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New Master program in Real Estate New Master program in Real Estate Economics in Moldova: Economics in Moldova:

Achievements and problems in Achievements and problems in connections to Bologna process connections to Bologna process

implementation.implementation.

AuthorsAuthorsNICOLAE TURCANU NICOLAE TURCANU PhD, Dean of Faculty Engineering Economy and PhD, Dean of Faculty Engineering Economy and Business, Technical University of Moldova, Business, Technical University of Moldova, member of Association of Economists from member of Association of Economists from Republic of Moldova, Republic of Moldova,

MARIANA BEJENARUMARIANA BEJENARUMScMSc, Senior lecturer, Department of Real Estate , Senior lecturer, Department of Real Estate Economics and Management, Economics and Management, Technical University of Moldova.Technical University of Moldova.

ALLA LEVITSKAIAALLA LEVITSKAIAPhD, Department of Economics, member of PhD, Department of Economics, member of Association of Young Managers from Republic of Association of Young Managers from Republic of Moldova, Combat State UniversityMoldova, Combat State University

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Business

Labor market

Professional training system

Gimnasium Bachelor Master PhD PNLyceum

Legalframework

IT and Technology

environment

Sociological andCultural

environment

Bologna Process

requirements

Educational system in Moldova

Analysis of possibilities to be enrolled in the new master progrAnalysis of possibilities to be enrolled in the new master program am show us some problems related to specific of educational show us some problems related to specific of educational

system in Moldova:system in Moldova:

-- engineering specialties, including Real Estate Appraisal are engineering specialties, including Real Estate Appraisal are being considered technical specializations, have the 4 years being considered technical specializations, have the 4 years duration of studies at bachelor level (240 credits), and at the duration of studies at bachelor level (240 credits), and at the same time economic specialization have three years period of same time economic specialization have three years period of studies and 180 credits;studies and 180 credits;

-- college students are enrolled at bachelor level without college students are enrolled at bachelor level without considering their credits for specialty courses, and some of theconsidering their credits for specialty courses, and some of thecourses have to be passed twice;courses have to be passed twice;

-- about 50about 50--90% of bachelor students (until 2007 90% of bachelor students (until 2007 -- 90%) start to 90%) start to work in business sectors and need vocational training, which is work in business sectors and need vocational training, which is not in the favor of fundamental training;not in the favor of fundamental training;

-- two level of university titles exist in Moldova: PhD and PhD two level of university titles exist in Moldova: PhD and PhD HabilitatHabilitat..

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The problems of the educational system in Moldova are The problems of the educational system in Moldova are similar to those faced by othersimilar to those faced by other

countries in transition:countries in transition:

-- mainly technically oriented education;mainly technically oriented education;-- insufficient training of students in legal, managerial, and insufficient training of students in legal, managerial, and social subjects;social subjects;-- big gap between education and profession;big gap between education and profession;-- training highly specialized professionals without a training highly specialized professionals without a broad horizon;broad horizon;-- inflexible educational system (i.e. impossibility to inflexible educational system (i.e. impossibility to change study program after obtaining Bachelor degree)change study program after obtaining Bachelor degree)-- acute shortages of teaching materials and equipment; acute shortages of teaching materials and equipment; low efficiency in use of facilities and staff.low efficiency in use of facilities and staff.

Strategy for Higher Education Strategy for Higher Education Development in MoldovaDevelopment in Moldova

the period 2005the period 2005--2010 is devoted to 2010 is devoted to organization of the higher education into organization of the higher education into three cycles; three cycles; to assure the quality of higher education to assure the quality of higher education and promotion of mobility for students and and promotion of mobility for students and university teaching staff. university teaching staff.

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The topThe top--priority educational goalspriority educational goals

to increase the efficiency of management to increase the efficiency of management within the education sector;within the education sector;to improve the quality of education;to improve the quality of education;to invest in the young generation of to invest in the young generation of researchers and teaching staff;researchers and teaching staff;to increase access to education.to increase access to education.

Master program in Real estate economics at TUM and a Master program in Real estate economics at TUM and a new Bachelor program in Real estate economics at new Bachelor program in Real estate economics at

TUM and CSUTUM and CSUPrograms will be introduced at the Faculty of Engineering EconomPrograms will be introduced at the Faculty of Engineering Economy and y and Business of TUM and the Faculty of Economics of CSU.Business of TUM and the Faculty of Economics of CSU.

A complete set of new courses together with newly prepared teachA complete set of new courses together with newly prepared teaching ing materials and modern IT teaching methodologies are to be developmaterials and modern IT teaching methodologies are to be developed and ed and introduced within the implementation period.introduced within the implementation period.

The new Master program at TUM will be taught during two years afThe new Master program at TUM will be taught during two years after ter obtaining by students Bachelor degreeobtaining by students Bachelor degree

programs will end up by obtaining Master or Bachelor degreesprograms will end up by obtaining Master or Bachelor degrees

The total number of students to be educated at Bachelor and MastThe total number of students to be educated at Bachelor and Master er programs at two universities is estimated as 50programs at two universities is estimated as 50--80 annually80 annually

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Main outcomes after project implementationMain outcomes after project implementation

New curriculum for Master program in Real Estate New curriculum for Master program in Real Estate Economics in accordance with European standards at Economics in accordance with European standards at TUM;TUM;Revised curriculum for Bachelor program in Real Estate Revised curriculum for Bachelor program in Real Estate Economics at TUM and CSU;Economics at TUM and CSU;New courses prepared and corresponding teaching New courses prepared and corresponding teaching materials for two Moldovan Universities;materials for two Moldovan Universities;Established Centers on Real Estate Economics at TUM Established Centers on Real Estate Economics at TUM and CSU;and CSU;Trained teaching staff and students at TUM and CSU.Trained teaching staff and students at TUM and CSU.

Structure of the projectStructure of the project

Development of new courses that will be Development of new courses that will be prepared by responsible teachers from prepared by responsible teachers from TUM and CSU in close cooperation with TUM and CSU in close cooperation with the partners from TU Delft and KTH. the partners from TU Delft and KTH.

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Swedish example (B+M+PHD = Swedish example (B+M+PHD = 3+2+4)3+2+4)

KTH KTH –– internationally recognized internationally recognized master programmaster program

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KTHKTH experienceexperience

Real Estate ManagementReal Estate ManagementCourse overviewCourse overviewTermTerm 1 1 QuantitativeQuantitative MethodsMethods inin RealReal EstateEstate EconomicsEconomicsInvestmentInvestment AnalysisAnalysisFinancialFinancial EconomicsEconomicsUrbanUrban andand RegionalRegional EconomicsEconomicsBusiness Cycles in Construction & Real Estate MarketBusiness Cycles in Construction & Real Estate MarketManagementManagement & & LeadershipLeadershipResearchResearch MethodsMethodsAdvanced Issues in Real Estate EconomicsAdvanced Issues in Real Estate Economics

TermTerm 22Real Estate Market Analysis & DevelopmentReal Estate Market Analysis & DevelopmentContractContract TheoryTheoryPortfolioPortfolio ManagementManagement & & RealReal EstateEstate FinanceFinance ((electiveelective))RealReal EstateEstate ValuationValuation ((electiveelective))FacilityFacility ManagementManagement ((electiveelective)) Master'sMaster's thesisthesis

KTH, Sweden

80% economics; 10% law; 10% research

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Twelve courses are organized in separate Twelve courses are organized in separate thematic modulesthematic modules

Legal module:Legal module:1. General Civil and Public law (10 ETCS) 1. General Civil and Public law (10 ETCS)

proposed as follows:proposed as follows:2. Real estate law (6 ETCS)2. Real estate law (6 ETCS)3. Legislation related to real estate (i.e. Land 3. Legislation related to real estate (i.e. Land

law, Planning law, Housing law, law, Planning law, Housing law, Environmental law) (7 ETCS).Environmental law) (7 ETCS).

Economic moduleEconomic module

Real estate market analysis (7 ETCS).Real estate market analysis (7 ETCS).Investment analysis (5 ETCS).Investment analysis (5 ETCS).Real estate valuation and taxation (10 ETCS).Real estate valuation and taxation (10 ETCS).Urban economics: advanced course (6 Urban economics: advanced course (6 ETCS).ETCS).Real estate finance and economics (7 ETCS).Real estate finance and economics (7 ETCS).Real estate management course (7 ETCS)Real estate management course (7 ETCS)

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Technical moduleTechnical module

Geographic Information Systems (10 credits)Geographic Information Systems (10 credits)Urban Land Management (10 credits)Urban Land Management (10 credits)The course is divided into two parts.The course is divided into two parts.

-- Part 1Part 1-- is devoted to property market in a is devoted to property market in a broad sense.broad sense.

-- Part 2 Part 2 -- is the main part and emphasizes is the main part and emphasizes implementation of physical plans in urban implementation of physical plans in urban and suburban areasand suburban areas

Courses will be added into the Bachelor Courses will be added into the Bachelor programs of TUM and CSUprograms of TUM and CSU

To strengthen a component of real estate To strengthen a component of real estate economics in the existing curriculum for students economics in the existing curriculum for students to be better prepared for the Master level:to be better prepared for the Master level:Fundamentals of real estate market (6 ETCS)Fundamentals of real estate market (6 ETCS)Urban and regional economics (basic Urban and regional economics (basic course) (7 ETCS)course) (7 ETCS)Fundamentals of civil and public law (7 Fundamentals of civil and public law (7 ETCS)ETCS)

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Activities plan for implementation of Master program Activities plan for implementation of Master program in Real Estate Economicsin Real Estate Economics

The most important coursesThe most important courses

Business negotiation Business negotiation –– 90%90%Financial managementFinancial management–– 80 %80 %Strategic planningStrategic planning–– 80%80%Commercial lawCommercial law–– 70%70%HR management HR management –– 80%80%

The business sector considers the following courses to be the most important in the process of young managers formation

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Critical issuesCritical issues

1.1. Approval of the study plan by Ministry of Education; Approval of the study plan by Ministry of Education; 2.2. Development and approval of analytical programs;Development and approval of analytical programs;3.3. Development and publishing of study materialsDevelopment and publishing of study materials4.4. Creation of Real Estate Economics IT Creation of Real Estate Economics IT CentrCentre;e;5.5. Promotion of the new master programPromotion of the new master program;;6.6. StartStart--up of up of organizaorganizationaltional changeschanges;;7.7. Procurement of manuals.Procurement of manuals.

Up to date status of activities Up to date status of activities

1.1. Study plan developed and approved by TUM Study plan developed and approved by TUM SenateSenate;;

2.2. English and IT courses taking place at TUMEnglish and IT courses taking place at TUM;;3.3. Contract signed for delivery of equipmentContract signed for delivery of equipment;;4.4. Web page developed for two universitiesWeb page developed for two universities;;5.5. Promotional materials developedPromotional materials developed;;6.6. Student mobility mechanism determinedStudent mobility mechanism determined;;7.7. OnOn--going study visits at going study visits at KTHKTH--TUMTUM--CSUCSU. .

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Enrolment at Engineering and Enrolment at Engineering and Business Faculty, TUMBusiness Faculty, TUM

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Thank you Thank you for your attention!for your attention!

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