The University of Finance and Administration (VŠFS) is a private business school in Prague. It was founded by the Bank Academy and Czech Coal Group in 1999, only one year after the government entitled private schools to offer higher education. In 2009, the University of Finance and Administration has received state approval for the Doctoral study programme and became the first private university of Economics in the Czech Republic. VŠFS has a wide selection of study programmes that go from economic, to legal and administrative fields. Currently, about 4.000 students are enrolled at the institution.