The MIFA programme introduces teaching in the form of study blocks – dividing the semester (13 weeks) into 2 study blocks (6 weeks each). MIFA lectures begin a week earlier than the regular semester courses and offer two weeks of examination period in the middle of the semester. Students take 2 – 3 mandatory courses in each block.

0 1 2 3 4 5 6 7 8 9 10 11 12 13
Block A Examination period Block B


Block A

6 ECTSdoc. Ing. David Procházka, Ph.D.

The course focuses on international financial reporting based on the principles and requirements of IFRSs, accounting standards developed primarily for publicly registered entities. It introduces recognition, measurement and presentation of certain accounting phenomena in the financial statements of these entities; an aspect of disclosures is introduced using illustrations of real entities.

6 ECTSdoc. Ing. Karel Brůna, Ph.D.

The course aims to provide an understanding of both the key features of foreign exchange markets and the actual problems of multinational corporations within an environment of free flows of foreign capital and floating exchange rates.

3 ECTSIng. Ondřej Šíma, Ph.D., Ing. Viktar Dudzich

The aim of this course is to acquaint the students with the most relevant concepts, methods, and practical implications of modern macroeconomics. The course is focused on the interconnections between various macroeconomic indicators, their application in empirical macroeconomic analysis, and the recent trends in macroeconomic development across the world. Special attention is paid to the up-to-date advances in the understanding and utilization of the basic macroeconomic variables and processes, such as economic growth, inflation, monetary and fiscal policy, and economic and financial crises, with many consequences for decision-making in companies’ management. These issues are explained with regard to their practical applicability by economists, policymakers, and practitioners. Furthermore, the course introduces and explains the contemporary macroeconomic issues facing the global and national economic systems, such as the increase of public and private indebtedness, the widening of income and wealth inequality, the rigidity of the labour market, and the linkages between macroeconomic and sociopolitical development.

Block B

6 ECTSdoc. Ing. Jaroslav Wagner, Ph.D.

The course aims to develop competencies in performance management, to understand its role in organizations’ management, to be able to use accounting information for decision-making and management control, to measure business performance and to apply accounting methods in budgetary control and process management.

6 ECTSMgr. Dušan Kučera, Ph.D., MBA

The subject brings an understanding of complex managerial accountability and ethical behaviour in a company or other institution in the long term perspective. The subject introduces the ethical challenge for the entrepreneurial and managerial environment and the business schools.
The students will get acquainted with the long-term consequences of unethical behaviour in Czech companies and other European or world businesses. Tutorials will provide the theoretical foundations and bases for responsible thinking, methodology and models applied to managerial accountability and long-term oriented ethical behaviour.

The ethical decision-making process is set to the proper philosophical framework and understanding of its historical development. The course is focused on the economic, financial, and management scopes which belong to the social sectors and are related to the social and legal responsibility of the company. An integral part of managerial ethics in business is the understanding of the important position of manager and entrepreneur or personality profile of managers, who have the task of creating a credible economic environment.

The tutorial will provide students with resources and criteria for responsible, ethical behaviour in business using modern ethical tools comparable at the international level. The instruction is focused on the ability to distinguish the ethical dilemmas, attitudes and their application in practice concerning the need to build mutual trust and the long-term consequences of managerial control.

3 ECTSIng. Ondřej Šíma, Ph.D., Ing. Viktar Dudzich

This course aims to provide students with a complex understanding of international economic relations with special attention to their interconnections with the countries’ national economic development. This course explains the particular transmission channels through which countries are involved in the international economic system, such as foreign trade, international investment and debt capital flows, exchange rate policies, and cooperation via regional and global supranational organizations. These matters are primarily explored with the help of concrete cases and examples of national engagement in the global economy. Additionally, this course aims to render the students the knowledge of qualitative and quantitative methods used for the evaluation of countries’ international economic relations, as well as addresses the most recent issues of international macroeconomics, including the development of the Eurozone, the global nature of today’s economic crises, and the potential risks of the international capital markets for the national economy.

2nd SEMESTER (30 credits)

Block A

6 ECTS – doc. Ing. Jana Tepperová, Ph.D.

The course focuses on mastering and practising taxation principles and essential elements both in the Czech Republic and international taxation, especially in the EU. Part of the course also focuses on a comparison of tax policies and systems of selected countries.

6 ECTS – Ing. Barbora Rýdlová, Ph.D.

The purpose of this course is to introduce techniques of corporate financial management.

The main topics covered include financial analysis and benchmarking, long-term financial planning, valuation of bonds and stocks, principles of capital budgeting, risk and return trade-off, as well as corporate financing and capital structure. The course is focused on developing skills to apply the techniques of financial management in real-world situations by working on case studies.

3 ECTS – doc. Ing. Jaroslav Wagner, Ph.D.

The course focuses on modern advances in management accounting induced by changes in a business environment and business settings. The course also deals with the implementation of performance measurement and management systems in different types of organizations and their alignment with other management control agendas, especially with compensation systems.

Block B

6 ECTS – doc. Ing. Tomáš Krabec, MBA, Ph.D.

Anglo-Saxon and Continental approaches to business valuation, International Valuation Standards and IDW Standards. Strategic analysis, financial analysis, and a financial plan within business valuation. Business valuation methods, their main features and differences. Discount rate estimating methods and their application. Complex business valuation and its interpretation.

6 ECTS – prof. RNDr. Jiří Witzany, Ph.D.

The course aims to explain the basic types of financial derivatives, the mechanics of their markets, their application for hedging and/or speculation, and their valuation. We will introduce basic modelling techniques for stock prices, exchange rates, and other underlying assets. These models will be used for the valuation of plain derivatives (forwards, futures, options, and swaps) in an arbitrage-less market. Some specialized derivatives like exotic options, credit, weather, energy, and other derivatives will also be briefly introduced. Practical issues of derivatives trading, valuation, risk management, and regulation will also be discussed.

3 ECTS – doc. Ing. Mgr. Petr Mazouch, Ph.D.

The main point is to prepare and present a statistical analytical study concerning one of the recommended issues, covering almost all parts of the economic and social life in the EU, USA, etc. Students’ formulation of the task and its structure is preferred. The elaborated studies are discussed and assessed at the seminar meetings.

3rd SEMESTER (30 credits)

Students may choose one of the following options: Elective courses at VŠE with Project, Internship with Project, or Exchange programme (Erasmus+) with Project.

6 ECTS – doc. Ing. Marcela Zárybnická Žárová, CSc.

The students are expected to obtain skills needed to carry out an individual project integrating their knowledge of the theories, models and teaching approaches from courses of the master programme with practical implications. Students are recommended to work on case studies, analyse and reflect on various topics on finance and accounting, and develop analytical, creative and implementation skills. The course provides students with the methodology necessary for the conceptual and formal completion of a project. During the semester, students will improve their presentation skills and will be able to defend their ideas.

24 ECTS + 6 ECTS (Project)

Financial Contracting, Financial Reporting under IFRS and US GAAP – Comparison and Case Studies, Fiscal Policy, Taxation of International Employment, Bonds Theory and Praxis, Contemporary Rhetoric, Public Economics, Corporate Governance, Public Economics, Corporate Governance, International Business Strategy, International Trade, Project Management, International Mergers and Acquisitions, and more

24 ECTS + 6 ECTS (Project)

Internship intensifies the linkage between theoretical and methodological knowledge and the future professions of students. The internship enables students to link knowledge achieved during the study with practical experience and to acquire new skills. The internship must be taken abroad (out of the Czech Republic) and sheltered by the Erasmus+ programme.

24 ECTS + 6 ECTS (Project)

Students may choose to participate in the Erasmus+ exchange programme and study abroad during the third semester.

4th SEMESTER (30 credits)

Block A

6 ECTS – doc. Ing. Vladimír Králíček, CSc.

This course provides the students with knowledge and skills in the field of audit and assurance engagements and its application in the context of the regulatory framework in the EU. The course is built up on the International Standards on Auditing, representing the fundamental principles of the globalised concept of auditing.

Block B

6 ECTS Mgr. Jarolím Antal, Ph.D.

The course aims to enable students who do not focus on European economic integration as their major field to understand the mechanism of the economic and political functioning of the EU in the current context: consequences of widening and deepening of integration and territorial enlargement of the EU itself in contrary to consequences of globalization, Global financial and economic crisis and immigration pressures.

Final State Exams


The exam consists of:

  • International Finance
  • Corporate Finance
  • Business Valuation


The exam consists of:

  • Intermediate Accounting
  • Performance Management
  • Auditing and Assurance


The Diploma Thesis defense takes place in front of the committee board when students present the topic of the Diploma Thesis and answer questions regarding the topic.

Optional courses:

  • Financial Contracting, Financial Reporting under IFRS and US GAAP – Comparison and Case Studies, Fiscal Policy, Taxation of International Employment, Bonds Theory and Praxis, Contemporary Rhetoric, Public Economics, Corporate Governance, Public Economics, Corporate Governance, International Business Strategy, International Trade, Project Management, International Mergers and Acquisitions.
  • The list of the elective courses is updated regularly for the MIFA students.