Summary of Degree Programme
38.04.08 Finance and Credit
No
2 года 
Full-time, 120
ENG
Instruction in English
Master
No
2025/2026 Academic year
Value Based Business Analytics
| CER-1 | Explains the concepts, motives and results of decisions in companies from the standpoint of their impact on the growth or decrease in their value, develops an analytical apparatus for evaluating current performance according to the criteria for the contribution of management decisions to business value, taking into account the specifics of business models of companies and stages of their development. |
| CER-2 | Develops methods for analyzing the effectiveness of the transition to corporate models based on the principles of sustainable development and ESG transformation. |
| CER-3 | On the basis of concepts, develops the ability to formulate tasks, stages and models of applied research on value growth strategies for different categories of company stakeholders, explains the role of non-financial capital in achieving efficiency, value growth for financial and non-financial stakeholders of the company. |
| CER-4 | Forms the skills of modeling long-term factors and processes of creating the value of companies, taking into account the specifics of its non-financial capital, evaluates the best practices of financing, investing, strategic transactions for sustainable long-term growth in business value. |
| CER-5 | Explains the functioning of the corporate governance system, integrated risk management and compliance to achieve the goals of inclusive economic growth. |
| CER-6 | Evaluates best practices for business decision analytics. |
| PC-1 | Able to develop complex financial models of strategies for increasing the value created for different categories of stakeholders. |
| PC-2 | Able to develop a system of indicators for managing the company as a whole and its various divisions, focused on value growth for different categories of stakeholders. |
| PC-3 | Capable of developing effective financing policies using green finance tools. |
| PC-4 | Able to apply modern digital technologies for business decision analytics and planning. |
| PC-5 | Able to conduct applied research on the quality of company growth, best practices in different industries and ways to adapt them to the specifics of industries, organizational forms of companies. |
| PC-6 | Able to implement models and algorithms of applied mathematics in the form of computer programs. |
“Master of Business Analytics” graduates develop:
- frameworks and measurers for new vision of company’s goal - stakeholder value creation - how to create value not only for shareholders, but as well for non-financial stakeholders
- integrated thinking competences to analyze financial capital, non-financial capitals, mainly human, organizational and clients (relational), natural capital and how they predetermine future financial results
- skills in strategic reporting to secure the connectivity between non-financial capitals, sustainability of business and future financial performance
- ability to think strategically and see the big picture of all types of resource base in the companies, how the non-financial capitals can be measured, described by different metrics and how these metrics should be adjusted to industry and organizational type of business.
The master programme graduates’ professional spheres are as follows:
01 Education and Science (occupational education and supplementary vocational education);
08 Finance and economics (economics, finance, marketing and analytics).
Types of career tracks in which the graduates may be involved after completing the master’s programme:
- Business analytics for financial management
- Business analytics for value-based compliance
- Business analytics for strategic consulting
- Accounting and reporting (financial and non-financial)
The Master's degree program structure includes the following educational modules:
1. The Key seminars module is intended to provide the student with an introduction to best practices and/or research relevant to their learning path, coordinated by their mentor.
2. The Practical Module (hereinafter referred to as the Practice) forms the student's competencies, which allow solving practical problems of the chosen professional activity, including design, research, entrepreneurial, expert and analytical. The preparation of the master's thesis is also carried out as part of the development of the "Practice" module.
3. The Professional Module (hereinafter - Major) provides an opportunity to master the professional competencies necessary to achieve personal educational results of students. It includes the basic disciplines of the direction in econometrics, macroeconomics, the theory of finance, a block of basic disciplines of specialization, and the disciplines of the variable part are also included in accordance with the curriculum of the trajectory of the direction.
4. The Additional Module (hereinafter referred to as the Mago-Lego) gives the student the opportunity to obtain additional competencies that allow personalizing the IEP at the request of the student.
5. The Module of the Final State Certification (hereinafter referred to as the FSC) allows the student to set the level of results of mastering the EP by the student and includes the defense of the final qualifying work (FQW) - the Master Thesis.
Strategic Business Reporting
| KEO-1 | Explains the concepts, motives and results of decisions in companies from the standpoint of their impact on the growth or decrease in their value, develops an analytical apparatus for evaluating current performance according to the criteria for the contribution of management decisions to business value, taking into account the specifics of business models of companies and stages of their development. |
| KEO-2 | Develops methods for analyzing the effectiveness of the transition to corporate models based on the principles of sustainable development and ESG transformation. |
| KEO-3 | On the basis of concepts, develops the ability to formulate tasks, stages and models of applied research on value growth strategies for different categories of company stakeholders, explains the role of non-financial capital in achieving efficiency, value growth for financial and non-financial stakeholders of the company. |
| KEO-4 | Forms the skills of modeling long-term factors and processes of creating the value of companies, taking into account the specifics of its non-financial capital, evaluates the best practices of financing, investing, strategic transactions for sustainable long-term growth in business value. |
| KEO-5 | Explains the functioning of the corporate governance system, integrated risk management and compliance to achieve the goals of inclusive economic growth. |
| KEO-6 | Evaluates best practices for business decision analytics. |
| PC-1 | Capable of developing the architecture of non-financial integrated reporting for companies in various industries. |
| PC-2 |
Capable of evaluating the effectiveness of intellectual capital components and developing a system of key performance indicators for their use. |
| PC-3 |
Capable of designing a system of non-financial metrics for integrated reporting applicable to different industries and business models. |
| PC-4 |
Capable of producing comprehensive integrated reports that integrate non-financial data, value-creation approaches for stakeholders, and explanations of companies' current and future financial performance. |
| PC-5 |
Capable of developing a management reporting system for monitoring the effectiveness of non-financial capital use and value creation for different stakeholder groups. |
| PC-6 | Capable of creating board-level management reports to ensure compliance functions for companies across different industries. |
| PC-7 |
Capable of implementing applied mathematics models and algorithms as computer programs. |
“Master of Business Analytics” graduates develop:
- frameworks and measurers for new vision of company’s goal - stakeholder value creation - how to create value not only for shareholders, but as well for non-financial stakeholders
- integrated thinking competences to analyze financial capital, non-financial capitals, mainly human, organizational and clients (relational), natural capital and how they predetermine future financial results
- skills in strategic reporting to secure the connectivity between non-financial capitals, sustainability of business and future financial performance
- ability to think strategically and see the big picture of all types of resource base in the companies, how the non-financial capitals can be measured, described by different metrics and how these metrics should be adjusted to industry and organizational type of business.
The master programme graduates’ professional spheres are as follows:
01 Education and Science (occupational education and supplementary vocational education);
08 Finance and economics (economics, finance, marketing and analytics).
Types of career tracks in which the graduates may be involved after completing the master’s programme:
- Business analytics for financial management
- Business analytics for value-based compliance
- Business analytics for strategic consulting
- Accounting and reporting (financial and non-financial)
The Master's degree program structure includes the following educational modules:
1. The Key seminars module is intended to provide the student with an introduction to best practices and/or research relevant to their learning path, coordinated by their mentor.
2. The Practical Module (hereinafter referred to as the Practice) forms the student's competencies, which allow solving practical problems of the chosen professional activity, including design, research, entrepreneurial, expert and analytical. The preparation of the master's thesis is also carried out as part of the development of the "Practice" module.
3. The Professional Module (hereinafter - Major) provides an opportunity to master the professional competencies necessary to achieve personal educational results of students. It includes the basic disciplines of the direction in econometrics, macroeconomics, the theory of finance, a block of basic disciplines of specialization, and the disciplines of the variable part are also included in accordance with the curriculum of the trajectory of the direction.
4. The Additional Module (hereinafter referred to as the Mago-Lego) gives the student the opportunity to obtain additional competencies that allow personalizing the IEP at the request of the student.
5. The Module of the Final State Certification (hereinafter referred to as the FSC) allows the student to set the level of results of mastering the EP by the student and includes the defense of the final qualifying work (FQW) - the Master Thesis.
2024/2025 Academic year
Value Based Business Analytics
- Explains the concepts, motives and results of decisions in companies from the standpoint of their impact on the growth or decrease in their value, develops an analytical apparatus for evaluating current performance according to the criteria for the contribution of management decisions to business value, taking into account the specifics of business models of companies and stages of their development (COR-1)
- Develops methods for analyzing the effectiveness of the transition to corporate models based on the principles of sustainable development and ESG transformation (COR-2)
- On the basis of concepts, develops the ability to formulate tasks, stages and models of applied research on value growth strategies for different categories of company stakeholders, explains the role of non-financial capital in achieving efficiency, value growth for financial and non-financial stakeholders of the company (COR-3)
- Forms the skills of modeling long-term factors and processes of creating the value of companies, taking into account the specifics of its non-financial capital, evaluates the best practices of financing, investing, strategic transactions for sustainable long-term growth in business value (COR-4)
- Explains the functioning of the corporate governance system, integrated risk management and compliance to achieve the goals of inclusive economic growth (COR-5)
- Evaluates best practices for business decision analytics (COR-6)
- Able to develop complex financial models of strategies for increasing the value created for different categories of stakeholders (PC-1)
- Able to develop a system of indicators for managing the company as a whole and its various divisions, focused on value growth for different categories of stakeholders (PC-2)
- Capable of developing effective financing policies using green finance tools (PC-3)
- Able to apply modern digital technologies for business decision analytics and planning (PC-4)
- Able to conduct applied research on the quality of company growth, best practices in different industries and ways to adapt them to the specifics of industries, organizational forms of companies (PC-5)
- Able to implement models and algorithms of applied mathematics in the form of computer programs (PC-6)
1. The Key seminars module is intended to provide the student with an introduction to best practices and/or research relevant to their learning path, coordinated by their mentor.
2. The Practical Module (hereinafter referred to as the Practice) forms the student's competencies, which allow solving practical problems of the chosen professional activity, including design, research, entrepreneurial, expert and analytical. The preparation of the WRC is also carried out as part of the development of the "Practice" module.
3. The Professional Module (hereinafter - Major) provides an opportunity to master the professional competencies necessary to achieve personal educational results of students. It includes the basic disciplines of the direction in econometrics, macroeconomics, the theory of finance, a block of basic disciplines of specialization, and the disciplines of the variable part are also included in accordance with the curriculum of the trajectory of the direction.
4. The Additional Module (hereinafter referred to as the Mago-Lego) gives the student the opportunity to obtain additional competencies that allow personalizing the IEP at the request of the student.5. The Module of the Final State Certification (hereinafter referred to as the FSC) allows the student to set the level of results of mastering the EP by the student and includes the defense of the final qualifying work (FQW) - the Master Thesis.
Strategic Business Reporting
- Explains the concepts, motives and results of decisions in companies from the standpoint of their impact on the growth or decrease in their value, develops an analytical apparatus for evaluating current performance according to the criteria for the contribution of management decisions to business value, taking into account the specifics of business models of companies and stages of their development (COR-1)
- Develops methods for analyzing the effectiveness of the transition to corporate models based on the principles of sustainable development and ESG transformation (COR-2)
- On the basis of concepts, develops the ability to formulate tasks, stages and models of applied research on value growth strategies for different categories of company stakeholders, explains the role of non-financial capital in achieving efficiency, value growth for financial and non-financial stakeholders of the company (COR-3)
- Forms the skills of modeling long-term factors and processes of creating the value of companies, taking into account the specifics of its non-financial capital, evaluates the best practices of financing, investing, strategic transactions for sustainable long-term growth in business value (COR-4)
- Explains the functioning of the corporate governance system, integrated risk management and compliance to achieve the goals of inclusive economic growth (COR-5)
- Evaluates best practices for business decision analytics (COR-6)
- Able to develop complex financial models of strategies for increasing the value created for different categories of stakeholders (PC-1)
- Able to develop a system of indicators for managing the company as a whole and its various divisions, focused on value growth for different categories of stakeholders (PC-2)
- Capable of developing effective financing policies using green finance tools (PC-3)
- Able to apply modern digital technologies for business decision analytics and planning (PC-4)
- Able to conduct applied research on the quality of company growth, best practices in different industries and ways to adapt them to the specifics of industries, organizational forms of companies (PC-5)
- Able to implement models and algorithms of applied mathematics in the form of computer programs (PC-6)
1. The Key seminars module is intended to provide the student with an introduction to best practices and/or research relevant to their learning path, coordinated by their mentor.
2. The Practical Module (hereinafter referred to as the Practice) forms the student's competencies, which allow solving practical problems of the chosen professional activity, including design, research, entrepreneurial, expert and analytical. The preparation of the WRC is also carried out as part of the development of the "Practice" module.
3. The Professional Module (hereinafter - Major) provides an opportunity to master the professional competencies necessary to achieve personal educational results of students. It includes the basic disciplines of the direction in econometrics, macroeconomics, the theory of finance, a block of basic disciplines of specialization, and the disciplines of the variable part are also included in accordance with the curriculum of the trajectory of the direction.
4. The Additional Module (hereinafter referred to as the Mago-Lego) gives the student the opportunity to obtain additional competencies that allow personalizing the IEP at the request of the student.5. The Module of the Final State Certification (hereinafter referred to as the FSC) allows the student to set the level of results of mastering the EP by the student and includes the defense of the final qualifying work (FQW) - the Master Thesis.
2023/2024 Academic year
Value Based Business Analytics
- Explains the concepts, motives and results of decisions in companies from the standpoint of their impact on the growth or decrease in their value, develops an analytical apparatus for evaluating current performance according to the criteria for the contribution of management decisions to business value, taking into account the specifics of business models of companies and stages of their development (COR-1)
- Develops methods for analyzing the effectiveness of the transition to corporate models based on the principles of sustainable development and ESG transformation (COR-2)
- On the basis of concepts, develops the ability to formulate tasks, stages and models of applied research on value growth strategies for different categories of company stakeholders, explains the role of non-financial capital in achieving efficiency, value growth for financial and non-financial stakeholders of the company (COR-3)
- Forms the skills of modeling long-term factors and processes of creating the value of companies, taking into account the specifics of its non-financial capital, evaluates the best practices of financing, investing, strategic transactions for sustainable long-term growth in business value (COR-4)
- Explains the functioning of the corporate governance system, integrated risk management and compliance to achieve the goals of inclusive economic growth (COR-5)
- Evaluates best practices for business decision analytics (COR-6)
- Able to develop complex financial models of strategies for increasing the value created for different categories of stakeholders (PC-1)
- Able to develop a system of indicators for managing the company as a whole and its various divisions, focused on value growth for different categories of stakeholders (PC-2)
- Capable of developing effective financing policies using green finance tools (PC-3)
- Able to apply modern digital technologies for business decision analytics and planning (PC-4)
- Able to conduct applied research on the quality of company growth, best practices in different industries and ways to adapt them to the specifics of industries, organizational forms of companies (PC-5)
- Able to implement models and algorithms of applied mathematics in the form of computer programs (PC-6)
1. The Key seminars module is intended to provide the student with an introduction to best practices and/or research relevant to their learning path, coordinated by their mentor.
2. The Practical Module (hereinafter referred to as the Practice) forms the student's competencies, which allow solving practical problems of the chosen professional activity, including design, research, entrepreneurial, expert and analytical. The preparation of the WRC is also carried out as part of the development of the "Practice" module.
3. The Professional Module (hereinafter - Major) provides an opportunity to master the professional competencies necessary to achieve personal educational results of students. It includes the basic disciplines of the direction in econometrics, macroeconomics, the theory of finance, a block of basic disciplines of specialization, and the disciplines of the variable part are also included in accordance with the curriculum of the trajectory of the direction.
4. The Additional Module (hereinafter referred to as the Mago-Lego) gives the student the opportunity to obtain additional competencies that allow personalizing the IEP at the request of the student.5. The Module of the Final State Certification (hereinafter referred to as the FSC) allows the student to set the level of results of mastering the EP by the student and includes the defense of the final qualifying work (FQW) - the Master Thesis.
Strategic Business Reporting
- Explains the concepts and principles of strategic value reporting (COR-1)
- Develops an analytical framework and scorecards to measure the non-financial capital of the company, taking into account the industry profile and types of business models (COR-2)
- Develops methods for implementing the principle of connection between non-financial data, non-financial capital and future financial results of companies (COR-3)
- Develops methods for identifying and assessing the quality of disclosure of financial and non-financial information in the formats of integrated reporting of companies, explains the specifics and methods for verifying non-financial reports in the format of integrated reporting (COR-4)
- Based on concepts, develops the ability to formulate tasks, stages and models of applied research on disclosure of non-financial information, assessment of the quality of non-financial reporting, the role of such reporting in business decisions, in achieving value growth objectives for all categories of stakeholders (COR-5)
- Identifies areas for the development of non-financial reporting, taking into account the dynamics of business models, technologies, ESG practices and compliance requirements (COR-6)
- Able to develop the architecture of non-financial integrated reporting for companies in various industries (PC-1)
- Able to evaluate the effectiveness of intellectual capital components and develop a system of key indicators of their use (PC-2)
- Able to develop a system of non-financial indicators of integrated reporting for different industries and types of business models of companies (PC-3)
- Capable of creating comprehensive, integrated reports connecting non-financial data, how value is created for stakeholders, and explaining the current and future financial results of companies (PC-4)
- Able to create a management reporting system for monitoring the efficiency of using non-financial capital and creating value for different categories of company stakeholders (PC-5)
- Able to create a management reporting system for boards of directors to provide compliance functions for companies in various industries (PC-6)
- Able to implement models and algorithms of applied mathematics in the form of computer programs (PC-7)
The Master's degree program structure includes the following educational modules:
1. The Key seminars module is intended to provide the student with an introduction to best practices and/or research relevant to their learning path, coordinated by their mentor.
2. The Practical Module (hereinafter referred to as the Practice) forms the student's competencies, which allow solving practical problems of the chosen professional activity, including design, research, entrepreneurial, expert and analytical. The preparation of the WRC is also carried out as part of the development of the "Practice" module.
3. The Professional Module (hereinafter - Major) provides an opportunity to master the professional competencies necessary to achieve personal educational results of students. It includes the basic disciplines of the direction in econometrics, macroeconomics, the theory of finance, a block of basic disciplines of specialization, and the disciplines of the variable part are also included in accordance with the curriculum of the trajectory of the direction.
4. The Additional Module (hereinafter referred to as the Mago-Lego) gives the student the opportunity to obtain additional competencies that allow personalizing the IEP at the request of the student.
5. The Module of the Final State Certification (hereinafter referred to as the FSC) allows the student to set the level of results of mastering the EP by the student and includes the defense of the final qualifying work (FQW) - the Master Thesis.
Master of Business Analytics is a unique online master's program that perfectly fits into the mainstream of business views on the tasks and ways of turning business models into the field of achieving the UN Sustainable Development Goals, challenges that business itself has formulated as stakeholder capitalism at World economic forums and high-level discussion platforms. The program also focuses on application of financial tools, methodologies and practices aimed at maintaining of companies’ financial stability in the environment of structural crises fragmentation of world economy, economic sanctions and cancel culture. The program also considers recent financial innovations such as digital currencies and decentralized finance, sustainability-linked financial instruments and the like and how they can be analyzed and evaluated.
Components implemented in the "Master of Business Analytics" online degree:
- the rigorous curriculum prepares students to be leaders in the field of business analytics and finance in inclusive regenerative economy combining sound background in finance and accounting with Project’s Labs based on real-world business analytics problems under supervision of industry experts and Virtual Labs with international experts from International Council of the programme.
- students will work with real–data sets from global and domestic companies to be prepared to career outcomes in finance, ESG, investor relations departments of companies and investment banks, strategic consultancy.
- program’s solid team of lecturers both from the HSE University and industry (global consultancy and banks, large-scale Russian companies and banks) is excited and enthusiastic about the opportunity to offer high-quality instruction to online degree learners.
- students will gain from our international networks from both emerging markets and developed economies.
“Master of Business Analytics” graduates develop:
- frameworks and measurers for new vision of company’s goal - stakeholder value creation - how to create value not only for shareholders, but as well for non-financial stakeholders
- integrated thinking competences to analyze financial capital, non-financial capitals, mainly human, organizational and clients (relational), natural capital and how they predetermine future financial results
- skills in strategic reporting to secure the connectivity between non-financial capitals, sustainability of business and future financial performance
- ability to think strategically and see the big picture of all types of resource base in the companies, how the non-financial capitals can be measured, described by different metrics and how these metrics should be adjusted to industry and organizational type of business.
The master programme graduates’ professional spheres are as follows:
01 Education and Science (occupational education and supplementary vocational education);
08 Finance and economics (economics, finance, marketing and analytics).
Types of career tracks in which the graduates may be involved after completing the master’s programme:
- Business analytics for financial management
- Business analytics for value-based compliance
- Business analytics for strategic consulting
- Accounting and reporting (financial and non-financial)
The Master's degree program structure includes the following educational modules:
1. The Key seminars module is intended to provide the student with an introduction to best practices and/or research relevant to their learning path, coordinated by their mentor.
2. The Practical Module (hereinafter referred to as the Practice) forms the student's competencies, which allow solving practical problems of the chosen professional activity, including design, research, entrepreneurial, expert and analytical. The preparation of the WRC is also carried out as part of the development of the "Practice" module.
3. The Professional Module (hereinafter - Major) provides an opportunity to master the professional competencies necessary to achieve personal educational results of students. It includes the basic disciplines of the direction in econometrics, macroeconomics, the theory of finance, a block of basic disciplines of specialization, and the disciplines of the variable part are also included in accordance with the curriculum of the trajectory of the direction.
4. The Additional Module (hereinafter referred to as the Mago-Lego) gives the student the opportunity to obtain additional competencies that allow personalizing the IEP at the request of the student.
5. The Module of the Final State Certification (hereinafter referred to as the FSC) allows the student to set the level of results of mastering the EP by the student and includes the defense of the final qualifying work (FQW) - the Master Thesis.
Value Based Business Analytics
Type: Applied
Track Supervisor: Ivashkovskaya, Irina
Language of instruction: English
Use of online learning: Online programme
Qualification upon graduation: Master
Strategic Business Reporting (Applied track)
Strategic Business Reporting
Type: Applied
Track Supervisor: Grishunin, Sergei
Language of instruction: English
Use of online learning: Online programme
Qualification upon graduation: Master
This degree programme of HSE University is adapted for students with special educational needs (SEN) and disabilities. Special assistive technology and teaching aids are used for collective and individual learning of students with SEN and disabilities. The specific adaptive features of the programme are listed in each subject's full syllabus and are available to students through the online Learning Management System.
All documents of the degree programme are stored electronically on this website. Curricula, calendar plans, and syllabi are developed and approved electronically in corporate information systems. Their current versions are automatically published on the website of the degree programme. Up-to-date teaching and learning guides, assessment tools, and other relevant documents are stored on the website of the degree programme in accordance with the local regulatory acts of HSE University.
I hereby confirm that the degree programme documents posted on this website are fully up-to-date.
Vice Rector Sergey Yu. Roshchin