The purpose of the second cycle study program in Statistical Methods in Business and Economics is to enable students to acquire in-depth knowledge of statistics and specific skills for applying this knowledge in practice. In order to achieve these goals the study program elaborates the theoretical aspects of this field, focusing on their practical application.

Knowledge and understanding:

• Improving knowledge and enhancing analytical skills and training in the use of adequate software packages in order to be more effective in solving quantitative problems in economics and business;
• Selection of the most appropriate statistical, econometric and other quantitative methods in solving complex problems of economics and business;
• Conduct an analysis based on the application of multiple methods and models, interpret the results of the analysis, and propose economic and business decisions;.
• Forecasting various phenomena in economics and business based on statistical methods and models and using statistical software.0

Applying knowledge and understanding:

• Collection of data and creation of databases;
• Modeling and applying quantitative and analytical methods in economics;
• Application of econometric computer data processing packages;
• Making statistical inferences based on information from different types of samples and estimating possible inference errors;
• Creating econometric models and analyzing the relationships between variables;
• Analyzing time series and projecting their future movement;
• Forecasting the movements of economic time series;
• Application of statistical methods in the control and continuous improvement of the quality of processes in the manufacturing and service sectors.

Evaluation ability:

• Develop the ability to identify and model relationships in the economy and business;
• Develop the ability to critically analyze;
• Practical application of statistical and econometric methodology to the complex analysis of problems facing economics and business;
• Ability to apply statistical models to predict various phenomena in economics and business;
• Ability to apply methods in micro and macro economic analysis.

Communication skills:

• Ability to discuss the application of an appropriate method when researching a particular economic or business problem;
• Ability to discuss findings and conclusions from research using statistical methods and models;
• Ability to communicate professionally with experts in the field and to participate in research projects.

Learning Skills:

• Be able to successfully master theoretical foundations by reading, listening and memorizing, know how to organize and properly manage time;
• Demonstrates ability to engage in active learning, ability to use scientific research methods and to use relevant literature in their analyzes;
• Be able to analyze specific case studies and analyze research papers in the relevant field.

The course structure is as follows:

1. Four compulsory courses determined by the study program in the respective semesters of the year (maximum 60% of the total number of required courses);
2. Two elective courses determined by the study program in the respective semesters of the year (30% of the total number of elective courses from the list of Faculty of Economics – Skopje);
3. One elective course (10% of the total number of required courses) from the course list determined and established by the University of Ss. Cyril and Methodius University in Skopje.

A MSc student can submit his theses and the master thesis subject accompanied with reasoning, after earning 44 ECTS credits by passing the exams of the courses he or she enrolled.