ICEF MSc Programme in Financial Economics: Today and Tomorrow

The Master’s in Financial Economics at the International College of Economics and Finance (ICEF) provides students with a solid theoretical foundation in economics and finance while teaching hands-on skills under the guidance of experts from academia and industry. With the 2022/23 academic year now over, faculty reflect on the programme’s successes and future prospects.

Sergey Yakovlev, ICEF Director:

This year, the ICEF Master’s in Financial Economics graduated its fifteenth class. The programme launched in 2007 in cooperation with the London School of Economics (LSE). Since then, it has been progressing and building on an academic concept that brings it on par with master’s degrees at the world’s top universities. It consistently ranks among the Top 100 in the QS Business Master’s in Finance Ranking, and remains the number one finance programme in Russia.

ICEF master’s graduates continue to be the preferred candidates of many employers and doctoral programmes

What are the main advantages of the programme?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

Our programme combines the best traditions of Russian and British academic cultures. Its principal advantage lies in its unique blend of fundamental knowledge and hands-on skills that are essential in economics and finance. Alongside the core curriculum, we offer a set of electives that provide first-hand industry knowledge, data analysis and programming skills, which are taught in cooperation with Avito Analytics Academy and the joint SBER-HSE department at the Faculty of Computer Science.

What does the international component of the programme involve?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

The international format has been a key feature of this programme from the beginning. All courses are delivered in English.

The core and major-specific courses are taught by full-time academics with PhD degrees from the world’s leading universities

Students are free to create the learning paths that best fit their needs, and that includes academic mobility opportunities—one year in a double-degree track with our overseas partners, or one exchange semester at any of HSE’s partner universities in 18 countries (including Germany, China, Brazil, Italy, Israel, and Turkey). It is also possible do short-term internships. Four students recently came back from the Southwestern University of Finance and Economics (SWUFE) in Chengdu, China, where they took part in a summer school.

Who teaches on the programme?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

The core and major-specific courses are taught by full-time academics with PhD degrees, and we are looking to hire more experts from the finance industry to teach hands-on modules. The courses are designed so that students first have theoretical training (highly mathematical concepts and models), then learn from practicing experts how to apply these concepts and models in the workplace. In autumn 2023, we’ll welcome experts from Raiffeisenbank, SBER, Gazprombank and other organisations to teach courses on topics ranging from derivatives and risk management to commercial banking, investment and financing. This year, we also launched an elective course led by Sovcombank. It teaches applied investment analysis, allowing students to try their hand at investment analysis and even get job offers from the bank if they show good progress.

Are your current students mostly economics majors?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

We have quite a number of students with bachelor’s degrees in economic fields, but non-economics majors can apply as well. Some 15% of our students have a background in mathematics, engineering or humanities. Humanities majors are eligible if they do extra math.

In 2023, we hosted our third Summer Bridge School in Financial Economics—an online series of short-term courses intended for prospective students. The participants can attend every class or do particular modules in microeconomics, macroeconomics, econometrics, mathematical economics or finance, depending on their academic needs. All classes are taught by ICEF teachers. A total of 48% of the participants of the school are international students. Alongside its core task of preparing applicants for master’s studies at ICEF, the Summer Bridge fulfils an important social mission: It contributes to the increased availability of a high-quality master’s education in economics and finance.

What industries have 2023 graduates found jobs in?

Victoria Pralich, Head of ICEF Career Services:

More than 90% of the class of 2023 are already employed (mainly in Russia, but some have found jobs in Spain and Italy). More than half received job offers after completing their first year and more than a third are employed in the finance sector: VTB, SBER, Raiffeisenbank, Russian Regional Development Bank, as well as Italy’s ID Finance Investments. One graduate landed a job in consulting at Kept (ex-KPMG). Two members of the class 2023 enrolled in HSE’s doctoral programmes, and five are pursuing the double-degree track with LUISS. The rest have found jobs in industries as diverse as real economy and game development (Russia-based Sibur and MGVC), and insurance businesses in Spain.

Do many students combine their studies with work?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

We strongly discourage our students from starting a job while pursuing their master’s—especially in the first three semesters, when the concentration of core courses is the highest. At the same time, we advise students to join career events organised by the ICEF Career Centre and seek career advice from its team.

At ICEF, master’s students can work as assistant lecturers or graders, and there are other schemes to ease your financial burden while pursuing your master’s

What financial support schemes are available to applicants in 2023?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

The programme has 25 state-funded places for citizens of the Russian Federation and up to 10 free (quota) places for international students. Fee-paying students can expect a 50% or 85% discount depending on their performance in the admission tests. And to partially compensate non-resident students’ rental costs, we offer accommodation bursaries. There are also performance-based scholarships from VTB, which are awarded on a competitive basis and can be awarded during the admissions stage. There is no need to apply for the VTB scholarship separately; our scholarship board automatically considers every student for eligibility. More information about the available financial support schemes can be found on the ICEF MSc Programme webpage.

If you are planning to pursue a PhD at HSE after competing your master’s at ICEF, there’s a special track that offers a monthly scholarship of 50,000 roubles.

What are the steps in the admissions process?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

The basic track is a portfolio competition. To qualify for admission, you need to pass the in-house English test. We will then review your portfolio and invite you to do an online interview. Your portfolio score will be based also on the results of the interview. There is a category of students whose portfolios automatically score 100 points and who do not need to do an interview. It includes recipients of early offers, as well as top achievers and winners of various competitions. More information about the admission process and requirements can be found on ICEF MSc Programme webpage.

What is your advice to prospective students?

Maxim Nikitin, ICEF MSc Programme Academic Supervisor:

Believe in yourself. There are good master’s programmes in Moscow. If you are really focused on professional development, you won’t have any trouble getting into one of them.