Reforming Master Programmes in Finance in Armenia and Moldova (REFINE)

  • About the project

Nr. 585784-EPP-1- 2017-1-ATEPPKA2-CBHE-JPReforming Master Programmes in Finance in Armenia and Moldova (REFINE)

Duration of the project: 36 months (2017-2020)

EC Grant: 615.507 €

The wider objective of the project is to enhance the quality and relevance of six existing Master (MA) programmes in Finance in Armenia and Moldova through targeted reforms. The subject of Finance was chosen, as it is a crucial factor for economic development and skilled graduates in this field are coveted by the business community and the public sector alike. At the same time studies evidence a need for reforms with regard to contents, teaching methodologies and the labour market relevance of study programmes.

Against this background the specific objectives are:

    1. To reform six existing MA curricula in Finance taking into account the latest international developments in the subject area
    2. To promote the quality and relevance of the MA programmes through the development of updated and new course materials
    3. To further develop the competences and skills of teaching staff through training courses in innovative teaching methodologies and current topics in Finance
    4. To increase the alignment of the MA programmes with labour market requirements

Official web page of the project: 

  • Partners


Mr. Johannes Wetzinger –

EU Partners

Partner Countries

  • Work Plan

The REFINE project is structured through nine Work Packages (WP) and the activities will be conducted in four phases:

Phase I: Development of Individual Reform Strategies

In a first step individual reform strategies for each Master (MA) programme will be developed (WP1). This contains a targeted survey among local employers to identify the required competences and skills of graduates.  Moreover, the relevance and up-to-datedness of curricula, teaching methodologies / pedagogical approaches and course contents will be reviewed. Based on these results specific guidelines for the modernization of the MA programmes will be developed

Phase II: Curriculum Reform

In a second phase the MA curricula in Finance at the Armenian and Moldovan higher education institutions (HEIs) will be reformed based on the outcomes of WP1. The curricula will be updated in line with the latest international developments in the subject area and the local labour market requirements (WP2). Additionally, learning outcomes and teaching methodologies will be revised.

Phase III: Reform of Contents and Didactical Approaches

In a third phase existing course contents in Finance will be updated and new courses developed (WP3) based on the results of WP1 and WP2. Additionally, during this phase the EU HEIs will conduct two intensive training courses for 48 university teachers from Armenia and Moldova (WP4). These trainings focus on teaching methodologies/didactical approaches and relevant topics in Finance.

Phase IV: Implementation of Reformed Programmes

In a fourth phase the consortium members in Armenia and Moldova start to implement the modernized MA programmes (WP5). The programmes will continue to run after the formal project end and a first wave of graduates will finish their studies during the summer term 2021. WP8 provides a sustainability strategy and follow-up cooperation agreements.

Accompanying Activities

To promote highest possible quality of the project outcomes / outputs all phases are accompanied by quality assurance measures (e.g. reviews by an external “International Advisory Board”). Moreover, to ensure a broad reach to relevant stakeholders all phases are accompanied by targeted dissemination and exploitation activities. This for example includes local dissemination workshops and two final exploitation conferences (in Chișinău and Yerevan) (WP7). Finally, all phases are tied together through on-going project management (WP9) and coordination by UAS-BFI and the WP leaders.

Outputs and Rezults

During the project lifetime the following outputs and results are foreseen:

WP1:Review of MA Programmes and Guidelines for Reform

WP2: Curriculum Reform of MA Programmes

WP3: Development of Course Materials

WP4: Trainings for University Teachers

WP5: Implementation of the Reformed MA Programmes

  • Preparation for the launch of the reformed programmes
  • First year of the reformed MA programmes implemented
  • Set of career guidance events: “How to Build a Successful Career in the Armenian and Moldovan Financial Sector”

WP6: Quality Assurance

  • Quality Assurance Manual
  • Quality control reports of the Quality Assurance Group
  • Quality control reports of the International Advisory Board

WP7: Dissemination and Exploitation

WP8: Sustainability Promotion

WP9: Project Management and Coordination 

Institutional coordinator: prof., dr. hab. Galina Ulian 


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