ISM University of Management and Economic

ISM University of Management and Economic

1. Introduction

Since starting its activities in 1999, ISM University of Management and Economics had one aim from the very beginning – to offer innovative, qualitative studies and training of management and economics for creative, ambitious young persons and already experienced business managers. Customer Recognition (students, businesses and alumni), International Recognition and Sustainability. Quality and internationality have become the most important priorities of the University’s activities. This aim has been evaluated by International Quality Accreditation (IQA) awarded to ISM in 2006 by the Central and East European Management Development Association (CEEMAN), thus certifying that ISM belongs to universities that offer the most advanced business studies in the region.

Sharing Knowledge and Experiences for Modern Business​


ISM study programmes successfully combine theoretical and practical knowledge. Many of the scientists working here are acknowledged practicians, thus they are well aware of the problems that modern business faces and of the knowledge required to solve them. University teachers are also pursuing active academic activities through researching the phenomena of management in the states of the Baltic Region – ISM is one of the initiators of the Baltic Journal of Management. The University actively participates in the activities of international science organisations, where it exchanges up-to-date knowledge and experience with partners.

International business prospects for students are ensured by the experience of the ISM founder, the Norwegian School of Management BI, and lecturers invited from all over the world.

ISM seeks to educate successful and responsible business leaders. The University was the first in Lithuania to respond to the global call for business schools and academic associations to advance corporate social responsibility worldwide. ISM has committed to adhere to the Principles for Responsible Management Education (PRME), which were unveiled by a group of scholars and leading academic organization at the UN Global Compact Leaders Summit in July 2007. PRME provide a framework for academic institutions to advance the broader cause of corporate social responsibility and incorporate universal values into curricula and research.

ISM is also one of the first universities in Lithuania joining the UN Global Compact and thus becoming a part of the National Network of Responsible Business Organisations. The members of this network and the Global Compact comitted committ to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. By doing so, business, as a primary driver of globalization, can help ensure that markets, commerce, technology and finance advance in ways that benefit economies and societies everywhere.

The University has achieved a lot in enhancing responsible and ethical leadership. The course of Business Ethics is offered to the students of all university cycles. This topic is dealt with in the final theses of bachelor, master and doctoral students. ISM shares knowledge and experience with others.


2. History

The predecessor of ISM was the Business Training Centre, a well-known executive training institution in Lithuania. It was founded in 1995 by the BI Norwegian Business School and Kaunas University of Technology.

ISM University of Management and Economics was established in Kaunas in 1999 as the first privately owned institution of management education in Lithuania. The main founders of ISM are the BI Norwegian Business School, the largest business school in Europe, and the Innovation Norway (former Norwegian Industrial and Regional Development Fund).


3. ISM today


First private university in Lithuania
All levels of studies: Bachelor, Master and Doctoral studies
ISM Executive School – master of management studies and trainings
Research: knowledge and business development
Faculty from all around the world, average 50% context delivered by foreign lectures
Exchange and double degree programmes at over 100 universities in 40 countries worldwide
More than 2000 students
Over 4000 Alumni


4. Study


4.1. Undergraduate studies


4.1.1. Economics and Politics


Economics and Politics is a regionally unprecedented undergraduate program designed to teach the disciplines as a thematic and methodological whole. The interdisciplinary nature of the program and its reliance on a single Game Theoretic toolbox reflects today’s reality, where decisions of economic and political agents have become inextricably intertwined. The program is taught entirely in English and is popular with Lithuanian and foreign students alike. Length of studies is 4 years.


​Programme learning outcomes


To identify the steps of deductive theory building in existing research and to perform these steps in own modelling exercises.
To explain the detailed arguments of the main theories (e.g. IS-LM Model, Median Voter’s Theorem, etc.) and to present the logical intuition behind cutting-edge models in the fields of macroeconomics, public finance and political institutions.

4.1.2. Business Management and Analytics


Business Management and Analytics is a renewed and supplemented business management programme.


Management is the organising of activities necessary to achieve the set goals. The science of management develops an individual’s ability to organise and manage organisational activities with the aim to achieve the set goals in the most suitable and efficient way. Analytics helps to properly and quickly traverse the problems that arise, including the recent changes, and enables making the necessary strategic and corporate managerial decisions. Thus, the students of Business Management and Analytics Programme are taught to act as universal specialists in business management that are conversant in all functional areas of an organisation and understand the way they all work. Studies are conducted in Lithuanian and English; length of study is 4 years.


After the studies you will be able to:


forecast the influence of current economic and financial decisions in a broader context of organisational or corporate management;

analyse the business environment, manage organisational processes and quickly react to the changing market environment;

plan and organise long-term and short-term production, service provision and other corporate processes on both the national and international market;

select and practically apply in a company or an organisation planning, organisational, managerial, motivational and control theories and models;

identify new opportunities emerging on the national and international markets, assess target markets and their potential, adapt new products and services and develop new ones for the said markets, effectively communicate their offers to the market and practically apply the principles of corporate social responsibility.

4.1.3. Finance


The Finance programme that is in line with the requirements for CFA® (Chartered Financial Analyst) Level 1 examinations was first introduced in 2011. CFA® is the globally recognised top level qualification of financial analysts that is certified by the CFA Institute.

This study programme is meant to educate versatile financial specialists. First, the students start learning the essential principles of financial accounting and go down to learning the application of specific methods and principles of finance. The students studying according to the programme acquire knowledge about the management of state, institutional (financial), corporate and personal finance, which they can later deepen in a specific area of their choice.

A graduate of the Finance Programme will be able to manage the financial accounting processes of company groups, make complex investment projects, including decisions regarding financial portfolios and financial risk management, and to analyse financial market operations. Studies are conducted in English, length of study is 3,5 years.


After the studies you will be able to:


forecast the influence of current economic and financial decisions in a broader context of organisational management;

choose the suitable mathematical, statistical, econometric and other analysis methods as well as to independently perform the economic analysis of a country, sector or company;

analyse corporate financial management processes and solve financial and management accounting tasks of various difficulty;

explain the relationship between the finance theory and practice and make practical use of the knowledge when assessing financial information;

analyse the operations of financial markets and institutions.


4.1.4. Economics


Tasks of a modern economist include collection and analysis of economic information, simulation and projection of economic processes, selection of economic management instruments. For this, intuition or experience gained in an organisation is not enough – one has to have a good understanding of modern qualitative and quantitative economic analysis and management methods.

As Lithuania is integrating into the EU, there is a growing need for economists who can analyse and simulate economic processes in a complex manner both on macro and micro level.

The Economics study programme, which becomes increasingly popular, is designed for future specialists in modern economics with analytical thinking. The Programme focuses much on mathematics, financial and general economic subjects. The students are taught to learn and understand economic processes ongoing in the country and in the world – to analyse and forecast the development and dynamics of economic indicators such as unemployment, gross domestic product and others. The Programme places much focus on public and corporate finances, also on corporate economics. The Economics studies are for those with sharp and analytical thinking and those who are interested in finances and economic analysis. Studies are conducted in Lithuanian and English; length of study is 4 years.


Special abilities


To explain the link between economic theory and practice on both micro- and macroeconomic level;
To explain and to analyse the economic policy as well as the effect of institutional factors on individuals, companies and other entities;
To describe and to analyse financial management and economic decision-making processes and to forecast the influence of economic and financial decisions.

4.1.5. International Business and Communication

ISM University of Management and Economics offers a unique undergraduate study program in English language. This 3.5 year-long integrated program of International Business and Communications will provide knowledge and practical skills necessary for a successful career in multinational corporations.

The International Business and Communication Program has been designed by taking account of global business trends such as globalization, multicultural character of business teams, importance of communication within and outside the company. Broad thinking and a good understanding of the market environment is one of the most desired features of a specialist or manager.

Upon completion of the International Business and Communication Program, students will have a strong understanding of international business functions and will have acquired personal and business communicational skills as well as managerial competences required in a global company.

Thanks to its multinational character, the International Business and Communication Program will provide an opportunity to meet people of different cultures, improve skills of foreign languages, and acquire essential skills and competences necessary for working in a modern global community.


While studying in this study programme, you can go to these universities with double degree programme:




BI Norwegian Business School INSEEC Business School School of Business and Economics

at Linnaeus University


(Norway) (France) (Sweden)




4.1.6. Industrial Technology Management

Industrial Technology Management is a unique 4-year programme conducted at the Illinois Institute of Technology (IIT, USA) and ISM University of Management and Economics (ISM, Lithuania). The programme is designed for talented young people who are seeking managerial careers and who are aware of the importance of technology and fundamental science as well as the power of interdisciplinary knowledge in the modern economy.The programme has been developed in close collaboration with business leaders from manufacturing, engineering, and other industrial sectors and with the awareness that management professionals with a broad approach able to communicate with clients, engineers, and other managers in the language of industry will be particularly successful.


Distinctiveness of the programme

This is a unique programme in this region and combines the disciplines of management, technology management, fundamental science, and humanities/social science into a coherent whole.

By selecting one of five specialisations, you will gain deeper insight into supply chain management, telecommunication technology, industrial sustainability, manufacturing technology, and industrial facilities.

Studies are conducted in English in two countries, Lithuania and the USA, which allows one to acquire cross-cultural experience and develop a broad and diverse network of acquaintances.

Since internships are conducted in the US companies, alumni will be able to adapt their best practices in Lithuanian companies or find a job in the USA easier.




4.2. Master Studies


4.2.1. Financial Economics


Programme Focus

The distinctive feature of the Master in Financial Economics programme lies in its holistic approach, which incorporates courses on investment management, corporate finance, economics and quantitative research methods. The programme aims to broaden students’ understanding of scientific contributions in the field of financial economics, strengthen their analytic and critical thinking skills, and equip them with quantitative finance techniques and complex financial decision-making tools in a rapidly changing macroeconomic environment. Our graduates have solid training in modern financial and economic theory with an ability to apply theoretical concepts and models in practical situations.

Master’s programme in Financial Economics aims to educate socially responsible and highly qualified specialists in the field of financial economics, equipped with general, functional and transferable competences, specialized knowledge and strong analytical skills that would enable them to analyze, critically assess and develop contemporary theory and practice of finance and economics as well as apply methods of mathematical statistics and econometric models to the analysis of corporate finance, portfolio management, financial markets and institutions, financial engineering across local and international public and private institutions.


4.2.2. Innovation and Technology Management

It is designed and delivered in cooperation with Illinois Institute of Technology (IIT, USA), Technical University of Denmark (DTU, Denmark), and Nagoya University of Commerce and Business (NUCB, Japan). This programme is aimed at working professionals who do not have a degree in management but who would like to pursue the prospects of a career as a manager. We offer you a career transition from a specialist to a manager or wide horizontal expansion of your career in the field of innovations and optionally in industrial technology or information technology.


Programme Focus

Innovation is one of the most important engines of today’s economy, and very often it comes from understanding the entire domain and applying a new approach. First of all the programme equips you with solid organisational management skills that create a basic understanding of the deeper discipline of innovation management and at the same time provide a powerful network to share insights from many different points of view. The programme later focuses on innovation management throughout all its stages and furnishes the tools and understanding essential to assure that innovation can be used to increase the competitiveness of any organisation.

While studying on this programme students have opportunity to choose Innovation and technology management seminar which is an international study tour based module delivered in cooperation with Nagoya University of Commerce and Business (NUCB), that incorporates a 10-day visit to Japan having seminars at NUCB and visiting Toyota, Alpen, and Brother companies. Studying in this programme, the best students can go to Japan study tour with 40 percent compensation.


Double Degree Option


· The double degree is exclusively awarded to students who spend extra year studying at double degree partner university: Illinois Institute of Technology


· By choosing this double degree option, the first year of study is held at ISM University, the second year of study is at the Illinois Institute of Technology (mode of study is online). Master’s thesis is written and defended at ISM University.





4.2.3. International Marketing and Management

According to Peter Drucker, „Because the purpose of a firm is to create a customer, the firm has only two basic functions: marketing and innovations“. According to this, marketing is one of the functions the most essential in the organization. In short, the objective of marketing is to create value, communicate value, collect value from the firm‘s customers thus increase the overall value of the organization. Marketing is the organization‘s most important source of knowledge about markets, while also being the face of the organization that most customers and stakeholders see. The purpose of the program is to educate market-oriented leaders who through cutting-edge research-based training will work for the best world companies.


Programme Focus

The overall goal of the programme is to provide students with knowledge, skills, values and attitudes related to international marketing management. The programme’s specific focus is on a comprehensive examination of all major components of marketing management strategies and their integration. The programme is structured on three main pillars: marketing, the financial implications of investments in marketing, and research. The overall marketing management approach in the programme is very analytical and stresses the marketing skills required to influence the level, timing and composition of demand for a product, service, organisation, place, person, idea, or some form of information. The degree is tailored to the needs of managers operating in highly turbulent international and local environments.

The Master of Science (MSc) in International Marketing and Management is a rigorous and unique academic programme exposing students to international business and academic environments, thus, preparing them optimally for a career in international business.


Double Degree Option


The double degree is exclusively awarded to students who spend the second year of their two-year programme at the chosen double degree partner university:


BI Norwegian Business School
Tias School for Business and Society
INSEEC Bordeaux
Kedge Business School
Tilburg University


4.3. Doctoral Study


4.3.1. Doctoral Programme in Management

Doctoral Programme in Management is organized by ISM University of Management and Economics, Lithuania, in partnership with BI Norwegian Business School, Norway, Aarhus University, Denmark, and University of Tartu, Estonia.

The programme is run by prominent researchers of the respective universities, who are regularly published by major academic journals, act as business consultants or experts, and participate in scientific projects – ensuring the highest quality of studies through the curriculum and scientific internships.

The purpose of doctoral studies is to develop researchers, who are able to contribute to existing knowledge and conduct high quality research aimed at solving relevant social and business problems.

Doctoral studies lead to the development of competencies and skills necessary for analysing scientific literature, raising research questions, selecting adequate research methodology, conducting empirical research and sharing it with the international academic community.


Doctoral Programme in Management offers in-depth studies in the student’s chosen research area:




Organizational Behavior and Human Resource Management

Innovation and Entrepreneurship

Operations Management

Accounting and Finance



4.3.2. Doctoral Programme in Economics


Programme content


· Compulsory courses:


· Econometrics (6 ECTS)


· Research Methodology (6 ECTS)


· Modern Economic Theories and Macroeconomic Analysis (6 ECTS)


· Higher Education Didactics (6 ECTS) / Philosophy of Science and Methodology (6 ECTS) (select one)




Doctoral candidates may present their dissertation for defence when they:


· passed all the examinations provided in the doctoral study programme;


· presented their most significant research results in at least 2 articles published (or accepted for publication) in scientific peer-reviewed journals, or scientific monography;


· presented their research results during at least 2 international scientific gatherings (conferences, seminars);


· completed academic practice.


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