The development of the financial field and the financial-banking system in the Republic of Moldova imposed the need for economic education with in-depth specialization in the financial, banking and insurance fields, which are among the priorities of the training and research process promoted within the Department of Finance and Banks.
Precisely for these reasons, in September 2002, within the Faculty of Economic and Applied Sciences of the State University of Moldova, the Department of Finance was founded, as an indispensable link of university education with an economic profile. The Finance and Banking Department was formed on June 27, 2006 by the Decision of the Senate of the State University of Moldova, by suspending the operation of the Currency, Credit, Banks department and changing the name of the Finance department to the Finance and Banking department.
Mulic Andrei,
PHD., Associate professor,
department head
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The mission of the Finance and Banking Department
The mission of the Finance and Banking Department, as an active member of the Faculty’s academic community, is to contribute to the development of society through competitiveness and innovation in the field of public and private finance management and banking by training specialists with higher education, at the level of current market requirements work and the requirements provided for by the National and European Framework of Qualifications in Higher Education.
The department has a teaching staff adequate to the mission assumed, which enjoys professional prestige and has rich practical experience.
The department participates in all three cycles of organizing higher education: bachelor’s, master’s, doctorate. The educational offer includes:
- cycle I license – specialists are trained in the specialty 0412.1 Finance and Banks
- cycle II master – programs are proposed in the fields of: Banking Administration, Public Finance and Taxation, Financial Management and Business Accounting
- cycle III doctorate – specialty 522.01 Finance
Meeting of the Department of Finance and Banking
Teaching staff of the Department of Finance and Banks
The Finance and Banking Department participates in the university’s effort to provide high-performance education and research in areas of major interest, such as: public finance management, business financial management, taxation, banks, investments, risks.
In the didactic activity, the main objective is to maintain the current high level of graduate employability through:
- Ensuring a quality education by teaching subjects with rigor and professionalism;
- Focusing on international orientation by offering and increasing opportunities for students and teaching staff to gain international experience by participating in mobilities, internships, study programs and courses offered in English;
- Partnerships and cooperation with the business environment in the country, institutions and public entities in the financial field, international companies in order to ensure a high quality of the educational offer in the study programs offered by the Department of Finance and Banks.
Teaching methods
Teaching methods are oriented towards practical activities, project activities. Students have the opportunity to study for one semester, as part of Erasmus+ mobility, at partner universities in Europe, as well as at Universities with which the Department has a close bilateral collaboration. The students, who have already benefited from these offers, enthusiastically appreciate their experience in study mobilities and internships abroad.
Graduates of the “Finance and Banks” specialty, first cycle – bachelor’s degree and the “Public Finances and Taxation” and “Bank Administration” master’s program, 2023
The entire educational and research process is carried out in accordance with the imperatives of quality standards. A proof is the high trust from the International and European Quality Assurance Institutions in the field of university study programs. Thus, in 2016, the Department obtained the international accreditation of the Finance and Banking undergraduate study program for a period of 5 years. The program was evaluated by the Agency for Quality Assurance AQAS – Agency for Quality Assurance from Germany, and by the decision of May 24, 2016 it was included in the European Nomenclature of accredited programs.
The main objective of this program is the training of highly qualified specialists with higher education with the capabilities of analysis, evaluation, execution of decisions and group work skills: negotiation, leadership, collective decisions – capable of easily integrating into the labor market in private and public entities from the fields: banking, insurance, stock exchange, real economy, fiscal field, financial control, public finance management, but also in other fields.
Graduates of the “Finance and Banking” program can work as economists, specialists in financial and banking operations, auditors, economists – inspectors, specialists in insurance operations, leasing, brokerage, financial analysts. Thus, the Finance and Banking study program offers the beneficiaries the professional skills necessary for successful integration into the labor market in financial-banking economic entities, on the domestic and international market.
The professional master’s programs in Banking Administration, Public Finance and Taxation, Financial Management and Business Accounting fall under the general field of study 041 Economic Sciences and are developed in accordance with the strategic objectives set out in the USM strategic plan, meet the current requirements of higher education, ensures the achievement of the objectives of the study program, being aligned with the national and international standards for training specialists in the financial-banking field, offering the opportunity for graduates to be able to accommodate themselves on the labor market.
Each Master’s program of the Department is unique due to its integrated nature and ensures the complete solution of problems of a financial-economic, research, analytical, organizational and managerial nature aimed at carrying out professional activities in the respective fields.
The quality of the master’s programs is ensured by the use of interactive teaching methods and innovative technologies, integrated in the didactic process, which facilitate the transformation of theoretical knowledge into practical skills. Mostly different methods are promoted, including project learning, case study analysis, problem solving, etc. Periodically, programs are updated following consultations with employers, graduates and teachers in the field and coordination of the completion process with quality assurance standards. This is also achieved through the projects carried out with partners from the country and abroad, including the business environment.
National and international partnerships
Partnerships and cooperation with the business environment in the country, institutions and public entities in the financial field, international companies are carried out in several forms in order to ensure a high quality of the educational offer in the study programs offered by the Department of Finance and Banks.
Internship with remuneration at Victoriabank, for Finance and Banking students carried out as part of the Zoom in Banking project
The round table “The experience of European countries in the development of Green-Hubs for the promotion of sustainable consumption in higher education institutions (case study USM-USV)”, organized in partnership with the European Studies Center of the Ștefan cel Mare University in Suceava and Department of Finance and Banks
International collaboration
- Ambasada SUA, USAID, FTA etc.
- UC Berkeley, California, USA
- Universitatea „Ștefan cel Mare”, Suceava, România
- University of Applied Science, BFI Vienna
- Universitatea Catolică San Antonio din Murcia (UCAM), Spania
- University Nice Sophia Antipolis/Universite Cote d’Azur, Nice, Franța
- University of Applied Sciences, Amsterdam, Olanda
- Technical University of Košice (TUKE) Slovacia
- Yıldız Technical University, Istanbul, Turkey
- State Tax University, Irpin, Kiev, Ucraina
At the current stage, the project REFINE – Reforming Master Programs in Finance in Armenia and Moldova (2017-2020) is underway, which has the general objective of reforming the master’s program in Financial Management and Business Accounting. The members of the Department are part of the working team of the project: Ulian Galina, prof. dr. hab., Andrei Mulic, university professor dr., Ștefaniuc Olga, associate professor dr., Cojocaru Maria, associate professor dr., Ganea Victoria, university professor dr. hab., Mihalachi Ruslan, associate professor dr., Doga-Mîrzac Mariana, associate professor dr., hab., Tîrsu Valentina, lecturer. The duration of this project is 3 years (15 October 2017 – 14 October 2020) and has as participants 10 Universities (HEIs) and 6 Partners. In the project, a Consortium consisting of:
- European Union universities: University of Applied Sciences BFI Vienna (UAS – BFI, Austria, coordinator), Technical University of Kosice (TUKE, Slovakia), Amsterdam University of Applied Sciences (AUAS, the Netherlands), University Nice Sophia Antipolis (UNS, France);
- Armenian universities: Armenian State University of Economics (ASUE, Yerevan), Russian-Armenian University (RAU, Yerevan), Gavar State University (GSU, Gavar);
- The universities of the Republic of Moldova: the State University, the Academy of Economic Studies, the State University of Komrat.
The working meeting with EU experts from the Netherlands and France organized within the REFINE Erasmus+ project
Associated partners: Armenia: VTB Bank Armenia, NASDAQ OMX (stock exchange), AVAG Solutions (financial consultancy), Republic of Moldova: National Bank, Mobiasbanca, PwC Moldova (financial consultant).
The purpose of establishing the Consortium is the cooperation of the partner universities to raise the level of scientific research and teaching activity with a view to national and international recognition of their prestige and their classification in the category of reference universities in Europe, initiating the improvement of the legislative framework for higher education and scientific research university, as well as the unitary definition of university study programs and the minimum standards for them, as well as the titles and qualifications acquired following their graduation. The specific objectives of the project are:
-Reform of the 6 existing curricula in the field of finance in the context of recent international developments in the field,
-Promoting the quality and relevance of Master Programs by developing and updating didactic materials/course support;
-Further development of the professional skills and abilities of the teaching staff through innovative training courses, new teaching methodologies and current topics in the field of Finance;
-Adjusting master’s programs to the requirements of the labor market.
The basic dimensions of REFINE: the reform of the existing curriculum, the development of course support, the training of teaching staff, the alignment with the requirements of the labor market.
The meeting of the Vice-Rector for International Relations Niculita Angela with EU experts Gert de JONG from the left, Eric NASICA, Srdjan REDZEPAGIC, Jalal MRABTI, Galina ULIAN during the REFINE project
Graduates of the master’s programs will occupy managerial positions in local and central public administration bodies, the Ministry of Finance, the Court of Accounts, the State Fiscal Service, the Customs Service, the National Bank of Moldova, Commercial Banks, non-banking financial entities, enterprises and organizations from various branches of the national economy.
The purposes and objectives of the higher education programs are formulated according to the National Framework of Qualifications, they are developed according to the Plan – Framework for higher education (cycle I – bachelor, cycle II – master, cycle III – doctorate), approved by the Ministry of Education, Culture and Research, the regulation for the organization of studies in higher education based on the National System of Study Credits (no. 1040 of 29.09.2015), the normative framework and institutional acts of rigor in force.
Starting from January 2003, within the department, the establishment of doctoral studies in the specialty 08.00.10 – “Finance, currency and credit” was confirmed, which was reconfirmed in 2014 to the specialty 522.01 Finance, which allows the Scientific Profile Seminar and the Scientific Council to function Specialized in specialty 522.01 Finances for supporting doctoral theses in economics.
Currently, more than 20 doctoral students and competitors are doing their doctoral studies in the department. During the activity carried out, 26 theses presentations took place in the Profile Scientific Seminar, of which 22 were for the conferment of the title of Doctor in Economics and 4 theses for the title of Doctor of Economics, which were successfully promoted at support within the Scientific Council for the specialty 522.01 Finance.
The teaching staff of the “Finance and Banks” department ensures the teaching of subjects at a high level in the financial-banking field for the specialties within the USM, in the groups with teaching in Romanian, English and Russian languages for different forms of studies.
In the scientific-didactic activity, the collaborators of the “Finance and Banks” department demonstrate theoretical and practical professional competence, responsibility, discipline, creativity. An indicator of the department’s state quality is the fact that 24 teaching staff work within it, of which 5 hold the scientific title of doctor habilitate, 5 university professors and 12 doctors in economic sciences. Within the department, the Quality Management System is implemented according to USM requirements.
A rich research activity is carried out within the Department. The scientific activity of the teaching staff of the department is recognized nationally and internationally, which can be found in contributions as authors and co-authors of books published in the country and abroad.
Students – Graduates
Teaching methods are oriented towards practical activities, project activities. Students have the opportunity to study for one semester, as part of Erasmus+ mobility, at partner universities in Europe, as well as at Universities with which the Department has a close bilateral collaboration.
Academic mobility through the Erasmus+ program at the University of Applied Sciences BFI Vienna
Students who have already benefited from these offers enthusiastically appreciate their experience in study mobilities and internships abroad.
First year Finance and Banking student in the final Bootcamp with the participation of professors Risk Rasmussen and Gigi Wang from the Sutardja Entrepreneurship Center in UC Berkeley
In the didactic activity, the main objective is to maintain the current high level of graduate employability, through:
- Ensuring a quality education by teaching subjects with rigor and professionalism;
- Focusing on international orientation by offering and increasing opportunities for students and teaching staff to gain international experience by participating in mobilities, internships, study programs and courses offered in English.
Remunerated internship at Victoriabank for Finance and Banking students carried out as part of the Zoom in Banking project
The Student Scientific Conference within the DFB
Graduates of the “Finance and Banking” program can work as economists, specialists in financial and banking operations, auditors, economists – inspectors, specialists in insurance operations, leasing, brokerage, financial analysts. Thus, the Finance and Banking study program offers the beneficiaries the professional skills necessary for successful integration into the labor market in financial-banking economic entities, on the domestic and international market.
Graduates: Cycle I Bachelor of Finance and Banking, Cycle II master’s programs:
* Banking administration;
* Public finance and taxation;
* Financial management and business accounting.
Graduates of the master’s programs will occupy managerial positions in local and central public administration bodies, the Ministry of Finance, the Court of Accounts, the State Fiscal Service, the Customs Service, the National Bank of Moldova, Commercial Banks, non-banking financial entities, enterprises and organizations from various branches of the national economy.
Research
The members of the department are actively involved in the organization and development of various scientific events, such as national and international conferences, the scientific seminar of the faculty. Events with tradition, most of them held annually, but also monthly, the articles presented, the discussions and the publications that appear later develop important themes for the financial – banking field.
International Day of Science for Peace and Development
Currently, the general research theme of the Finance and Banking department is strictly correlated with the content of the scientific project entitled “The financial aspect of the restructuring of the economy of the Republic of Moldova oriented towards sustainable development” which is carried out at the initiative of the department. The opportunity for this research topic lies in the complexity and diversity of the spectrum of disciplines, circumscribed by the department, as well as the problems faced by the real domestic sector. Within the general theme, the following research directions are distinguished:
- The industry of the contemporary financial-banking system and the prospects for the development of the financial market;
- Problems and solutions regarding the financial activity of national and foreign economic agents operating on the territory of the Republic of Moldova;
The department’s collaborators participate in the working group of national scientific projects: Project 20.80009.7007.15 “Consolidation of sustainable public procurement in the Republic of Moldova”: Faculty of Economic Sciences of USM in partnership with IDIS “Viitorul” and Research Project 20.80009.0807.38 “Multidimensional evaluation and the development of the entrepreneurial ecosystem at national and regional level in order to boost the SME sector in the Republic of Moldova” (2020-2023) in partnership with INCE
The Finance and Banking Department has scientific and educational collaborations with prestigious universities in the European Union and the CIS. Over the years, the existing international collaboration relationships have been preserved and new ones have been developed. Among the most notable collaborations can be mentioned the International Scientific Conference “Innovations, performance and competitiveness in the financial sector”, in partnership with “Alexandru Ioan Cuza” University in Iasi, Romania, Ivane Javakhishvili State University, Tbilisi, Georgia and the National Market Commission Financial, Republic of Moldova, from October 30-31, 2015, as a result of participation in the competition of projects for financing international scientific events of the Center for Funding Fundamental and Applied Research of the Academy of Sciences of Moldova.
At the same time, the members of the Finance and Banks department are actively involved in the organization of the Scientific Seminar within the Faculty of Economic Sciences that takes place every month.
The Scientific Seminar aims to make known the experience of the department’s and faculty’s collaborators in the field of research and at the same time disseminate among the young generations, through some personalities, their vast contribution in the specialized field. The seminar has a permanent character, and the debates focus on current topics in the field such as finance, world economy, business administration, accounting, marketing, international economic relations, etc.
The purpose of the department’s research activity is to organize and carry out fundamental and applied scientific research, aimed at solving current socio-economic problems on a national and international level, for this reason collaboration with other institutions in the country and abroad is welcome. This is promoted by participating in national and international scientific conferences, round tables, but also joint research projects.
Through the projects carried out with domestic and foreign partners, including the business environment, the Department is committed to offering high-quality academic programs at the bachelor’s and master’s level, through which to prepare students to achieve successful careers and assume the responsibility of promoters of the change of the financial-banking system in the modern spirit of the economy and business management.
The members of the department actively collaborate with the academic environment, but also with practitioners within national and international projects, such as:
– Erasmus+ Capacity Building in Higher Education Project: “Reforming Master Programs in Finance in Armenia and Moldova” (REFINE) /www.reforming-finance.eu | Project No. 585784-EPP-1-2017-1-AT-EPPKA2-CBHE-JP – Ulian Galina – USM project coordinator, Castraveț Lucia – USM financial management, Mulic Andrei – responsible for WP 1.
– 11.817.08.34 A “Elaboration of anti-crisis policies to ensure the financial security of the state in accordance with EU standards” – Ulian Galina, Dragomir(Rotaru) Lilia.
– EU – PREACC, PIRSES – GA – 2012 – 318911 “Possibilities and limits, challenges and obstacles of transferring CEE EU pre-accession best practice and experience to Moldova`s and Georgia`s pre-accession process”, from the SEVENTH FRAMEWORK PROGRAMME , Marie Curie Actions People. International Research Staff Exchange Scheme. The purpose of the research carried out within the project is to analyze the possibilities and limits of the transfer of the best practices and experiences of the Republic of Moldova and Georgia in the process of pre-accession to the EU.
Eugenia Gheorghița, Tatiana Covalschi, university lecturers, Department of Finance and Banks, participants of the EU – PREACC – PIRSES – GA – 2012 – 318911 project
The research activity is carried out both at the base university and during research visits to the partner universities. Within this project Covalschi (Vișanu) Tatiana, Gheorghița (Hasnaș) Eugenia, members of the Finance and Banking department, participated in internships organized at the State University of Tbilisi (Georgia), starting in 2014.
- The participants of the project decided to share with us some details about the experience of participating in the project: “European integration is not only a wish of the foreign policy, but it has already become an imminent reality that has penetrated into the area of concerns and economic scientific research carried out by the specialized staff of the Department of Finance and Banks.
The participation of doctoral students from the department in the planned academic mobility, as well as in the conferences, seminars and other activities of this project represents an opportunity for personal development, to enrich the scientific and research activity in the realization of doctoral studies, a collaboration with other economists , information and application of models from the EU member states and Georgia to improve the economic situation in the Republic of Moldova. We believe that this program offered an opportunity not only to broaden the horizons of knowledge, but also to organize research activities, as well as to establish and maintain collaborative relationships with Tbilisi State University, but also with other universities within the project.”
- LMPH N 544191 Tempus 1-2013-1-PT JPCR “Licence Masters professionnels en management des activités hôtelières pour le développement de l’industrie touristique en Géorgie, Azerbaïdjan et Moldavie”, Ulian Galina – regional project coordinator, Castraveț Lucia – coordinator technical, Mulic Andrei, Gheorghița Eugenia, Lachi Cristina – participants in some activities provided according to the work plan.
- Participation in academic mobility projects within the ERASMUS MUNDUS, Castraveț Lucia, Covalschi (Vișanu) Tatiana programs.
The scientific events promoted by the department aim to improve the scientific community and ensure international visibility, the exchange of experience in the field of research and innovation, ensuring the continuity and development of scientific research, the creation and strengthening of partnerships that would allow a more active participation in international calls, the dissemination of scientific results obtained and increasing the competitiveness of scientific research results from the Republic of Moldova in the European Research Area.
One of the essential objectives of the State University of Moldova is to develop the scientific potential in the fields of specialist training and to promote new ideas, theories and concepts, through the research activity carried out by teaching staff and students within each department. At the level of the “Finance and Banks” Department, that objective is achieved, in particular, through the organization of the “Young Financier” Scientific Circle.
The Scientific Circle aims to deepen students’ knowledge in the financial-banking field and motivate them regarding the development and publication of scientific research.
The Circle’s intellectual games and round tables give the participants the opportunity to assert themselves, to receive constructive criticism regarding the presented scientific communications and to broaden their horizons of knowledge through thematic discussions.
One of the scientific events that has already become a tradition, both at the department and faculty level, is the National Session of Student Scientific Communications.
The conference brings together dozens of students every year, eager to demonstrate their research skills.
The scientific research activity of the students of the study programs offered by the Department of Finance and Banks has materialized in the special results obtained by participating in merit scholarship competitions, National and International Sessions of student scientific communications, national and international competitions of economics students, being appreciated on the first positions.