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Regular version of the site

Personal Finance and Welfare Management

The course has been cancelled 

This course empowers to achieve one’s financial goals and become more efficient at personal welfare management!

Course Description

Personal finance management might be very challenging. Especially when it comes to investment strategies, reducing the risks associated with debt capital, taxation, insurance, etc. This is exactly what this course has to offer to allow students a better understanding of fundamental aspects of personal finance management. The course is taught by Vasilisa Makarova, PhD, Associate Professor, Department of Finance, St. Petersburg School of Economics and Management, HSE; Liudmila Kezhun, PhD, Coordinator of the Bachelor’s Programme in ‘Economics’, HSE; and Aleksander Shchelkanov, PhD, Associate Professor.

I couldn’t agree more with Dr. Paul Walker from St. John’s University who argues in favour of risk management as the instrument to value and more disciplined subjects that outperform those that don not manage risk.

Vasilisa A. Makarova
Course lecturer

Why Choose This Course?

This course focuses on personal finance, welfare management with elements of rational boundary. Its conception combines traditional and behavioral finances, and development of personal entrepreneurial skills. 


  • Fundamentals of financial market and financial risk management
  • Financial literacy and financial math
  • Behavioral finance
  • Personal investment methods
  • Personal taxation and taxation planning
  • Elements of insurance
  • Sole entrepreneurship and startups
  • Special tax regimes for entrepreneurs
  • Personal investments and financial risks
  • Trading strategies

Skills and Competences

Upon the course completion students will gain skills in: 

  • Budgeting
  • Evaluating personal investments
  • Assessment of personal risks
  • Planning and forecasting models
  • Business skills


Applicants should have basic knowledge in financial economics. 

Teaching Methods 

The course combines theoretical and practical components.

Final Assessment

Individual project work which includes case study, problem solving, and developing a presentation. 

Final Grade Background

Students will be given three tasks (case study, problem solving, presentation). The final grade will be computed according to performance of each of the tasks. In order to complete the course students have to attend no less than 70% of classes.

Recommended Reading List

Personal Finance and Investments. A behavioural finance perspective. Keith Redhead, 2008.

Master Math: Business and Personal Finance Math. Mary Hansen, 2012.

Apply Now

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