Summary of Degree Programme
38.04.08 Finance and Credit
HSE University Educational Standard
Instruction in English
2021/2022 Academic year
Value Based Business Analytics
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.
Components implemented in the "Master of Business Analytics" online degree in conjunction with the world-wide known Coursera platform:
- 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–world data sets from global companies (Bloomberg, Thomson Reuters, Capital IQ, Van Dijk) 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.
- to develop background in statistics and quantitative skills students will have an ability to do so through recommended open courses on Coursera and stackable open content at Coursera from the HSEs’ specialization "Introduction to Value - Based Business Analytics".
- students will gain from our international networks with professional bodies and associations such as AICPA-CIMA, ACCA, IMA, World Intellectual Capital Initiative, Value Reporting Foundation.
“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);
All universal, general and professional competences, set by the "Master of Business Analytics" program, provide the graduates with opportunity to fulfill professional activity in not less than one professional field:
УК-1 Ability to reflect (evaluate and consider) scientific methodology and activity;
УК-2 Ability to create new approaches, to invent new ways and instruments of professional activity;
УК-3 Ability to absorb the new methods of scientific research;
УК-4 Ability to create and develop personal intellectual and culture level, to build the trajectory of professional growth and career;
УК-5 Ability to work out managerial decisions and take responsibility;
УК-6 Ability to analyze, verify and evaluate the information, to replenish or synthesize missing information, if needed;
УК-7 Ability to set up the multilateral communications and manage them;
УК-8 Ability to provide professional activity, including scientific research in international sphere.
ОПК -1 Ability to make applied and fundamental researches in financial sphere with the use of advanced methods of financial analysis, quotative;
ОПК-2 Ability to generalize and critically evaluate the results of scientific research and independently do the research projects in finance and related fields;
ОПК-3 Ability to make reasonable organizational managerial decisions in professional activity;
ОПК-4 Ability to use modern informational technologies and software in professional activity, set goals for specialists to work out special programs for professional assignments.
ПК-1 Ability to make independent research in accordance with worked out program;
ПК-2 Ability to present the results of the undertaken research to the scientific society via report (presentation) or the article;
ПК-3 Ability to analyze and forecast the tendencies, processes and instruments of the financial market;
ПК-4 Ability to analyze the financial statement of the company and financial institutions;
ПК-5 Ability to evaluate financial statement;
ПК-6 Ability to analyze the effectiveness of the investment policy of the company and financial institution;
ПК-7 Ability to find appropriate reasons for making the managerial decisions for companies and financial institutions;
ПК-8 Ability to work out the recommendations on privet finances and investment opportunities;
ПК-9 Ability to execute the company and financial institute financial policy;
ПК-10 Ability to implement the modern methods and methodology of teaching the financial disciplines in the higher education institutions;
ПК-11 Ability to work out study plans, programs and corresponding methodical provision for teaching the finncial disciplines in higher education institutions.
Unit 1. Subjects
The basic subjects of this field comprise macroeconomics, econometrics and financial theory. Taking into consideration the programme profile and its global offering through the Coursera platform the macroeconomics and econometrics programmes are focused on the concepts, models and methods most in demand for understanding the financial markets mechanisms, trends and study of data aggregate concerning corporate financial decisions, the role of disclosure of financial and nonfinancial information for investors, boards of directors, assessment of corporate performance by various stakeholders’ categories. By agreement with the platform, students study each course in this unit for 8 weeks. The financial theory course of 3 credits (48 class hours) provides 2 online video lectures per week and 1 webinar for a group of students. This unit is taught by professors of the theoretical economics department, applied economics department of the Faculty of Economic Sciences and the School of Finance of the Faculty of Economic Sciences.
The second part – professional compulsory subjects – consists of 5 subjects including 5 subjects of 5 credits. Each subject in this unit is studied after the same pattern as the above ones for 8 weeks. This part comprises the subjects which create the key methodological framework for development of the necessary way of thinking and acquiring applied skills of the programme profile. Such subjects as financial markets and instruments (5), corporate finance (5), international financial reporting standards (level 1 and 2) (5) provide the system for creating a correct model of financial business analytics which implies not just description of all company operations applying financial accounting standards but also use of the risk-return criterion and use of business value as the goal-setting function. Valuation and value based management provides the system for analysis of the company value, application models and a set of tools analyzing corporate strategies, substantiation of strategic orientation and programmes on the basis of the business value criteria, operating activity analysis and monitoring tools in accordance with this criterion. Public non-financial reporting is of crucial significance for development of skills and analysis system of multiple forms of corporate nonfinancial capital, systems of their state indicators as well as for study of new trends in corporate reporting aimed at development of the system of analysis of the role of nonfinancial capital in forming financial results. Strategic management forms approaches to strategic thinking, strategic vision, creates the framework for analysis of types of market strategy, corporate strategy risks. Corporate Governance and Compliance examines key areas of Boards of director’s 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.
Some topics of video lectures for these subjects will be prepared by experts from joint departments of the School of Finance (PricewaterhouseCoopers, EY) as well as VEB.RF who specialize in these professional spheres and have an internationally recognized expertise.
The third part is elective and at present it comprises 12 subjects of 3 credits each. These subjects are also recorded as video lectures and are taught for 6 academic hours per week for 8 weeks. Each week there are 2 video lectures and one (2 hours) live webinar for a certain group of students. In order to complete this unit a student should choose and pass exams in 5 subjects, thus obtaining 15 credits. The subjects of this part are taught by mixed teams consisting of:
- professors of the School of Finance of the Faculty of Economic Sciences with participation of business experts specializing in certain topics (performance management, risk management, auditing and assurance, advanced auditing and assurance, sustainable finance, financial modelling);
- with a number of well-known global companies, such as PWC, Lincoln International, Bryan family office and Russia’s large companies, banks (NLMK, VEB, Sber, etc.).
- HSE University professors from other faculties
Unit 2. Key seminars and Internship
The programme is made in accordance with the principle of a project-based educational model.
The first component "Key seminars" is one of the fifth blocks from Educational Standard and designed to provide students with an idea of best practices and research related to the topic of their learning track, coordinated by their mentor. It includes two methodological research seminars: “Research Methods” (2 credits) and “Empirical research in Finance” (5 credits) which is compulsory.
-«Research Methods» is designed to introduce the academic writing skills and the use of quantitative standard methods applied in finance research. The students learn different methods of literature analysis and how to identify research gaps and research questions with the help of preselected articles. The students learn the events studies technique and its role in corporate finance research mainly for M&A deals, financing decisions, the impact of company’s reports publication and the scope of financial and non-financial data disclosure. The self selection models will be examined on the basis of selected articles on diversification discounts studies, R&A disclosure and others.
-«Empirical research in Finance» for Specilization #1 is designed to introduce the variety of the most relevant research models applied in corporate finance. On the basis of preselected articles the seminar leaders will discuss the studies on the drivers and impact of innovations and innovation’s policies on corporate performance, on financing innovations, on the efficiency of strategic deals with the focus on the deals of high tech companies and innovative firms, the economic profit drivers and value growth in different industries;
For Specilization #2 is designed to introduce the variety of the most relevant research models applied in accounting and reporting. On the basis of preselected articles the seminar leaders will discuss the studies on the drivers and impact of non-financial reporting and disclosure on corporate performance, integrated reporting, research agenda and results in research of intellectual capital.
The second component «Internship» is topic-dedicated research and project-oriented internships:
1) Virtual labs within specialization 1 or 2 "Value based analytics"/ "Strategic business reporting",
2) Project laboratory within specialization 1 or 2"Value based analytics" / "Strategic business reporting".
A student should take part in 2 key seminars and 2 project-oriented internships and do at least 4 projects. See some examples of the topics below:
- Measuring value creation from different stakeholder’s perspective
- Value reporting. How to create impact statements?
- Fair value measurement and accounting
- Intellectual capital measurement: best practices in different industries
- Assessing the quality of disclosure in non-financial reports/ integrated reports
- Environmental, social and governance (ESG) reporting and credit rating
- Communicating financial and non-financial data to investors
- Best practices in non-financial reporting/ integrated reporting/ ESG reporting.
The third component of the project-based model is Virtual Labs taught by recognized foreign experts cooperating with the School of Finance over the last few years:
- Laura Girella, Senior Technical and Research Manager for WICI Italy/ OIBR Foundation
- Stefano Zambon, Secretary General for World Intellectual Capital Initiative (WICI) Italy/OIBR Foundation, Professor of Accounting and Business Economics, FERRARA UNIVERSITY, ITALY
- Vrushali Gaud, PwC India, Director on non-financial information, former International Integrated Reporting Committee (IIRC) member
- Natalie Tatyana Churyk, Professor, Editor-in – chief “Journal of Accounting Education” (SCOPUS Q2), Northern Illinois University, USA
- Joseph McCahery, professor in Law and Finance, Tilburg University, Netherlands
- Anna Howard- AICPA/CIMA Senior Manager of Academic Initiatives
- Djordjija Petkoski, Visiting professor, Zicklin center business and development innovations Wharton Business School University of Pennsylvania (USA)
- Guler Aras, Integrated Reporting Assosiation of Turkey, co-founder and Chair
- Namrata Rana, Director-Strategy and Brand, at Futurescape
During their first year students write a term paper on a topic covered by project-oriented workshops conducted in this period.
State Final Examination: defense of the final qualifying paper (master's thesis)
The research and project-based work of the second year implies writing and defense of a master’s thesis. After defense of the master’s thesis a student is conferred the Master of Science Degree in the field of 38.04.08 Finance and Credit. The master's students develop skills in analytics and research using actual practical materials, inter alia, by applying intensively the project-based educational model. The topic of the thesis is chosen from the themes of research and project-oriented workshops.
In order to enable the master's students to do research they are taught dealing with data. The School of Finance has an access to the key international databases of financial information. The pandemic encouraged the University to provide a remote access and distance learning by means of search for and collection of data in international databases. Besides, text analysis will be used to write master’s theses on some topics.
This master’s degree programme is aimed at training specialists with unique analytical and management competencies which allow to manage economic, legal and social projects and procedures to a high professional standard in the sphere of business development in small and medium enterprises (regional business models).
Scientific research within this programme provides to the master's students an opportunity to undertake further study taking Doctoral Programmes in HSE University in the fields of 08.00.10 (12) Finance, Money Circulation and Credit (Accounting, Statistics).
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