“Wisdom is the wealth of highest value.” That’s the powerful motto of the place we are standing in front of today. This is the University of Finance and Economics. You can call it UFE for short. It is one of Mongolia’s largest educational institutions.
The University of Finance and Economics has a rich history. It started in 1924 as the School of Custom’s Officers. Ulaanbaatar needed trained professionals. It makes UFE one of the oldest schools in Mongolia. The school changed its name to School of Accounting in 1931. More subjects were added to the curriculum. In 1946, it became the College of Finance and Economics. The school broadened its curriculum.
August 16, 1991 marked another big change. The college became the Institute of Finance and Economics. It was a time of growth. Postgraduate courses were introduced. Students could study business administration. They could also focus on financial management plus accounting and bookkeeping. The Institute of Finance and Economics achieved university status in 2016.
The University of Finance and Economics is located on the Selbe river. It is right in the heart of Ulaanbaatar.
The University of Finance and Economics achieved accreditation in 2012. The Accreditation Council for Business Schools and Programs recognized its quality.
The University of Finance and Economics has several departments. These include English, Financial Management and Business Administration. Applied Mathematics, Statistics, Humanities, Economics and Information System Management are also available.
Many notable people have graduated from the University of Finance and Economics. Yumjaagiin Tsedenbal was a General Secretary of the Mongolian People’s Revolutionary Party. Jigjidiin Mönkhbat won a silver medal in wrestling at the 1968 Summer Olympics.
The University of Finance and Economics also has a Student Union. It supports social and academic activities. The Student Union has changed over the years. It was once the Student Council.
So, as we stand here before the University of Finance and Economics, we recognize its long and important history. From its humble beginnings as a school for customs officers. It has grown into a leading university shaping Mongolia’s future leaders.