Summary of Degree Programme
38.04.08 Finance and Credit
No
2 years
Full-time, 120 credit points
ENG
Instruction in English
Master
No
With online tools
2024/2025 Academic year
Investment Decisions, M&A and Restructuring
Behavioral Finance, Corporate Governance and Asset Pricing
Fund Raising, Capital Structure and Payout Policy
2023/2024 Academic year
Investment Decisions, M&A and Restructuring
KEO-1 |
Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting |
KEO-2 |
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market |
KEO-3 |
Applies instrumental methods and information technologies to make investment, financial and economic decisions |
KEO-4 |
Evaluates the value of companies and other assets, including those for investment purposes |
KEO-5 |
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty |
KEO-6 |
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions |
KEO-7 |
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level |
KEO-8 |
Evaluates the value of companies when entering IPO transactions, mergers and acquisitions, and is also ready to accompany transactions |
PC-1 |
Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research |
PC-2 |
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article |
PC-3 |
Able to analyze and predict trends, processes and financial market instruments |
PC-4 |
Able to analyze the financial condition of companies and financial institutions |
PC-5 |
Able to evaluate the value of financial instruments |
PC-6 |
Able to prove the effectiveness of the investment policy of the firm and financial institution |
PC-7 |
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies |
PC-8 |
Able to develop recommendations on investment of personal financial resources |
PC-9 |
Able to implement the financial policy of companies and financial institutions |
PC-10 |
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education |
PC-11 |
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education |
Behavioral Finance, Corporate Governance and Asset Pricing
KEO-1 |
Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting |
KEO-2 |
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market |
KEO-3 |
Applies instrumental methods and information technologies to make investment, financial and economic decisions |
KEO-4 |
Evaluates the value of companies and other assets, including those for investment purposes |
KEO-5 |
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty |
KEO-6 |
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions |
KEO-7 |
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level |
KEO-8 |
Integrates behavioral factors in modeling and in making investment and financial decisions; ready to independently conduct a full cycle of scientific research in the field of asset pricing |
PC-1 |
Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research |
PC-2 |
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article |
PC-3 |
Able to analyze and predict trends, processes and financial market instruments |
PC-4 |
Able to analyze the financial condition of companies and financial institutions |
PC-5 |
Able to evaluate the value of financial instruments |
PC-6 |
Able to prove the effectiveness of the investment policy of the firm and financial institution |
PC-7 |
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies |
PC-8 |
Able to develop recommendations on investment of personal financial resources |
PC-9 |
Able to implement the financial policy of companies and financial institutions |
PC-10 |
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education |
PC-11 |
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education |
Fund Raising, Capital Structure and Payout Policy
KEO-1 |
Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting |
KEO-2 |
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market |
KEO-3 |
Applies instrumental methods and information technologies to make investment, financial and economic decisions |
KEO-4 |
Evaluates the value of companies and other assets, including those for investment purposes |
KEO-5 |
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty |
KEO-6 |
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions |
KEO-7 |
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level |
KEO-8 |
Optimizes the capital structure and develops a dividend policy in the face of uncertainty |
PC-1 |
Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research |
PC-2 |
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article |
PC-3 |
Able to analyze and predict trends, processes and financial market instruments |
PC-4 |
Able to analyze the financial condition of companies and financial institutions |
PC-5 |
Able to evaluate the value of financial instruments |
PC-6 |
Able to prove the effectiveness of the investment policy of the firm and financial institution |
PC-7 |
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies |
PC-8 |
Able to develop recommendations on investment of personal financial resources |
PC-9 |
Able to implement the financial policy of companies and financial institutions |
PC-10 |
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education |
PC-11 |
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education |
The "Fund Raising, Capital Structure, and Payout Policy" track delves deep into the core of corporate financial strategies. It underscores the essentials of financing, investment, and payout policy, all the while integrating personalized mentorship for a holistic academic journey.
Students will navigate through a spectrum of topics, from diverse fund-raising channels to the complexities of capital structure and payout policies. This exploration extends across both developed and emerging capital markets. While comprehensive, this track is particularly apt for those new to finance or those intrigued by empirical corporate finance but who have yet to pinpoint a specific research field.
Among the pivotal questions we'll tackle during our seminars are:
- How do firms choose between varied financing sources?
- How do prevailing market conditions influence capital structure decisions?
- How do companies balance dividends and share repurchases?
Tailored for aspiring financial researchers, professionals envisioning roles in corporations, private equity, venture capital, or investment banking, and novices with a keen academic inclination, this track promises a comprehensive learning experience.
During our meetings, the dialogue will extend beyond the curriculum, providing a platform to chart out individual study trajectories, select research projects, and development of the research questions for master theses. Furthermore, the mentor remains a steadfast resource for queries, be it academic pursuits, career pathways, or research endeavours.
2022/2023 Academic year
Corporate Decisions
Performs a wide range of research tasks in various industries and topics, from collecting market statistics to market modelling and forecasting (KEO-1)
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5)
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Optimizes the capital structure and develops a dividend policy in the face of uncertainty (KEO-8)
Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research (PC-1)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)
This trajectory is for students who are interested in all types of financial decisions in corporations: financing, investment, and payout policy. We will also cover issues on corporate governance mechanisms. For those who are interested in private equity and venture capital, we will discuss the peculiarities of financial decision-making for VC-backed companies. We do not limit our trajectory in terms of specific capital markets, so we will discuss developed and emerging capital markets. This is a trajectory for students who are mostly interested in empirical corporate finance issues. This trajectory is worth choosing for those who are new in finance or are interested in corporate finance in general but have not decided on the specific field yet. The trajectory is useful for those who are building a career in corporations, private equity and venture capital, and investment banks.
Behavioral Finance and Corporate Governance
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5)
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Integrates behavioral factors in modeling and in making investment and financial decisions (KEO-8)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)
This trajectory focuses on the role of personality in finance. How does the CEO's personality affect the company? What irrational decisions do investors make depending on the weather or their childhood experiences? Who is prone to short-termism and who has a long investment horizon? How does all this affect innovation in the company? And what do we know about behavioral biases and corporate governance in emerging markets? We will discuss all of this during the seminar. This trajectory is worth choosing for those who already have a good understanding of classical finance and want to get a broader view of decision-making mechanisms in business and investments. The trajectory is useful for those who are building a career in corporations and banks as well as in asset management.
Mergers and Acquisitions
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5)
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Evaluates the value of companies when entering IPO transactions, mergers and acquisitions, and is also ready to accompany transactions (KEO-8)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)
Asset Pricing
Analyzes, synthesizes and visualizes the information necessary for making financial decisions in the company and investment decisions in the market (KEO-2)
Applies instrumental methods and information technologies to make investment, financial and economic decisions (KEO-3)
Evaluates the value of companies and other assets, including those for investment purposes (KEO-4)
Evaluates the effectiveness of investment projects and is ready to make decisions on the feasibility of launching investment projects under conditions of uncertainty (KEO-5)
Prepares analytical and scientific reports based on own analysis or research in the field of financial and investment decisions (KEO-6)
Justifies financial and investment decisions and associated risks, and participates in related negotiations at the top management level (KEO-7)
Ready to independently conduct a full cycle of scientific research in the field of asset pricing (KEO-8)
Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2)
Able to analyze and predict trends, processes and financial market instruments (PC-3)
Able to analyze the financial condition of companies and financial institutions (PC-4)
Able to evaluate the value of financial instruments (PC-5)
Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6)
Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7)
Able to develop recommendations on investment of personal financial resources (PC-8)
Able to implement the financial policy of companies and financial institutions (PC-9)
Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10)
Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11)
This trajectory is for students who are interested in studying financial markets and instruments, asset-pricing models, investment strategies and alternative investments. We will talk about stocks, bonds, currencies, cryptocurrencies, real estate and other asset classes. We will talk about the main asset-pricing models: the CAPM, the APT, and empirical multifactor models. We will learn how to test these models on various financial markets and which risk factors explain asset returns. We will talk about financial anomalies and investment strategies which exploit these anomalies. We will search for mispricing or arbitrage opportunities in different markets, try to exploit them or provide explanations for them. This trajectory is empirical and assumes working with financial data. Students need to know such courses as Financial Economics, Theory of Finance, Financial Econometrics. Knowledge of Phyton or programming in Stata will be useful. This trajectory will be interesting for those who want to pursue a career in an investment fund, commercial bank, asset management firm, etc.
Mix of theory and practice from top professors
The programme is based on a synthesis of up-to date theoretical knowledge and useful practical skills of financiers to provide students with the most comprehensive education and broadest career prospects.
• Fundamental courses in macroeconomics, corporate finance, microeconomics, theory of finance, risk management and corporate governance are taught by professors who hold PhDs and doctoral degrees.
• A wide variety of practice-oriented courses, such as business valuation, M&A deals, financial modelling and venture capital, are taught by practitioners from Kept, B1, Business Solutions and Technologies, and other consulting firms and financial specialists with extensive experience working in emerging market environments.
Academic Mobility Programmes in partnership with European universities
Our students can spend their second year in European partner universities. For example, there are programmes in partnership with Shanghai University, Almaty Management University, University of Padua, University of Bologna, Università Cattolica Del Sacro Cuore and others.
Research opportunities
The educational process is closely intertwined with the work of the Corporate Finance Center at the HSE University. Students may start a career in science and publish an article in the Journal of Corporate Finance Research.
Professional community and networking
For two years, you will join a cosmopolitan academic community where the professionalism of financiers meets open-mindedness. Students expand their professional networks by interacting with top professionals in the field, including programme alumni. More than once, alumni have hired our students, thanks to the skills and level of expertise they gain in the programme.
Our graduates pursue careers as consultants, investment bankers, buy-side analysts or go into portfolio management, while others develop their own business, conduct academic research, or build a career as financial directors in real sector companies.
• Investment banking: Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, Citigroup, Sberbank CIB, VTB Capital, Alfa-Bank, Gazprombank, FC Uralsib, Renaissance Capital, etc.
• Consulting: Kearney, Yakov&Partners, Accenture, Bain, Oliver Wyman, Roland Berger, Monitor Group
• Asset management: diverse hedge, mutual and private equity funds.
• Business valuation: B1, Kept, Business Solutions and Technologies.
• Real sector: Gazprom, LUKOIL, Norilsk Nickel, VimpelCom, RUSAL, SUAL, Wimm-Bill-Dann, Rusnano, Fortum, etc.
• Academic career: Tilburg University, HSE University, Amsterdam University, University of Southern California, etc.
As a result of mastering the EP, graduates (enrolled since 2022) develop the following professional competencies:
• Able to conduct independent research in accordance with the designed programme, make original proposals on areas and methods of research, substantiate his/her own contribution to the development of the chosen area of research (PC-1);
• Able to present the results of the study to the scientific community in the form of a report (presentation) and an article (PC-2);
• Able to analyze and predict trends, processes and financial market instruments (PC-3);
• Able to analyze the financial condition of companies and financial institutions (PC-4);
• Able to evaluate the value of financial instruments (PC-5);
• Able to prove the effectiveness of the investment policy of the firm and financial institution (PC-6);
• Able to make analytical proofs for making managerial decisions in companies, financial institutions and developing their financial policies (PC-7);
• Able to develop recommendations on investment of personal financial resources (PC-8);
• Able to implement the financial policy of companies and financial institutions (PC-9);
• Able to apply modern methods and techniques of teaching financial disciplines in educational institutions of higher education (PC-10);
• Able to develop curricula, programmes and appropriate methodological support for teaching financial disciplines in educational institutions of higher education (PC-11).
Characteristics of the educational modules of the programme for students enrolled since 2022 (educational standard of 2021)
1. The professional module (Major) consists of all the main disciplines of the programme. The Major module consists of a general economic block (Macroeconomics, Microeconomics for Financial Economists, Econometrics) and specialized financial courses (depending on the chosen trajectory). The list of specialized courses is huge, below is its core:
- Corporate Finance. Basic level
- Advanced Corporate Finance
- Advanced Business Valuation
- Theory of Finance
- Corporate Risk Management
- Corporate Governance
- Mergers and Acquisitions
- Behavioral Finance
- International Finance.
2. The ‘Magolego’ module – a block of additional disciplines from the set of open optional courses. This block gives a student an opportunity to gain additional competencies that allow him/her to personalize an individual study plan upon a student’s request.
3. The ‘Practice’ module provides for the implementation of projects within the framework of research project seminars (in the 1st and 2nd year), master’s thesis preparation and work experience internship (in the 2nd year).
4. The ‘Key seminars’ module consists of a mentor's seminar and a methodological research seminar. The module aims to design the student's personal learning outcomes and to provide students with insights into best practices and/or research related to the topics of a learning path.
5. The ‘Final State Certification’ module provides for master’s thesis defense.
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