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Regular version of the site

Programme overview

We provide training that meets the staffing needs of the top-ranking banks, foundations, financial and research institutions in Russia, Europe, and North America

2007 saw the start at ICEF of the international master’s program created with the academic support from The London School of Economics (LSE). With skills requirements identical to those of the industry, the program brings together the Russian traditions of scholastic education and the British expertise in delivering master’s degree programs.

Extensively supported by practicing experts, we offer comprehensive training in Economics, Finance, and Econometrics that students complete over a short period of time. It allows our alumni - a total of more than 200 – to find employment at the investment banks of the City of London, at research institutions globally, and domestically.

The programme is delivered in close cooperation with employers. For instance, some of our electives are hosted by McKinsey experts, a scholarship fund is established by VTB Bank for the best-performing students, and job offers are submitted to our Career Centre on a regular basis. The contacts the programme and its professors maintain with the international research community enable our students to engage in research, which they do also via ICEF International Laboratory of Financial Economics.

Programme requirements

Since instruction is in English, candidates are expected to have advanced English language skills. Candidates should be able to produce TOEFL (80 points min.) or IELTS (6 points min.) certificate or sit an internal examination. One more essential requirement is the in-depth knowledge of mathematics (please click here for the full list of topics). Requirement number three is stay focused on studies. This master’s degree programme is what guarantees solid knowledge and skills, as well as career opportunities, but juggling it with work is highly unrecommended.

2 years
Full-time Programme
25 state-funded places
10 fee-paying places
15 fee-paying places for international students
Instruction in English

Programme advantages

  • consistency with UK Quality Assurance Agency for Higher Education standards;
  • instruction shared by Russian finance practitioners and visiting professors at LSE, Oxford and other overseas schools;
  • faculty staff with PhD degrees from USA’s and Western Europe’s leading universities;
  • individual learning paths: office hours, mentorship programme, career guidance, wide selection of electives, internship opportunities;
  • alumni association: those already in the industry mentoring students and sharing job offers before they go public; and
  • The London School of Economics certificate upon completion.



Our courses are designed to equip you with:

  • current methods of statistical and econometric analysis;
  • ability to deal with massive arrays of information, retrieve, verify, supply and synthesize missing data;
  • ability to make core forecasts of corporate financial performance, financial and industry-specific markets performance, and various economic variables;
  • presentation skills, article writing and skills in reporting analytics to expert communities; and
  • principles of and legal framework for professional standards.

Alumni career paths

Employees at:

  • Sberbank CIB
  • Morgan Stanley (Moscow, London)
  • VTB Capital
  • Goldman Sachs
  • Barclays (Moscow, London)
  • HSBC (Moscow, London)
  • Credit Suisse (Moscow, London)
  • Fleming family and partners
  • Citi Group
  • McKinsey & Company
  • RF Central Bank
  • Raiffeisen bank
  • Xenon Capital Partners

PhD candidates at:

  • University of California, Berkeley
  • University of Chicago
  • University of California, San Diego
  • University of Pennsylvania
  • University of Wisconsin, Madison
  • University of Rochester
  • University of Minnesota
  • Duke University
  • London School of Economics
  • London Business School
  • Wharton Business School
  • Bocconi University
  • Toulouse School of Economics
  • University of St. Gallen

How to enroll

1. On a competition basis (portfolio-based competition). Please click here for more details.

2. Non-competitively, if you score min.700 in GRE Subject Test Math, min.165 in GRE General Quantitative Reasoning and min.3.5 in Analytical Writing, or have 650 Total score in GMAT and 47 Quantitative.

3. Non-competitively, if you are the HSE Financial Economics Competition winner.