Professor Mihályi started his academic career after graduation from the Karl Marx University of Economic Sciences in Budapest. Between 1983-1993, he was a researcher of the UN Economic Commission for Europe in Geneva. After returning to his native country, he became an active participant of the Hungarian privatization process. He served – inter alia – as Deputy Government Commissioner for Privatization in 1994/95 and played a major role in the largest transactions in energy and banking. In 1997/98 he was promoted to Deputy State Secretary in the Ministry of Finance. His portfolio included the pension reform, the preparation of the healthcare reform and municipal financing.
During the last 10 years, Professor Mihályi's research has been focused on health policy issues. He is currently affiliated with the Corvinus University of Budapest as Head of the Macroeconomic Department and the Central European University as a Recurrent Visiting Professor. Professor Mihályi is an often consulted expert by UNCTAD, UN ECE, the World Bank and the European Union. He authored 12 books, from which five dealt with healthcare. His most recent English-language book is entitled, Health Insurance Reform in Hungary, Vol.1-2.