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Regular version of the site




Basic Curriculum 2017-2019

Curriculum 2017-2018       1st y. students (2017-2018 ac.y.) 
Curriculum 2017-2018       2nd y. students (2017-2018 ac.y.)  

Curriculum 2018-2019        1st y. students (2018-2019 ac.y.) 
Curriculum 2018-2019        2nd y. students (2018-2019 ac.y.)  

Courses offered in English


Macroeconomics, Advanced level

F 1-2 modules (1st semesters), 96 contact hours, instructor: TBA

The course focuses on selected topics that are central to modern macroeconomics such as short-run economic fluctuations, medium-run stabilization policies, long-run economic growth, and the political economy implications of macroeconomic policies. Both basic and more advanced theoretical models and analytical techniques are widely used in the course but are treated as tools for granting insights into important issues, not as ends in themselves. Nonetheless, this course requires from students certain facility with linear algebra and some basic game theory. The course also assumes students’ familiarity with introductory macroeconomics topics, but this is not compulsory.


Microeconomics, Advanced level

F 1-2 modules (1 st semester), 96 contact hours, instructor: Alla Fridman

The course examines how households and firms make economic decisions and how they interact to determine the quantities and prices of goods and the allocation of resources. It also investigates the principles of microeconomic policy and the role of the government in allocating resources. The topics covered are: consumer and producer theory, market structures (perfect competition, monopoly and oligopolistic competition), basic elements of game theory, uncertainty, welfare economics and market failures.


Econometrics, Advanced level

F 1-4 modules (1-2 semesters), 144 contact hours, instructor: Elena Vakulenko

This course in econometrics is for 1 st -year master’s students. The course represents one of the basic disciplines of a fundamental economic education. The objective of this course is to introduce students to modern econometric methods and to prepare them to do their own applied work. This course covers empirical model construction, estimation, diagnostics and selection for economic models. Problems specific to cross sections, time series, and panel data will be discussed. Topics on limited dependent variables will also be included. The statistical package STATA will be used.

Corporate Finance, Advanced Level

F 1-2 modules (1st semesters), 90 contact hours, instructors: Irina Ivashkovskaya, Yury Dranev, Nikita Pirogov, Mariya Kokoreva

Corporate finance is designed as advanced course for the corporate finance master’s degree programs. It is being considered to become a part of the exchange semester programs that are now under development in the faculty of economics. The course is focused on methodology of analysis of corporate financial decisions and their empirical testing. This advanced course in corporate finance provides important input to the development of research skills in finance.

The major goals:

The course is absolutely necessary for developing analytical skills in the area of corporate financial decisions and understanding their relevance to empirical evidence in developed and emerging markets. It covers the extensions for the key concepts in corporate finance, explaining hurdle rates and cost of equity analysis in the integrated and segmented capital markets, the financing and payout decisions and the empirical research in the field of data in developed and emerging markets, and issues of corporate control and governance with an emphasis on the financial architecture of the modern firm. The course is thought to become part of a core theoretical background to the related financial courses for advanced studies.

After successfully completing this course the students will learn:

- how the key concepts for corporate financial decisions emerged and have been further developed;

- how the empirical studies are built upon the theoretical arguments in the field;

- how to apply theoretical conceptions to the actual trends in the corporate sector;

- how to understand the results and controversial empirical evidence.


Advanced Corporate Valuation

F 3-4 modules (2nd semester), 72 contact hours, instructors: Svetlana Grigorieva, Yury Dranev and EY Ernst & Young. 

The Advanced Corporate Valuation course explores both the theoretical basis and practical application of all major elements of discounted cash flow valuation, relative valuation and asset-based valuation. You will learn to differentiate between long-term value-creating strategies and short-term indicators such as market share, earnings per share, share price and others. The course discusses how to evaluate a company’s strategic position and develop forecasts using different techniques. Within this course you will consider special cases in valuation such as valuation in emerging capital markets, valuation of companies with changing capital structure and valuation of options. You will also discuss how to evaluate companies in different industries: mining, telecom, media and finance. 


Behavioral Finance

F+S 1-2 modules (1st semester), 48 contact hours, instructor: Anastasia Stepanova

Prerequisites: Corporate Finance, Microeconomics Course 

Over the course of several decades, financial theories have been guided by the theory of efficient markets. The key assumption of the major financial models is the rational behavior of investors and other agents. But in reality, this assumption is regularly shown to be faulty. Markets are often inefficient. Information disclosure is expensive. Sunny weather or upcoming vacations may change investors’ behavior and bias their decisions. Each investment decision depends on our previous investment decisions: we are anchored. We do not live in a vacuum.

Behavioral biases attracted the attention of the world of academia and investors in the late 1990s. The key question was whether these deviations from rational behavior might have a significant impact on market estimations and investment decisions. Empirical tests demonstrate that behavioral biases may significantly change even classical asset pricing models. Several bestsellers were written on behavioral finance issues during the 2000s. The part of the CFA curriculum devoted to behavioral finance becomes larger and larger every year.

Behavioral biases do matter. If you want to be successful as a portfolio manager or individual investor, as a CFO or independent director and, of course, as a consultant, you should take into account different behavioral biases.

Based on key concepts of cognitive psychology and decision theory, behavioral finance studies how real-life investors interpret and act on available information. This course is an advanced finance course.


Mergers, Acquisitions and Restructuring of a Firm

F+S 1-2 modules (1st semester), 60 contact hours, instructors: Svetlana Grigorieva, Ilya Partin (NHCapital, Director), Dmitry Tikhomirov (State corporation Vnesheconombank, Department for Raw Materials Processing and Ecology, Managing Director) 

The purpose of the discipline Mergers, Acquisitions and Restructuring is to acquaint students with the basic theoretical and applied aspects of mergers and acquisitions (M&A) and corporate restructuring.
The course examines the main reasons for M&A, the effectiveness of mergers and acquisitions, M&A transactions realization mechanisms, strategic growth and development of the company in the context of M&A, methods of the structuring of M&A deals, legal, tax and accounting aspects of M&A transactions, particularities of cross-border mergers and acquisitions, alternatives to M&A and restructuring mechanisms. The course is based on the standard international textbooks on M&A, research papers and business cases. Applied aspects of the course are based on recent actual M&A transactions on international and Russian markets. 


Corporate Governance

F 3rd module, 40 contact hours, instructor: Olga Lazareva 

Corporate governance is a relatively young and rapidly growing subfield within the fields of economics and finance. It deals with the various aspects of governance of the modern corporation. The large variety of business organizational forms, the complexity of their governance structure and conflicts of interests arising within this structure lead economists to study the process of governance of a modern corporation as a separate phenomenon.

The topics of the course include:

  • Theoretical underpinnings of corporate governance (agency theory, corporate finance etc.);

The role of shareholders (blockholders, takeovers, institutional investors, shareholder activism);
The role of the board of directors (structure of the board, independent directors, supervision and monitoring);
The role of the CEO (motivation, incentives, remuneration, turnover);
The role of stakeholders and corporate social responsibility;
Measuring the quality of corporate governance, ratings, disclosure;
Comparative corporate governance and the Russian model of corporate governance.


Сorporate Risk Management

F 4th module, 40 contact hours, instructor: Yury Dranev

Prerequisites are Corporate Finance 2 and Valuation. 

This is an upper-level course designed for master’s students. This course discusses risk management from the perspective of non-financial corporations. We will examine various types of risks (market risks, credit risks and operational risks) and risk management procedures in the context of the general framework of enterprise-wide risk management (ERM). The emphasis of the course is on the theoretical approach to creating value with the implementation of ERM rather than on the technical details of statistical measurement and pricing of derivatives. The course considers issues of risk measurement, risk aggregation, performance evaluation, capital allocation and strategic decision-making. The course does not require extensive knowledge of mathematics and statistics.


Consolidated Financial Statements

F 4th module, 40 contact hours, instructor: Sergey Kuzubov, Boris Yatsenko (EY)

Prerequisites are course on IFRS 

This course is designed for master’s students who have had experience with International Financial Reporting Standards, who studied local or international financial accounting practices before or who have an accounting background. This course starts with the classification of investments into financial assets, into associated companies based on the criteria of significant influence, and into subsidiaries based on the criteria of control. We proceed with the question of business combinations, starting by developing an understanding or what business combination is as it is defined in IFRS, what the notion of business is. We then discuss the indicators of these kinds of deals as opposed to purchasing a selection of assets and liabilities.

This course looks in detail at four steps of accounting for business combinations, initial recognition and measurement of identified intangible assets and goodwill, calculation of minority interest. It then covers subsequent amortization of the difference between book and fair value of assets and liabilities at the moment of purchase for 3 subsequent years and discusses the issue of goodwill impairment. Consolidation principles and techniques are studied, as well the scope of consolidation and exceptions. The course also focuses on accounting and reporting for associates using the equity method. A separate part of the course develops an understanding of measurement and recognition principles for financial assets. Special guests from EY will discuss interesting cases in mergers and acquisitions practice and

about the main steps during the Initial Public Offering. The course does not require extensive knowledge of mathematics and statistics.


International Financial Reporting Standards

F 1st module, 32 contact hours, instructor: Tatiana Malofeeva, PwC 

This course is designed for master students who have no experience with International Financial Reporting standards, who have studied local accounting standards before or have no accounting background at all. This course starts by helping students develop an overall understanding of the accounting cycle, starting from accounting entries in the debits and credits format, including an understanding of how economic events and transactions in the enterprise influence different elements of financial statements. It discusses the application of accrual method resulting in the adjusting entries and covers closing procedures and reverses entries. It covers the IFRS Concepts Framework and major formats of financial statements according to IFRS. The course is also focused on the recognition and measurement of short-terms assets—in particular, receivables and inventory—and long-term assets  such as Property, Plant and Equipment and Assets Held for Sale. One class is devoted to Cash Flow Statement preparation techniques. The course does not require extensive knowledge of mathematics and statistics.


Strategic Corporate Finance

S 1-2 modules (3nd semester), 48 contact hours, instructors: Irina Ivashkovskaya, Sergey Kuzubov

Prerequisites: Statistics, Microeconomics, Macroeconomics, Corporate Finance-Advanced level, Corporate Valuation – Advanced level, International Financial Reporting Standards (MA-level). 

The course will introduce students to the main concepts in the strategic financial analysis of a company.

The main topics include:

  • Methods for the financial assessment of corporate strategies in a competitive and risky environment;

Financial analysis of corporate strategies from the perspective of shareholders  and    stakeholders;
The integrated model of value based management and key performance indicators (KPI);
Intellectual capital measurement
The role of intellectual capital measures and non-financial disclosure in strategic performance analysis.

The course incorporates up-to-date strategic financial knowledge and provides students with a better understanding of and ability to make optimal strategic decisions using the example of ATKearney, Boston Consulting Group, Holt Value Associates, PriceWaterhouseCoopers, Stern Stewart & Company, McKinsey, Monitor Group, and KPMG.

Particular attention is paid to the main, practically oriented principles of value-based management of the listed corporate benchmarks in emerging capital markets.

The focus of the course is on the financial measuring of the corporate strategy in emerging capital markets (e.g., Russian companies). Students will learn how to execute financial measuring under financial distress and different types of macroeconomic turbulence.

Participants are provided with the opportunity to collaborate with each other in small analytical teams. In each team the participants will develop the skills of a strategy consultant: to present, argue and discuss the main findings and proposals in strategic decision making. The course is taught in collaboration with the managers and partners of McKinsey Company.


Asset Management

S 1-2 modules, 48 contact hours, instructor: Victoria Rodina

Course Prerequisites: Theory of finance, corporate finance, and econometrics are prerequisites for this course.

This course advances to students the study and practice of asset management. The course is designed to provide students with a learning experience primarily from a practical perspective ensuring that graduates are ready and able to fulfil their potential as future successful asset managers. For this purpose the course is comprehensive of leading-edge applied academic research, commercial best practice and regulatory interests at a global level.

Asset management focuses primarily on investment-centric topics (portfolio optimization, performance measurement, risk measurement and management, passive and active strategies, alternative investments, etc.), but includes some client-centric topics as well (wealth management / personal portfolio management, subjective preferences, etc.). In addition to a path of an asset manager the course will be useful to those who plan a career of a fund manager, private banker (wealth manager), plan sponsor, investment officer/ investment professional who carry out asset allocations, risk management, security analysis and other related functions, investment consultant, staff or independent financial advisor, research director, and financial analyst. The course offers students the opportunity to study topics for the level I and level II CFA exams.


Theory of Finance

F 3d module, 40 contact hours, instructor: Victoria Rodina

Course Prerequisites: Introductory financial markets and/or introductory financial economics and microeconomics are prerequisites for this course. Basic understanding of calculus, matrix algebra, and probabilities is advisable.

This course is designed to introduce to students the fundamental issues of the Theory of Finance. It is an in-depth study of what the fundamental properties of key financial instruments are and what techniques based on these properties for appropriate pricing and / or detecting mispricing have been suggested. In addition to a thorough insight into selected theoretical concepts of the Theory of Finance the course provides coverage in the area of related applied / quantitative research.
The course’s focus is on fundamental and advanced concepts as well as applications in asset pricing in bond and equity markets. It investigates into what are approaches to asset pricing when pay-offs are certain (fixed claims) and when pay-offs are uncertain (state contingent claims).
The course provides essential knowledge and competence at a postgraduate level to those students who intend to follow careers in applied or quantitative finance, as well as to those students who intend to pursue further research. It would be beneficial for perspective CFA test takers as well.


International Tax Planning

S 2d module, 28 contact hours, instructor: TBA 

Learning Objectives – get an insight into the fundamental theory of international taxation, review the practice of applying double tax treaties and the methods of international tax planning. 3 Learning Outcomes: Upon mastering the discipline, the students shall:  know the fundamental principles of international taxation, the OECD Model Tax Convention and the system of international double tax treaties;  be able to analyse aggregate tax risks faced by business and the state, as well as accurately select the tax strategy of the company under effective tax laws;  have relevant skills to identify and assess the challenges of tax implications while analysing specific practical cases, as well as suggest solutions subject to effective tax laws


Fundamentals of Financial Investigations

F 1-2nd module, 48 contact hours,  instructor:  Deloitte

This course aims to provide students with advanced understanding of typical fraud schemes and cutting-edge data analysis techniques that can be used to identify illegal practices or unethical conduct and to mitigate associated risks.

International Finance

F 1-2nd module, 48 contact hours,  instructor:  Dr. Madina Karamysheva
Integration and globalisation of the modern world require a deep understanding of international Finance. This course focuses on explanation of up-to-date theories of international finance and on its practical real world applications. Effective corporate decision making requires a deep understanding of the international financial markets, in particular this course will cover foreign exchange markets and world capital markets. Moreover, hedging strategies and risk management are necessary for effective financial management. This course also covers asset and liability management as well as international corporate governance and control.


Courses offered in Russian and English

Research Workshop in corporate finance

F+S 1-4th module, 104 contact hours,  instructor: TBA

The purpose of learning the research workshop skills development studies corporate financial decisions in BRIC on the basis of modern methodology of empirical testing of theories of corporate Finance. The first year workshop is a part of the block of disciplines aimed at preparing students for the research and is a base for vocational guidance for the students while choosing the subject of the scholarly research and the topic of the master thesis. The discipline is mandatory for the master students of the Strategic Management of the Finances of the Firm of the first year.

The second year workshop provides an overview of classical and more recent empirical research in Corporate Finance. Students will become familiar with important topics in this area, learn to discuss strengths and weaknesses of the studies, and assess the overall contribution to the literature. The goal of the course is twofold: On the one hand, students get the opportunity to deepen their knowledge of the topics in empirical corporate finance. On the other hand, students develop a critical attitude vis-à-vis research questions, empirical methods, and empirical results that will be useful for their own research. Current research topics include the Corporate Governance and Behavioral Finance, Capital structure, Tax and capital structure, M&A deals and other exit or financing strategies, Corporate investment performance in emerging markets, Empirical analysis of cost of equity.


Courses offered in Russian


Financial Modelling in a Firm

3rd module, 40 contact hours, instructor: Nina Novikova (Intera, Executive Director), EY 

The primary goal of this course is to complement and reinforce the fundamental knowledge that students will have already attained in their previous courses on corporate economics and finance, corporate financial planning, financial management and business management. Students in this course will have the opportunity to deepen their knowledge on this subject and apply methodological questions and basic concepts in practical situations; this will help them understand not just what to do, but how to do it. We will construct models of various complexities and examine quantitative examples that illustrate practical experience. The course is arranged in such a way that we will move from the “general” to the “specific”—from operational models to the analysis of the financial outcomes and value of companies—and students will little-by-little tackle more complex material. The course address closely-related concepts that are essential for constructing models such as the application of econometric methods and the utilization of information technologies.  


 Investment in shares in inefficient markets

S 1-2 modules, 60 contact hours, instructor: Elena Chirkova 

The course consists of two parts. In the first part we will look at the irrationalities of the stock market focusing on big anomalies (bubbles). We will study both the history and the theory of bubbles. In the second part we will study the value investing theory claiming that one can earn abnormal positive return by following the guidance of the theory regarding the selection of stocks, timing of the market as well as other value investment principles. We will cover the general approaches and the investment philosophy of the most prominent adherents of the approach such as Warren Buffett. We will try to identify companies that Warren Buffett would invest in.


Venture Capital

4th module, 40 contact hours, instructor: Ivan Rodionov (IBS, FosAgro, Rusinvest - Independent Director, Board of Directors member, Chairman of the Audit Committee), Alexander Semenov (VCG, General Director) 

Russia's transition to a more innovative model of development involves the significant growth of direct and venture capital investments in Russian companies by financial institutes and foundations both at home and abroad. In order to understand this phenomenon, we must understand the principles of the use of venture capital as a source of financial growth and learn how venture capital is attracted at various stages of a business’s development. It is also important to learn how to select and analyze sources of venture capital and to understand how transactions are made using venture capital financing. Students will become acquainted with the structure of the world venture capital business; the specific features of the corporate financing of high-tech companies and their need for venture capital at various stages of their development; the possibilities for the exploitation of venture capital in Russia and on the global market; the most important types of venture capital and financial instruments used in venture capital financing and their characteristics; and with the future prospects for sources of venture capital financing. Examining venture capital financing case studies, students will gain the skill of applying modern methods of analyzing companies and presenting the results of such analysis; constructing requests for financing and presenting them to investors; arranging transactions and evaluating their share in the company; composing and coordinating commitments letters with investors; participating in due diligence procedures; closing transactions with investors; collaborating with investors to increase the value of a company; and managing investments. Special attention will be paid to the issue of investors’ exit strategies, including exit via the public market (IPO, PO) or the quasi-public market (Trade Sale to Qualified Investors); Private Placement; the strategic sale of a company to investors; and the attraction and use of investment brokers.