According to the Act on Higher Education Institutions the Academic Senate of the Faculty is one of the self-governing academic bodies of the Faculty. The Academic Senate of the Faculty of Economics consists of an academic chamber, which consists of academic staff of the faculty, and a student chamber, which consists of students. The members of the senate are elected from among the members of the academic community of the faculty. The academic community of the faculty consists of academic staff working at this faculty and students enrolled at this faculty. The term of office of the Senate is three years.