Frequently Asked Questions



What is TIME?

TIME is an accelerated full-time one-year Master's program in Business Economics (MBE). It is jointly delivered by a consortium of two universities: The University of Crete and the University of Cyprus.

The aim of TIME

TIME is designed to provide students with the knowledge and the entrepreneurial skills needed to successfully manage innovative organizations (especially SMEs) by offering an integrated curriculum blending theoretical concepts with practical applications.

Why three universities?

An integral part of TIME rests in competition and the continuous evolution of ideas and procedures. We practice what we preach by having two student cohorts and two university hosts, as to allow for a continuous process of comparison and friendly competition that will eventually promote and assimilate new teaching methods/practices and an overall environment where change is considered to be a valuable and indispensible process.

Academic content

TIME comprises 16 different courses belonging to three groups (modules):
a) Business Economics and Quantitative methods 
b) Business, Management and Finance
c) Technological Innovations and Entrepreneurship 

Nearly all courses are taught in 12 academic hours.  Performance is assessed through exams, individual assignments and team projects. More details on the academic content of the program can be found here

Career development

Student advisors will advise students on possible career paths.  TIME will participate in established recruitment fairs that take place in Athens.

How do I apply?

You can apply online. You can find guidance on the University's admissions process here.

Who should apply?

There is no distinct profile or background for TIME candidates. Applicants from all academic backgrounds can apply for a post in TIME; not only graduates of departments of business or economics. Applicants must be intellectually outstanding with a proven academic ability, strong communication skills, the ability to work effectively in a team, the desire to learn, and the potential to succeed. Degrees from all disciplines are accepted.

Entry requirements
  • Very Good (6.5 and above) first degree in any discipline from a Greek, Cypriot or foreign University or Polytechnic. Note, that a Very Good (6.5 and above) degree is the equivalent to a lower Second-Class Honours (2:1) degree from a UK University.
  • A high level of proficiency in English. If English is not your first language, proficiency in English can be demonstrated either through the IELTS, with a minimum score of 6 preferably in all sections of the test, or through TOEFL with a minimum score of 230 for the certificate obtained through regular examination or 90 for the TOEFL iBT test administered via the Internet.
Application procedure

Application takes place online. Applicants must electronically attach the following:

  • A copy of their degree (both undergraduate and post-graduate if available) and an official transcript of grades. Successful applicants will have to submit the original documents upon acceptance.
  • A two-page CV.
  • Either a TOEFL or the IELTS score report that is less than three years old at the time of application. Native English speakers, or applicants who hold a degree from an English speaking university are not required to submit a TOEFL or the IELTS score report.
  • The names of two referees.
  • The GMAT score report [Note that the GMAT is optional and students can be considered even without a GMAT score.The GMAT score code for students who aim to apply for TIME is VDM-2C-05. Students that list this code in their GMAT application will have their GMAt score forwarded to TIME.].
Application deadlines

We accept applications on a rolling basis from the 30th October until the 30th of April to be guaranteed consideration. Applications received after the deadline and until the 31st of July will be considered subject to availability on a rolling basis.

Language of instruction

All courses are taught in English. If English is not your first language, proficiency in English can be demonstrated either through the admission interview process or trough the IELTS, with a minimum score of 6 preferably in all sections of the test, or through TOEFL with a minimum score of 230 for the certificate obtained through regular examination or 90 for the TOEFL iBT test administered via the Internet. A GS exam is also accepted. 

Can I apply before I have completed my degree, or language test?

You can apply before you have completed your degree. You will need to supply interim transcripts of your marks and modules to date with your application. You can also apply before you have received your language score. You should put the date of your English test on your application form and you can send in your score later. In both cases, if an offer is made it will most likely be conditional and dependant on you achieving the required grade/score for admission.

Student allocation: Cyprus or Crete?

In order to secure that each of the two institutions has enough students, the application procedure for the University of Cyprus precedes the application procedure for the University of Crete. Nonetheless, students have the option to list both institutions as their preference. However, if either institution is oversubscribed then students will be asked to be transferred to the other institution. It should be emphasized that the University of Crete and the University of Cyprus both follow an identical time schedule, curriculum, set of procedures, and rules and regulations.

Overall assessment

In order to be awarded the TIME degree students need to amass 120 ECTS units. The successful completion of the academic part of the program awards 60 ECTS units. 30 ECTS units are obtained from the successful completion of the internship or the entrepreneurship summer course, and another 30 ECTS units from a successful thesis. 

Degree awarded

The program leads to a Master in Business Economics (MBE) with the title Technology, Innovation Management and Entrepreneurship-ΤΙΜΕ ΜΒE.

Program duration and structure

TIME is a full-time program with exit points at 15, 18 and 21 months.  The program consists of three modules: the academic module, the master’s thesis module and the summer practicum module. The academic module is taught independently by the University of Crete (UoC) and the University of Cyprus (UC) between September and May at their respective campuses. However, UoC and UC follow an identical curriculum and time schedule. Between May and July students are suported to undertake a summer practicum that takes the form of either an internship or an entrepreneurship summer school.

Flexibility in completing the course

The course cannot be completed in less than in 18 months and requires full-time study with mandatory participation in all courses.  Part-time attendance is not possible.  The course has to be started and completed to any of the two partnering institutions i.e. students can transfer between institutions mid-way.  Participation in all courses is mandatory. In every lecture students must sign the class register.

Offer and study deferral

You can defer your offer for one year.  Studies can only be deferred in exceptional circumstances. The deferral period cannot last for longer than 12 months.  When the student re-commences her studies she is obliged to finish all remaining courses. 

The entrepreneurship summer school

The entrepreneurship summer school allows students to realistically test their business ideas. Experienced tutors, with business and technical skills, supervise and guide students on how to manage their business ideas in practice by simulating actual market conditions. The summer school is overseen by the University of Crete and lasts from May to the end of June.

Tuition fees

Student fees are set to 6,000€. Τo secure your place on the course you must lodge a 1,000 deposit with us within four weeks of receiving your offer. The deposit is non-refundable, unless the conditions of your offer are not met.  Fees are paid in either one, two or three installments. 


Every academic year TIME grants scholarships to its participants. The criteria for a scholarship rest on academic merit.

Living expenses

The average monthly living cost at Rethymnon or Nicosia is between 600€ and 1,000€ depending on choices made. This living cost includes accommodation and reasonable living expenses.

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