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About Master of Business Analytics programme
Our Master of Business Analytics programme is one of the first in the world to offer cutting-edge concepts and methods in business analytics and strategic reporting to a global audience. The course has been designed around the new principles of regenerative economy and finance, inclusive capitalism, and enhanced value creation for financial and non-financial stakeholders.
The programme offers up-to-date and globally sought-after competencies in the knowledge economy and achieving the sustainability goals of countries and businesses in uncertain times.
How does the Master of Business Analytics programme prepare you to be a leader in finance?
The programme provides students with:
- new framework to identify the strategies for value creation for financial and multiple non-financial stakeholders
- a new evidence in measuring the value of knowledge intensive businesses and intellectual capital (human capital, clients or relational capital, and organizational capital)
- new methods to achieve connectivity between non-financial capitals and future financial performance
- new methods for achieving connectivity between non-financial capitals, their effectiveness, and future financial performance
- new tools and best practices in integrated thinking in managerial decisions and strategic oversight of boards of directors
- a new methodology for company’s risk management and value-based compliance
- a new evidence in auditing strategies and assurance of non-financial reports
We offer two applied specializations (subject to student’s choice)
Benefits of pursuing a Master of Business Analytics
- Online format
- Project-based approach to real life cases
- Live Virtual Labs with international experts of World Intellectual Capital Network, Integrated reporting associations, global ESG experts
- Business experts from global consultancy companies, investment banks and industry experts
This programme will be a good fit for you, if you are:
At early stage of the career in finance and accounting
Looking for re-skilling, promotion and/or switching career track
Life-long learner (full/part time)
An interview with Professor Irina Ivashkovskaya
Head of the School of Finance at HSE and Academic Supervisor of the Master of Business Analytics program for Coursera Blog
Interwies with industry experts Ilya Ivaninskiy (Partner in BCG) and Maksim Lapin (former CFO in Moscow exchange)
The graduates will be prepared for several career tracks:
Business analytics for financial management. Future «Chief Value Officer»
Includes variety of functions within the companies, investment banks and investment funds to fit regenerative finance framework and sustainability goals: valuation and stakeholder value creation analysis; value-based management; ESG and investor relations management;; intellectual capital performance and metrics; financial modeling and value planning for a company and business units; sustainable financing for ESG transformation of a company; risk-oriented budgeting; risk management systems for multiple capital’s risk drivers.
Business analytics for value-based compliance
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.
Business analytics for strategic consulting
Assumes application of the best practices in assessing impact of corporate strategies over stakeholder value creation; key performance indicators for stakeholder value added; ESG performance and metrics for different industries; metrics and forecasts for connectivity of non-financial capitals and management targets for performance; 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.
Strategic business reporting
Deals with preparation of financial reports (IFRS) and Pro Forma statements; architect of integrating non-financial data for 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.
Our off-line graduates from Degree programmes in Finance are employed by the following companies
(in different areas of studies)
Portfolio may include (but not limited to) following achievements:
- motivational letter
- letters of recommendation
- personal and professional achievements
- internships or work in a company
- interview (online)
- english test
for more details, please click here
For detailed information on admission, please visit the How to Apply page.
During your studies
Lectures are pre-recorded (accessible at your own pace)
Seminars are live (held regularly in the form of webinars weekly)
Virtual Labs and project workshops with global industry experts
Be supported by our team, assistants and instructors. Use the networks developed by the HSE School of Finance throughout the world. Interact with fellow students from diverse backgrounds through course discussion forums and social networks.
We offer you Professional module – “Major”- which represents a set of core and elective courses to build sound background in finance and accounting and their applications and applied specializations with 5-6 electives. We add the module “Practice” built on Virtual Labs, Project Labs under supervision by international and industry experts. You will have access to world-wide finance and accounting journals and books for developing your solutions to cases, projects and course assignments.
Professional Module: Major
- 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.
Plus elective courses
- 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.
- 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.
Virtual Labs in each specialization (track) - 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.
Project Labs in each specialization (track) - virtual live workshops with industry experts on real life projects and analytics that are made in small teams. Labs provide you professional guidance for business solutions and support your term paper in the 1 year and master dissertation paper in the 2 year.
*for international applicants is now open and due by September 15, 2023
*for Russian applicants is open from April 1 2023 and due by September 15, 2023
September 25, 2023
October 1, 2023
Getting a Diploma
Professor, Head of the School of finance, Head of Corporate Finance Research Center, Academic Director of Master of Business Analytics, National representative of Russia at European Academy of Management Board
PhD, Associate professor at School of Finance, expertise in financial markets, asset pricing
PhD, Аssociate professor at School of Finance, expertise in financial and non-financial reporting
PhD, associate рrofessor at School of Finance, expertise in valuation
PhD, Associate Professor, Vice-Head of the School of Finance, business expertise in treasury management in medium scale companies
Senior Lecturer, School of Finance, business expertise in LUKOIL Overseas accounting department
Professor, School of Finance, former member and chair of the Board of directors in large scale Russian companies, business expertise in venture capital and digital start-ups
PhD, Associate Professor, School of Finance, Leading Research Fellow, Head of Quantitative Modelling Unit, Institute for Statistical Studies and Economics of Knowledge, HSE University
Professor of Accounting and Business Economics, Ferrara University (Italy); Secretary General for WICI Italy/OIBR Foundation
Professor of Finance and Accounting, Yildiz Technical University, (Istanbul); Founding Chair, Integrated Reporting Network Turkey; Founding Director of YTU Center for Finance, Governance and Sustainability
Senior Technical and Research Manager, International Integrated Reporting Council (IIRC) and Researcher in Business Economics at the University of Modena and Reggio Emilia
CFO, Moscow exchange
PhD, leading specialist in LUKOIL Oil Company
PhD, Director of Center for Sustainable Development, School of Management, Skolkovo
PhD, School of Finance, business expertise in investment policies, LUKOIL Oil Company (senior manager)
PhD, associate professor at School of Finance, senior managing director in VEB.RF
PhD, Senior lecturer at School of Finance, managing director in National Rating Agency
PhD, Investment director, Brayne family office
Head of digital, investing company BKS
MSc., CFA, Manager, Financial Consulting Department at IBS
Executive Director in the CIB division of Russian Agricultural Bank (RosselkhozBank)
Investor Relations chief officer at Rostelecom
Partner in the Moscow office of BCG, member of the Financial Institutions Practice Area
Director, Business Restructuring Services team leader, PwC Russia
Tuition Fees and Scholarships
Depending on your citizenship, we will offer you 20-35%+(5% additional discount for the early enrollment and 5% for the participants of HSE' olimpiads) scholarships to waive your tuition fee. To check your eligibility and enquire for more details, please, contact us via email: email@example.com.
What kind of career guidance and support will I receive in the programme?
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.
Can I apply to the programme if I am not sure my GPA meets the requirements?
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: firstname.lastname@example.org
Can I try some of the courses before applying?
Yes. Prospective students may take available open courses on specialization https://www.hse.ru/ma/mba/promo. 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.
Are the classes live or there are self-paced courses with recorded video-lectures?
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.
Does this degree diploma somehow differ from the on-campus degrees that your students follow?
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.
What is the learning model?
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.
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