In 1950 the Institute of Financial Economy, which took over the tasks related to education of financial economists educated in higher education and development of financial science, was established at the Higher School of Commerce. The Finance Department was established in academic year 1951/52 and followed up in activities of the above Institute. The study programme Finance is linked to the establishment the Finance Department.

When established, the Department had hardly any internal teachers and pedagogical process was ensured by 19 external teachers. Head of the Department was also an external teacher – Pavol Majling. In the 50-ties the core, department establishing team members were as follows: Ing. Pavol Gallo, Ing. Milan Majcher, Ing Jozef Rosa, Ing. Vladimír Háčik, Ing Ján Petrenka, Ing. Otto Sobek and Ing. Ladislav Unčovský.

In 1953 three faculties were established at the Higher School of Economics, and the Finance Department, as the guarantor of the study programme Finance, had been developing within the structure of the Faculty of Internal Business and Finance. FD provided teaching of the basic subject Finance that was a part of each study programme curriculum at the Higher School of Economics and in addition, FD guaranteed a large spectrum of subjects under the study programme Finance, which was in the academic year 1958/59 transferred to the Faculty of General Economy. The Finance Department has been since then developing under the Faculty of National Economy as an integral pedagogical and research and development workplace for the whole field of finance and currency.

In late 60-ties the Finance Department was divided into three sections:

  • Business finance

  • Public finance

  • Cash flow and credit

In academic year 1968/69 a part of FD had been separated and a new Department of cash flow and currency was established. This department was, however, as of December 1, 1970 re-affiliated to the Finance Department.

In the 70-ties an intensive co-operation with Finance Department of the Higher School of Economics in Prague and with several foreign Higher Schools (Kiev, Moscow, and Katowice, Berlin) was developed in addition to pedagogical duties. Co-operation was developed in the form of study stays; exchange student stays abroad without purchase of funds in foreign currency, participation in international conferences, organizing student scientific and research activities, etc. The cooperation resulted in outcomes such as monographs, higher education textbooks and joint professional papers. One research task was implemented jointly with Humboldt University in Berlin. Cooperation with research institutes, central authorities and enterprises was also very successful. Based on the labour market needs, in early 80-ties two following specialized study programmes were designed under the study programme Finance: Banking and Sectoral Finances. Organizational structure of FD remained unchanged until 1989.

In 1990 departments at the Faculty of National Economy were re-organized, the Finance Department and 4 other departments were established as follows:

  • Public finance and financial control

  • Currency, credit and banking

  • Business finance and stock exchange

  • Insurance and insurance industry.

In 1992, the name of the Public finance and financial control department was changed to Department of Public Finance. As a follow-up to ongoing changes at the Faculty, the name of the department was changed to Finance Department, which had two sections:

  • Public finance section

  • Theory and business finance section

In 2007 the Finance Department was again reorganized. Currently there are three sections:

  • Public finance and public expenditure management

  • Taxation and tax consulting

  • Business finance.