The Master’s programme (38.04.08) in Finance (MiF) provides training for both professionals in financial management, and for scholarly researchers in the area of finance.

The programme focuses on creating and developing competencies in financial management for financial institutions and non-financial companies.The main emphasis is on contemporary theory and modern practices in corporate finance. At the same time, the programme provides fundamental knowledge in the broad area of finance that ensures our graduates are prepared for a diversity of  career pathways, including in, the real sector of the economy, banks, investment funds, consulting companies, insurance companies and elsewhere. The focus on research-based teaching, delivered through a combination of student research projects, internship opportunities, dissertation work and taught courses also equips students for entry into an academic career via a PhD programme.

The programme is designed to serve different types of students. For graduates in Economics or Finance, the programme is an ideal opportunity to continue and deepen their studies, but it is also suitable for strong students with a previous background in other subject disciplines. We incorporate ‘adaptation’ modules that are designed specifically for helping the transition from other disciplines into the finance sphere.

The programme has been thoughtfully designed through a process of collaborative work between researchers and practitioners in the area of Finance and has involved international benchmarking, incorporation of best practice and understanding how best to exploit the local comparative advantages. It complies with the Law of the Russian Federation on Education and, through this, a set of educational and professional standards, regulations and other approved documents of the federal and institutional levels. It is also aligned to international standards and requirements, including the European Qualifications Framework (EQF).

The programme has EPAS accreditation (2019) and Professional and Society Accreditation (2018).

Graduates Master in Finance programme are prepared for the solution of the professional tasks of the following types:

• research:
  • organization and conduct of scientific research, including statistical surveys and surveys;
  • development of theoretical and econometric models of the studied processes, phenomena and objects related to the field of professional activity, assessment and interpretation of the results;
  • presentation of the results of the study;
  • preparation of academic publications;
  • preparation of examinations and comments on the submitted research, opposition to the discussion of scientific results;
• design and economic:
  • preparation of tasks and development of design solutions in the field of economics and finance; 
  • development of methodological and regulatory documents for the implementation of projects and programs; 
  • development of a system of socio-economic indicators of economic entities; 
  • compilation of economic and financial sections of the plans of enterprises and organizations of various forms of ownership;
  • development of financial policies, risk management policies of companies and other economic agents; 
  • organization of the implementation of development strategies, financial and risk management policies of companies and their individual divisions; 
  • management of financial and economic services and units of enterprises and organizations of various forms of ownership, state and municipal authorities;
• analytical:
  • development of forecasts for the development of the financial market; 
  • assessment of the effectiveness of projects taking into account the uncertainty factor;
  • analysis of company strategies and assessment of their effectiveness;
  • compilation of reports and development of forward-looking statements of companies of different industry sectors and other organizations;

• consulting:
  • analysis of existing forms of management organization; development and justification of proposals for their improvement;
  • prediction of the dynamics of the main socio-economic and financial indicators of the enterprise, industry, region and economy as a whole;

• scientific and teaching:
  • the teaching of financial disciplines in institutions of higher and secondary education, continuing education;
  • development of teaching materials.

As a result of mastering the master’s programme, the graduate must have formed professional competencies established in accordance with the selected types of professional tasks.

PC-1 Able to conduct independent research in accordance with the developed program, make original proposals in the areas and methods of research, justify their own contribution to the development of the chosen research area

PC-2 Able to present the results of the study to the scientific community in the form of a report (presentation) and article

PC-3 Able to analyze and predict trends, processes and instruments of the financial market

PС-4 Able to analyze the financial condition of companies and financial institutions

PC-5 Able to assess the value of financial instruments

PС-6 Able to justify the effectiveness of the investment policy of the company and financial institution

PС-7 Able to draw up analytical justifications for making managerial decisions in companies, financial institutions and developing their financial policies

PС-8 Able to develop recommendations on investing personal financial resources

PС-9 Able to implement the financial policies of companies and financial institutions

PC-10 Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education

PС-11 Able to develop curricula, programs and appropriate methodological support for teaching financial disciplines in educational institutions of higher education.

For intake 2021

The duration of the Programme is 2 years (4 semesters), which corresponds to the Russian legislation; each semester consists of 30 ECTS and divided into 2 quarters. Each quarter is completed with a mid-term control. The study load is usually around 20 contact hours per week in the 1st year and 16 hours in the 2nd year, including the research seminar.

The programme includes 6 mandatory courses, 7 finance-related electives and one elective from the university-wide pool. To smooth the academic progress for students who never studied Finance previously, the programme proposes optional bridging courses, which do not have an ECTS score towards a degree. Research is a compulsory part of the study process. In the 1st year students perform a term paper; in the 2^nd year of study - a master’s dissertation.

In the 1^st year of study, students have Projects and Project Seminar which are primarily aimed at the development of their analytical and soft skills valuable for the future career in finance and business. In the 2^nd year of study students have Work Experience Internship. The goal of the internship is further systematizing and extending of the theoretical and practical knowledge gained in the courses and projects, implementation of students’ skills in practice to solve real business situations.

Research Seminars are offered during both years of study. In the 1st year the focus is placed on the development of students’ research abilities in the broad area of finance, the advancement of their academic writing and presentation skills, as well as managerial and soft skills.  The objective of Research Seminars for the 2nd year is to support students in writing their master’s dissertations. For students who are aimed at PhD programmes, the option to choose Research Seminar "PhD seminar" is provided.

Procedures for Assignment of Students to Tracks, intake 2022 

This degree programme of HSE University is adapted for students with special educational needs (SEN) and disabilities. Special assistive technology and teaching aids are used for collective and individual learning of students with SEN and disabilities. The specific adaptive features of the programme are listed in each subject's full syllabus and are available to students through the online Learning Management System.

All documents of the degree programme are stored electronically on this website. Curricula, calendar plans, and syllabi are developed and approved electronically in corporate information systems. Their current versions are automatically published on the website of the degree programme. Up-to-date teaching and learning guides, assessment tools, and other relevant documents are stored on the website of the degree programme in accordance with the local regulatory acts of HSE University.

I hereby confirm that the degree programme documents posted on this website are fully up-to-date.

Vice Rector Sergey Yu. Roshchin

Summary of Degree Programme 'Finance'