is historically credited with being the first to portray, in-depth, the principles, and methods of Double Entry Bookkeeping. This book would not be momentous by itself in regards to COTRUGLI Business School if it had not also illustrated the principles of personal development and the value of ethics in business. Principles that remain very much alive today and treasured as well as proclaimed through our educational portfolio.

COTRUGLI Business School


The COTRUGLI Business School Headquarters are located in Ljubljana, Zagreb and Belgrade. With these regional operational centers, COTRUGLI is reaching cultures and business environments worldwide, creating Alumni networks in Bulgaria, Bosnia and Herzegovina, Croatia, Macedonia, Romania, Slovenia and Serbia, among others. In addition to MBA programs, COTRUGLI is specialized in delivering customized In House programs and Open Enrolment programs. Collaboration with the world’s leading experts and more than five thousand of satisfied clients has greatly contributed to the affirmation of the School as the most progressive one in the SEE region.

COTRUGLI’S excellence is aided by partnership and professional co-operation with the World Business Academy (, which brings together top experts from the most prestigious business schools, presidents of multinational corporations, Nobel Prize winners and the world authorities in all aspects of business such as Deepak Chopra, Peter Senge, Rinaldo Brutocco, Daniel Goleman etc.

Association of MBAs ( provides independent proof of quality and excellence for MBA programs. AMBA’s goal is to constantly develop and enhance the quality of MBA programs worldwide and to primarily protect programs’ participants. Today there are less than 200 esteemed business schools with AMBA accredited programs worldwide. These are highly ranked schools like IMD (Switzerland), IESE (Spain), London Business School, INSEAD (France) and COTRUGLI Business School.

Vision To be internationally recognized as the leading Business School in South East Europe and a centre of excellence for business education within emerging markets.

Mission We are committed to developing high quality, ethical managers, leaders who are capable of meeting the challenges of complexity and constant change, and that continually make positive contributions to their organizations and the society.


High standards of ethics in our teaching, research, and relationships with the Business Community


In everything we do


Education and research that is relevant and meets the challenges facing students, organizations, and local communities


Between the Participants, Staff Members and COTRUGLI’s Business Partners


We recognize and value the contribution of each individual


To prepare the Participants and COTRUGLI’s Staff Members to meet the challenge of a lifelong learning process


To serve the needs of local communities

COTRUGLI in numbers 10.000+ managers and executives engaged

in the School’s high quality educational programs

3 degree programme divisions: •• Master of Business Administration (MBA) •• Executive Master of Business Administration (EMBA) •• Chief Executive Master of Business Administration (CEMBA)

800 students in MBA degree programmes 12 nationalities: Albanian, Austrian, Bosnian & Herzegovinian,

Bulgarian, Croatian, Hungarian, Irish, Macedonian, Romanian, Serbian, Slovenian and Syrian

43% female MBA participants 57% male MBA participants € 2.000.000+ invested in social responsible projects (scholarships) 2 campuses: Zagreb, Belgrade 1 branch office: Ljubljana 42% average increase of income after MBA, compared to people with BA or BSC (research made by job portal “MojPosao”)



We are young professionals who want to make a difference, drive innovative ideas and deliver results in the whole SEE region. In COTRUGLI we understand that the ready-made formulas do not work in a fluctuating business world. Therefore, we are here to help you rethink your knowledge, ethics and business attitude, trying to meet your expectations. We already have the pleasure to work with amazing professionals, managers and entrepreneurs from all over the region. Our main intention besides integrating more and more promising students is to make your professional and personal development easier, to assist you in career growth and place effort into lobbying for your interests and the interests of your organization. Allow us to help you grow and love your business.


The distinguished COTRUGLI faculty makes a vital link between today’s goals and tomorrow’s achievements. Top-ranked lecturers, handpicked for their deep expertise in their respective fields, teach business education at COTRUGLI. They will equip you with the best tools available in order to unleash your full potential. COTRUGLI lecturers are also professors at the world’s leading business schools and institutions, such as: ESCP Europe, Henley, Duke, Oxford Leadership Academy, Kellogg School of Management, INCAE Business School and the World Business Academy, among others. In addition to superior teaching and mentoring, these accomplished professionals simultaneously work as consultants for companies all over the world, giving them experience and valuable insight into the world of business today. You are welcome to explore our global faculty network and find the right answers to your most important challenges, getting the premium hands-on experience solutions.




ESCP Europe (London)

Market-based management

Mercatus Center at George Mason University

Monetary theory and business cycles Transition economies

Anthony J. Evans, Ph.D.


Extensive ethnographic fieldwork in UK and Romania as part of the Global Prosperity Initiative Sponsored research with a range of public and private organizations

The best lecturer I have had in my life. He made me understand economics and its basic principles in 3 days. M. Nakić, HT MOSTAR INCAE Business School

Strategy / Corporate strategy

University of Michigan Business School


University of Chicago Duke University HEC Paris

International business Mergers and acquisitions New venture development Family business Food policy

Esteban Brenes, Ph.D.

A learning experience that changes perspective and understanding of business and life.

Minister of Science and Technology and Minister of Agriculture for the Government of Costa Rica Leading researcher in different areas for the Latin American Center for Competitiveness and Sustainable Development Independent consultant for Chiquita International, Lee Textiles, Cotton Council, Central Bank of Costa Rica, Bancomer of Panama, Salvadorian Bank, Cement of Panama, Guayaquil Stock Exchange, Princess Hotels and De Sola Group, Café Britt Coffee Corporation and the UN International Atomic Energy Agency and Food and Agriculture Organization

J. Jerković, PLIVA ESCP Europe (Paris)

Pricing policies

Independent consultant for Sony

Visiting MBAs from the USA

Audit & Accounting

Maruti Suzuki

Industrial performances management


Management control E-learning & use of new technologies in education

Emmanuel Zilberberg, MA

Renault Smurfit

I have always suspected there’s poetry in “thinking outside the box”. The professor completely convinced me this is true - very informative and enlightening. Excellent use of technology to illustrate his findings. R. Karagiozova, ROERICH INDEPENDENT PRIMARY AND SECONDARY SCHOOL

Jyoti Gupta Prakash, Ph.D. Dean of COTRUGLI Business School

ESCP Europe (London, Paris)

Corporate finance

University of Manchester

Financial strategy

School of Management at the Asian Institute of Technology, Thailand

Financial theory

China European Business School, Shanghai

Energy finance Emerging markets finance

Editor of the Euro-Asia Journal of Management and of a special issue of the European journal of Operations Research

Indian Institutes of Management

Corporate restructuring and control

Independent consultant for various companies in the private sector

Management Development Institute, India

Behavioral finance

Financial engineering

Consultant to the World Bank and the European Commission Senior research scientist for English Electric and Morgan Group

Professor has great knowledge and strait forward approach to share it with students. All examples were explained to detail with clear link of theory and practice. I. Hohnjec, MSD



Henley School of Management Royal Academy of Engineering


Process and operations management Qualitative research


Variety of technical and export sales and marketing management roles in a start-up division within a multinational company based in Germany

Process governance, innovation Army Officer in both command and the sociology of skill and staff roles, including tours in Germany, Gibraltar, Belize Managing projects, systems and the Gulf and processes Research projects for the Engineering Employers’ Federation

Nigel Spinks, MBA

Structured, controlled, focused, efficient, excellent. I really appreciate Nigel’s energy, enthusiasm and character! K. Krivičić, NOVI LIST Brunel University Henley School of Management

Systems thinking applied to problem definition and project planning Programme / project management (Prince II) Performance management of projects and operations

Operations Manager for Duracell Batteries (after different roles in supervisory management and engineering / technology development) Involved with professional pro-ject management associations (APM in UK & the MPA)

Knowledge management in project based organisations

Peter Race, MBA

I very much enjoyed the video examples, very interesting and easy to enter into the matter. Prof. Race is very knowledgeable and interacts very well with students. He is definitely the best lecturer so far. P. Petkov, MAGIC SOLUTIONS Harvard – Kennedy School of Government

Leadership development Civic education Campaign training and advocacy

Legislative aide to State Senator Dianne Wilkerson Senior Advisor to the Joint Committee on Insurance President of the Massachusetts Chapter of the National Congress for Puerto Rican Rights Founding executive director of ¿Oíste? (“Have You Heard?”), the first and only statewide Latino political organization in Massachusetts Coordinator of humanitarian delegations to Central America and South America and the Caribbean

Giovanna Negretti, MPA

Excellent lecturer! I enjoyed this module from the first to the last moment. Thank you.

Part of the Executive Committees of the National Boricua Human Rights Network


Listed as one of the 100 Most Powerful Women in Boston

COTRUGLI Business School

Business strategy and planning Financial modelling Corporate finance Organisational development Business performance improvement Performance management IT advisory

Director of business advisory services at KPMG in Croatia, responsible for Bosnia & Herzegovina Various business advisory projects for numerous clients in the financial services, telecom and media, consumer markets and retail, as well as public services industries

Due diligence Corporate restructuring

Daniel Lenardić, Ph.D.

I would like to express my gratitude for the exceptional knowledge that I received. It surely helped me to better understand the processes in the financial world. N. Naidenov, EKO BULGARIA




PURDUE University – GISMA Business School (Germany)


University of Barcelona

Strategy & innovation

IESDE (Mexico) TiasNimbas Business School (the Netherlands)

Business & corporate strategy International business Human resources

Reims Management School IAE Business School (Argentina)

Nicolas Kfuri, Ph.D.

Nicolas has exceptional energy and sparkling sense of humor. Very, practical, understandable lecture and professor who is constantly at participants’ disposal.


Director and founder of Kfuri & partners consulting company Independent consultant for Nestlé, Audi of Mexico, Volkswagen of Mexico, Mary Kay, Phillip Morris, KPMG, T-Systems, Mexicana Airlines, Government of Canada, BNP Paribas, Cadbury Schweppes, Holiday Inn, Kempinski hotels, Government of Mexico, TV Azteca Academic Member of Marketing Science Institute, Academy of Marketing Science and Decision Sciences Institute Member of the Editorial Review Board of the Business Management Journal

D. Krivski, VERNAR ADRIA Harvard Business School INCAE Business School

Strategic planning and reorganization Strategic processes and human resources

President of the international consulting firm JE Austin Associates Chief-of-Party for USAID Croatian Competitiveness Initiative

Managing in developing countries

Instructor in the First Program of Participant-Centred Learning in Harvard Business School, with responsibilities in twelve countries

Global strategies of international business

Consultant for HR alternatives to the Government of China Member of The American Society for Training and Development and the editorial boards of The Journal of Health Management (India)

John C. Ickis, DBA

Even if professor’s teaching is mainly pointed towards highly experienced managers, he manages to deliver demanding topics in very understandable way. Ž. Vorkapić, ITURUS SUM Kellog Business School

Manegement and Strategy

Northwestern University

Business plan for start up-company

Appears in the International Who’s Who of Professionals, Who’s Who in Finance and Industry and Who’s Who in the World Published in The Harvard Business Review, World Development and The Journal of Business Research

Chairman and CEO of Dresher, Pan American Paper Bag Company, All Phase Electric Corporation, Procon Pump Company, Follett Corporation, Transmedia, Charter Communications Director of American Association of Entrepreneurs, of Chicago Presidents’ Organization Leadership Committee and of Rush Presbyterian Cancer Institute Co-Chairman of World Presidents’ Organization at Kellogg Institute

Barry Merkin, MBA

Barry is the best lecturer I ever had the privilege to listen. His amazing work experience and extremely practical approach to the topics discussed are the main reasons why I find him so exceptional.

Former Director of American Furniture Manufacture, of Harvard Business School Club of Chicago and of National Conference of Christians and Jews “Entrepreneurship Supporter Award” at Ernst & Young 2000 Entrepreneur of the Year ceremony

R. Vukičević, TIKVEŠ VINERY COTRUGLI Business School

Human resources Management development

Ivica Vrančić, FCIPD

Excellent! 1) Lots of useful information that I plan to implement in every day practice and transform into real knowledge; 2) Great focus on the HR subject, great examples; 3) Lecturer is characterized by an admirable body language and friendly expressions. Ž. Hinek, BIOVEGA

HR manager in Coca-Cola Beverages Croatia and internal trainer for managerial teams within CocaCola systems in several European countries HR Manager in British American Tobacco and DHL Recruitment & Development Specialist in Zagrebačka banka Director and founder of Verantius consulting company



COTRUGLI Business School


Evaluation and development of individual’s management or sales potential Organizational climate Sales management audit KAM


Founder and partner of Human & Sales Consulting Developer of innovative sales management solutions in Adria Consulting

Consultative selling Sales planning Managing and motivating sales force Brand definition

Primož Hvala, M.Sc.

It was great for me to make comparison during the module with real life practice. Professor brought us a lot of examples from real life companies for every single theoretical point. Thank you! D. Marušić Gajica, 3M IE Business School

Human capital and talent management/development Business leadership Managing across borders Global matrix management Social capital networks Paradox management and innovation

Marijo Bos, BA

President of European Professional Women’s Network (PWN) – Madrid and Co-President of European PWN Managing Director of Bos Advisors, which designs and delivers programs for Global 1000 organizations Former Partner with Oliver Wyman’s Executive Learning Center Director of Media and Entertainment Practice worldwide for Russell Reynolds Associates

Marijo’s passion, enthusiasm and energy are really amazing. It was pleasure to participate at the module and learn from her vast experience. Clear instructions and useful directions made it easy for us to actively engage in the course. T. Šišič Kramer, ABBOT LABORATORIES Oxford Leadership Academy

Spiritual/emotional intelligence

Brahma Kumaris World Spiritual Management/leadership University development UNESCO Centre for International Education

Mike George, MA

Personal Development Continuous learning

Best selling author with nine publications published in fifteen languages Coach and guide for personal and executive development for Mitsubishi, Siemens, Johnson and Johnson, Dupont, American Express, British Telecom, Tetra Laval, United Bank of Switzerland, KLM, Royal Dutch Airlines, The Allianz Group, Barclays Bank, Royal Mail, Royal Bank of Scotland, NHS, Sheraton Hotels, The BBC, Pliva, Heineken, Agrokor, CCHBC, Dukat, Carlsberg, Zagrebačka banka, Alstom

Excellent, different, inspirational above all! M. Fresl, INSTITUTE OF IMMUNOLOGY

MIB Trieste

Business strategy


Corporate strategy

Faculty of Economics Ljubljana

Change management

Faculty for Management Sciences Eichstätt-Ingolstadt

International Business

Member of Advisory and Management Board of Gorenje


Executive Vice President of Bereichsvorstand Bertelsmann Buch

Consulting leader at PWC South East Europe Managing Director of A.T. Kearney Eastern Europe

Corporate restructuring

Andrej Vizjak, Ph.D.

Excellent organization, both formal and informal. N. Janković, SERBIA INVESTMENT AND EXPORT PROMOTION AGENCY


In the process of attending the program at COTRUGLI Business School, surrounded with highly motivated classmates, you will discover the opportunities of matchless networking, which will help you to turn your contacts into contracts. COTRUGLI network interrelates and expands through the formation of companionship with highly successful managers and leaders. The power of alliance and life-long friendship with highly influential individuals for most of our participants represents a return of invested time and money even before the educational program is completed. As a participant of COTRUGLI programs, you also get the access to: • COTRUGLI Alumni Club membership, giving you the opportunity to interact with fellow alumni members from past MBA generations • additional executive modules, international conferences, attractive networking events and Open Enrollment programs • COTRUGLI Club membership, as a meeting point for all participants of various educations and events • information on latest business trends and innovations that will enable you to become the force of positive change in your organization • different sport activities such as skiing, sailing, golfing or football and basketball teams on regular basis; to create stress-free environment we often include your family and friends. • and an access to the global network of finest experts.


Hi, my name is Petar, I worked for different companies in Switzerland, Germany and Austria. Finally, I started up my own business in Croatia, highly encouraged by knowledge and networking gained at COTRUGLI’s Executive MBA. This diary page should serve you as a reference of my overall as well as daily experiences at the EMBA program. Firstly, as soon as you get your course schedule, figure out how, where and when your program will take place. Before each module read its syllabus, find out what a professor recommends to read (and what is to read additionally) and finish a preliminary task. Do this without delay so that you are not trying to adjust at the same time that real-term classes are well underway. Pay attention in finance, accounting, marketing, strategy and ALL of the other modules. They will be essential for use in your business plan (plus, it is what you are here for). Be active during the modules, because your class participation will be evaluated too. And do not forget to figure out which party you will join after the module!


Most modules are held once per month, from Friday till Sunday. Lectures begin with a precourse coffee at 8.30 with 60 colleagues and friends from the whole region. Hugs and kisses, business news and private chitchat, a bunch of relaxed businesspeople ready to invest their time in the new EMBA knowledge.

9.15 – 11.00


This module (Finance) is delivered by professor Jyoti Gupta, born Indian who has worked for Indian Railways, World Bank and European Commission, now resident of France and emeritus professor at one of the best business schools in Europe – ESCP. What an honor! I can’t wait a coffee break to ask him for advice about my business plan!

11.00 – 11.30


Even in a short conversation professor Gupta succeeded to explain me the proximate cause of my problems. We will stay in touch per e-mail for all further details... Unbelievable, I just got a free world-class consultant!

11.00 – 11.30


Case study of foreign company – financial analysis of Diamond Chemicals, a leading producer in the chemicals industry and a part of the Intermediate Chemicals Group (ICG).Teamwork makes the difficult case study easier.

13.00 – 14.30


Lunch with my team: 5 people with different backgrounds (HR, IT, R&D, purchasing/logistics and banking & finance), but all of us speaking the same language (English) and having the same goal (to solve the case study in the best possible way). After an hour we managed to identify a satisfying strategy.

14.30 – 16.00


Preparing a team presentation…

16.00 – 16.30


… still preparing a team presentation (break, what? Who needs a break?!).

8.30 – 9.00

Presentations of the teamwork. Among 12 teams, only 3 will be randomly chosen to make a final presentation. My team was chosen. A touch of nervous anticipation… 16.30 – 18.00


It turned out that nervousness actually helped us to get revved and kept us at peak performance while we were presenting and answering all the questions. Big applause at the end. (Relief.) Consequently, after each presentation I feel more confident to express and defend my opinion in front of the Board in my company.

18.00 – 19.00


Let’s go for a drink! We could invite the professor, too…

COMMUNITY initiatives


The business world is experiencing significant changes and its long-term consequences will be profound. COTRUGLI Business School has found its way of responding to the situation through a wide variety of social responsible and community development projects and programmes in different parts of the whole SEE region:

SCHOLARSHIPS The scholarship project evolves as a part of COTRUGLI’s Social Responsibility Program, created to encourage positive changes within the SEE region. According to the evaluation of each candidate’s professional and individual achievements and impressions gathered during the selection process, the special commission selects scholarships winners.

FORUMS Gathering concept organized in order to encourage exchange of actual information and knowledge transfer in the field of management. Accordingly, every Forum is no-cost event for all participants. For this occasion, relevant regional experts or COTRUGLI associates deliver one-hour lecture covering recent subjects in the sphere of economics.

EXPERIENCE MBA Aware of the fact that Executive MBA presents serious financial and time investment, we are giving candidates an opportunity to experience an entire EMBA module and gain new knowledge for free. For two exciting days candidates who pass the selection process, exchange experience with other colleagues, obtain a first-hand experience on the quality of the world-class faculty and get the immediate applicable knowledge.

COTRUGLI DAYS Yearly event designed and facilitated with the intention to make it unique and memorable experience for all members of COTRUGLI community: E/MBA students, alumni, partners and friends. Accordingly, the purpose of these two days is to rethink old and gain new knowledge, redesign business network, refresh contacts, reuse business cards and rebuild muscles.

CONFERENCES Organized on a two-year basis with the purpose to provide business community with crucial business knowledge, ethical values, and sense of responsibility when finding adequate responses to the situation on the market: Balanced Scorecard with David Norton – Zagreb, October 2006 Knowledge Management with Verna Alee – Sofia, March 2008 1st Sol SEE Forum with Peter Senge – Zagreb, June 2010

ZAGREB Domobranska bb HR-10 000 Zagreb T: + 385 1 37 06 270 F: + 385 1 37 06 224



Višegradska 27 RS-11 000 Beograd M: + 381 69 11 90 903 M: + 381 69 11 90 911

LJUBLJANA Tehnološki Park 19 SI-1000 Ljubljana T: + 386 05 99 60 461 F: + 386 05 99 60 471 A QR Code is a bar code that can be scanned using your camera phone and a QR Code Reader. To get a QR Code reader please visit with your mobile device.


Cotrugli Business School brochure  

The vision of the COTRUGLI Business School is to train and develop a new breed of leaders who are able to assimilate the changes that are ta...

Cotrugli Business School brochure  

The vision of the COTRUGLI Business School is to train and develop a new breed of leaders who are able to assimilate the changes that are ta...