Business & Economics

The School of Business & Economics offers undergraduate and postgraduate programs. Students coming from abroad can gain further insight in international business, world legal systems, and financial markets; focusing on Latin America, its economy, history and culture. 



A UM Business Management and Administration (BA) undergraduate student is an insightful entrepreneur that has acquired a broad and advanced understanding of the business world. Students in this degree will develop the knowledge necessary to manage all different areas of a company, due to their coherent, solid management skills.

With this degree, the student’s passions, talents and skills will be identified and therefore strengthened to develop their capacity and depth. This will therefore mold an incisive, innovative leader that will be able to solve problems and make decisions in a critical and creative fashion.

The curriculum is a credit system that is composed of a core set of courses and elective ones, which students may take from any of our departments. This also includes courses from our partner international universities.

With the elective courses BA students can also learn and specialize in their different fields of interest, such as: music, agribusiness, technology, design, fashion, sports, and gastronomy, along with many others.


The student will acquire solid understanding of the different areas in a company and the latest trends at a professional business level. He or she will develop a strong grasp on Marketing, Production, Human Resources, Finance, and Corporate Social Responsibility. Therefore the student will be able to specialize in the industry they are most passionate about. The student will be able to strategically plan and efficiently manage the resources to be able to accomplish their goals.

The BA degree consists of courses such as Leadership, Entrepreneurship, Creativity and Innovation, among others, that will further develop the skills required to identify key business opportunities and thus clearly present, introduce and carry out new ideas and propositions. They will be able to employ their acquired skills and abilities to successfully assemble and lead a positive work team, both ethically and professionally. The students’ capacity for strategic analysis and his/her potential for creativity are sought out by studying real business cases.

A BA student will also acquire tools, such as knowledge in languages, Information Systems and Innovative Methodologies, which will help them navigate in an efficient manner within the job market.

A standard BA degree consists of 8 academic semesters, if a student wishes to combine his BA degree with another one offered by the UM such as, Public Accounting, Economics or International Business, the student can graduate with a double degree after 10 academic semesters.

A BA degree stresses the importance of teamwork and project development; therefore they are often subject to team assignments and collaborative enterprises and thus are evaluated in that manner. Solid theoretical and practical work is expected and this will direct the student to become a more critical and research focused student.

A BA student must accomplish four professional internships to be able to graduate and receive the degree. He/she must also obtain a sufficient average between the note of the final examination and the final note of each course taken.

BA undergraduate students have the option to also receive a Diploma by doing a concentration on their elective courses. There are three different diplomas they may pursue: Diploma in Marketing, Diploma in Entrepreneurship and Innovation and the Diploma in Finance. 


An International Business (IB) graduate from the University of Montevideo is an interdisciplinary professional who has acquired global understanding of the Business World along with its context. Therefore possesses knowledge in areas such as: Foreign Trade and Logistics, Global Marketing and Strategy, and International Business Finance.

IB students should be able to understand the reality of Businesses in Uruguay and abroad. Due to their knowledge in Foreign Trade and Logistics, Global Marketing and Strategy, International Business Finance and other general courses such as contemporary history, cultural diversity, and political thought, students deeply broaden their knowledge of world affairs. BA students should acquire a solid grasp of another language, an expanding vision of the contemporary world and a strong base in international business systems.

Length: 8 semesters
Total Credits: 322

The first year within the ‘Facultad de Ciencias Economicas’ is a core curriculum for the four different degrees which include Business and Management, Economics, and Accountancy courses. Thereafter, the courses are specific to the degree with an international focus and a practical approach.

During the sixth semester all of the courses in this degree are taught in English and therefore Uruguayan students perfect their second language. They also interact with international students that are doing a semester exchange at the UM, and with professors that have international experiences.

One of the main factors that the IB degree has that the other three do not is the mandatory semester abroad with one of our partner universities. This takes place in the seventh semester and because of this students obtain a deeper international academic experience, complementing those English courses already taken at the UM.

In their last semester students must develop an entrepreneurship project with a global scope in which they apply what they have learned, and the skills they have acquired. In this final project students have the chance to demonstrate their leadership and negotiation skills, their ability to implement ideas and to make critical decisions.  

Students must fulfill a certain amount of internships and collect different work experiences. Therefore the UM offers national and international Internships in different environments such as Industry and Commerce, Travel and Tourism, International Marketing and Private Banking, among others.

Students will be evaluated in different ways throughout their 4 years. They will have mid-terms, final written exams, oral presentations, case studies and group projects.

It is required that students obtain 322 credits, 282 of which are in academic courses where they must obtain a final grade of 6 or higher in a scale of 12. And the remaining 40 credits are obtained through their internships.

IB students have the opportunity to focus on their elective courses in a specific area and thus obtain one of these three diplomas along with their degree when they graduate: Diploma in Marketing, Diploma in Entrepreneurship and Innovation, and Diploma in Finance.



An Economics graduate from the Universidad de Montevideo is a professional that is able to interpret basic market trends, shifts in national finance, and the changes in the global economy. He or she also acquires specialized research skills with the support of full-time faculty members. The academic proposal is challenging, internationally focused, and current, which helps students continue their studies in top graduate schools worldwide.

The ‘Facultad de Ciencias Economicas’ has a Center for Research in Applied Economics, which is composed of a prestigious group of full-time professors as well as students that perform collaborative research. The fields of study and research include: macro and microeconomics, health, environment, family, education and poverty.

The UM strives to offer the students within the Economics degree the necessary tools in order to make critical decisions within a business, and proper recommendations in a political economy.

An Economics graduate from the UM is a highly trained professional who has boldly developed both work and study skills which has therefore prepared him/her to perform well in a business or financial environment, in research and/or teaching:

Employment may be included within the following areas:

- Private Sector: Acts as a dependence factor or an external advisor in different business areas (commercial, financial, and administrative activities)

- Research centers: independent or linked to professional/union-based associations

- State-dependent organizations: executive officials, researchers or economic analysts

The Department of Internships and Career Opportunities supports students and acts as a bridge between academic training and the professional world. The course curriculum for an undergraduate in Economics includes four internships in different businesses, which provide the students with a closer approach to the labor market.  

The Economics degree is based on a credit system with certain required subjects that are divided into four areas: general, specific, electives and internships. For those students who wish to can obtain a double degree (Business and Public Accounting, or Business and Economics) at the end of 10 semesters. A student may also focus on his or hers elective courses and obtain a diploma in Finances or the Diploma in Marketing.

Each course has a specific methodology that allows the students to use their creativity to its maximum potential and develops their capacities for strategic analysis by focusing their study on real cases. This methodology deepens the students theoretical and practical skills and they therefore perform their professional tasks efficiently.

Each course within the degree is evaluated differently, and each course itself has different methods of evaluation. Most share similar activities such as: class quizzes, oral presentations, team projects, and of course they all have midterms and final exams.

In order to be awarded the undergraduate Economics degree, the student must have completed the four internships and must have passed all of their classes with a grade higher or equal to 6, out of 12 (this is done by averaging the course grade with the grade obtained in the final exam).

Students studying to obtain the economics degree at the UM have the possibility to concentrate on one of their elective courses and therefore acquire a Diploma in Marketing, Entrepreneurship and Innovation, or in Finance. 


A UM Public Accountant is a professional with excellent training in the fields of accounting, auditing, taxes and finance. Throughout the career he or she acquires the necessary IT skills, pivotal in their upcoming professional career. They also gain the knowledge to be able to make critical decisions, thus achieving their objectives and are then able to help improve management and maximize the economic resources within a business.

A UM Public Accountant is a dynamic and risk-taking professional.

The UM seeks to train professionals to be proactive and determined, who are able to face challenges and adapt to constant changes in the business world. The university also aims to stimulate students to be able to start an academic and research-based career.

The solid academic training the graduates receive, both theoretical and practical, makes them eligible to work as an independent consultant or to work inside an organization.

 Public Accountants, if working independently, could be responsible for preparing and analyzing accounting information, advising on labor and tax related topics, elaborating and presenting investment projects or implementing information systems. As an external auditor the Accountant make critical comments on the financial section of a company.

 If Public Accountants work within a company, they must be prepared to perform managerial tasks in accounting or finance and they control areas such as financial information, costs, control systems and taxes. They mainly would be in control of the monetary resources and the relationship with financial entities, planning and drafting the financial activities of the organization and their investment decisions.

The work experience they must do throughout the degree will allow students to better develop social skills in the work environment and choose the area of specialization confidently when beginning their professional life.

Length: 8 semesters
Total Credits: 339.5

The curriculum is based on a credit system which is composed of required and elective courses, these may be taken in any of our departments, including international partner universities.

The students are evaluated in different ways to further deepen their skills. In some courses they are evaluated individually, through both written and oral exams. Whereas in others they are evaluated in group projects in order to encourage teamwork and the interaction with fellow students. They will also have to analyze practical case studies in order to strengthen their critical analysis skills.

In order to receive the undergraduate Public Accounting degree, the student must have completed four required internships, and obtained a satisfactory final grade in each course.

Public Accounting students have the opportunity to focus on their elective courses and thus obtain one of the following three diplomas when they graduate: Diploma in Marketing, Diploma in Entrepreneurship and Innovation, and Diploma in Finance. 


Master’s degree in Financemore


Participants will learn solid financial skills that will prepare them for management positions in the field of Finance. The experience gained with the UM Master’s degree in Finance, will allow students to develop economic analysis skills. They will also improve their theory and financial practice by acquiring the fundamental tools for performance in leadership positions both at the corporate level and in the capital market.


Students will combine theoretical training with a practical and quantitative approach using lectures, as well as the Case Study Teaching Method. The cases present real situations, similar to those that a manager encounters in their day to day activities. These cases are the starting point to understand the relevant subjects as well as the financial decision-making process. The course is taught by distinguished local and international professors, as well as by leading professionals from the financial industry.  These professionals will share their experience in the class using conversation provoking activities.


The Master’s Program is aimed at those who aspire to occupy positions in management and other areas of responsibility within the field of Finance. Students will be able to work in both commercial and industrial companies as well as in the public sector, for example: The Central Bank of Uruguay, or the Ministry of Economics and Finance.


The Program is developed through theoretical and practical training. It has a duration of two years, in modules of two mornings per week. At the end of the Master’s degree, participants will present a thesis.

The class sessions are directed by an excellent body of teachers, trained in higher education in Europe, The United States, and Latin America.

Admission Requirements:

University degree officially recognized
Previous work experience
English reading level
For Scholarships and Financial Aid contact the Master's Program Management team. 

Master’s degree in Accounting & Taxation more


Participants will learn the foundations and fundamentals of management, more specifically the accounting-financial-administrative and tax fields of business. They will gain a profound understanding of how the preparation, analysis of accounting information, and taxation practices work. This aspect is relevant in the spread of information to third parties and within management, as well as in decision making in the following areas: administrative, financial and tax, management of information systems, and management of accounting information security.  Professionals are trained with critical analysis skills, with the aim of achieving successful resolutions.


The Program is aimed at professionals in the accounting field or equivalent, who have previous work experience, and want to specialize in accounting and tax issues. The diversity of professional training and work experience of the participants enriches the exchange of points of view and help develop future relationships. The friendships developed in the master's degree program, are the basis for a future professional’s work, and social relationships.


The Master’s degree in Accounting & Taxation combines theoretical training with a practical approach. The program is based on lectures, analysis, and case studies. These case studies are applicable to the discussion and resolution of practical situations. The cases are oriented to serve as a base for the application and discussion of the theoretical concepts covered in the course. They present situations where the problem is not as clearly outlined, similar to what happens in the field. For each session participants are required to study the content before arriving to class, this is so that the material may be properly analyzed in class.


The Program is developed through intensive training with classes two days per week for the duration of two years. The master's degree has an open curriculum system where students must take compulsory and elective subjects in order to achieve the total amount of required credits. Upon completion of the master's degree, participants must submit a final thesis. 

Master’s degree in Economicsmore


The program offers a solid base of the fundamental theories of economics, while training professionals to be capable of conducting economic research independently.  Graduates will be able to obtain better jobs and gain admission to international doctoral degrees. 

For those who work with data management in the public or private sector, the program includes topics not covered in other programs currently taught in Uruguay. The international professors’ knowledge and experience combined with the mathematics, probability, and micro, macro courses will facilitate the process of applying for admission into the doctoral program.


The master's degree is aimed at economists who seek to improve their job prospects as well as those who would like to continue their postgraduate study abroad. The degree is also good for university students who want to make economics their profession. The diversity of information and work experience of our professionals, enriches the exchange of points of view. The personal knowledge gained by the participants in the master´s degree program, is the basis for future relationships, professional and social.


The program combines economic theory and technical instruments using an analysis of real problems and the implications of those problems in terms of economic policy. They cover subjects normally not covered with a bachelor's degree in micro, macroeconomics.


Students must complete a total of 68 UM credits: 21 credits of compulsory courses, 27 credits of elective courses and 20 credits for the thesis. The credits of compulsory courses will be completed by obtaining a B-grade or higher in the following courses: one of microeconomics, one of macroeconomics, one of econometrics, one of mathematics and probability and the seminar of philosophy of economics (or alternatively choosing a subject in the area of social sciences and humanities offered at the University of Montevideo).


Postgraduate Program in Corporate Finance more


The Postgraduate Program in Corporate Finance, (PFC, for its acronym in Spanish) provides excellent tools for economic and financial analysis as well as a more practical understanding of financial theory.


The Program is aimed at professionals with a university degree or for those who have vast work experience in the field. The PFC is designed for those who are at a managerial level in finance, and for professionals that come from non-financial companies and entities that operate in the capital market.


The Postgraduate in Corporate Finance, combines a solid theoretical training with a practical approach. In the course, participants will use the case method, as well as an individual preparation; in which the participant will be familiarized with data from a case study, then have to identify the problem, analyze distinct alternatives and elaborate on a plan of action to solve the problem. The work is then compared in a meeting of peers, where participants will contrast the different solutions within the group.   

Later in the general session under the direction of the professor, the participants will discuss the best way to resolve the given problem. Finally, they will analyze the cases that complement the special lectures and conferences. This is for the purpose of classifying models and integrating concepts. 
The course is taught by a body of professors trained in high-level study centers in Latin America, the United States and Europe.

Postgraduate Program in Investment Managementmore


The main objective of the program is to train participants to be analysts, who understand the theory and know how to use the tools that are used in the field of investments. Participants will also learn to apply these skills in the management of instruments and investment portfolios.


Participants must meet the minimum established attendance, pass the tests of each course and take an exam at the end of each semester.

The course is aimed at professionals with an interest in specializing in investments and capital markets. It is also valuable for executives in the financial industry who wish to further their knowledge.


The Investments Diploma puts emphasis on applicable theories, because of this reason a large part of the workload is dedicated to putting concepts to practice.


Students can transfer credit toward earning a Master's Degree program in Finance from the University of Montevideo.

Course Structure:

The course is divided into two modules for the duration of the year. The first module is from August to November. The second module is from March to August.

Diploma in International Audit Standards + ACCA CERTIFmore


The diploma in International Auditing Standards combines the course standards with the ACCA International Audit Certification self-study course, for this reason participants will need to achieve the following objectives: 


Participants will learn the international audit standards and the main practical aspects of their application. In addition, students will gain a comprehensive view point of global trends in corporate reporting and their verification. 

Skill development

Participants will understand the foundations of the external audit process and its main phases.  They will be able to identify critical quality aspects in the application of audit techniques and procedures. In general, these procedures will be in compliance with the auditors’ rules, in accordance with their work and with their opinion. 


It is important that participants feel positively motivated to continue with the bettering of their auditing skills and to exercise the profession with a renewed conviction in the sense of their work as a social function.


The content of the audit program covers the entire study of International Auditing Standards. It is complemented by the content of the ACCA certification course, which is ordered according to the audit process and its phases. In order to help participants, assistance is given in class through participatory activities. The ACCA certification course was originally designed as a self-study course, what is added to this course is the value of our outstanding professionals and their experience in the principal audit firms in the country. This experience is utilized in the following ways: 

-By presenting the auditing standards in a contextual manner, using the framework of evolution and modern trends of company reports, as well as local realities in Uruguay. 
-By sharing best practice methods derived from professional experience, and critical elements for a quality audit (Audit Techniques).
-By introducing and reinforcing the understanding of expected behaviors of technicians and professionals involved in audit work (Topics of professional practice).


The evaluation consists of a final exam, which is based on the course materials that are necessary in order to obtain the diploma.  As well completion of both modules and assistance of at least two thirds of the academic course hours are a prerequisite.

Participants will have three tries to pass the exam to receive the certification offered by ACCA. This exam is taken online and is given in an individualized manner. This means that the questions will be designed specifically to each participant. 

Course materials:

Each participant will be provided with the following materials required for the course:
- Course folder with detailed diploma program. 
- A complete set of International Auditing Standards in Spanish. 
- A complete set of self-learning course materials for the ACCA certification. 
- Other reading materials corresponding to each module are indicated in detail in the course handout. 


The diploma has a total duration of 96 academic hours distributed in eight modules. Each module is composed of 12 academic hours, which will be taught two days a week, plus the final evaluation activities.

Certification in IFRS (with ACCA Certificate)more


In this course participants will focus on facilitating a global view of IFRS, including topics related to the presentation of financial statements, as well as the recognition and valuation criteria of the main assets and liabilities. 

The aim of this course is for participants to understand the main criteria used in valuation and to expose them to the IFRS criteria which is enforced internationally. The final objective being to take the exam required to obtain the Certification in Presentation of the International Financial Information issued by ACCA (Association of Chartered Certified Accounts).


The course will be developed in 15 sessions of 3 hours each. Classes are held on Mondays and Wednesdays from 6:30 p.m. to 9:30 p.m. Upon completion of the course, students will take a sample exam.

Participant materials:

Each participant will be provided with a copy of the materials necessary for the course and the exam.


There is a discount for students and alumni from the University of Montevideo.