Faculty of Economics in Podgorica was established in 1960 by the decision of the National Parliament of the Republic of Montenegro, adopted on 31 May. The Faculty, which is the oldest institution of higher education in Montenegro, originally formed part of the University of Belgrade. After the formation of University “Veljko Vlahović” in April 1974, the Faculty became not only its member, but also its founder. 

Immediately after the decision on the establishment of the Faculty, the Council of Faculty of Economics was formed, composed of renowned social and political activists. The first session of the Council was held on 31 October 1960. 

The first Council of the Faculty was composed of:

  • Asanović Dušan 
  • Ćulafić Dobroslav 
  • Ćetković Dušan 
  • Jovanović Vlado 
  • Sekulić Radule 
  • Popović Vladimir 
  • Bulatović Branko 
  • Glušćević Boško 
  • Radovanović Vuko 

At the same session, the appointment of the teaching personnel was ratified. The first session of Faculty management took place on 1 November 1960, when the first Dean was appointed, Prof. Mirčeta Đurović. 

In 1965, the Institute for Socio-Economic Studies (ISES) was formed as a separate unit within the Faculty, which was one of the most active research institutions in Montenegro. Directors of ISES were: 

  • Prof. Risto Vukčević 
  • Božidar Gluščević
  • Dr. Novo Vujošević

The first year, 933 students enrolled at Faculty of Economics, of which 196 full-time and 737 part-time students. 

In the long tradition of the leading academic institution in the field of economics, professors of the Faculty of Economics have been prominent experts in economics and other social sciences, members of national and international professional organizations. Three rectors of the University of Montenegro were professors from the Faculty: 

  • Prof. Mirčeta Đurović
  • Prof. Miloš Radulović
  • Prof. Miljan Radović 

For achievements in the field of education, Faculty has received numerous social recognitions. The most important award is certainly Oktoih, which was awarded to Faculty of Economics in 1981.

Following the changes caused by the process of market knowledge and intellectual services transition, with a trend of growing demand for new-profile economists, in October 1995, the Academic Council of the University of Montenegro adopted the project of EMB study programme (Entrepreneurship, Management, Business). The new programme started to be implemented as of 1995/1996, as a concept of studies focused on practical understanding of economics and business, based on the ideas of Montenegrin economic school. Time and experience have shown that the introduction of EMB regime managed to attract the best high school students, which strengthened the position of Faculty of Economics as a leader in the education market of Montenegro. 

Theoretical and methodological principles underlying the teaching process at EMB study programme were a good basis to switch to the application of the Bologna Declaration principles. In 2003/2004, the existing concept of studies was reformed and adapted to the principles of the Bologna system. The application of the European Credit Transfer System (ECTS) has provided students with better studying conditions and mobility within the European academic area. 

In addition to the basic four-year academic studies, as of 1993, an applied study programme started to be implemented at the Faculty – Business School. The School was established with the aim to enable students to acquire primarily practical knowledge for managing a business, within a two-year study programme. As of 2003/2004, the concept of Business School studies was transformed into a three-year Management study programme, organized in accordance with the principles of the Bologna Declaration and ECTS study regime. In 2011, when the first-generation students were enrolled, the Faculty opted for a two-stage higher education system – higher studies lasting two years and two-year postgraduate master applied studies, or one-year postgraduate specialist applied studies. Management studies are implemented in Podgorica and Bijelo Polje, where the studies were initiated in 2005/2006. Establishment of the study programme in Bijelo Polje represents a significant date for both the development of Faculty of Economics, which further strengthened its position as a higher education market leader, and for the regional development of the country. Namely, the Management study programme in Bijelo Polje represented the first higher education institution of the University in the north of Montenegro. 

Faculty of Economics has decades of experience in organizing postgraduate studies. The first postgraduate studies commenced in 1970, and were transformed in 1992 into Entrepreneurial Economy model, which was a response to the widespread demand of the Montenegrin economy and society for specialized personnel in the field of modern economics. Since the establishment, postgraduate studies of Entrepreneurial Economy have been organized every other year. Globalization and the constant changes in education have set new challenges before higher education system, requiring different organization of postgraduate studies. Since 2005, adopting the Bologna Declaration, Faculty of Economics changed its postgraduate studies in accordance with European standards and requirements. 

With the establishment of doctoral studies, in 2008, the Faculty completed its activities in the field of higher education in accordance with the principles of the Bologna Declaration. 

Since its establishment, 8,630 students graduated from Faculty of Economics in Podgorica. Management studies in Podgorica were completed by 1,372 students, whereas the same programme in Bijelo Polje was completed by 292 students. Master’s degree (two-year studies) was acquired by 222 students, as well as by 712 students at the one-year academic master’s degree programmes. 121 students completed two-year applied master’s degree programme of Management, while 364 students completed specialist studies. At Faculty of Economics, 96 students have completed PhD studies. 

Throughout its long and rich tradition, the Faculty strived to successfully respond to new challenges. In this regard, it provided its students with the best theoretical and practical knowledge, enabling them to develop critical spirit in approaching economic phenomena and solving concrete problems in daily work. Professors constantly made efforts and gave contributions to the development of economic theory and solving of specific problems encountered in our socio-economic development. Comprehensive literature, contemporary authors and works have always been imperative in creation of new academic directions at Faculty of Economics, which will form the basis for future development. 

Development of Faculty of Economics in the coming period will follow the vision of development of the University of Montenegro, pursuing full achievement of its mission. Greater coherence with development trends of the European market of higher education involves improving and updating teaching content and application of modern methods and techniques in education, raising the quality of scientific research base, as well as significant international orientation.