13 - 16 October, 2020.
Belgrade Campus
80.000 RSD


The financial management program is intended for all those who want to gain general knowledge about what financial management looks like in developed multinational companies and which of these skills and knowledge can be applied in their business and way of thinking. The purpose of the program is to understand what developed Western European companies are so successful at and what sets them apart from other, especially domestic, companies.

What is it that we can learn from successful models of the great and powerful and apply to us in development? How do we measure a company’s performance? When can we know for sure whether our business is successful or not? And why is it the way it is? What tools are available to us to effectively monitor our business? What knowledge and skills should our employees possess in order to run a business in a planned way? We will try to give adequate answers to all these and many other questions during socializing in a pleasant atmosphere, constructive discussion and through examples that have been proven in practice to be successful.


The program is intended for everyone who is professionally engaged in activities in the field of finance and would like to improve their knowledge or hear how some solutions from finance have been applied in practice.

The program is also intended for entrepreneurs or directors who run a small, medium or large company in order to see the framework in which large global companies make their business decisions.

Last but not least, it is intended for capital owners who are not part of the business decision-making process but who want to effectively control the flow of their invested capital and can at any time assess how much their investment is worth at a given time and whether the return they achieve is satisfactory in the form of different business circumstances and the environment in which the capital is invested.


Introduction to Finance – Participants are introduced to the scope of work of a financial manager and what are all the areas that should be considered in creating an effective model of financial management. The financial goals of the company are an area that is approached with special attention in order to define the direction of movement and return on invested capital. The organization of finance and accounting and the connection with other functions within the business system as a crucial factor in the control and development of business is treated with special emphasis. The complete topic is permeated with examples from practice. Through the way of developing developed multinational companies, the key links of process efficiency are presented.

Financial reporting – The company’s balance sheets as an ID card are the basis from which the data are drawn, which are the basis of all business performance analyzes. Through this module we get acquainted with the Cash Flow Balance, Balance Sheet and Income Statement of the company. Without a doubt, the time we dedicate to these topics will be short and impossible for everyone to master all accounting principles and posting business changes, but with the idea of being able to read financial statements and have a basis for their interpretation. Attention is paid to both internally generated financial statements that serve the management as a basis for making business decisions and the external set of financial statements prescribed by the Law on Accounting and mandatory for submission to the Business Registers Agency.

Tax reporting – Participants are introduced to the main tax forms prescribed in the Republic of Serbia and their method of calculation and delivery. A special aspect is dedicated to the Presko balance sheet in determining the corporate income tax as the most important among equals. We explain the concepts of out-of-reach prices and the method of calculating transfer prices between related legal entities. We also deal with the avoidance of double taxation as a concept and what it means. All for the purpose of acquiring general knowledge and concepts that we encounter in business. We will not become tax experts after an hour and a half of the program, as well as without a dry presentation of taxes and their calculation.

Financial indicators – In this module we will go through all the business indicators that are received in the analysis of financial statements and which serve as a basis for comparing relative performance indicators that are the only denominator when comparing small with large, those in this industry with those in other industries, domestic and foreign, etc. The ratio analysis is complemented by examples from the practice of analyzing companies of choice with their main competitors. The module was followed by discussion and analysis. The goal is to gain insight into what is being analyzed and when we can be sure if something is good or bad and why it is so. Market value indicators are also one of the important topics, regardless of the low level of awareness and business through the domestic stock exchange, but with reference to the mechanisms and opportunities for investing capital in foreign stock exchanges.

Net working capital – What are net working capital or net working capital? How do we calculate it? Why is it important to know that at all and what is it for, and do large successful companies analyze it at all? These are the topics we will answer during this module with the aim of gaining skills and knowledge on how to effectively manage working capital and why it is Cash King! With examples from the practice of adequate management and control of working capital, we complete the module with ideas that can be useful in the daily business of both entrepreneurs and any business in relation to the size of the business. The recipe is the same – money is king and it is approached that way – with respect!

Investment decisions and decisions related to business financing – Participants gain complete and detailed knowledge related to 4 methods of assessing investment decisions with a detailed explanation of the advantages and disadvantages of each and which combination of methods provides the most adequate basis for assessing the effectiveness of a particular investment decision. What are the possibilities of short-term and long-term borrowing? What is the purpose of the Weighted Average Cost of Capital and why is it important to know? These topics are treated not only with examples of mathematical models, but also with examples from practice of how the successful ones do it, and that it is not only the domain of dry theory, but exclusively the application by the successful ones. After this module, participants can independently interpret the return on capital of various projects or investment decisions.

Budgeting and Controls – Where does the combination of these two themes come from? The budgeting process from the vision and business strategy, through annual plans to a concrete and detailed budget for the next year. We will go through all the steps from the idea to the concrete plan that is expressed to the ciras in each of its functional parts of the business. And what is it for? So that we know if we have achieved the main purpose of our team association. Because if we do not have a plan, everything we achieve is good, and if we have a specific goal, it must be expressed through specific measurable financial parameters. This is the only way we will know if we have reached that goal. And the controls? Well, this is part of a comprehensive control mechanism, so we deal in this module with the goal of external and internal business audit. Also, what does tax control do and what are some other forms of control and what is their purpose. All lectures will be accompanied by concrete examples from real business.

Program beings 13.10.2020. and lasts until 16.10.2020.

Program Tuition

80.000 RSD


Nemanja Gavrilović
Management Programs Coordinator
Phone: 065/3035-073