Master's programme

MSc programme admission procedure and fees                                             
MSc programme FAQ  

In September 2007 ICEF launched a MSc Programme in Financial Economics in academic cooperation with LSE supported by several Russian and international corporate donors with the aim of training top international-level experts in Economics and Finance. The programme is both academically rigorous and applied. Its curriculum is a unique blend of the core courses in Micro- and Macroeconomics, Econometrics, Asset pricing and Corporate finance, and applied courses in various fields of Economics and Finance. Programme graduates start their careers as professional economists or analysts at financial institutions (including Sberbank, the Central Bank of Russia, HSBC, UBS), non-financial companies (Sibur, Renault) or continue their studies at the doctoral level in top universities (such as LSE).   

International standing of the programme:  

•   The curriculum and quality of the courses are comparable with those of leading international universities
•   Examinations are monitored by international experts appointed by the International Academic Committee (IAC) of ICEF
•   Programme graduates receive a Russian master’s degree and an official letter of validation (signed by the LSE Director) certifying that the student has completed the programme which is compatible with the international quality standards
•   Most courses are taught in English
•   Faculty from British and other western universities regularly contribute to the teaching programme at ICEF

Teaching staff:  

•  Graduates of reputable PhD programmes in the USA and Western Europe, including:
-   Maxim Nikitin, PhD University of Pittsburgh, USA (MSc Programme Director)
-   Alexey Belyanin, PhD Manchester University , UK
-   Marie-Ann Betschinger, PhD Muenster School of Business Administration and Economics, Germany
-   Alexey Bulatov, PhD University of California, Berkley, USA
-   Emiliano Catonini, PhD Economics, Bocconi University, Italy
-   Sergey Gelman, PhD University of Muenster, Germany
-   Kyeong Hun Lee, PhD University of Iowa, USA
-   Udara Peiris,  PhD Oxford University, UK
-   Andrey Sirchenko, PhD Economics, European University Institute, Italy
-   Fabian Slonimczyk, PhD University of Massachusetts, USA
-   Vladimir Sokolov, PhD University of Notre Dame, USA
-   Carsten Sprenger, Ph.D. Pompeu Fabra University, Spain
-   Sergey Stepanov, PhD Economics, Universite Libre de Bruxelles, Belgium
-   Anna Yurko, PhD University of Texas, Austin, USA
-   Roman Zakharenko, PhD Pennsylvania State University, USA
-   Kosmas Marinakis , PhD State University of North Carolina, USA
-   Alexey Parakhonyak, PhD Erasmus Universiteit Rotterdam, Netherlands

•  Practitioners working at financial institutions and consultancies, including:
-  Alexander Zaporozhsky, "Koltsovo Airoport", Deputy Director on strategic development and investments, Master of Economics: Erasmus University Rotterdam,   Netherlands
-  Dzhangir Dzhangirov, "Sberbank", Head of market risk department, CFA
-  Vyacheslav Ivanov,  "Gazprom neft", Vice president, MBA, University of Rochester, USA
-  Mikhail Moshkov, "The European Bank for reconstruction and development", Senior Banker, MBA, University of Notre Dame, USA
-  Leonid Timochouk, Executive Director in Fixed Income, Currencies and Commodities (FICC) Division, UBS. PhD, Technische Universiteit Delft, Netherlands
•  Visiting lecturers from the LSE, Oxford and other Western universities 

-  Pascal Frantz - LSE, Department of Finance

-  Jack Favilukis - LSE, Department of Finance

-  Mihail Zervos - LSE, Department of Mathematics

-  Dimitrios Tsomocos - Oxford, Said Business School 

-  Martin Pesendorfer - LSE, Department of Economics

-  Christian Julliard - LSE, Department of Economics

-  Margaret Bray -  LSE, Department of Economics 

-  Brian Eales - London Metropolitan University, Department of Economics, Finance and International Business

      ICEF academics are active in research. They publish in international refereed journals, including Journal of Money, Credit and Banking, Journal of Empirical Finance, Journal of Banking and Finance, etc.

ICEF Master's Programme Curriculum

List of courses with International and ICEF exams 

 1 semester

2 semester

Econometrics 1
Mathematics for Economics and Finance
Research seminar

 Econometrics 2
 Financial Economics 1
Research seminar
Investment Analysis
 International Financial Management
Corporate Valuation in Mergers and Acquisitions
Principles of Banking and Finance
Private Equity and Venture Capital

3 semester

4 semester

 Financial Econometrics II 
  Financial Economics 2

 Fixed Income & Derivatives
 Advanced Topics in Finance
Research Seminar
Risk Management
 International Finance

 Topics in Applied Finance
Research seminar
Master’s thesis
 Investment Analysis
International Financial Management
  Corporate Valuation in Mergers and Acquisitions
Principles of Banking and Finance
Private Equity and Venture Capital