91��Ƶ

Graduates with a Bachelor’s, Master’s, or Specialist Diploma from a state higher education institution of the Republic of Armenia or a non-state institution recognized through specialty-specific or institutional accreditation may apply to 91��Ƶ Master’s programmes offered on a full-time or part-time basis. 91��Ƶ to 91��Ƶ Master’s programmes for the 2025/2026 academic year is conducted in accordance with the requirements set forth in the “91��Ƶ 91��Ƶ Regulations for Master’s Programmes (Full-Time and Part-Time Study)”. 

Applications are submitted online through the website (see the “Application Form Submission Procedure” section).

Applicants for admission to Master’s programmes must upload scanned copies of the following documents:

a. Higher education diploma and diploma supplement* (the first page of the supplement and the section containing grades in Armenian only);
b. Photograph (3 × 4 cm);
c. Original military service booklet, if applicable (pages 1–4 and 18–19 must be uploaded);
d. Passport (pages 1–4) or identification card (both sides);
e. Receipt confirming payment of the AMD 5,000 admission service fee to 91��Ƶ’s Ardshinbank CJSC account 2470101276000001.

If the payment was made online and the receipt does not indicate the purpose of payment or the applicant’s first and last name, these details must be added by hand before the receipt is scanned.

* 2026 91��Ƶ graduates who have not yet received their diplomas must submit an academic transcript signed and stamped by the Dean of the relevant Faculty. 2026 graduates of other higher education institutions in Armenia who have not yet received their diplomas must submit a certificate confirming their status as a Bachelor’s graduate, signed by the Rector of the respective institution, together with a signed and stamped academic supplement. 

* The 91��Ƶ Committee may, where necessary, require an applicant to provide a certificate issued by the National Information Center for Academic Recognition and Mobility confirming the authenticity of the diploma. 

* Applicants submitting a diploma issued by a foreign higher education institution must also provide a certificate issued by the National Information Center for Academic Recognition and Mobility confirming the equivalence of the diploma. 

Applications for the first round of Master’s admission will be accepted from June 2 to June 27, until 18:00. 

The first-round admission examinations will be held on July 2. 

* The first-round admission examination for the “Applied Statistics and Data Science” educational programme will be held on July 7. 

Applicants admitted on a tuition-paying basis must pay at least 25% of the first-semester tuition fee specified for the respective educational programme for the 2026/2027 academic year by July 18, inclusive.

Bank account: 2470100009060000.

Applications for the second round of Master’s admission will be accepted from July 8 to August 15, until 18:00. 

The second-round admission examinations will be held on August 22. 

Applicants admitted on a tuition-paying basis must pay at least 25% of the first-semester tuition fee specified for the respective educational programme for the 2026/2027 academic year by August 29, inclusive.

Bank account: 2470100009060000.

1. Nominal and real GDP. Price indices and their types. 

2. Supply and demand: non-price determinants of supply and demand; elasticity. 

3. Formal analysis of savings, investment, and the current account. The current account and international trade. The trade balance. 

4. Types and functions of money. Money supply. Monetary base and money stock. 

5. Inflation: nature, types, and consequences. 

6. The financial system and financial intermediaries. 

7. The nature, types, and functions of securities markets. 

8. Individual and institutional participants in securities markets. 

9. Stock exchanges: functions, participants, and mechanisms of operation. 

10. The foreign exchange market: functions and market transactions. 

11. Key factors influencing exchange rate determination. 

12. The concept of securities: types and classifications. 

13. Valuation of securities and assessment of their returns. 

14. Key approaches to the valuation of stocks and bonds. 

15. The insurance system: nature and role in the economic system. 

16. Investment and pension funds: operating mechanisms. 

17. Fiscal policy: instruments. 

18. Taxation systems and types of taxes in the Republic of Armenia; tax rates. 

19. Financial calculations: interest rates and discount rates. 

20. Perpetuities and annuities: future and present values. 

21. Nominal and real interest rates; the Fisher equation. 

22. The purpose and main types of financial analysis. 

23. Financial analysis: short-term liquidity and asset management ratios. 

24. Financial analysis: debt management (capital structure) and profitability ratios. 

25. The nature and methods of capital budgeting. 

26. Probability parameters for risk assessment and portfolio risk calculation. 

27. The nature and forms of financial statements. 

28. Structure of the principal financial statements. 

29. The nature and fundamental principles of auditing. 

30. The banking system: structure, functions, and specific features of banking operations and regulation. 

31. Monetary policy: objectives, instruments, and transmission mechanism. 

32. Coordination of monetary and fiscal policies. 

33. The customs system of the Republic of Armenia: customs duties and fees. 

References

1. Mankiw, G., Macroeconomics. Yerevan, 1997. 

2. Mnatsakanyan, H., Sahakyan, G., Fundamentals of Financial Management. Yerevan, 2016. 

3. Sargsyan, A. Z. et al., Accounting: Study Manual. Yerevan: Tntesaget, 2007. 

4. Asatryan, B. et al., Banking: Study Manual. Yerevan, 2004. 

5. Torosyan, T., International Economics: Trade and Finance. Yerevan, 2005. 

6. McConnell, C. P., Brue, S. L., Macroeconomics. Any edition. 

7. Sachs, J., Larrain, F., Macroeconomics: Global Approach. Moscow, 1996. 

8. Tarasevich, L. S., Grebennikov, P. I., Leussky, A. I., Macroeconomics. Any edition. 

9. Varian, H., Intermediate Microeconomics: A Modern Approach. 

10. Lomakin, V. K., World Economy. Moscow, 2007. 

11. Rose, P., Banking Management. Moscow: Delo, 1997. 

12. Stoyanova, E. S., Financial Management: Theory and Practice. Moscow, 2003. 

13. Brealey, R., Myers, S., Principles of Corporate Finance. Moscow: Olimp-Business. Any edition. 

14. Mescon, M. H. et al., Fundamentals of Management. Translated from English. Moscow: Delo, 1994. 

15. Kotler, P., Marketing Management. Moscow, 1989. 

16. David J. Rachman, Michael H. Mescon et al., Modern Business, 2 vols. Moscow: Respublika, 1995. 

17. Enterprise Economics. Edited by Volkov. Moscow, 2003. 

18. Stiglitz, J., Economics of the Public Sector. Moscow, 1997.