The University of Finance and Administration (VSFS) was founded by the Bank Academy and Czech Coal Group in 1999 in accordance with the state approval to act as a private institution of higher education. Since then, it has been developing continuously. In 2001 its study centers in Most and Kladno were opened. A year later MBA study programs were launched in cooperation with City University Seattle (USA). Another year later the school set up Eupress, a publishing house producing study materials and books. In March 2003 VSFS acquired accreditation for the follow-up Master study. In the course of its first 5 years of existence the school became the biggest private institution of higher education in the CR in terms of the number of both students and teachers. Currently, about 5 600 students are enrolled. Since its foundation the school has always paid attention to scientific work and international cooperation. It continuously organizes international expert conferences and scientific seminars, solves a number of research tasks and participates in professional projects for state institutions and private firms. Recently, it has also been developing cooperation with foreign colleges and universities and participating in international educational programs of students´ exchange Socrates and Erasmus.