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
-   Alexey Bulatov, PhD University of California, Berkley, USA
-   Emiliano Catonini, PhD Bocconi University, Italy
-   Roman N. Chuhay, PhD Universidad de Alicante, Spain
-   Sergey Gelman, PhD University of Muenster, Germany
-   Luca Gelsomini,  Ph.D University of Warwick, UK
-   Dmitry Makarov,  Ph.D London Business School, UK
-   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

•  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
•  Visiting lecturers from the LSE, Oxford and other Western universities 

-  Jack Favilukis - LSE, Department of Finance

-  Mihail Zervos - LSE, Department of Mathematics

-  Dimitrios Tsomocos - Oxford, Said Business School 

-  Christian Julliard - LSE, Department of Economics

-  Margaret Bray -  LSE, Department of Economics 

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

-  Branko Urosevic - University of Belgrade, Faculty of Economics

-  Georgy Chabakauri - LSE, Department of Finance

      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

Mathematics for Economists
Financial Economics I
Research Seminar

Financial Economics I
Research Seminar
Corporate Valuation in Mergers and Acquisitions*
Investment Management*
Private Equity and Venture Capital*
International Trade and Development*

3 semester

4 semester

Financial Econometrics
Financial Economics II 
Research Seminar
Market Microstructure*
Fixed Income*
Risk Management*
International Finance*

Research Seminar
Corporate Valuation in Mergers and Acquisitions*
Investment Management *
Private Equity and Venture Capital *
Banking *
International Trade and Development*
MSc Dissertation













*- optional courses: a minimum of four required for diploma
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