Varvara Nazarova

On December 8, students of the MP "Finance" took part in an exciting lecture by Ekaterina Vladimirovna Serebrenikova, a well-known specialist in the field of personnel management. Ekaterina has worked as HR Director for such well-known companies as JSC "Mineral and Chemical Company" (Eurochem) and McDonald's in Russia, and shared her rich experience with the future generation of managers.The event was dedicated to important aspects of modern management, such as leadership, strategy formation and sustainability in the context of constant transformation of organisations.

On December 10, the “Financial Analysis” course concluded with a guest lecture: “Generational Theory in Times of Turbulence: Challenges of Integrating Gen Z into Corporate Culture.”Anna Parinova, talent management expert, shared insights on how young finance professionals can successfully adapt within major Russian companies. The talk focused on real challenges — from the first working day to securing a desired position, while maintaining compliance and meeting KPIs and OKRs.

On November 29, Ivan Skavysh, a member of the Board of Directors of CFA Russia, an expert in the field of investment banking and corporate finance, delivered a speech for students of the MP "Finance". Ivan told the Master’s students about his career in investment banking and the specifics of working on M&A transactions.

On November 28, a guest lecture by the invited expert, Professor Daniel Capitani from the University of Campinas (UNICAMP, Brazil), was successfully held for students of the Finance Master's program. The topic of his speech was "Principles of futures markets with a special focus on agricultural contracts."

We extend our sincere thanks to VNU University of Economics and Business (UEB) and the Faculty of Finance and Banking for the invitation and warm reception. It was an honor for the Department of Finance, HSE University – St Petersburg, to deliver an open lecture to your students and colleagues. We deeply value this partnership and look forward to further strengthening our collaboration in teaching and research.

Boris Lodiagin and Olga Alekseeva delivered an open lecture for students and faculty of UEB’s Faculty of Finance and Banking titled “Capital Raising for Businesses in Russia: Lessons for Vietnam.” The session was highly practice-oriented: the speakers walked through real cases from Russian companies and demonstrated how to choose an optimal capital structure for different growth objectives.

With warm thanks to our Brazilian partners at São Paulo State University (UNESP): Prof. Dr. Cleginaldo Pereira de Carvalho, his coordination team, and the UNESP students for their openness, discipline, and high standards throughout the project.

Two months moved in a steady rhythm: short weekly sprints, evening calls across three–four time zones, shared folders for working documents, and clear roadmaps with check-points. Teams aligned data into a common format, agreed on terminology, and recorded decisions — step by step building a single picture everyone could work from.

On October 24, 2025, students at HSE University – Saint Petersburg found themselves at the heart of a high-stakes corporate decision-making process — albeit in game format. The Department of Finance hosted the business game “The Chocolate Factory”, developed and facilitated by Technologies of Trust (TeDo), a consulting and audit firm and partner of the master's programme.

This year, the Internal Audit and Controlling course is being implemented in a new format. There are two practitioners on the course: Anna Logunova, Director of Controlling, PJSC Magnit, and Elena Yaskevich, Senior lecturer at the Finance Department, formerly an internal auditor at Gazprom Neft. Anna Logunova shared her impressions of the course.

Guests from one of the largest audit and consulting companies of Russia Technologies of Trust (TeDo) held an audit game with the students of Master of Finance as part of the audit course.

A delegation from the Institute for Continuing Professional Education at HSE University–St Petersburg discussed new cooperation formats with the Indian Institute of Management Indore (India).

The HSE University–St Petersburg Rope Shop Building has hosted a meeting with a delegation from the National Economics University of Vietnam. The parties discussed opportunities to create mirror laboratories and expand exchange programmes.

Roman Podlevskikh and Sabrina Vasilenko, 2nd year students of the Finance Master's programme, took third place in the VI annual All-Russian student paper competition on the bond market, organised by the leading information and analytical provider Cbonds.

HSE University–St Petersburg welcomed a delegation from VNU University of Economics and Business (VNU-UEB). The visit took place in the framework of the year of Russian–Vietnamese relations.

The International Summer School at HSE University–St Petersburg included the intensive course 'New Economic Drivers for Company.' International students explored the realm of applied finance through case studies of Russian companies.

In July–August 2025, the Department of Finance at HSE University – Saint Petersburg held the Summer School “Drivers of Corporate Economic Development”, which brought together students and recent graduates in economics, international relations, marketing, business administration, and management from Russia, Armenia, India, China, and Indonesia.

On June 18, 2025, there was held a guest lecture by specialists of the audit firm B1, Katerina Bondaryuk, senior manager of the Audit Services Department, and Vasilisa Kosheleva, a specialist. The topic of the lecture was the consolidation of financial statements under IFRS and the specifics of information disclosure.

On June 2 and 3, the defense of master's dissertations was held at the MP "Finance".“Can the use of artificial intelligence in African financial markets reduce their volatility and improve liquidity? How promising is the method of analysing events in the Russian market using behavioral finance? How does the development of Islamic banking affect the availability of financial resources and the economic growth of Afghanistan?”

On June 3, the department of finance hosted a lecture titled “Investing in Human Capital,” delivered by Alexander Kleshchyov, a member of the Board of Directors at LMS Investment Company.

On May 22, 2025, the St. Petersburg School of Economics and Management at HSE University hosted the first event in a new roundtable series titled ‘Business Education: Finance and Leadership’. The event aimed to strengthen collaboration between the academic community and business leaders in the financial sector.

On 21 May 2025, a guest lecture by Alexey Kulikov, partner of ‘Technologies of Trust’, was held as part of the ‘International Financial Reporting Standards’ academic discipline.

On May 13, the Master’s in Finance programme had the pleasure of once again welcoming Anna Logunova — member of the Academic Council and Director for Controlling at Magnit, one of Russia’s largest retail companies. This time, her guest lecture focused on strategic planning and its role in modern corporate governance.

On April 17, students of the Master’s Programme in Finance had a unique opportunity to gain insights into the real-world practice of investment from a seasoned professional. The guest speaker at our mentor’s seminar was Alexander Kleshchev — Managing Director and Board Member of LMS Investment Company, with over 25 years of experience in the financial industry.

On March 17, 2025, HSE University – St. Petersburg hosted the international workshop "AI in Finance". We described how it was held in the article.

On March 17, 2025, HSE University – St. Petersburg hosted the international workshop "AI in Finance", organised by Boris Lodiagin and Olga Alekseeva, faculty members of the Finance Department, with the support of Dr. Varvara V. Nazarova, Head of the Department of Finance and by prof. Deepa Gupta from SSE side. The event was made possible through collaboration with Symbiosis School of Economics (SSE), India, and the invaluable support of Dr. Sharma Manoj, Vice President of HSE – St. Petersburg, and Tatiana A. Lezina, Dean of the St. Petersburg School of Economics and Management.

On 30 January, the Kantemirovskaya video studio hosted an online panel discussion with experts Alexey Sergeyevich Ganichev, Deputy Director of Programming at Bank St. Petersburg, Varvara Nazarova, Head of the SEM Finance Department and Academic Supervisor of the Finance Master's Programme, and moderator Maria Mikhailovna Abramovich, Project Manager at the Career Development Centre and guest lecturer at the SEM Department.

On 18 January, the Master's programme ‘Finance’ hosted a guest lecture by Kristjan Markovc (University of Naples Federico II, Ph.D. in Economics), a postgraduate student of the University of Naples. The lecture attracted students interested in corporate finance, monetary policy and current trends in the bond market.

On 22 January, the Master's programme ‘Finance’ hosted a guest lecture by Dmitry Vladimirovich Pankin, one of the most authoritative experts in the field of international finance. The listeners had a unique opportunity to talk to the expert, who has more than 25 years of experience in senior positions in international financial institutions and government agencies.

On December 7, Denis Sobe-Panek, co-owner of Autostels, one of the leaders of the Russian auto parts market, gave a presentation for Master's students.

A case championship “Chocolate factory” took place in Higher School of Economics as part of the Master of Finance programme on 27 November. Students were divided into groups in order to solve real tasks on financial analysis and business evaluation.

The team "CASE ME HARDER," consisting of first-year Master's students — Vsevolod Nikolaev, Ivan Rogov, Alisa Belkova, and Viktoriia Mitropolskaia — won the case championship "Cooperation with the Corporation," organized by HSE in collaboration with Setl Group.

On September 20, 2024, the St. Petersburg School of Economics and Management (SEM), together with the Indian Institute of Management Indore (IIM Indore), hosted an international webinar on sustainable finance. The event aimed to bring together experts, faculty, and students from both universities to discuss current issues on the integration of sustainable financial practices into the corporate sector and capital markets.

On October 3-5, 2024, the 11th International Conference on Economics and Management took place at the Graduate School of Management of St. Petersburg State University (GSOM SPbU). The event brought together leading experts and scholars from around the world to discuss pressing issues in economics, finance, and management in times of global turmoil.

On September 30, 2024, the first-year students of the Master’s program in Finance participated in an exciting business game that showcased various aspects of the financial world. Organized by the head of the Department of Finance, Professor Varvara Nazarova, and Professor Iya Churakova, the event aimed to introduce students to the diverse roles within finance, preparing them for future career paths.

The master's programme 'Finance' at HSE University-St Petersburg has confirmed its international accreditation of the Association of Chartered Certified Accountants (ACCA) for five years. Now, the programme graduates can skip several exams when joining ACCA. The qualification gives the alumni a competitive advantage when seeking employment in top Russian and international companies for positions related to finance and accounting.

HSE University will develop academic cooperation with Indian universities. This is what the delegation of HSE University-St Petersburg headed by Anna Tyshetskaya, Campus Director, agreed on with several leading universities in India: the University of Delhi, Indian Institute of Technology (IIT Delhi) and Indira Gandhi National Open University (IGNOU).

During a visit to the Indian Institute of Management Indore (IIM Indore) by a HSE University-St Petersburg delegation led by campus Director Anna Tyshetskaya, the two universities agreed to create a mirror laboratory in the sphere of environmental behaviour, social well-being, and responsibility management.

In August, the HSE University-St Petersburg Summer School came to an end. The participants attended courses in political science, Russian, and finance given by professors of HSE University-St Petersburg, got to know the city, and saw the sights as part of the cultural programme. The summer school hosted students from nine countries: China, Vietnam, South Korea, Japan, Italy, Germany, Uzbekistan and Russia.

... 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.

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

The Master's programme 'Finance' was opened at HSE University-St Petersburg in 2009. Since then, it has been awarded several international accreditations, entered into an agreement to implement a double-degree programme with an Italian university, and extended its cooperation with large companies. From their first year, the programme's students start solving real tasks from industry partners. In her interview, Varvara Nazarova, Academic Supervisor of the programme, explains what sets the programme apart from others, which innovations are planned for the future, and who should apply.

With the new academic year approaching, it is high time to make plans, wishes, and set new goals. We talked to students and lecturers of HSE University-St Petersburg about what they expect from the 2022–2023 academic year.

On October 31st, 2017, the bachelor’s programme in Economics taught by HSE in St. Petersburg successfully passed accreditation by ICAEW, a prestigious British association of accountants.

The paper of our student Angelika Kolkina and associate professor Varvara Nazarove from department of finance "Corporate Governance and Effectiveness of a Diversified Company: Russian Experience" is published in issue 3(39) of Journal of Corporate Finance Research

February, 4 and 5, mini-conference «Modern Finance: Risks, Challenges, Values» was held in our campus as a part of the Saint Petersburg International Research Forum

The article “Determination of an Optimum Premium Paid in M&A Transactions in Oil and Gas Section” written by  Oksana Shevyakina, a student of the Master’s program “Finance”, and Varvara Nazarova, an associate professor of the Finance Department, was   published in the fourth issue of the “Journal of Corporate Finance Research” in 2015. It is the second published article dealing with mergers and acquisitions that has become a result of the collaborative work of our students, graduates and, of course,  university professors.  Daria Luzina and Elena Rogova’s article has been published before.