UEP was originally established as a department of the Czech Technical University in Prague, specializing in wholesale trade, banking and the organization of industrial companies. In 1949, the department joined the University of Political and Economic Sciences in becoming an independent university, and was then, in 1953, renamed University of Economics, commonly referred to as UEP. The university is comprised of 14,000 students and 600 full-time faculty, and uses Czech or English as the language of instruction. The school specializes in the study of economy and business in Czech Republic and Central Europe regions, and enjoys a high prestige in the field of business, especially economy related masters and doctoral programs.