About Module

This module will offer variety of teaching and research activities that will promote EU studies at the University of Niš, while actively supporting young teachers and researchers in their professional development.

Mission of the module

To integrate the University of Niš into the European higher education area in accordance with the highest quality standards of education, research and professional work.

Aim of the module

To stimulate high quality teaching, research and reflection activities in the field of European Studies based on three milestones: interdisciplinary approach, internationalization, and innovative teaching methodologies.

Vision of the module

To promote excellence in teaching and research in European Studies according to EU standards and equipping students and professionals with knowledge of EU subjects relevant for their academic and professional life.


The proposed module comprises 8 courses and students' seminar that will be delivered within 85 teaching hours per one academic year and it is expected that approximately 20 students participate in these courses. After successfully completing all module courses, students receive Certificate from the University of Niš on the completed SUFIN module, which is a legitimate document and verifies additional knowledge of candidates.

European Union (EU) history and institutions

The lectures aim is to lay the theoretical foundation for a broad interdisciplinary approach to European integration explaining characteristics and mechanism of the EU functioning with a special emphasis on the EU enlargement process in the future.

This course will provide students with the knowledge about the institutional structure and process of decision-making in the EU as well as information on the effects of forming custom union, operating of the EU common market and the introduction of single currency.

Professor in charge: Prof. Ksenija Dencic-Mihajlov, PhD

Sustainable reporting in the EU: regulatory requirements, implementation and challenges

The lectures will provide students with the importance and benefits of sustainability reporting, the regulation of such a kind of reporting as well as the content and purpose of different sustainability reporting frameworks.

The aim of this course is to enhance knowledge and awareness of issues related to sustainability control realization, especially in application and understanding of sustainability performance indicators.

Professor in charge: Prof. Ksenija Dencic-Mihajlov, PhD and Maja Stojanovic-Blab, PhD

European strategy and principles of sustainable finance

The lectures lay the theoretical foundation in sustainability issues affecting the various sectors of corporate finance, and an understanding of how integrating sustainability principles and practices into finance can be implemented...

with aim to make financing decisions more efficient and effective, to reduce risks and create business opportunities that provide and maintain competitive advantage, for both companies and financial institutions. The students should enhance knowledge and skills to conduct capital structure analysis, stocks and bonds valuation and understand the interaction between sustainability and financial performance of firms and the importance of socially responsible investing.

Professor in charge: Prof. Ksenija Dencic-Mihajlov, PhD and Asst. Prof. Jelena Stankovic, PhD

Sustainability and project evaluation

The main objective of this course is to discuss project evaluation in a context where sustainability and accountability are crucial.

This lecture will focus on the recent developments in EU polices and methodology for cost benefit analysis and international best practice. The aim is to enhance knowledge on the key elements of project evaluation in sustainability context, such as long-term view, global (and local) perspective, economic development and environmental degradation and stakeholders’ participation. At the end of the course students will be able to develop a model of sustainable analysis to evaluate an investment project of their choice.

Professor in charge: Prof. Ksenija Dencic-Mihajlov, PhD

Environmental Cost Management

The main objective of this course is to provide students with advanced knowledge and skills related to application of Environmental Management Accounting as an environmental management tool.

Students will be introduced to different ways to categorize costs, such as conventional costs, hidden environmental costs, contingent costs, image and relationship costs, explicit and implicit environmental cost, internal and external environmental cost, social environmental costs etc. Upon completing the course students will be able to make decisions in the field of process improvement and innovation, product redesign, capital investments, waste disposal and recycling, supplier selection, etc.

Professor in charge: Prof. Dejan Malinic, PhD

Managing Sustainable Growth

The course provides a sound basis for understanding the importance of managing sustainable growth for the firm’s continuous operation.

Upon completion of this course students will be able to understand key components of sustainable growth, measure value creation, comprehend when and why growth does not lead to value creation, identify the drivers of value creation and recognise problems related to financing sustainable growth. Moreover, students will develop the skills to build reliable and unbiased forecasts for firm’s future earnings, cash flow and dividends that can be used in model valuation, creating sustainable growth strategy and other strategic decision making.

Professor in charge: Prof. Dejan Malinic, PhD

Sustainability Risk Management

The course aims to provide students with an advanced integrated knowledge on the risk management under sustainability platform as well as necessary skills to implement sustainability concept in enterprise risk management frameworks and financial institutions.

Upon completion of this course students will be able to identify emerging environmental, social and government risks; evaluate, quantify and prioritize entities’ risk; and select appropriate risk management strategies. The study of the broader concept of risk management, which is based not only on avoiding and risk transfer, but also the use of risk as new opportunities enables the acquisition of knowledge to manage risk in a way that contributes to creating value of entities.

Professor in charge: Prof. Evica Petrovic, PhD; Assoc. Prof. Klime Poposki, PhD and Asst. Prof. Jelena Stankovic, PhD

Principles of sustainable insurance

This course aims to enhance knowledge and awareness among students on importance of the role of insurance in achieving of sustainability of financial system and society as a whole.

Upon completion of this course students will understand the importance and benefits of implementation of the principles for sustainable insurance, content of the framework for its implementation as well as experiences of different regulators. The students will enhance the knowledge on the role of EU institutions and policies in creating sustainable insurance industry and perceive the regulatory and institutional issues in different financial systems.

Professor in charge: Prof. Evica Petrovic, PhD; Assoc. Prof. Klime Poposki, PhD and Asst. Prof. Jelena Stankovic, PhD

Students’ seminar on sustainability issues in finance and insurance

The aim of the seminar is to improve students’ learning and encourage students’ active participation in research and discussions on various issues related to sustainability of finance and insurance.

According to their interest, students will choose the topic and prepare presentations with critical overview of the topic and possible solutions for the acknowledged problems. Students are strongly encouraged to work in groups and use multidisciplinary approach in their research.

Professor in charge: Prof. Ksenija Dencic-Mihajlov, PhD; Asst. Prof. Jelena Stankovic, PhD; Prof. Evica Petrovic, PhD and Prof. Dejan Malinic, PhD

International Scientific Conference

May 24th, 2021 Niš, Serbia

We are pleased to invite you to take active part in the international scientific conference Sustainable Finance, Insurance and Reporting: Principles, Practices and Challenges. The conference will bring together academics, business people and policymakers to discuss recent research on a broad array of topics on sustainable finance, insurance and reporting. Both review and research papers should relate to:
• Sustainable Finance and Corporate Governance,
• Insurance for Inclusive and Sustainable Growth,
• The Future of Corporate Reporting in a Sustainable Economy.

Invitation     Template.doc


Latest news and events

03-Dec-2020 The second generation of students

The list of students enrolled in SUFIN module can be downloaded here.

16-oct-2020 Celebrating Success: European Studies at the University of Niš

October 16th, 2020 at the Conference Hall, University of Niš

03-mar-2020 Your KPMG project

KPMG organizes a two-month program “Your KPMG Project” aimed at final year students and college graduates.

03-Dec-2019 The first generation of students

The list of students enrolled in SUFIN module can be downloaded here.

25-Nov-2019 Sufin MOODLE platform

We invite all students to open their account on the Sufin MOODLE platform and join courses.

25-Nov-2019 Course schedule

You can access the course schedule at Sufin MOODLE platform.

23-Nov-2019 Application 2019/2020

The first generation of students successfully applied for the module.

Our Activites

  • All
  • Courses
  • Newsletter
  • Visits
  • Lectures

Course 1

EU history and institutions

Course 2

Sustainable reporting in the EU

Newsletter No.1

Issue 1, December 2019

Course 3

European strategy and principles

Course 4

Sustainability and project evaluation

Study visit

Study visit to company LEONI

Course 5

Environmental Cost Management


Green Finance and Environmental Management in ProCredit Bank

Course 6

Managing Sustainable Growth

Course 7

Sustainability Risk Management

Course 8

Principles of sustainable insurance

Students’ seminar

Sustainability issues in finance and insurance

Newsletter No.2

Issue 2, June 2020

Certificate Award Ceremony

University of Niš


The lecturers at the Module are professors of the Faculty of Economics - University of Niš, Faculty of Economics - University of Belgrade, Faculty of Tourism and Hospitality - University of Bitola, as well as experts in accounting and auditing.

Jelena Stanković

Assistant professor

Evica Petrović

Full professor

Ksenija Denčić Mihajlov

Full professor

Dejan Malinić

Full professor

Klime Poposki

Associate professor

Maja Stojanović-Blab

Internal auditor

Jovica Stanković

Assistant professor


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Univerzitetski trg 2, 18106 Niš, Serbia

Phone Number

+381 18 528 656

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