Choosing a Business School in Georgia

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The FINANCIAL — The most expensive business education in Georgia is available at ISET, the International School of Economics. While the annual tuition fee at ISET is set at the level of 8,000 USD, generous merit-based scholarships are available to all students.


Caucasus University takes second place with its fees of 7,500 GEL. Students pay 6,950 GEL to receive business education at Free University. These are the most expensive universities in Georgia in terms of Business and Management education.

The Presidents of the universities say that nowadays business and management have become some of the most demanded professions in Georgia. The high demand led to the high prices of the faculty. Eric Livny, Executive Director of ISET, says that their MA programme is increasing quite steadily over time.

“Every year we get between 250 and 300 applications for about 50 slots in the incoming class. About half of these applications come from Georgia, and the rest from Armenia and Azerbaijan. ISET’s Master’s programme in economics is the only one of its kind in the South Caucasus,” Livny said.

“We make a very strong effort to place our students in the top PhD programmes, especially in the US. Our best placements in the last two-three years include Stanford University, University of Chicago and University of Pennsylvania – all three being among the top ten programmes worldwide,” Livny added.

“The most demanded faculty in The University of Georgia is the School of Business and Economics, like other universities in Georgia,” said Prof. Manana Sanadze, Rector of the University of Georgia. “Our university performs constant monitoring by market specialists of the requirements of large companies’ human resources departments. According to the rating of the most demanded specialties, business and economics are in first place. The employment rate for these professions is high,” she added. 

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“The School of Business is the most highly demanded at Georgian American University,” commented Michael Cowgill, the President of GAU. “This is conditioned by employment prospects. The business market provides many places for employment,” he said.

Business and management graduates are in demand with the human resources management services of banks and insurance companies in Georgia. The universities also guarantee job places for their students.

Eric Linvy of ISET said that in September 2011, two months after completing their studies, every single member of the graduating class had found a job in the South Caucasus or was enrolled in a US or European PhD programme.

“The two single largest employers of ISET students are the Georgian National Bank and the Ministry of Finance,” said Livny. “The energy sector, international organizations, NGOs and businesses are also absorbing many ISETers, in particular those with an energy economics profile. Finally, ISETers also work in analytical “back office” positions with economic consultancies, financial sector companies and banks,” he added.

Public sector jobs are relatively well-paid, prestigious, and challenging for ISET students. “On average, ISETers earn in the 1,200-1,500 GEL range. Those employed by international organizations earn well above this average (3,000-5,000 GEL). Entry level salaries are in the 800-1,000 GEL range,” Livny said.

“Business school ESM at Free University offers the same high level of education in every school. The tuition fee is the same for every school, 6,950 GEL minus state funding,” said Aleko Shelia, Human Resources Manager at Free University. “As for the students, they need the highest scores to get in to Free University, and every student is eligible for state funding. Also, every student can study here for free. After the graduation he/she must finance another first-grader from his/her salary. It is obligatory that every fourth-grader be employed. Otherwise, they will not get a diploma,” he stated. Offers from employers were much more than the number of students themselves last year. So our graduates have never had employment problems,” he added.

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72 percent of Bachelor’s and Master’s graduates at The University of Georgia are employed. The graduates’ average salary is 800 GEL and up. They are mostly employed in financial services and public sectors. “The University of Georgia cooperates with different large and public agencies where students undergo a probation period. Theoretical education with practical experience raises our students’ competitiveness on the employment market,” Sanadze said.

“TBC Bank, BasisBank, National Bank of Georgia, Bank Republic and other banks in Georgia cooperate with Georgian American University,” said Cowgill. “Together with the banks insurance companies such as Aldagi BCI, Imedi L, GPI Holding and others are our partners as well. Our business school students’ average salary is 1,000 GEL,” he added.

The rating of private universities according to tuition fee is as follows: Georgian-American University – 6,000 GEL; International Black Sea University – 5,750 GEL; Grigol Robakidze University – 4,850 GEL; David Aghmashenebeli University of Georgia – 4,700 GEL; The University of Georgia – 2,990 GEL; Caucasus Academic Center – 3,600 GEL; Guram Tavartkiladze University – 3,300 GEL; St. Andria Georgian University – 3,200 GEL; Caucasus International University – 3,000 GEL; Tbilisi David Aghmashenebeli Educational University – 2,990 GEL; Teaching University of International Relations of Georgia – 2,900 GEL; SEU – 2,500 GEL; Iberia – 2,500 GEL; Tbilisi Humanitarian Teaching University – 2,500 GEL.

At State Universities tuition fees for the faculty of business and management are equal to 2,250 GEL.

Fees are a little bit different in the State Universities located in the regions; the average fee is 2,220 GEL.



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