Founded 1999 by the Bank Academy and Czech Coal Group, in accordance with the state approval to act as a private institution of higher education. 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. In 2009, the University of Finance and Administration has received state approval for Doctoral study program and became the first private University of Economics in the Czech Republic.