Institute of Finance and Economics (Mongolia)

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Institute of Finance and Economics
Building of Institute of Finance and Economics of Mongolia.jpg
Motto Эрхэм баян эрдэм (Precious rich knowledge)
Type Private
Established 1924
Location Ulaanbaatar, Mongolia
Nickname IFE

The Institute of Finance and Economics (Mongolian: Санхүү Эдийн Засгийн Дээд Сургууль, Sankhüü Ediin Zasgiin Deed Surguuli) (IFE) is one of the largest educational institutions of Mongolia. The institute is on the banks of Selbe river at the heart of Ulaanbaatar city. The institute offers bachelor's and master's programs since the beginning of the 1990s.


The institute was founded on June 1, 1924 as the School of Custom's Officers in Ulaanbaatar. In 1931 it changed its name to School of Accounting, adding more subjects. In 1946, shortly after the World War II, its name was changed again to College of Finance and Economics, and the school extended its curriculum to most of the current spectrum.

The last name change happened in 1997, when postgraduate courses were introduced. Subjects include business administration, financial management, accounting and bookkeeping.

The Institute of Finance and Economics of Mongolia is one of the first accredited universities by ACBSP (U.S.A.) in 2012.[1]


Notable alumni[edit]

  • Yumjaagiin Tsedenbal, General Secretary of the Central Committee of the Mongolian People's Revolutionary Party of Mongolia

Student Union[edit]

The IFE has a Student Union formed by students themselves. 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 under the chairmanship of Yusuntsagaanii Nomin-Erdene. The new Union adapted its constitution from the Student Council of Mongolian University of Science and Technology. However, a more clarified and complex constitution was needed, and therefore changing the constitution was recognized as an urgent task. In early May 2008, the first draft of the constitution was presented by Sukhbaataryn Unur during the first student assembly. Little amendments were made and finally the constitution[2] was ratified by the student assembly and signed by steering committee members Gelegbaataryn Uuganbayar (chairman), Mendbayaryn Baigalmaa (vice chair), Uvgunkhuugiin Erdenebat, Tsogbayar, Zolchimeg on May 26, 2008.

According to the constitution, the Student Union is divided into three branches similar to the State based on separation of powers. The Student Assembly, Executive Committee andControl Council are the legislative, executive and judiciary bodies of the Union respectively.

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.

External links[edit]


Coordinates: 47°55′09″N 106°55′50″E / 47.9191°N 106.9305°E / 47.9191; 106.9305