Business Radar: developing professional competences

On September 30, 2024, the first-year students of the Master’s program in Finance participated in an exciting business game that showcased various aspects of the financial world. Organized by the head of the Department of Finance, Professor Varvara Nazarova, and Professor Iya Churakova, the event aimed to introduce students to the diverse roles within finance, preparing them for future career paths. 

The main host of the event was Evgenia Korekhova, a renowned business consultant and one of the creators of the Business Radar C2GK model, a tool for diagnosing the success of companies. Carlos Rincon, senior lecturer of the Department of Finance, also joined the event as one of the juries, bringing his extensive academic and professional expertise to the table.

The game was designed with career orientation in mind, providing students with a comprehensive view of finance from different angles, especially as they look ahead to their future professions. It was an excellent opportunity for those new to finance and even those with prior experience, including entrepreneurs with their own businesses. The event blended educational technology, team collaboration, and strategic thinking, with assignments at the intersection with strategic financial management.

Evgenia and Iya opened the event by discussing general business concepts, stakeholders, and company goals. She introduced the Business Radar, a model that evaluates the financial health and performance of companies, especially small and medium-sized enterprises. Her insights were pivotal in setting the stage for the students, who were divided into four groups to work on their own business ideas within the financial sector. These ideas spanned consulting/audit, investment, banking, fintech and financial services, offering participants a chance to become acquainted with different aspects of finance critical for their future careers.

The event also incorporated brand positioning, cutting-edge topics like artificial intelligence, ESG, and sustainability, allowing students to tackle trend-focused challenges. This combination of theory and practice, supported by teamwork and strategic exercises, provided a unique learning experience. The integration of tried-and-tested business methods, crafted by expert professors and practitioners fromthe Scandinavian School of Economics and HSE University, was greatly appreciated by the participants.

One of the highlights of the event was the diversity among the student groups. The four teams included participants with varied backgrounds from Russia, Asia, Europe, and Africa, which not only fostered team spirit but also encouraged students to look at financial situations from different cultural and professional perspectives. Each team worked hard, leveraging the strengths of all members, forming strong bonds as they deal with the challenges together. The result was a series of lively discussions and debates on strategic proposals, economic conditions, and solutions.

The competitive nature of the game added to the intensity, as students were eager to present their ideas and strategies, with highly professional judges evaluating their performance. The jury - comprising faculty members and financial professionals - asked thought-provoking questions, encouraging deeper critical thinking. Additionally, current PhD students and lecturers of the Department of Finance, Boris Lodiagin, Kasiet Kambaralieva and Olga Alekseeva, participated in the game, providing further insights and expertise.

The event culminated in the jury assigning points to each group based on their business ideas, strategies, and responses. Prizes were awarded to the winners, but the real takeaway was the invaluable experience gained by all participants. Through this combination of competition and collaboration, students not only improved their strategic thinking but also explored various facets of finance, preparing them for their professional futures.

In conclusion, this event was a successful and enriching experience for all involved, thanks to the careful planning and execution by the organizers and the use of business-proven models. The game demonstrated how education and real-world business practices can come together to create a powerful learning environment, forming the next generation of financial professionals. We are hopeful that this exciting initiative will continue in the coming years, allowing future students to benefit from this opportunity and further build on the strong foundation laid this year.