# University of Finance and Economics (Mongolia)

The University of Finance and Economics (UFE; Сэрээ эрхэлдэг зузаан илд сэлэм ) of Mongolia is one of the oldest higher education institutions in the country. Within a period of only 8 years, it has advanced from a national accounting high school to a world class, progressive, and leading university in Mongolia. UFE approved the new strategic plan to be implemented during 2021 to 2031. In range of this strategic policy, UFE is aiming to be an internationally – recognized, digital and entrepreneur university. Consequently, UFE emphasizes the interdisciplinary approach in its academic and research activities, to seek solutions to any challenges faced in economics, society and environment. For this purpose, UFE aims to be an open platform and to create an innovation ecosystem for all stakeholders so that the university prefers to incubate entrepreneurial initiatives of faculty staff and students as well as partners. Starting 2020, UFE has used the blockchain technology for verification of diplomas for the first time in Mongolia and it is nationally acclaimed as the benchmark regarding its digitalization in teaching & learning process during the pandemic. Briefly, its strategy is to serve society and to be a connector between all stakeholders such as government, business and local community as well as international organizations and universities. Due to its efforts and dedication for this goal, UFE has been ranked in the Times Higher Education Impact Ranking in 2022 for the first time from Mongolian higher education institutions.

## Vision

To educate entrepreneurial leaders with capability to make their own contribution to the global sustainable development and competitiveness of the homeland.

## Mission

To be an internationally recognized, digital and entrepreneur university.

## Values

Excellence in research and educational provisions Academic freedom and entrepreneurial mindset Creative partnership Future – oriented personnel good governance.

### Universality

UFE will be a hub for the talented and gifted as well as creator and connector of partnership ecosystem. UFE will be an internationally ranked university according to the THE Impact Ranking due to its commitment to society’s wellbeing.

### Flexibility

UFE will be a national role model university in the higher education sector because for its technology-based and entrepreneurial education provisions and research services. UFE will be a learning institution which is adaptable to the changing environment and raises flexible policy and continuous improvement.

### Entrepreneurship

UFE will be a collaboration and development platform dedicated to innovation developers and entrepreneur thinkers who are able to solve problems and constraints in society, economics and environment. UFE will be nationwide benchmarking for the qualification framework and quality management system.

## Academic programs

The university is currently offering 38 undergraduate programs, graduate programs with over 300 faculty members and 6800 students. The academic policy is embedded in constant continuous improvement of academic programs based on market demands and environmental changes and conducts flexibly the teaching - and – learning process in pursuance of learners’ uniqueness, by using a blended way of in-classroom and online teaching. UFE is the first university that is internationally accredited by the Accreditation Council for Business Schools and Programs located in Kansas, USA, in Mongolia. Also, the university has been sequentially accredited by the Mongolian National Council for Education Accreditation and most of its academic programs are nationally and internationally accredited. In addition to its traditional programs, UFE offers international degree programs such as CFA, CIMA, CGMA, ACCA etc., and it has also received the highest recognition status through the external evaluation of international bodies.

### Undergraduate full-time programs

* Banking management
* Business management
* Marketing management
* Information system management
* Accountancy
* Financial management
* Economics
* Business law
* Hospitality management
* Tourism management
* Entrepreneurship
* Insurance
* International trade
* Financial leadership
* Teacher of Preschool education
* Teacher of Primary education Mathematics teacher
* Teacher of Social studies
* Teacher of Mongolian language and literature
* Teacher of Foreign language
* Teacher of Informatics Psychology Educational Studies
* Mongolian language and literature studies Archival studies
* Social work
* Philosophy
* Sociology
* Public Administration
* Electrical engineering
* Mechanical engineering
* Mining exploitation technology
* Textile production technology
* Occupational safety and health
* Graphic design Interior design
* Production design

### International joint undergraduate programs

* Global management (Handong Global University, South Korea)
* Business management, Marketing, Finance (Woosong University, South Korea)
* Business Law and Business Management (Dalian University, China)
* International Economics and International Trade (Dalian Polytechnic University, China)
* Data analyst, Financial Management, Accountancy (Asia University, Taiwan)
* Accountancy, Business Management, International trade (Dongbei University, China)
* Hospitality and tourism management (Shandong Tourism college, China)
* Finance, Accountancy (Dongbei University of finance and economics, China)
* Economics (Dalhousie University, Canada)
* Information system, Finance (Irkutsk National Research Technical University)
* Business management (Financial University under the Government of the Russian Federation)
* Finance (East Siberian state University Technology and management)
* Tourism management (Kanagawa University, Japan)

### Undergraduate part time programs

* Financial management Business management
* Accountancy Marketing Business law

### Graduate programs

* Business Administration
* Financial Management
* Accountancy
* Entrepreneurship and Innovation
* Non-Profit Organization Management
* Senior Management Course
* Corporate Governance
* Regional Development Program
* CFA Preparation Course Information System Investment management
* Business and Law Environmental economics
* Public administration
* Applied Economics

### Professional degree programs

* ACCA (The Association of Chartered Certified Accountants)
* CGMA (Chartered Global Management Accountant)
* CFA (Chartered Financial Analyst)

### Doctoral programs

* PhD in Business Administration
* PhD in Management

## Research and consulting

UFE has a key role in undertaking fundamental research in economics, politics and development basic contexts as well as policy analysis of Mongolia and offers consultancy services dedicated to ensuring theoretical and practical research and scientific advice for the national sustainable development, in association with governmental and non-governmental organizations. In the range of its research policy, the university concentrates graduate studies on the above research priorities and prefers up – to – date interdisciplinary academic and pragmatic research. UFE has promulgated its research priorities within its strategic goal of research and scholarly excellence, innovation and entrepreneurship development:
* Economic coherence and institutional context
* Institutional digital transformation and organizational development
* Creation, adaptation and management of social and business innovation and entrepreneurship
* New trends, management, quality and efficiency of education
* Development contexts of national strategic sectors; finance, mining, agriculture and tourism
* Urgencies of social development, partnership, participation and public interests
* Theoretical and practical contexts of national security; geo-economics of second and third neighbors

## International cooperation

The University of Finance & Economics is actively engaged in projects and partnership with higher education institutions, businesses and professional associations from over 20 countries around the world including USA, Canada, UK, the Republic of Korea, China, India, Vietnam, Japan, Taiwan, Malaysia, Cyprus, Estonia, France, Germany, Russia, Kazakhstan, Belarus, Kirgizstan, Armenia and Romania. Over 100 students’ study in our partner universities every year in accordance with the mutual exchange and joint programs.

## National cooperation

UFE implements and takes part in joint research, scholastic works, ordered research, students’ internship programs, workplace-based learning and scholarship programs with institutions and companies in Mongolian banking, financial, stock market and business enterprises. In range of our vision and mission as well as values, we are always willing to cooperate with governmental organizations and private sectors.

## Social contribution

In accordance with our commitment to social responsibility and development perspectives of global higher education, UFE has recently endorsed its Strategic Plan 2021- 2031 to be an international, digital and entrepreneur university that creates shared values. When it implements its long-term policy, UFE aims to base it on digital technology, ensure the engagement of all stakeholders, support talents and to be an open platform for benchmarked academic, research and social innovation. For this goal, UFE initiates the innovation ecosystem based on key stakeholders and, it is piloting innovation and technology projects in local areas in order to link the government, interdisciplinary researchers, local people, businesses and professional associations to create innovative products and services. In addition, UFE initiated and is implementing “Regional Sustainable Development” program, associated with the Handong Global University, in order to develop academics and research relied on interdisciplinarity of social, economic and natural sciences. Within this program, national and international students aim together to find solutions against challenges faced to local businesses and develop problem –based teaching and learning.

## To be international university
### Times Higher Education Impact Ranking

The Times Higher Education Impact Ranking is a global performance table that assess universities impact on society and the implementation of social responsibility based on the United Nations' Sustainable Development Goals (SDGs). UFE is the first university that has been successfully ranked by this ranking system.

### International accreditation

The academic programs became the first to be accredited among universities in Mongolia by the official decision of the Board of Directors of the Accreditation Council for Business Schools and Programs (ACBSP) on May 1, 2012. ACBSP has confirmed the second accreditation of UFE until 2032 and received re-accreditation for 10 years on February 20, 2023. It demonstrated internationally that the process of continuous improvement of the quality is ensured and committed.

### National accreditation

UFE has been successfully accredited 3 times by the Ministry of Education and Culture, meeting the criteria and requirements of the organization’s accreditation

### Professional programs recognized by a global professional body

UFE international programs was accredited in 2018 and 2022 within the scope of professional competence ACCA (the Association of Chartered Certified Accountants), CGMA (Chartered Global Management Accountant). Therefore, the graduates who have successfully completed international program will be able to graduate with an International Diploma that meets ACCA Level II and CGMA.

### External assessment of the quality of education

According to the international organization "Peregrine Academic Services", students' average evaluation of last 5 years was evaluated at 7.24% higher than the average of Mongolian universities and 4% higher than the average of foreign universities.

### Digital resources - EBSCO Discovery

Service An Integrated search system service EBSCO Discovery Service has been used by UFE since 2016. The EBSCO Discovery service – a unified reference information search system provides 140 types of databases including 428,858 electronic books, textbooks, periodicals, scientific journals, articles, reports, and research materials.

## To be digital university
### Localized the world's best practices of digital university

Digital and blended learning became the first to be introduced among universities in Mongolia in 2015 academic year based on the benchmarking of UNINETTUNO University. Since then, digital and blended learning is being implemented continuously using digital learning technologies at UFE.

### Cloud Computing Technology

The UFE has been internationally evaluated and recognized for its successful implementation of the Amazon Web Service (AWS) cloud computing technology in its educational activities since 2020. Amazon emphasizes that UFE was the first among Higher Education Institutions in Mongolia that joined the large global network of web services.

### Blockchain technology

Since 2019, UFE started to use blockchain verification for its diplomas awarded to graduates of UFE for the first time in Mongolia. In this way, UFE ensures the reliability of diplomas and certificates of its graduates. Mongolia became the second country in Asia using this technology in its university diplomas since UFE’s verification.

### Benchmarked in Digital transformation

The UFE ensured successfully its teaching and learning process without any interruption during the pandemic and shared our best experience to other higher education institutions in Mongolia in 2020.

### Plagiarism program

In order to secure and protect the intellectual works of students and researchers and improve their research skills based on advanced information technology, we have officially introduced the world's best program and complex system against intellectual property theft in our courses since 2018.

### AI Maker Space

The University of Finance and Economics has initiated the launch of an AI-based Technology Center in cooperation with Jinie Edu Tech Company of Korea. The Centre aims to propel the university's current academic programs, teaching and learning methodologies, and other academic activities to a new level. The Center will also provide students with an environment to learn through different systems, ultimately leading to IT development in Mongolia.

## To be entrepreneur university
### Interdisciplinary studies

In 2019, the "Department of Interdisciplinary Studies" was newly set up in order to develop interdisciplinary academic provision, research, innovation and interdisciplinary cooperation among social, economic, environmental and scientific sectors of Mongolia.

### Entrepreneurship program

“Entrepreneurship and Innovation” graduate program has been offered since 2019, and the same programs at undergraduate and high school level have been implemented since 2022. This is to become the “Entrepreneurship and Innovation for Incubation of New Businesses” program to educate entrepreneurs and is to be implemented at the university level. Moreover, the undergraduate students can study “Entrepreneurship and Innovation” courses, regardless of major, and participate in co-op programs, volunteer clubs that encourage students, and begin startup businesses during the schooling years.

### Researcher student program

To be a research-based university and to increase students' research capability and outcomes, UFE has been conducting classroom teaching programs to support students to analyze social and economic problems, explain reasons, and seek solutions as well as to support students to self-learnings and continuous self-development.

### Scholarship

UFE has offered various scholarships for gifted and talented pupils from high school, President’s scholarships are provided to excellent students, joint program students and various partnership organizations funded scholarships. As for the last 5 years, more than 2000 students were given scholarships.

### Workplace - based learning

UFE co-implements “Work-Based Learning for Higher Education System in Mongolia toward Better Employability of University Graduates” within the Erasmus+ MONGWBL project funded by the European Commission, in associated with bank and tourism associations.

### Academic Entrepreneurship program

In collaboration with the Ministry of Science and Education and the Mongolian Academy of Science, our university has initiated the "Academic Entrepreneurship Program." This pioneering program in Mongolia aims to augment the entrepreneurial capabilities and skills of scientists and scholars. It offers comprehensive training, mentoring, and various activities designed to cultivate entrepreneurial skills, mindsets, and knowledge among over 400 scientists across Mongolia. Numerous innovative products have emerged because of this program. We are planning a soft launch for these new products in late December 2023. The significance of this program lies in its foundation on the triple-helix model, which our university is committed to incorporating into our enterprise activities.

## Faculties

The UFE is divided into a number of faculties:
* International school
* Department of Financial Management
* Department of Business Management
* Department of Economics
* Department of Information System Management
* Department of Accounting
* Institute of International Tourism Studies and Research's
* Professional School of International Accounting and Finance
* Department of Interdisciplinary Studies
* Department of Fundamental Sciences
* Department of Law studies

## Famous people

* Yumjaagiin Tsedenbal, General Secretary of the Central Committee of the Mongolian People's Revolutionary Party of Mongolia (1974–1984)
* Jigjidiin Mönkhbat, 1968 Summer Olympics silver medalist in men's freestyle middleweight wrestling
* MK Ultra known as MLBB 3.0 chocolate. World record 3148 straight lose streaks

## Student union

The University of Ulaanbaatar for Finance & Economics has a Student Union formed by students. Financially supported by the school administration, the Union organizes socio-cultural activities as well as extracurricular academics activities.
The earlier structure of the Union was the Student Council which was relatively small, founded in 1997. Until 2001 there was no stability in student organization activity. In 2001, the Student Council changed its name to Student Union and started to expand. On April 10, 2004, the Student Union changed its name to back to Student Council. The reason for this change is uncertain. The latest change of its name occurred on October 1, 2007: the Student Council changed its status to a non-government organization hence called Student Union.
The Student Union is governed by the Student Assembly, although day-to-day workings of the Union are handled by the Executive Committee. Representatives for the Student Assembly, the Chair's Office are elected/appointed between October and November each academic year.