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Language Proficiency
Address: St. Petersburg, 3A Kantemirovskaya Ulitsa, Korpus 1, room 313
Business Emergency: Strategy, Finance, Performance
SPIN-RSCI: 8285-0925
ORCID: 0000-0003-3674-1153
ResearcherID: K-2101-2017
Google Scholar
Y. Ichkitidze
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Olga Makarova

  • Olga Makarova has been at HSE University since 2014.


Ph.D., МВА, 
CMBE (Certified Management and Business Educator, CABS, UK)

Education and Degrees

  • 1999

    Candidate of Sciences* (PhD)

  • 1993

    St. Petersburg University of Economics and Finance

* Candidate of Sciences
According to the International Standard Classification of Education (ISCED) 2011, Candidate of Sciences belongs to ISCED level 8 - "doctoral or equivalent", together with PhD, DPhil, D.Lit, D.Sc, LL.D, Doctorate or similar. Candidate of Sciences allows its holders to reach the level of the Associate Professor.

Continuing education / Professional retraining / Internships / Study abroad experience

MBA (IMISP-Henley-Bocconi-ESADE-EmLyon, 1999)
additional education:
- Organizing distant interactive group work (HSE, 2021)
- Data storage and Analysis (ITMO, 2021)
- Big Data analysis (Synergy, 2021)
- Working in Teaching System BlackBoard (SPbU, 2020)
- E-marketing (Texterra, 2020)
- SAP & S4/HANA - Intellectual Enterprise Process Management (СПбПУ, 2019)
- System of efficient tasks in distance and blended learning (2018)
- Information Systems Administrator, PG diploma (LIMTU, 2014)
    paper: Budgeting and Management Reporting Automatization by 1C:ERP and 1C:Consolidation Implementation for Decentralised Companies 
- Internal control: Sorbanes-Oxley Act - seminar (Ernst & Young, 2006)
- Accounting for local GAAP and IAS reporting (IMISP, 2001)
- Financial Accounting, Management Accounting - seminars (Artur Anders, 1995-97)

Courses (2022/2023)

Courses (2021/2022)

Author's courses and master-classes (in Russian, in English):

- on-line course Doing Business in Russia (at SPbU) on Coursera (with co-authors)
- Basic financial management instruments and budgeting system - series of seminars for management of engineering company Dipaul
- Cost reduction at food production enterprises - open program organized by School of Food Production Management  
- Basics of Working Capital Management and Commercial Decisions - seminars for commercial department of Neva Milk (formerly Nevsky Cheeses)
- Financial Management Basics for Owners - seminars for shareholders of  Jenavi 
- Financial reports analysis, marginal approach - seminar for pulpwood production company-exporter Lemo
- Financial indicators, departmental marginal contribution - series of seminars for top & departmental management of mobile operator Tele2 
- Other seminars for management and owners upon request


International conferences, guest lectures & courses:

- Guest lectures at Corvinus University Business School, МВА, Ms.Sc. (Hungary, 2019)
- guest course "Financial Management" at AlmaU (Kazakhstan, 2019)
- Staff programs at Vienna University of Busieness and Economics - WU (Austria, 2017, 2019)
- Annual Conference EBES (Индонезия, 2019)
- Annual conference of British Academy of Management - BAM (UK, 2018)
- Guest lecture at Durham University, Ms.Sc. (UK, 2018)
- Conference ABS' Teaching, Learning and Student Experience (UK, 2018)
- International Conference on Business and Innovation (Japan, 2017)
- Academic conference of Eastern Academy of Management - EAM (USA, 2017)
- Expanding boundaries: The Scolar+Practioner. Workshop on case writing. Eastern Academy of Management - EAM (USA, 2011)
- Financial Management Strategies and operations in Healthcare - workshops by HFMA (USA, 2009)

Online Courses

Doing Business in Russia (co-author), 2019
online course of SPbU at Open Education and Courcera, in English



Employment history

1992-2008 - CFO, financial manager, controller with Russian subsidiaries of international companies: AT&T  (Lucent TEchnologies), Gillette CIS, Metrosvyaz, Tele2 SPb, Pratt & Whitney Rus, Agility Logistics CIS.

2008-2011, 2015-2021 - GSOM SPbU:  faculty member of finance and accounting department, of strategic and international management department; CEMS global alliance Executive board member and member of finance committee; director of master programs and international programs academic director; director of executive education center and copropate programs academic director.

 since  2008 - business consultant, visiting lecturer at GSOM SpbU, HSE Spb, SWISSAM, SPbUE&F, AlmaU


Consulting (since 1998 till now)

Academic adviser of consulting projects for the companies:
MTS, VympelCom, Megafon, Tele2, Gazpromneft, Rosneft, Almatyinzstroy, Lenta, Ahlers Logistics, Amrest, Netwrix, VCV, L'Oreal, P&G, FAR & other

Private professional advise and consulting, incl.:

Shef-Povar (meatproducts production) -  management reporting audit, KPIs and management reporting  system  based on marginal approach, clients & product groups profitability analysis 
Dipaul (Equipment for high-tech industry) - management reporting and budgeting system development, divisional transfer pricing system, educational seminars for top-managers.
Normann (investment & construction company) - developing management accounting for construction projects profitability analysis, cross-departmental budgeting model, HR costs planning model, content-coordination of ERP system implemetation, framing & mapping information for ERP, Investor Ambassador in ERP implementation project.
Center of Affordable Housing (state entity, social programs on housing and mortgages) -  financial model for departmental budgeting(switching from CF-approach to P&L-approach), defining financing sources, developing payroll incentives financial model for analysis and planning.
Miks (fast-food chain), FitnessFamily (fitness clubs, development projects) - audit of business-plans performance and management reporting, crisis management, financial and analytical support for investment and marketing decisions, IT system implementation for budget control and management accounting. Investor Ambassador with CFO functions.
Jenavi (jewellery bijouterie production) - audit of financial and management accounting system, budgeting financial model, management reporting system, performance management and motivation systems implementation
Gepta (meatproducts production) - crisis financial management, marginal profitability analysis and sales planning system implementation
Bеaureau Veritas (certification services) - payroll and accounting system implementation in subsidiary, payroll calculations backwards restoration 
Other companies - management accounting implementation, IT systems implementation, internal management reporting system, budgeting.

Academic (rus & engl) and administrative experience in the Universities:

Since 2019 - CMBE (Certified Management and Business Educator), status awarded by CABS (Chartered Association of Business Schools, UK)

2015 - 2021 - Graduate School of Management (GSOM), St.Petersburg University, Master's Programs (#23 in MIM FT ranking 2018, education in English, dual degrees, CEMS)
                    Academic Director, International Programs, Double Degree programs; 
                        CEMS Executive Councillor (Board Member), member of CEMS Finance Committee
                    Director of Master Programs (2015-2016)
                    Strategic & International Management Department, teaching (in English at master level, in Russian at EMBA): Doing Business in Russia, Business-Planning, Financial 
                    Management, Management Accounting, Budgeting & Management Control Systems, Working Capital Management         
2013 - 2015 - swiss-american Hospitality Business School (SWISSAM) (specialisation - hotels, restaurants, tourizm)
                    teaching (in English): International Financial Accounting and Reporting, Management Accounting, Financial Analysis, Business-planning, evaluation of investment projects  
2013 - 2018 - Higher School of Economics  (HSE) , Saint-Petersburg branch, Finance Department, associate professor (part-time)
                    teaching at Master Degree Programs (in English, Russian): 
                    Introduction to Financial Management, Working Capital Management
2008 - 2011 - Graduate School of Management (GSOM), St.Petersburg University, Finance & Accounting Dept, Sr.lecturer,
                    Director of Executive Education Center, 
                    Academic Director of Executive education programs.
                    teaching (in Russian, at all levels): Management Accounting, Working Capital Management, Internal Audit, Business-planning, Ivestment Projects 
2000 - 2001  -  StPb University of the Economics & Finance (SPbUE&F), Finance Dept (part-time)
                    teaching (undergraduate): Financial Management Basics, Investment Projects Evaluation 

Timetable for today

Full timetable

'Be an Integral and Valuable Part of Your Team': Olga Makarova on Working in Business and Teaching

Olga Makarova is a lecturer at the School of Economics and Management, HSE University-St Petersburg. In the 90s, she was one of the lucky people who were good at Economics and foreign languages. Thanks to that, for a long time, she was working as a financial executive for such large companies as AT&T, Gillette CIS, Tele2, Pratt & Whitney. Then she transferred to the education and consulting spheres. Read about how prof Makarova started her career and what the students should make a note of in the article.