Current national and global trends show that economics and management studies can become a trampoline for a career, even to the highest positions. You do not have to look far for examples: Lithuanian President Gitanas Nausėda, serving his second term, is a doctor of social sciences and associate professor, but he first became known as an economist. The importance of specialists in this field to society is also highlighted by the list of the most influential Lithuanian economists and entrepreneurs that DELFI has published for the past 10 years. The top ten of 2024 is rounded off by another VU graduate – economist, Vilnius University lecturer, and associate professor Marius Dubnikovas. This trend further emphasises the importance of the Kaunas Faculty of Vilnius University study programmes in preparing future leaders. Therefore, there are no limits in this career field – the Kaunas Faculty of Vilnius University invites you to join the international market by offering Economics and Management studies in English. This direction opens up excellent opportunities for students who want to pursue both academic achievements and influential positions in business or government.
Economics and management – a combination of skills for decision-making
“Economics as a field of study is not so much a specialisation as it is an area of education that encourages a broad perspective and develops critical thinking and analytical skills, while management is a practical discipline applied in business,” says the scientist at the Institute of Social Sciences and Applied Informatics of the Kaunas Faculty of Vilnius University, Assoc. Prof. Rasa Pušinaitė-Gelgotė. According to her, economists with management skills will always have a competitive advantage in the labour market, as they can both analyse and manage.
The scientist at the Institute of Social Sciences and Applied Informatics of the Kaunas Faculty of Vilnius University, Assoc. Prof. Ilona Kiaušienė agrees with her colleague and says that knowledge of economics, analytical thinking, and the ability to make responsible management decisions are three components that significantly impact young people as they integrate into the labour market and plan their career prospects.
“Economists with managerial competencies can strategically use their acquired knowledge and skills to help businesses overcome emerging challenges and promote success. After all, economic knowledge is used to assess supply and demand and gain a competitive advantage in the market, and is closely related to the decisions that businesses have to make. An economist's understanding of demand elasticity, willingness to pay, and willingness to sell, together with their ability to analyse their business and the market in which it operates, allows them to develop an effective business strategy and reveals opportunities to increase revenue,” Assoc. Prof. Ilona Kiaušienė is convinced.
VU KNF Economics and Management students not only seek to understand what financial indicators or strategic decisions a successful company should have, but also learn to solve social welfare problems, analyse the role of business and the role of the country in the global economy in implementing sustainable development goals, and explore why it is necessary to address climate change. They also assess both the positive and negative impacts of artificial intelligence on the labour market, such as why businesses need to embrace the challenges of digital technology.
Studies in Lithuania are complemented by international experience
Assoc. Prof. Ilona Kiaušienė notes that the constantly changing environment and the need to address the problem of complex skills shortages encourage interest in new developments, discussion of innovation, and international cooperation. An excellent example of collaboration is the training courses organised for teachers and the summer schools organised for students from different countries. Students from the Economics and Management undergraduate programme at the Kaunas Faculty of Vilnius University participated in one such project titled “Transnational cooperation initiative fostering developing forward thinking skills of students, teachers and workforce in sustainability-relevant sectors posed by Business 4.0 trends through innovation in Business & Engineering education and training”.
“We learned how to assess how a specific product would fare in a chosen country, how to introduce it to the market, and all the possible scenarios for success and failure. When performing the tasks, we had to consider how rapidly modern technologies are developing and how economic indicators are changing. It is incredible how quickly economists have to sort through the information they receive, so the ability to think critically is simply a must,” said Rugilė Benkunskaitė, a graduate of the Economics and Management study programme. She was happy to share her impressions of the international summer internship, where students from different countries developed digital skills that are important for modern business.
Titas Repšys, who graduated from the same study programme with a bachelor's degree this year, emphasised: “I enjoyed participating and working with students and professors from other cultures, observing how they organise their work.”
“We learned about the latest trends and innovations in technology, the challenges of digitisation, the opportunities offered by artificial intelligence, and other advanced technologies that are changing the business world. This allowed us to imagine what the world will look like in the future. We must follow innovations and understand how they will change the global economy or corporate management decisions,” this year's graduate, Ernestas Žiogas, shared his insights.
The pandemic highlighted the importance of economic reliability
As a memorable example, Assoc. Prof. I. Kiaušienė recalls the coronavirus pandemic, which challenged the global healthcare system and led to economic changes. During the pandemic, politicians and economists actively sought answers to various questions, considered possible changes in global priorities, preparedness to continue building a sustainable society, conditions for living in a high-quality environment, and the ability of governments to respond quickly to emerging economic problems. As with many other issues, we need to find answers that suit us all and solutions that benefit everyone.
“Every choice we make costs something. If a person can critically assess the benefits they will receive and what they will lose by making one decision or another, then they are reasonably weighing the cost of their choice. These are exactly the kind of specialists that the labour market needs,” says Assoc. Prof. Ilona Kiaušienė.
In other words, economic thinking allows individuals, as participants in a market economy, to make rational decisions about the direction of their activities, the distribution of their income and expenses, and the balance between work and leisure time. Additionally, it is equally important to understand how government mechanisms work, whether state finances are used effectively, how the budget is drawn up and implemented, and what economic prospects determine personal and general well-being and quality of life.
The English language is an advantage in studies
English is the primary language of communication in global markets, so studying in this language will better prepare students for work in international companies and organisations. English provides a broader international perspective, highlights international and global aspects, and provides an opportunity to learn more about global economic and business models. In intercultural groups, the teaching/learning process becomes more diverse, and students learn to work with people from different cultures, which is very important in a global world.
One of the most significant advantages is the opportunity to integrate more easily into the international labour market, learn to use international terminology, and take advantage of a broader range of academic sources. The content of the study programme is generally based on global or EU legal principles, but there are opportunities to delve into the legal system of a specific country. Such specialists are more attractive to employers in international companies, where English is the primary language of communication.
The study environment is also changing since studying in English usually attracts international students, which creates opportunities to establish valuable contacts and broaden one's horizons. In addition, higher education is conducted in English in many countries, so choosing such a study programme makes it easier to participate in exchange programmes and choose further studies abroad. At the same time, it opens up opportunities to improve personal skills, adapt to new situations, solve problems, and communicate effectively in different cultural environments.
Most importantly, the interdisciplinary nature of the Economics and Management study programme aligns with global trends in specialist training, which emphasise the importance of integrating knowledge from different fields and the ability to start one's own business. The studies cover relevant practical life needs, so after graduation, students can analyse economic phenomena at the company, state, or regional level, are familiar with the latest economic trends, and apply management knowledge to solve economic problems and improve organisational performance indicators. In cooperation with social partners, the study programme is designed so that its graduates have sufficient theoretical and practical knowledge for professional activity.