GETTING READY FOR THE BUSINESS OF THE FUTURE

Established in 1888, Sofia University is Bulgaria's oldest and has never ceased to reinvent itself, blending tradition and innovation, to offer topical, high quality education to Bulgarian and foreign students. Its Faculty of Economics and Business Administration (FEBA) is an example of this strive. It has the deserved reputation of a place that provides modern education that is based on solid theory but is practice oriented and prepares professionals ready to excel in all fields of business and economy in Bulgaria and abroad. How FEBA stays ahead of the curve? We talked to its vice dean, Assoc Prof Marina Stefanova, PhD, who is behind some of its most modern and ambitious programs, to learn more.

Economic sciences have been included in the Sofia University program since its inception at the end of the 19th century. What does modern education at the SU Faculty of Economics look like today?

The Faculty of Economics and Business Administration is a leading business, economics and finance school in Bulgaria and Southeast Europe offering education in Bulgarian, English, German, and French. In the official Rating System for Higher Education Institutions in Bulgaria, the FEBA ranks first in Economics and Administration and Management among Bulgarian universities. In other rankings, it has consistently ranked first or second.

The training programmes at the FEBA are interdisciplinary, combining economic, financial, managerial, environmental and legal disciplines, plus STEM disciplines – applied mathematics, statistics, computer and information technologies, sustainable development. The balanced teaching of classical and modern theoretical and empirical models and concepts develops practically-oriented skills based on solid theoretical knowledge. It prepares students for effective decision-making through the use of modern methods and tools, such as real data and modern analytical software applications.

What goals have the faculty management set for yourselves and how do you plan to achieve them?

Our main strategic goal remains the same. We strive to achieve sustainable growth and academic excellence by refining the curriculum, integrating research, fostering international partnerships, and strengthening relationships with local organizations, while obtaining the world class AMBA, EQUIS and AACSB accreditations.

We continue to strengthen our reputation as a leading institution of economic theory and business education. Our focus will be on enhancing our social impact, increasing internationalization, promoting innovation, and driving policy change through impactful research.

We recognize the transformative power of economic policy, and will collaborate with government agencies, civil society organizations, and other universities. Our faculty members will conduct research on critical social issues, aiming to push for informed policy decisions that positively impact society.

We will expand our international partnerships, establish exchange and mobility programs with other AMBA, EQUIS and AACSB accredited schools, and attract MBA students from more countries.

FEBA is committed to excellence in education and research by adopting a forward-thinking approach that aligns with modern academic values. Our long-term objective is to establish a shared system that enables us to improve our competence, inspiring our students and faculty to achieve their full potential.

What key skills, knowledge and competences do you aim to impart to your students to make them adequate to the global economic environment?

FEBA graduates are successful due to five main factors: good economic and legal training, in-depth application of quantitative methods in economic and management analysis, fluency in foreign languages, solid training in modern software applications and strong ethics.

Our graduates meet the requirements of the EU labor market for applied specialists and managers in business, finance, ESG and government. We focus on developing entrepreneurial skills to start their own business or take over a family business, and develop their own innovative and technological products in the field of economics, finance, business and sustainability.

How does the educational program of the faculty today fit into international trends for quality higher education?

Our management is committed to developing our faculty's competence, with a focus on subject and professional expertise, to improve and support our internationalization strategy. We:

· Continuously onboard new tenured, part-time and visiting lecturers and facilitate new teams' formation.

· Introduce a modern system of criteria and mechanisms for replenishing and developing the academic composition of FEBA, including incentives to retain and develop quality professionals.

· Foster an agile and efficient environment that supports the continuous development and sustainability of our academic and administrative composition.

· We support faculty members in gaining cross-appointments at foreign universities to enhance their academic expertise, increase their exposure to different cultures, and bring new ideas and perspectives back to FEBA.

We also work to attract young PhDs and established professors from abroad through a variety of exchange programs to enhance international collaboration and contribute to our research activities.

Our students are an integral part of the social and cultural landscape of our faculty, university, nation and global society. They collaborate closely with the FEBA and contribute to the growth and enhancement of our institution as a hub of intellectual, ethical, sports, and artistic pursuits. We recognize our duty to foster societal progress and achieve this through the advancement and implementation of scientific, specialized, and project-based (volunteering and active citizenship) competencies that promote sustainable development among our stakeholders and beyond.

Our MBA programs in Strategic Management, Human Resources Management, and Management Information Systems are in partnership with the Rotterdam School of Economics, Erasmus University. They attract students from 25 countries and diverse backgrounds, including young and senior entrepreneurs, middle and C-level managers, and mid-career public servants and diplomats, basically bringing academia, business, and governments together to create the next generation of trailblazers and playmakers.

The relationship between higher education and business, and the needs of the current labor market, are a pressing problem for modern higher education in Bulgaria. How do you address this in the FEBA?

To continuously generate social impact, we leverage our professional connections, student organizations, and ongoing research, and influence economic policy. We collaborate with government agencies, NGOs, and other universities to drive change and create value for society. Our faculty members do research on critical economic issues and utilize our findings to positively influence policy decisions.

We consistently strengthen our relationships with the private and public sector with over 230 active partnership agreements and plans for more, in order to establish a dynamic and sustainable ecosystem that creates value and promotes innovation.

What connections with international universities are you building?

FEBA plays a key part in Bulgaria's entrepreneurial and innovation ecosystem and drives the transition to a sustainable economy by attracting talented individuals from Bulgaria and beyond, partnering with local and international industry and governments, and fostering strong academic collaborations. Our international activity promotes FEBA as a leading institution in teaching and research in the field of economics, business studies and management. It strengthens and expands cooperation with universities and research centers in Europe, USA and Asia and participates in the activities and projects of the Lifelong Learning Program (LLP) of the European Commission, especially in the Erasmus program.

FEBA cooperates closely with many universities within the framework of Erasmus+ program, Fulbright program, DAAD and others. We are also part of the GBSN Network, the Central and South-Eastern Europe PhD Network (CESEENET) and Central European Exchange Program for University Studies (CEEPUS).

The interest of foreign students in FEBA is traditionally high. There are representatives from Armenia, Bangladesh, Belarus, China, Ghana, Georgia, Greece, India, Iraq, Iran, Italy, Japan, Kazakhstan, Qatar, Morocco, Moldova, Nigeria, Russia, Saudi Arabia, North Macedonia, Serbia, South Korea, Turkey, Ukraine, Uzbekistan, Vietnam, Yemen. FEBA has active cooperation with 63 universities from 16 countries.

Thus, FEBA seeks to create a sustainable and impactful network of leaders, scientists, policymakers, entrepreneurs, and innovators who can drive positive change both locally and globally, while advancing the frontiers of knowledge in business, economics, accounting, finance, statistics and related fields.

The faculty is the leader in Bulgaria in terms of the number of foreign guest lecturers. What are the goals of this effort?

FEBA is committed to driving innovation and continuous improvement in its programs. By embracing new teaching methods, we aim to equip our students with the skills and knowledge necessary to tackle real-world challenges and create a truly enriching learning experience.

We work to achieve the prestigious accreditations AACSB, EQUIS and AMBA to further enhance the quality of our educational programs, while continuing to uphold the high standards of ACCA and ICAEW in our curriculum.

We integrate modern scientific research into our learning process to keep our students at the forefront of Economics and Business Administration. Our goal is to inspire a love of learning and a commitment to sustainability, using up-to-date publications and rigorous scientific criteria. This will benefit our students in the digital age and beyond.

What are the key programs that prepare students for the future of the modern global and local economy?

We offer 3 bachelor's programmes in English, French and German with option for a double degree from French universities and a partnership with German universities. We have over 30 master's programmes for economists and non-economists in fields such as economics, finance, business and administration in Bulgarian and English, with possibility of a double diploma from French universities, and 8 PhD programmes in Bulgarian and English with different specializations.

Our commitment to providing quality, competitive education has earned us respect and support from employers. We have international partnerships with universities from Europe and beyond, to offer joint academic programs and double diplomas. Our BA and MA programs are internationally accredited (ICAEW, ACCA, and CFA). To welcome more foreign students, we have expanded our curriculum with more courses taught entirely in foreign languages. We also have a close relationship with the private sector, public and civil society organizations, professional associations, schools, and cultural institutions.

Prof. Stefanova, why is sustainable development the key to the future of the global economy? How do you help your students absorb its principles and put them into practice?

The concept of sustainable development is at the heart of international development and was declared a global agenda for 2015-2030 by the United Nations within the Sustainable Development Goals. The European Green Deal also drew the roadmap for sustainability of the EU economy. Since then, business plays an active role in the overall social transformation by planning, implementation and reporting of activities and projects based on the three pillars of sustainable development: economic growth, social welfare and environmental protection.

This new paradigm is reflected in every manifestation of the public, corporate and public sectors and envisages large-scale in size, horizon and effect reforms and investments in all sectors of the economy. These changes require a new generation of well-trained professionals and managers. Here come our MA programs "Responsible and Sustainable Governance" and "Accounting and Sustainability". They aim to prepare specialists in sustainable business development, corporate social responsibility, environmental accounting and integrated auditing and to assist their professional realization. The programs cover all major applications of sustainable development in practice – business modelling, corporate compliance, management of natural and human capital, investment, reporting and auditing on social progress.

Our postgraduate programs such as the ESG Academy, the Academy for Diversity, Equality, and Inclusion and others challenge the economy and prioritize the long-term welfare of the people, the planet, and the businesses, while finding ways to balance these competing demands. They inspire leading and midcareer professionals to encourage and embrace innovative ideas, to create novel solutions to contemporary societal, economic, and business challenges.

Sofia, 125 Tsarigradsko Shose Blvd, Block 3

phone: 0888 637654

mstefanova@feb.uni-sofia.bg