The International Hellenic University (IHU) was established in October 2005, in accordance to Law No. 3391. The University consists of three Schools: The School of Economics and Business Administration, the School of Humanities and the School of Science and Technology. All degrees in IHU are taught exclusively in English. The IHU is financed by the European Union and the Greek state, and aims at providing higher education particularly to foreigners who are interested in studying in Greece. Within the School of Economics and Business Administration, the first group of 35 students started studying in the Executive MBA Program at IHU on March 28th, 2008. The students come to IHU's Thessaloniki campus one weekend per month, for intensive class time, and continue studying at home, and communicate online, until the next intensive weekend. The faculty in the EMBA program are currently visiting professors from well-respected academic institutions in the UK and Greece. The School of Economics and Business Administration has started two new Master Programs in January 2009: MSc in Management and MSc in Banking and Finance.