From Theory to Practice: A Historical Journey 1994-2019

In the following text, we present the history of our Master’s Program in Applied Economics and Finance, with its characteristics, the institutional framework that shaped its development, and collaborations.

Since its establishment in 1994 until today, the Interdepartmental Graduate Program of Studies (IGPS) is a dynamic organization that constantly evolves, adapts, and develops, creating added value for the Greek society.

The IGPS in Applied Economics and Finance originates from the first organized graduate program of the Department of Economic Sciences (DES) of the National and Kapodistrian University of Athens (NKUA), founded in 1994, based on the decision with number B7/122/27-6-1994 (Government Gazette 505/B/1994.)

Its distinctive feature has been the combination of theoretical scientific knowledge with the accumulated practical experience of the members of the DES faculty.

The main characteristics of the program that undergo all the reforms that followed its establishment are:

1. The combination of economic theory and applied economics through the analysis of tools, practices, techniques, and policy proposals.

2. The program is the result of a collective effort of the DES faculty members, with leading internationally recognized scientists who have also served in positions of responsibility in the public or private sector of the Greek economy (ministries, banks, and other financial organizations, production units, international organizations).

3. Dynamic evolution over time. The curriculum and specializations have been adjusted to address the progress of science in specific fields, the needs of the Greek economy and society, the availability of teachers, the demand from students for specific subjects, and the lack of interest in others. Milestones in the evolution of the IGPS were:

• 1994, establishment with the title Graduate Program of Studies (GPS) in “Economic Sciences” with three directions: a) Political Economy and Economic Policy, b) International Economics and Development, c) Applied Economics of Businesses and Markets.

• 1998, financial support from the Operational Program for Education and Initial Vocational Training (EPEAEK), foundation of collaboration with the Mathematics Department of the University of the Aegean, and collaboration with the Economics Department of the London School of Economics based on the decision with number B7/487/1-12-98 (Government Gazette 1225/B/1998).

• 2003, renaming of the program title to IGPS in “Applied Economics and Finance,” continuation of the collaboration with the University of the Aegean and the London School of Economics. The program includes two directions: a) Financial Management of Business and Markets, b) International Economics and Economic Policy, based on the decision with number B7/89937 (Government Gazette 1317/B/16-9-2003). Fnancial support from the 2nd Operational Program for Education and Initial Vocational Training (EPEAEKII) continues.

• 2005, foundation of the collaboration with the Institute of Certified Public Accountants of Greece (SOEL), a partnership that strengthened the links of the IGPS with the labor market and enhanced its reputation in the professional field. The specializations offered were: a) Financial Management of Businesses and Markets, b) International Economics and Economic Policy, c) Applied Accounting and Auditing, based on the decision with number B7/76252 (Government Gazette 1375/4-10-2005).

• 2014, reorganization of the program with the addition of two new specializations, Public Auditing, and the direction of Economic, Administrative, and Information Systems of Enterprises, created to fill gaps in knowledge, skills, and practical applications highlighted by the economic crisis, and in line with the trends in similar fields in other countries. The specializations formed were: a) Finance and Banking, b) Economic Policy and Development, c) Applied Accounting and Auditing, d) Economic, Administrative, and Information Systems of Enterprises, e) Public Auditing, based on the decision with number Z1/203903 (Government Gazette 3441/B/22-12-2014).

• 2017, this reorganization took place to include in the IGPS of Applied Economics and Finance the specialization of Financial Mathematics and Risk Analysis, which aimed to emphasize the teaching of mathematical techniques, methods, and applications used in financial management, especially in risk analysis (408/19-6-2017 (Government Gazette 2266/B/4-7-2017)). Thus, the IGPS concludes with the full development of six specializations:

a) Financial Management and Banking,
b) Economic Policy and Development,
c) Applied Accounting and Auditing,
d) Management, Analytical, and Information Systems of Businesses,
e) Public Auditing,
f) Financial Mathematics and Risk Analysis.

• In 2018, the last restructuring-reform took place according to the new law on education. Based on the new law, three specializations are allowed per postgraduate program, and thus the MSc program, IGPS, offers the following specializations (992/28-8-2018 (Government Gazette 4317/B/28-9-2018) Ministerial Decision):

a) Financial Analysis and Policy
b) Public Auditing
c) Applied Accounting and Auditing.

Collaborations developed with other universities.

The most significant ones have been:

• The Mathematics Department of the University of the Aegean, from 1998 to 2018. This collaboration involved the participation of members of the faculty of the Mathematics Department in the Administration of the MSc program, as well as the teaching of specific subjects-courses. These subjects mainly covered the field of applied financial mathematics and are taught by specialized scientists with a strong background in mathematics.

In recent years, our collaboration includes 2 scholarships for graduates of the Department of Mathematics based on the undergraduate degree grade, as well as mutual visits and seminars by members of both departments. Since September 2018, our collaboration continues with the Department of Statistics and Actuarial Financial Mathematics of the University of the Aegean, which is one of the two departments resulting from the split of the Mathematics Department of the University of the Aegean.

• The Economics Department of the London School of Economics (LSE) from 1998 to 2008. The collaboration involved teaching specific subjects by visiting faculty members of the LSE to our students. It is noteworthy that the collaboration was established with the president of the Economics Department of LSE, Professor C. Pissarides (Nobel Prize winner in Economics, 2010).

These collaborations benefited our students by expanding their horizons, as external instructors not only conveyed knowledge and information but also brought different mentalities and approaches.

Collaborations developed with professional bodies. The most significant ones have been with:

• The Institute of Certified Public Accountants of Greece (SOEL) from 2005 until today. Collaboration with SOEL specializes in assigning teaching from the Hellenic Accounting and Auditing Standards Board (HCAASB) specific subjects of auditing and accounting by prominent professionals and experts proposed by the Supervisory Board of SOEL. Also, holders of the MSc degree with a specialization in “Applied Accounting and Auditing” receive educational adequacy regarding the subjects required for the practice of the auditing profession. The collaboration with SOEL emphasized the applied nature of the Program and solidified its recognition in the professional field of auditing-accounting and finance. It highlighted the directions of Applied Accounting Auditing and Public Auditing as top choices among candidates at the national level.

• The Institute of Chartered Accountants of England and Wales (ICAEW). Collaboration at the level of educational seminars and the recognition of teaching units for obtaining the internationally recognized professional title (ACA).

Partnerships of professional bodies and universities is an innovative scheme that strengthens the university’s connections with the labor market and generally promotes the integration of theory and practice by incorporating the valuable experience of professionals into the curriculum. At the same time, it enhances the prestige of the acquired title in the job market. It also provides an incentive for research in practical applications. In this type of collaboration, The Department of Economic Sciences has been a pioneer in Greece.

Scientists of international standing, members of the faculty of the Department of Economics of NKUA participated in the design and implementation of the program.
Here, Professors of the Department of Economics that have served as Directors of the master’s Program in the past have been
Professor Emeritus, Stavros Thomadakis,
Professor Emeritus Ioannis Demetriou,
Professor Emeritus and Academician, Vasilis Rapanos,
Professor Emeritus, Nikolina Kosteletou.
Currently, the Director of the Program is Associate Professor George Dotsis.