Academic and Research Institute of Business, Economics and Management of Sumy State University began its activities on February 1, 2021 by merging the Educational and Research Institute of Finance, Economics and Management named after Oleg Balatsky (previously: from 1992-2016 – Faculty of Economics and Management of SumDU; 2016 -2021 – Educational and Research Institute of Finance, Economics and Management named after Oleg Balatsky) and Educational and Research Institute of Business Technologies “UABS” (formerly: 1996-2016 – Ukrainian Academy of Banking of the National Bank of Ukraine; 2016-2021 – Educational and Research Institute of Business technologies “UABS” of SumDU).
Education at the institute is carried out according to educational levels:
- 051 Economics (Economic cybernetics and business analytics; Economics and business)
- 071 Accounting and taxation (Accounting and auditing)
- 072 Finance , banking and insurance ( Banking; Finance )
- 073 Management (Management)
- 075 Marketing (Marketing)
- 076 Entrepreneurship , trade and exchange activity (Entrepreneurship, trade and exchange activity; Electronic business)
- 121 Software engineering (eSports and computer game development)
- 242 Tourism (Tourism business and hospitality industry)
- 281 Public management and administration (Public management and administration)
- 292 International economic relations (International economic relations)
- 051 Economics (Economic cybernetics; Economics and business innovations)
- 071 Accounting and taxation (Accounting, auditing and taxation in international business; Accounting and taxation)
- 072 Finance, banking and insurance (Finance; Banking)
- 073 Management (Project management; Management of organizations and administration; Business administration )
- 075 Marketing (Marketing)
- 076 Entrepreneurship, trade and stock exchange activity (Entrepreneurship, trade and logistics)
- 281 Public management and administration (Civil service; Administrative management)
- 292 International economic relations (International business)
- 051 Economy
- 071 Accounting and taxation
- 072 Finance, banking and insurance
- 073 Management
- 075 Marketing
- 076 Entrepreneurship, trade and exchange activity
The institute, as an integral part of the university, is included in a number of international and national ratings. In particular, according to the Times Higher Education World University Ranking in the field of “Business and Economics”, the institute is among the TOP 251-300 universities (1st place among higher education institutions of Ukraine). According to the rating of Forbes Ukraine magazine, NNI BiEM in 2021 entered the TOP-10 economic faculties and institutes of Ukraine. According to the results of the scientific certification in the field of “Social Sciences”, the highest category was obtained – A.
In general, about 2,000 full-time students and graduate students study at the institute, including about 150 foreign students. More than 200 students receive education through correspondence and distance learning in 10 specialties and 30 educational and educational-scientific programs of the institute
The institute’s educational programs successfully pass accreditation, confirming the high level of quality of higher education. Two programs of the institute have accreditation with the definition of exemplary.
Full-time students have the opportunity to simultaneously receive education in other specialties of the university and undergo military training with the rank of reserve officer.
The high popularity of the institute’s specialties in the territory of Ukraine is evidenced by their annual high indicators in the rating of specialties of the second (master’s) level of higher education according to the criteria for the distribution of the state order by the Ministry of Education and Science of Ukraine for the preparation of masters. In particular, in 2022, specialties 071 “Accounting and taxation”, 072 “Finance, banking and insurance” and 075 “Marketing” were recognized as the best, taking first place among similar specialties in other higher education institutions of Ukraine.
In December 2021, the training programs for Bachelors in Accounting and Auditing and Masters in Accounting and Taxation were accredited by the Chartered Institute of Management Accountants – CIMA (Chartered Institute of Management Accountants), Great Britain. The partnership of the institute and CIMA allows students to facilitate the procedure of obtaining CIMA qualifications in the future.
The teaching staff of the institute includes about 200 people, of whom 90% have the scientific degree of candidate and doctor of sciences.
Among the teachers there are about 10 scientists who at different times were laureates of scholarships and prizes of the President and the Cabinet of Ministers of Ukraine. Professors Melnyk L.G. and Kubatko O.V. are honorary researchers of the center of economy, energy and regional development of Hinyang University (China), associate professor Artyukhov A.Ye. – laureate of the Tricia Bertram Gallant Award for Outstanding Service (International Center for Academic Integrity) (USA), Professor Petrushenko Yu.M. – Chairman of the board of the East European Association for Civic Education, more than 25 scientists of the institute are members of other respected international associations and academies. In 2021, the BiEM Institute became the leader in Ukraine in terms of the number of scientists who won the All-Ukrainian Young Scientist of the Year competition.
Scientists of the institute are members of the scientific expert council of the Ministry of Education and Science of Ukraine on the examination of scientific projects, the expert council on the examination of dissertation works of the Ministry of Education and Science of Ukraine, members of the scientific and methodical commissions of the Ministry of Education and Science of Ukraine for specific specialties, members of the National Agency for Quality Assurance of Higher Education, head and include to the composition of industry expert councils, more than 40 teachers, graduate students and students are annually experts in carrying out accreditations of educational programs of higher education institutions.
For 2020-2022, more than 50 foreign lecturers are involved in teaching and related scientific research. The teaching staff of the institute includes professors of prestigious foreign institutions of higher education, world-renowned scientists, members of respected international scientific associations and research federations.
So, for example, Professor of the Department of Financial Technologies and Entrepreneurship Bhandari Medani Prasad has significant international educational and teaching experience (Syracuse University (USA), Brandeis University (USA), University of Twente (Netherlands)), is a laureate of the prize of the Hamburg University of Applied Sciences, international research awards of the Australian government, a member of the Sustainable Development Research Network, the Federation of American Scientists, the Association for International Studies, etc.
Luke Hanks, professor of the Department of Economics, Entrepreneurship and Business Administration, is a consultant at the Flemish Institute for Technological Research, and for a long time headed the department at the Free University of Brussels.
Oleksandra Kuzhur, professor of the Oleg Balatsky Department of Management, is the president of the Silesian Center for Business Ethics and Sustainable Development, the vice-president of the Polish Technology Assessment Society, a member of the Slovak Philosophical Society, the head of the Committee on Corporate Social Responsibility and Socially Responsible Communications at the Regional Chamber of Commerce and Industry in Katowice.
In all educational programs, a significant part of disciplines is taught in English (more than 75% of teachers have certificates of English proficiency at a level not lower than B2), about 50 final qualification papers of students are prepared and defended in English annually.
Every year, the number of students of the institute who undergo training and practical training abroad under academic mobility programs is growing. Responding to restrictions related to countering the spread of COVID, the institute was one of the first in Ukraine to introduce the practice of virtual mobility (using COIL technology). According to this technology, several universities of the world simultaneously teach a certain discipline in the form of virtual global classes, its methodical support is agreed in advance by lecturers from participating universities, students and teachers of these universities simultaneously participate in the classes. The first such project with the University of Nebraska-Lincoln was implemented in 2020 by the Department of Management named after O. Balatskyi,
Scientists of NNI BiEM annually receive scholarships for scientific research and teaching in foreign universities and scientific institutions within the framework of international programs Fulbright, Latvian Government Scholarship, Technical and Economic Cooperation of the Republic of India (ITEC), Erasmus+, National Scholarship Program, Ernst Mach, etc. Graduates of the institute work as professors at foreign universities and hold managerial positions in companies and financial institutions in the USA, the Netherlands, Canada and other countries.
The Institute actively participates in international educational and scientific grant programs.
So, in particular, the experience of the institute’s teachers in the implementation of international grant projects within the framework of the Erasmus+ program is one of the most powerful in Ukraine: they are the leaders and participants of more than 50 such projects at the K1 level, 4 projects at the K2 level, 11 Jean Monnet “Module” projects, 2 projects Jean Monnet “Department”, 1 project – level “Project”. Every year, the institute implements more than 40 international educational grants, more than 30 with a scientific component, and more than 200 individual grants.
Among the international achievements of the institute’s scientists are participation and management of DAAD, Visegrad Foundation, Czech Foundation of the Academia Aurea Grant Agency, USAID, Swiss National Science Foundation (SNF), British Council, etc. projects.
In addition, the institute has the experience of leading and participating in 4 intergovernmental bilateral projects, which were jointly financed by the governments of Ukraine and Austria, Lithuania, and Belgium.
Every year, more than 20% of students participate in academic mobility programs. They are scholarship recipients of the Erasmus+, Latvian Government Scholarship, DAAD, UGRAD, Kirkland, etc. programs and simultaneously study at universities in Poland, Germany, Holland, China, Latvia, etc.
Scientists of the BiEM National Institute of Research have a high level of research competence, which allows them to carry out more than 20 state-budget RDPs, projects of the National Research Fund, to be members of international teams implementing Horizon Europe projects, to implement projects with the support of the United Nations Development Program in Ukraine, etc. every year. Every year, scientific projects submitted by scientists of the institute to the competition for state budget funding receive the highest evaluations of experts.
Scientists of the institute carry out fundamental and applied scientific research on marketing and management, accounting and finance, sustainable development, macroeconomic and financial stability, economic aspects of energy development, education, sports, public health, etc.
According to the data of the scientometric database Scopus, 7 researchers of the institute are among the TOP-10 economists of Ukraine by the level of citations. At the same time, more than 100 scientific articles are among the TOP 10% most cited by the Scopus database for 2020-2022. In general, every year scientists of the institute publish more than 200 scientific articles in journals indexed by international databases Scopus and WOS, of which more than 50 articles are in journals Q1, Q2 and more than 150 articles with co-authors from foreign countries (in scientific activity, scientists of the institute actively cooperate with scientists from more than 50 universities from 20 countries of the world).
The institute carries out scientific research commissioned by businesses and local authorities, united territorial communities. Such studies relate, for example, to the development of a strategy for the development of the city of Sumy as a Smart City, forecasts of the development of districts and cities of the Sumy region, forecasts of the development of the regional labor market, models for the optimization of regional networks of educational institutions of various levels, heat supply schemes, models for managing business processes in companies, etc. The institute has educational and consulting centers that provide services for the city community and entrepreneurs in business planning and business analytics, marketing research, certification of management personnel, organize courses in entrepreneurship and project management, etc.
The institute has specialized scientific councils for the defense of theses for obtaining the scientific degree of Doctor of Economic Sciences: in specialties 08.00.03 “Economics and management of the national economy”, 08.00.04 “Economics and management of enterprises (by types of economic activity)”, 08.00.06 ” Economics of nature use and environmental protection” and 08.00.08 “Money, finance and credit”. Leading professors of the institute are members of specialized academic councils of higher education institutions of Ukraine.
Every year, the Institute holds international scientific and practical conferences that bring together participants from Ukraine and the world. The most famous of them are: “Economic problems of sustainable development”, “Socio-Economic Challenges”, “Financial Markets, Institutions and Risks”, “Problems and prospects of the development of the financial and credit system of Ukraine”, etc.
The institute’s teachers head the editorial boards of scientific journals. Among them: “Marketing and management of innovations” and “Financial and credit activity: problems of theory and practice”, which are indexed by one of the most authoritative scientometric databases in the world – Web of Science, the magazine “Mechanism of economic regulation”, which is indexed by 8 international databases data and the magazine “Bulletin of Sumy State University. The “Economics” series, which has been published for over 25 years. The journals “Business Ethics and Leadership”, ” SocioEconomic Challenges ” and “Financial Markets, Institutions and Risks”, which started their activities only in 2017, are already indexed by more than 20 international scientific databases. In 2020, a new journal “Health Economics and Management Review” was launched.
About 30 teachers of the institute are members of the editorial boards of scientific publications indexed by the Scopus and/or Web of Science databases, about 10 are members of the organizing committees of international conferences, the materials of which are indexed by scientometric databases.
The teachers of the institute are the initiators of the creation of the Business Support Center in the Sumy region (within the EBRD initiative “EU4Business”), conduct forums, schools of social and innovative entrepreneurship, programs to improve financial and information literacy, programs to support exports and develop tourism in the Sumy region.
The institute has taken a course on practice-oriented training, expert councils of employers from all specialties have been formed, which are actively involved in the development and implementation of educational programs, a significant part of the disciplines in each educational program are taught by practitioners. Practitioners and market experts from Belgium, Bulgaria, Israel, India, Italy, Kazakhstan, Canada, China, Lithuania, Germany, Poland, Romania, USA, France and other countries are involved in the educational process. A wide range of implemented innovations in practical-oriented education makes each educational program unique. The teachers of the institute have experience of practical work in state institutions, companies and financial institutions of Ukraine and foreign countries.
The institute actively implements the blended-learning system, uses immersive learning technologies, and created the only laboratory of behavioral and experimental economics in Ukraine, which is equipped with the most modern technical means for conducting behavioral experiments. The laboratory conducts research on human behavior and collects emotional, cognitive and behavioral data in a synthesized form in real time. The hardware part of the laboratory includes biometric sensors for research in the field of neurodiagnostics (wireless electrophysiological sensor system for mobile electroencephalogram registration), eye tracking glasses for eye tracking and facial expression analysis, as well as specialized computer programs for processing large data sets.
The institute constantly conducts educational events for young people, helping them make the right choice of their future profession, including: Global Money Week, interactive game “Smart city”, financial games “SUMYPOLY”, “Cash Flow”, Counter-Strike tournament, tournament of young economists , the business school of Sumy State University “Youth&Business”, the project from marketers “Be an expert with the irrepressible”, the school of change leaders, cyber sports tournaments “CYBER SUMDU [Dota 2 5×5]” and many other educational projects.
The joint efforts of teachers and students have created such new creative spaces as the “IDEA LAB” laboratory of ideas, a discussion center, and training halls, during classes in which a creative, relaxed atmosphere allows for better assimilation of information. Innovative approaches to learning at the institute have repeatedly received favorable reviews from members of the world network of educators “The learning teacher” UNESCO.
The interesting and varied life of students, postgraduates and teachers of the institute is reflected in the quarterly magazine “FEM book”, which acquaints readers with the history, traditions and opportunities of the institute. The joint life of students and teachers is interesting and diverse: institute and specialty days are celebrated annually, volleyball and paintball competitions are held. For many years, students have been conducting their own social projects, organizing evenings of creativity in the “Kvartyrnyk” format, evenings of board games and developing their own volunteer movement.
Educational and scientific centers of various directions operate on the basis of the Institute of Business, Economics and Management. Thus, the Department of Financial Technologies and Entrepreneurship operates the educational and scientific research center “Financial Perspectives”, the activity of which is related to the implementation of scientific research works in the field of finance and banking on the order of local self-government bodies. The scientific and educational center of business analytics conducts the work of the Martian Teapots digital arts studio, which is engaged in game programming, animation, video blogging, and creating computer graphics. The Center for Consulting Support and Accounting Support of Social Initiatives and Business is an organizer of seminars on reporting, taxation, accounting, auditing, etc.
The Adult Education Center “Education for Life” operates in the city of Sumy under the leadership of the institute’s teachers, where public lectures on civic education, theater and photo studios, financial and information literacy trainings, a school of civic urbanism, a school of social entrepreneurship and other educational initiatives are available. for residents of the regional center. Educational programs of this Center have repeatedly become winners of all-Ukrainian and international contests of projects for adult education.
The teachers of the institute are also the initiators and organizers of a significant number of projects to strengthen international cooperation between cities, adult education centers and civil society organizations, which are financed by the German Ministry of Foreign Affairs. An international festival of non-formal education “The Art of Living Together” is held annually on the basis of the institute.
Among the graduates of the institute there are many examples of successful own businesses, many years of work at the level of heads of divisions of insurance companies, fiscal authorities and consulting firms, IT companies. Graduates are members of the board of the National Bank of Ukraine, JSC “Ukreximbank”, JSC “Oshchadbank”, they head the divisions of Privatbank, Alfabank, Taskombank, Ukrsotsbank, Premium Bank and others. They work in the leading auditing companies PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, KPMG. Graduates also work in other higher education institutions both in Ukraine and abroad, in the National Academy of Sciences of Ukraine. The average level of employment of graduates of the institute by profession has been maintained at a level of no lower than 85-90% for many years.
The Institute of Business, Economics and Management is a powerful team of teachers and students that provides high-quality educational services, conducts scientific research, and realizes the scientific and creative potential of Ukrainian citizens.
Our motto: “We change so that you change the world!”