Master of Business Analytics

Includes variety of functions within the companies, investment banks and investment funds to fit regenerative finance framework and sustainability goals: value-based management; investor relations management; valuation and value creation analysis; intellectual capital valuation and performance metrics; performance management and value-based performance indicators for internal business units; financial modelling and long term planning derived from multiple capitals performance; sustainable finance instruments; risk-oriented budgeting; integrated risk management systems and indicators.

Assumes application of the best practices in stakeholder value creation, its measurement and management, development of metrics and internal plans to comply with responsible and ethical practices, their implementation for different industrial profiles and types of companies; integration of non-financial capitals into risk analysis; implementation of integrated risk management policies and advice to boards of directors on risk measurement practices; internal auditing strategy and identification of financial fraud; forensic accounting system development.

Assumes application of the best practices in assessing impact of corporate strategies over stakeholder value creation; key performance indicators for stakeholder value added; indicators for non-financial capital’s management; adjustments to remuneration policies to motivate for stakeholders’ value creation; integration of non-financial data into financial planning and company’s and industry forecasts for management and boards of directors.

Deals with preparation of financial reports (IFRS) and Pro Forma statements; preparation of non-financial reports including ESG reporting, integrated reporting, value reporting guidelines; development of managerial accounting systems for the needs of stakeholder value added management; internal control; assurance of non-financial data and non-financial reports.

• Theory of Finance covers the principles and fundamental theories of valuation of various types of primary and derivative financial assets and   discusses the role of information flows in asset pricing.
• Macroeconomics aims to develop a model-based way of ‘aggregate model - based thinking’ and prepares students to apply relevant macroeconomic tools in their further studies and professional career.
• Econometrics focuses on the estimation and identification of different types of relationships. The course aims to provide you with the fundamentals of econometrics and its application, knowledge and proficiency in the use of statistical package STATA for econometric analysis and application of econometric tools in research and analytics.
• Financial Markets and Financial Instruments covers financial intermediation, market infrastructure and regulation, recent driving forces of financial crisis and bubbles. It is focused on the various financial instruments including traditional (stocks, bonds, and derivatives), alternative types of financing (structured finance, collateralized debt obligations) and digital finance. 
• Сorporate Finance develops conceptual risk-return framework to analyze the broad area of corporate decisions (investing, financing, payout, merger and acquisitions, business restructuring and types of financial architecture of the firms). It provides empirical evidence for managerial and investor’s motives behind the decisions, and how they influence corporate performance in developed and emerging capital markets. To enlarge your understanding about existing trade-offs, you will be exposed to the role of behavioral biases of top managers (CEOs) in decisions and their performance impact.
• International Financial Reporting Standards -1 covers financial accounting concepts for major types of assets, liabilities and equity and major formats of financial statements. Special emphasis is given to application of financial reports to business analysis.
• International Financial Reporting Standards 2 covers significant issues and tasks faced by professional financial analysts and accountants. You will be able to deal with special items (e.g. intra-companies’ transactions and unrealized gains), and to prepare basic consolidated financial statements.
• Valuation and Value Based Management equips you with a thorough knowledge of methods to identify the value of the business with the special emphasis on knowledge intensive firms.  It develops value-based thinking and value-based metrics for corporate strategies choices and operating performance management, compensation polices and  value planning.
• Public Non-Finance Reporting examines the role of sustainability accounting, non-financial capitals accounting, disclosure and reporting. It is focused on integrated thinking in preparing company’s reports and how to secure the connectivity between financial and non-financial data to ensure better understanding of value creation for wide range of stakeholders. Special attention is paid to the materiality  of non-financial capital’s disclosure  and determinants for the supply and demand for non-financial reporting.
• Strategic Managerial Accounting  develops techniques and skills in  generating  quantitative and qualitative information for strategic planning, decision making, performance evaluation, and control.It focuses on various methods of budgeting to ensure the relationship between short term and long term performance goals.
• Strategic Management provides students with a framework for understanding new trends in developing and implementing successful corporate strategies to gain competitive advantage and agile organization. It develops skills in identifying effective business models to leverage the drivers for stakeholder value creation (“extended shareholder value”), shared values and how to create sustainable company that is ethically sound and address economic, environmental and social goals.

Research Methods workshop develops skills in structuring a project and applied research methods.

• Integrated Risk Management (with an industry expert) develops skills in multi-capitals risk management to meet new levels of exposure to risks (including fundamentally new risks). The course provides techniques for risk intelligent enterprise to foster decision-  making in the “value-risk” coordinates and to drive resilience of the firm and enhanced financial results.
• Corporate Governance and Compliance (with an industry expert)  examines key areas of Boards of directors oversight over the company and compliance, such as shareholders’ role and responsibilities, board’s performance, corporate transparency and disclosure, ESG risks mitigation, investor relations and compliance system.
• Digital Capital: Applications in Finance (with an industry expert) explores the role of digital assets and technologies among value drivers of a company. It covers analysis of digital transformation, platform business models and strategies, their impact over created shared values and inclusive capitalism, and how they impact the individual investors and direct appeal to them. The course provides insights into the role of fintech, new financial ecosystems and how they bring new challenges for digital assets management and accounting, risk management and value creation. 
• Behavioral Finance: Applications for Business Analytics explores the contributions of personal traits and biased irrational behavior of top management team to decision making. The course discusses their impact over performance and different roles of board of directors in mitigating the bright side and dark side of behavioral inputs and how these effects can be foreseen and adjusted.
• Sustainable Finance (with an industry expert) develops skills for sustainability-oriented financial instrument’s analysis and engineering, frameworks for incorporating ESG in investing and financing policies. It involves best practices and real-life cases in sustainable and impact investing in different industries and business environments. 
• Auditing and Assurance Strategies: The course focuses on the advanced study of professional auditing standards and ethical responsibilities of auditors. It is aimed on providing knowledge on audit risk and materiality concepts, as well as risk assessment for the purposes of internal control over cash receipts and the payment cycle.
• Taxation and Tax Planning (with an industry expert) examines the basic principles of tax system, methods of internal and cross-border tax planning, double taxation and how it can be eliminated under different conventions. Special emphasis is made on   the applications of the transfer pricing rules, Base Erosion and Profit Shifting initiatives, tax monitoring and tax ruling.
• Financial Modelling (with an industry expert) explores how to build a financial model.  to create a system of Pro Forma financial statements and to forecast the changes in firm’s future cash flows under various scenarios for different types of businesses. Special focus is made on the use of non-financial data in forecasting future financial metrics.
• Forensic Accounting (with an industry expert) is designed to ensure professional competence in methodologies and tools for fraud detection. The course also discusses the specific procedures for detecting fraud in emerging technologies such as e-commerce, blockchain and crypto currency circulation and explains the new types of fraudulent behavior such as cybercrime and social engineering. We will also analyze the ways to build effective compliance and internal control via ethical organizational culture.
• Performance Management (with an industry expert) covers financial management functions and responsibilities typically assigned to the Operational and Treasury Departments. You will examine how to provide in-depth coverage of credit management, short-term investments and borrowing and how to integrate short-term financial solutions into a cash flow schedule. You will learn how to enhance working capital management contribution to long term value creation and stakeholder's value management. 

The Virtual live webinar series by international experts from School of Finance global networks provide discussions of hot topics and best practices within each specialization and lay down the list for applied project’s topics.

Specialization #1: Brayne Family office investment boutique focuses on the deals with tech start ups, how to make their valuations, grow up their value leveraging their intellectual capital and innovative capacity, prepare them to IPOs or to the deals with Private Equity investments and provides the in-house framework for start-up’s business analytics.

The global investment bank Lincoln International series provides guidance on applications of multiple capitals approach to valuation mostly for technological companies, the search for value drivers and structuring M&A deals of medium caps companies in different types of capital markets- developed and emerging ones.

The global consultancy company PricewaterhouseCoopers leads the discussion how to apply multiple capitals and stakeholder value creation framework into Board’s work and their monitoring over top executives.

Specialization #2: Professor Stefano Zambon - the founder and the leader of World intellectual capital initiative (WICI) - discusses the measurers of intellectual capital components for different industries and business models and how to apply the measures in Value reporting and integrated thinking.

Consultancy company Futurescape (India) with Namrata Rana, the Director for strategy and brands leads the discussion of ESG best practices, their roles in transforming business models and performance analytics in global companies which operate in the large emerging capital market of India and applications in the large local firms.

The global consultancy company PricewaterhouseCoopers presents best practices in assurance of integrated (value) reports.

The programme involves students in the following activities and events to begin or advance their careers:

• Career drop-in sessions with head hunters in finance organized for HSE alumni from on-campus programmes
• Career planning micro module
• Resume banks which can be shared with head hunters and businesses from our networks;
• Alumni meetings with HSE graduates

In addition, programme instructors regularly invite experts from the industry to guest lecture in their courses. This allows students to interact with professionals in the field and get a better sense of what skills companies are looking for and how industry professionals comport themselves.

The programme has well established relationships with PricewaterhouseCoopers, Deloitte, KPMG, EY global consulting firms who have their own chairs at the School of Finance of HSE University. Our working partnerships have instilled a strong enthusiasm and preference for graduates of HSE University’s master’s programmes in finance.

Students will also benefit from the wide network that the HSE School of Finance has to offer. This network includes global professional associations, such as the Association of Chartered Certified Accountants (ACCA) and AICPA-CIMA (USA), which provide accreditation for particular courses and certificates for some specializations in the MS in Business Analytics.

The programme has an international team that includes professors and experts from HSE University, which is one of Russia’s leading universities and consistently ranks highly in the international QS subject rankings in accounting and finance. The team also includes experts from global consulting companies such as PricewaterhouseCoopers, Deloitte, KPMG, EY and large-scale Russian companies and banks. The programme’s Virtual Labs are led by colleagues from global networks such as World Intellectual Capital Initiative, AICPA, and ACCA, as well as leading experts in non-financial reporting from Italy, Germany, France, Australia, India, South Africa, and Asia.

Applications are not evaluated solely based on an applicant’s GPA and test scores. The admissions committee considers an applicant’s background, experience, and strengths demonstrated in the sum of their application materials.

To check whether your GPA and test scores meet the requirements do not hesitate to contact us by email: mbanalytics@hse.ru 

Yes. Prospective students may take available open courses on Coursera from ‘Introduction to Value-Based Business Analytics’ specialization. If you apply to the programme and are accepted, the work you completed in the open courses will count towards your degree and thereby help you earn your degree faster.

All lecture courses will pre-recorded, you can follow them within the predetermined week at your own timetable. But as for the seminars, they will go through direct webinars for at least 2 time zones in virtual live format. Each lecture course has the webinars to discuss cases, difficult problems, etc. We also have Virtual labs with the international experts and project workshops, they are also virtual live. Everything will be recorded nevertheless, in case for some reason you are not available at the predetermined time of the webinar. 

Learners will receive a state-approved standard HSE University degree diploma Master of Science in Finance (similar to those received by on-campus students) with a supplement that shows concentration in Business Analytics. We offer various Finance Master degree programmes on campus, but the Master of Business Analytics is unique and can only be pursued online.

The program is 100% online, part-time experiences designed for working professionals. You'll learn with award-winning faculty and business experts. We offer a blend of live and recorded videos to balance the benefits of synchronous engagement with the flexibility of asynchronous learning.

Our experiential learning model incorporates:

Live and recorded online classes without any face-to-face or residency requirements. Students benefit from the global accessibility and time flexibility of fully online learning. While there is a set syllabus and learning agenda for each week, the majority of lectures may be viewed by students at any time of their choosing each week.

Immersive coursework because  our courses are designed as a project-based experience with students crafting their own ideas throughout the four term program. With an emphasis on team projects that fit specialization, students work on real life problems in new finance and analytics and apply the lessons learned to their own interests and ambitions.

High student-faculty engagement:  The level of access to faculty is high. We introduce and conclude each course with facademic faculty and experts meetings via web conference. We use the meetings for networking, updates, or to present the final deliverable. The faculty are also available to speak at other times via online office hour sessions that students can schedule.