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VASILY SOLODKOV

Ph.D. in Economics, Professor, Academic Supervisor of the Programs, Director of HSE Banking Institute, Harvard Business School graduate �vsolodkov@hse.ru�

ULIANA ODINTSOVA�Manager of the Programs�uodintsova@hse.ru

Banking Institute: Program Management

YULIA KUZYUKOVA�”Master of Finance” Program Teaching and Learning Specialist

ykuziukova@hse.ru

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Evgeniy Dovbysh�Chief Specialist, Product Manager - Moscow Exchange (MOEX), Student of HSE “Finance” Master Program

Banking Institute: Webinar Agenda

�ELENA DIMOVA

Ph.D. in Economics, MBA, strategic planning and development director, Stratoprint LLC

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�

https://binst.hse.ru

YEARS

in the educational service market

>6500

ALUMNI

YEARS

winner of annual tenders of the Bank of Russia

ABOUT

HSE BANKING INSTITUTE

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Programs are based on the original syllabus of the CFA Institute.
Our programs successfully passed the audit of the CFA Institute in June 2022;
Most of the faculty members are financial executives, who possess international professional certification (CFA, FRM, ACCA, etc.);
The program content is updated annually, according to the CFA textbooks and current global practices;

Discounts up to 80% for Kaplan Schweser Books are available for our students.

PROGRAM ADVANTAGES

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PROGRAM ADVANTAGES:

Our Partners

CFA Association (Russia);
Kaplan Schweser Books (USA);
The Central Bank of the Russian

Federation;

SBER;
B1;
GAZPROMBANK;
The Investment Company “ATON”;
Accounts Chamber of the Russian Federation;
“АKRA” Rating Agency.

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PROGRAM ADVANTAGES:

Job Perspectives

All our students work while studying on the program. If a student doesn’t have a job in the industry, HSE Banking Institute helps him/her to find a suitable internship or job in such prestigious companies as the Central Bank of Russia, SBER, VTB, Gazprombank, ATON, PwC and others.

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Access to the HSE Banking Institute Alumni Club

networking
information on open positions at many well-known organizations regularly posted and updated
events

Russian and international banks, investment funds, rating agencies, consulting groups, audit companies, etc.

Our alumni employment:

Access to the HSE Career Development Center

PROGRAM ADVANTAGES:

ALUMNI CLUB

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PROGRAM ADVANTAGES:

SUPPORT FOR YOUR RESEARCH

Access to the HSE University Library

700+

400

130

thousand

books & periodicals

Russian journals

subscriptions

A wide range of online electronic resources

Databases of international periodicals
Databases of Russian periodicals
Databases of peer-reviewed literature

international journals

subscriptions

Factiva
HSE Economic Journal
Databases of e-books
ProQuest Dissertations & Theses

Access to external information resources

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Financial Analyst

Academic unit: HSE Banking Institute

Field of study: 38.04.08 – Finance

Language of instruction: English

Length of the program: 2 years

Location: Campus in Moscow

Mode of study: Full time education (classes taught in the evening time)

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Master of Finance

Academic unit: HSE Banking Institute

Field of study: 38.04.08 – Finance

Language of instruction: English

Mode of study: online (full time), on HSE University platform Smart LMS

Lectures are prerecorded.

Live seminars held at the evening time on weekdays/ on Saturdays

Length of the program: 2 years

Diploma: Master of Finance, HSE University.

The online mode won’t be mentioned in the Diploma. One will receive the same Diploma as on-campus students.

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MASTER OF FINANCE CURRICULUM

Foundation	Core specialization disciplines	Electives 1^st Year (for choose 4 out of 5)	Electives 2^nd Year (for choose 3 out 4)
Advanced Macroeconomics	Financial Reporting and Analysis	Time Series Analysis	Forecasting at the Financial Markets
Advanced Econometrics	Quantitative Methods in Finance	Stochastic Analysis in Finance	Financial Modeling
Theory of Finance	Financial markets: FX, Debt and Equity Market	Project & Venture Financing	Financial risk management
	Alternative Investments	Investment banking. Mergers and acquisitions	Company and Business Valuation
	Portfolio Management and Wealth Planning	Entrepreneurship and Financial Environment
	Derivatives & Financial Engineering	Entrepreneurship and Financial Environment
	Corporate Issuers
	CFA Ethic & Professional Standards
	Research Seminar “Current Problems of the Financial Analysis”

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Foundation	Core specialization disciplines	Electives 1^st Year (for choose 4 out 7)	Electives 2^nd Year (for choose 4 out 7)
Macroeconomics	Financial Reporting and Analysis	Time Series Analysis	Decentralized Finance
Advanced Econometrics	Quantitative Methods in Economics	Stochastic Analysis in Finance	Building DCF Models in Practice
Theory of Finance	Market Instruments: Equity and Fixed Income	Venture Investment	Investment Project Management
	Ethic & Professional Standards	Forecasting in Economics and Finance	Ratings
	Investment Portfolio Management	Applied Data Analytics and Artificial Intelligence in Finance	Alternative Investments
	Derivatives	Company and Business Evaluation	Analysis and Risk management
	Corporate Issuers	International Economics	Entrepreneurship: Financial Environment and Risks
	Research Seminar “Current Problems of the Financial Analysis”	Project Activity	Decentralized Finance
		“Fundamental Analysis, Company Evaluation”	Decentralized Finance
		“Applied Application of Financial Analysis to the Relevant Problems of the Financial Market”

FINANCIAL ANALYST CURRICULUM

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KEY RULES

Completely free for all HSE students
Grades do NOT affect your GPA
Failed grade doesn’t lead to academic debt
Results are added to diploma supplement only upon your personal request
Delivered fully online
Drop deadline: 5 working days before the final exam session
Unlimited number of electives you can enrol in

ELECTIVES

In addition to the main curriculum, you can enrol in HSE Open Optional Courses (OOC).

Explore more details and the catalogue of available open optional courses on HSE University website.

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FACULTY MEMBERS

https://www.hse.ru/ma/fin/profs

Dimova Elena��Ph.D. in Economics, MBA, strategic planning and development director, Stratoprint LLC

Kudrin Alexander�

Ph.D. in Physics and Mathematics, professor of HSE Banking Institute, chief strategist, managing director of «ATON»

Shpuntov Anton

�CFA, Head of Primary Equity Markets,

MOEX

Gorshenin Alexander�

CFA, Vice-President, CFA Association Russia

�Kulakov Andrey

CFA, FRM, Head of Fixed Income Research, Gazprombank,�Faculty member

�

Lebedeva Nadezhda��ACCA, Managing Director,

VTB Bank

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FACULTY MEMBERS

https://www.hse.ru/ma/finance/faculty

Avalian Khachatur

CFA, MBA, national expert/consultant at FAO UN

Bulushova Lidia��PRM, Head of unit, Risk Modeling, Sber

Zakharov Sergey

CFA, Ph.D., Managing Partner, Toliman (TLM) Capital

Mishchenko Vyacheslav�

Ph.D. in Economics, consultant on strategic and venture investments

Petronevich Maxim��Head of the Center of Macroeconomic and Regional Analysis and Forecasting, Rosselkhozbank

Potashov Anatoly�

CFA, Investment Director, Gleden, HSE Best Teacher - 2024

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PROGRAM DATA

Average age at Financial Analyst: 24
Average age at Master of Finance: 27

SERBIA

USA

GERMANY

SOUTH

KOREA

JAPAN

COUNTRIES

Education

Finance and Economics 59%
Humanities 6%
Law 6%
Others 29%

Financial Analyst & Master of Finance

Male: 64%

Female: 36%

GREAT

BRITAIN

KAZAKHSTAN

ARMENIA

CANADA

SAUDI ARABIA

BAHRAIN

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Portfolio composition

HOW TO APPLY: ADMISSION

REQUIREMENTS

Portfolio Component	Maximum�Score	Portfolio Component	Maximum�Score
Motivation letter (obligatory)	10 points	Field activities: Internship / Job Experience	10 points
Resume/CV (obligatory)	10 points	Trainings, executive trainings, Olympiads, case championships, etc.	10 points
Interview (obligatory)	20 points	Publications in scientific and business journals. Participation in research and applied conferences	15 points
Recommendation letters (obligatory; 1 letter = 5 points)	10 points	International professional certificates CFA, FRM, ACCA or separate exams on them	15 points

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Portfolio composition

Additional portfolio scores for the following:

prior work experience in the field of Finance, including internships;
maximum score can be provided to the winners of Banking Institute events “FinAnalytics.Meetups” and “Case Study Competition”;
completion of HSE "Quantitative Finance", “Econometrics”, “Financial Modeling” specialization courses;
previously passed CFA exam of any level provides additional advantage in the portfolio competition.

HOW TO APPLY: ADMISSION

REQUIREMENTS

Get Portfolio Consultation

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�

HOW TO APPLY: ADMISSION DATES

HOW TO APPLY: STEP BY STEP

Step 1.

Apply online or in person

Step 2.

Check the status in your online profile

Step 3.

Complete the enrollment procedure

More information about the APPLICATION STEPS here

Recommended for admission or not

If the application has been approved

FINANCIAL ANALYST & MASTER OF FINANCE

�Main dates:

June 20, 2026 – August 8, 2026

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Discounts for the HSE Graduates
10% for all HSE Graduates
15% for HSE Graduates with honours
Discounts 10-20% for the winners of the HSE Olympics “I Am a Professional”, “Vysshaya liga”�

FEES AND DISCOUNTS FOR 2026

The programs are fully tuition-based.

Discounts

50% discount for the winner of the Banking Institute Case Study Competition
«Early bird»: 10% for early documents submission and early payment before August, 6 2026�

FINANCIAL ANALYST� 660 000 RUB per year�

MASTER OF FINANCE�560 000 RUB per year

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CONTACTS

E-mail: bank@hse.ru

Phone +7 (495) 772-95-90 ext. 22456, 22463

Telegram (for questions): @bankinst

@hsebinst

Banking Institute Study office: �room 541, Myasnitskaya str. bld.20, office 541, Moscow, 101000, Russia�

https://binst.hse.ru/

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