A university degree at an internationally recognized business school can be hard to afford for many ambitious, hard-working and talented prospective students. We, at Varna University of Management, believe that motivation and desire to grow should be encouraged.

That is why we have tried to keep our tuition fees at a very acceptable level. VUM in partnership with business owners and entrepreneurs has introduced a number of opportunities such as admissions scholarship, scholarship for excellent results, for extracurricular activities and sports achievements.

Tuition Fee: EUR 1500 per semester
Semester Registration Fee: EUR 50 (EU nationals), EUR 450 (non-EU nationals)
CMU Semester Registration Fee: EUR 450 (valid only in Year 3)
Duration of study: 6-8 semesters
Starting Dates: October/ February
Location of study: Varna, Dobrich, Sofia (depending on the study programme)


Tuition Fee: EUR 900 to EUR 1500 per semester
Semester Registration Fee: EUR 50 (EU nationals), EUR 450 (non-EU nationals)
CMU Semester Registration Fee: EUR 450
Duration of study: 3/4 semesters*
Starting Dates: October
Location of study: Varna

*Depending on the Undergraduate Degree – number of credits and field of science

VUM with the support of its business partners offers two general types of scholarships for newly accepted students and for current students upon completion of semester one.
We, at Varna University of Management, believe that motivation and desire to grow should be encouraged.



Newly enrolled undergraduate students

VUM enables students with high results in the admission exams to receive a scholarship in the first year of study. We take into consideration the academic credentials from your high school diploma, English language exam results and motivation demonstrated during your admissions interview. In the first semester, students can apply for a scholarship up to EUR 1000, as the exact amount is determined by the result achieved in the English language exam (certificate) or SAT and motivational interview.

Scholarships after the first semester at Varna University of Management

Scholarships are available after the first semester, for full-time students at VUM in the undergraduate programmes.
After the first semester the students are eligible to receive a scholarship based on their programme of study and their academic performance calculated according to the result from the examination of the previous two semesters (second semester scholarship is calculated on the basis of the success during the first semester).
Students are ranked by their academic performance according to the year and field of study. After the payment of the full amount of the tuition fee the scholarship is paid on monthly instalments, within four months of each semester to the bank account provided by the student.


Every accepted master degree student can apply for a scholarship during the admission process.
The scholarships available for postgraduate students at VUM are provided by the university or in collaboration with partnering companies and amount up to €1000 for the whole term of education.
The applicants have to present a valid English language certificate (IELTS, TOEFL, PTE, CAE) and have submitted the full set of required documents for the particular programme. The exact scholarship amount is determined according to the English language certificate scoring and availability of scholarships.

Students loan

Students holding a Bulgarian passport or a passport of one of the European Union member states (plus countries from the European Economic Area) have the right to apply for a student loan for their term of study in Bulgaria.

The requirements are regulated by the Bulgarian legislation and include the following:

  • The student is applying for a Bachelors or Master's Degree and have not previously obtained such a degree level
  • Age up to 35
  • EU or EEA nationality

The loan is state-guaranteed and can be provided by one of the approved bank institutions in Bulgaria, namely:

DSK Bank

First Investment Bank

Raiffeisenbank Bulgaria

Eurobank Bulgaria

Bulgarian American Commercial Bank

Allianz Bank Bulgaria



Refer your payments to the following bank accounts for paying your Accommodation Fee and Tuition Fee:

Account holder: Varna University of Management (VUM)
Account holder address: 13A Oborishte str. 9000 Varna, Bulgaria
Bank name: International Asset Bank
Bank account in Euro - IBAN: BG23 IABG 7495 1400 4891 05
Bank account in Bulgarian Levs - IBAN: BG57 IABG 7495 1000 4891 08
Reason: Payment of accommodation fee/tuition fee…. /name of student, ID card number, specialty, course/
Amount: ……