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Regular version of the site
Language Proficiency
English (С1BH)
French (basic)
Serbian (basic)
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 2022.


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 (main):
- Psycology of teaching (ВШЭ, 2024)
- Organizing distant interactive group work (HSE, 2021)
- Data storage and Analysis (ITMO, 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 (2023/2024)

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


Online Courses

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



Employment history

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

2008-2011, 2015-2021 - GSOM SPbU:
strategic and international management department,
finance and accounting department,
Director of master programs
Executive board member and a member of finance committee at CEMS global alliance (cems.org),
International and Double Degree programs academic director,
Director of executive education center,
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.:

management reporting audit & reingeneering, constructing a budgeting system (MBO),
KPIs and 
management reporting  based on marginal approach,
business units performance evaluation system,
transfer pricing for business units performance management
clients & product profitability analysis,
financial model of management analysis, payroll plannings and motivation sustem,
anti-crysis management,
financial and economic support of investment and marketing decisions,
content-coordination of ERP system implementaton,
investors' ambassador in projects, incl. automatization,

educational programs for company management.

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

Sustainable future – in hands of our Masters in Finance

How masters save companies

... And so the risk maps are mapped out, business plans are developed, resources required are calculated, cash flows are projected and development projects are presented to CEOs.

How masters save companies

Two months of hard teamwork by master's students successfully concluded in June

'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.