International School of Economics at Tbilisi State University. Serving Armenia, Azerbaijan and Georgia. Master s Degree. Economics

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1 International School of Economics at Tbilisi State University Serving Armenia, Azerbaijan and Georgia Master s Degree in Economics ISET is jointly funded by BP, the CERGE-EI Foundation, the Government of Georgia, the Norwegian Ministry of Foreign Affairs, OSI, Sida, USAID, and the World Bank

2 Why ISET? Challenge. Western-style economics MA program. Study in English. Library and IT facilities. Community of scholars. Path to a challenging career. World-class professors. Depth. Analytical skills. Dignity. Respect. Family atmosphere. Friendships. Scholarship. ISET The only world-class master s degree in economics in the Caucasus. International Professors. International Approach. International Opportunities.

3 Student Profile, Applicants to the first-year class: Students admitted to the first-year class (%): Of these, students joining the first-year class: (24%) 55 (81% of those admitted) Background by undergraduate field of study: Business and Economics Exact and Natural Sciences Mathematics Humanities Other Percent of students receiving at least partial financial aid (scholarships): 67% 12% 6% 4% 9% 100% Tuition and Financial Aid Annual tuition is set at eight thousand dollars per year; however, ALL successful students receive at least partial scholarships. The actual amount of the scholarship depends on the student s performance at ISET. The First Year All students accepted for the Master s program study free-of-charge during the first two months. Merit-Based Financial Aid Based on exam results at the end of this period, students are offered scholarships. On average, 2030 students in each class receive 80% scholarships (B average required), and approximately receive 60% (B- average required) scholarships. Top students may also be offered special ISET tuition waivers. Students with Georgian Government grants may apply these funds to their tuition. Additionally, students are eligible for living stipends which usually range from $60-$100/month (based on academic achievement in previous mini-term), but a few outstanding applicants from each country may qualify for significantly higher stipends, up to $500/month. Needs-Based Financial Aid ISET has negotiated a tailored bank loan program to help students from Georgia cover the cost of their education. These loans offer lower-than-market interest rates, less stringent guarantor requirements, and a two-year grace period on repayment of the principal. Students from outside of Tbilisi are eligible for housing stipends of up to $100/month. Students from Armenia and Azerbaijan are also eligible for ISET needs-based scholarships to supplement their merit-based scholarships. The Second Year Students fund their second year of study with a combination of merit scholarships, work or teaching obligations at ISET, and bank loans. Students continue to be eligible for stipends based on their academic performance. Additionally, students from Armenia and Azerbaijan are eligible for needsbased scholarships.

4 ISET Brings Great People Together Our Professors come from Columbia University in New York; University of Pennsylvania; University of Chicago; Hebrew University of Jerusalem; Carlos III University in Madrid, Spain; University of Bologna, Italy; Oregon State University; University of Kansas; and City University of London, among others. Our Board members represent the National Bank of Armenia; the Oil Fund of Azerbaijan; the Ministry of Finance of Georgia; BP; OSI; the Government of Norway; Hunter College in New York; and Tbilisi State University. The Chairman of ISET s Governing Board is the former World Bank Country Representative to Georgia. Recent Speakers at ISET include the Prime Minister of Georgia, the Deputy Minister of Finance of Georgia; Head of the Chancellery of Georgia; General Manager of Magticom; CEO of JSC Bank Republic; BP Chief Economist; General Manager of ProCredit Bank; and Chief Economist of the European Bank for Reconstruction and Development (EBRD). Our graduates work in Armenia, Azerbaijan, and Georgia and study in the US, France, Belgium, and Spain. Our students are amongst the best and brightest young people in the South Caucasus today. Courses and Concentrations During the first year, all ISET students enroll in a core curriculum, including: Microeconomics Macroeconomics Mathematics for Economists Statistics and Econometrics English and Academic Writing During the second year, students can choose from elective courses, such as: Money and Banking International Finance International Trade Financial Economics Public Economics Labor Economics Development and Transition Game Theory Industrial Organization/Regulation Environmental Policy Energy Economics Health Economics Advanced Microeconomics Advanced Macroeconomics Advanced Econometrics Second year students also carry out an independent research and writing project under the guidance of a faculty member. Concentrations ISET currently offers an Energy Economics Concentration, funded by USAID. Up to 10 students each year are accepted into this concentration. They are eligible for full scholarships for their second year of study, participate in a summer internship in the energy sector, and take specialized courses on energy economics during their second year at ISET. Other concentrations are currently under development.

5 REAL-WORLD EXPERIENCE Internships To practice what they learn in the classroom, many ISET students take part in internships, either during the year or during the summer. Students participating in the ISET Energy Concentration take part in an internship in the energy sector. Recent internship placements have included: European Bank for Reconstruction and Development (EBRD), London The World Bank, Washington, DC, Baku, Tbilisi, Yerevan International Monetary Fund (IMF), Yerevan The National Bank of Georgia The National Bank of Armenia Electric Networks of Armenia State Oil Company of the Azerbaijan Republic (SOCAR) The Georgian Ministry of Energy and Natural Resources The Georgian Oil and Gas Corporation The Georgian Energy and Water Supply Regulation Commission The Georgian Ministries of Finance and Defense Noghaideli Consulting The USAID-funded Business Climate Reform Project Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ) Small Enterprise Assistance Fund (SEAF) Placement To date, a total of 52 students have graduated from ISET. Of those 52, nine (15%) have gone onto PhD programs in the United States and Western Europe with full scholarships and stipends. ISET graduates can currently be found at the following institutions: University Carlos III, Spain Universite Catolique de Louvain, Belgium University of Chicago, USA University of Toulouse, France Southern Methodist University, Dallas, Texas, USA University of Pennsylvania, USA University of Illinois at Urbana-Champaign, USA Boston University, USA Our other graduates are employed in analytical positions in the public and private sectors in their home countries. Organizations employing ISET graduates include the following: National Bank of Armenia National Bank of Azerbaijan Ministry of Economic Development of Azerbaijan National Bank of Georgia Ministry of Finance, Georgia Tax Inspectorate, Georgia Georgian Financial Supervision Agency Ministry of Defense, Georgia Social Subsidy Agency, Georgia Policy and Management Consulting Group Iberia Business Group TBSC Consulting Caucasus Research Resource Centers(CRRC) Armenia Basis Bank Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ) Ten of our graduates have received grants from the CERGE-EI Foundation to conduct research at ISET and/or teach undergraduate economics courses at local universities. These grants allow graduates to earn the equivalent of a competitive salary, while gaining professional experience in academic economics and giving back to their communities. All grant recipients take part in intensive pedagogical training in Prague. Individuals may conduct research and/or teach full time, or may combine a grant for part-time teaching with a position in the public sector in their home country. Through this grant program, ISET graduates currently teach at Tbilisi State University, The Caucasus University in Baku, and the Agricultural Training Center in Armenia.

6 WONDERING IF ISET IS FOR YOU? My undergraduate diploma is not in Economics. Can I apply? Yes. A background in economics is not required and we welcome individuals with training in other disciplines. The first two miniterms include intensive courses in micro- and macroeconomics. I am not sure my mathematics background is enough for ISET. Can I apply? Economics, as taught in US and Western Europe and at ISET is mathematically-based. All ISET students take math during eight months of the first year of studies. If you are good at mathematics but have not studied math in a while, you can still do well at ISET. However, if you are unable to learn new mathematical concepts quickly or work with numbers easily, this program may not be for you. My English is not perfect. Can I apply? To be admitted to ISET, you have to pass an English exam that tests basic reading and writing skills. If your English is weak but you are determined to come to ISET, you can work on your English now and attend our preparatory course before the admissions exams. I have a certificate in English, or have taken the GRE, TOEFL or IELTS exam. Do I still need to take your exams? Yes. All applicants are required to take the ISET admissions exams which are offered simultaneously in Baku, Yerevan and Tbilisi each spring. If, however, an applicant is residing outside of the South Caucasus at the time of the exams, he or she may be granted an exception and allowed to submit results from standardized exams such as the GRE or TOEFL. Who teaches at ISET? All of our economics faculty hold PhDs in Economics from prestigious universities in Europe and the US. We have international professors based at ISET, as well as visiting professors, who come for several months at a time to teach. Is this Master s program a good investment for me? If you are interested in economics and are willing to work hard, this program offers excellent career preparation. Ninety eight98% percent of our graduates who chose to look for a job (rather than continue onto a PhD abroad) found jobs in their field within the first six months after graduation. Economists typically work in government ministries, central banks, medium and large private companies, private banks, think tanks, and universities, as well as international organizations. Can I continue to work while I study at ISET? Due to the very serious workload while a full-time student at ISET, we discourage students from actively participating in outside employment during their studies. Where will I live? If you are not from Tbilisi, we will offer you assistance in finding suitable accommodation. Students from Armenia and Azerbaijan are also eligible for financial support of $100 to help cover the cost of housing. There is plenty of affordable housing in Tbilisi, especially if you share with other students. How do I apply? You can apply online at beginning in late January How much does it really cost? Providing a first-class education is costly. ISET s tuition is set at eight thousand dollars per year. However, ALL of our students currently receive at least partial scholarships (see page 2). Students are encouraged to apply for subsidized bank loans to cover any tuition payments their families cannot cover.

7 APPLY FOR THE MASTER S DEGREE PROGRAM AT ISET Applications are accepted online beginning in late January The admissions process consists of three main stages: (1) Online submission of a full application package, a complete an application form, a one-two page statement of purpose, and diplomas and transcripts from previously attended educational programs (bachelor s, previous master s). (2) Admissions exams in English and Mathematics, which will be held simultaneously in Baku, Tbilisi, and Yerevan in early May. Students may be eligible to take part in preparatory courses in English and mathematics in March-April to help them prepare for these exams. (3) Interviews, In order to get more information to assist with the admissions process, ISET s admissions committee interviews some applicants during the period following the ISET admissions exams. Additionally, students from Georgia are required to pass the State Master s Entrance Exams, which are offered in July. DATES AND DEADLINES February 1 March-April Application process opens Optional preparatory courses in math and English, available throughout the South Caucasus via distance learning Workshop series on International Trade and Regional Integration, available throughout the South Caucasus via distance learning April 26 Application deadline Early May May 3-14 May 25 July July-August August 30 Admissions exams held in Baku, Tbilisi and Yerevan Admissions interviews Admissions results announced National Master s Exams for Georgian applicants Optional preparatory courses for incoming students Studies begin COME MEET US! Come see for yourself how ISET differs from other master s programs in the region. You are invited to join us for our next open house day or to sit in on a class to see what ISET is all about. We also do several presentations each year in Armenia and Azerbaijan, as well as in regional cities of Georgia. Please give us a call at ( ) or check for more information.

8 What do you know about economics? Test yourself... 1] Bad weather conditions have destroyed half of global coffee production. You expect the price of coffee in the coming months to a) remain constant b) go up c) go down 2] You own a firm that produces ketchup. The cost of tomatoes you use as your main raw material doubles. Everything else, including the price at which you sell your ketchup remains the same. You expect your profits to a) increase b) decrease c) remain constant 3] A company is expecting to receive benefits amounting to $1.5 mln (present value) from a project it is going to implement and whose cost is $0.8 mln. After the investment of $0.8 mln has already taken place, it becomes evident that another $1.2 mln investment has to be made in order to reap the final benefits. Should the investment be done and the project completed? a) Yes, it should. b) No, it should not. 4] The retail price index is used to a) construct price lists b) compare shop prices c) measure changes in the cost of living 5] As a consequence of an economic downturn you expect the public budget deficit a) to increase b) to decrease c) public budget deficit is not influenced by economic downturns or upturns 6] The government has just announced the increase of the minimum wage above the actual market wage. You expect a) higher unemployment b) lower unemployment c) higher wages and no effect on unemployment 7] In the presence of unexpected inflation exceeding the target set by the Central Bank, you expect the monetary authorities to a) buy treasury bonds b) raise interest rates c) lower interest rates To check your answers, visit Representative office in ARMENIA CRRC, 52 Abovyan Street 3rd Floor, room 305 Yerevan 0025, Armenia Tel: (374 10) , Zandukeli Street Tbilisi 0108 GEORGIA Tel: (995 32) /178 admissions@iset.ge Website: Representative office in AZERBAIJAN Information Resource Complex 60 Rashid Beybutov Street, 1st floor Azerbaijan Languages University Tel: (994 12) ;