Yan Minghao, Second-Year Master’s Student from China: ‘Here at ICEF, I Study and Communicate with Intelligent People’
Where did you study before enrolling in the master’s programme at ICEF?
I obtained my Bachelor’s degree in Economics from Northeast Agricultural University in my hometown of Harbin in China. During my undergraduate studies, I had the opportunity to spend a year studying in Russia. During this time, I travelled to many cities, and I was deeply attracted by Russian culture and history, which is the main reason why I chose to come to Russia.
What motivated you to study at ICEF specifically?
My undergraduate major was in Finance, and ICEF is the best financial department in Russia, in my opinion, so I had no reason to refuse the opportunity to study there.
What appealed to you most about this master’s programme?
The ICEF Master's programme is one of the best programmes in financial economics in Russia. The courses focus on two crucial skills in financial economics: mathematics and programming, which are exactly what I was looking for. This is what a top master's programme should offer!
Would you say that studying at ICEF as an international student is challenging? Was it difficult for you to adapt to life in Moscow?
I believe studying at ICEF as an international student is not particularly difficult. This is because ICEF is not a traditional Russian department but rather an internationalised college. Anyone studying at ICEF, regardless of nationality, needs to adapt to the environment here, and even Russian students go through the same process.
As for everyday life, yes, I faced many challenges when I first arrived in Moscow. However, the academic pressure at ICEF quickly overshadowed all these problems, and I had no time to think about anything other than my studies. Interestingly, the life issues were unintentionally solved along the way.
How does the programme align with your career goals?
Working in the financial field requires a sharp mind, and to develop a sharp mind, you must study with intelligent people. At ICEF, I have the chance to interact with some of Russia’s top financial professionals, which is extremely helpful for my future career planning.
Which courses or professors have you found particularly inspiring?
I think the most interesting course is Financial Market Microstructure, taught by Prof. Alexei Boulatov, in which I received a 10/10 grade.
In this course, we studied top papers in financial economics with Prof. Boulatov. Due to his unique background in physics, he combines computational techniques and compares analysis from both physics and economics, which is very fascinating. I believe most participants in this course were drawn to Prof. Boulatov’s passion for academia.
What do you think is unique about the academic environment at HSE?
The coursework at ICEF is quite demanding, but I think some courses are essential for future academic research, so they are very meaningful.
As for the academic environment, here, you can always find professors in your field of interest and work with them. They are top scholars from various countries. For example, my supervisor during my master's programme, Prof. Runjie Geng, and I both come from China. I am conducting asset pricing-related research under his guidance, which is very interesting.
You have experience of attending and speaking at a number of international conferences. Can you tell us more about it?
I participated in the 13th LFE-ICEF International Moscow Finance Conference and the Sixth ICEF International Conference on Applied Economics, both of which are international conferences hosted by ICEF. Many top scholars from around the world presented their academic achievements at these conferences.
Personally, I participated as a speaker at the 3rd Vorobyovy Gory International Forum of Young Students and Scholars, which is an academic conference for young scholars organised by the Chinese Embassy in Russia. The conference featured many young scholars from top universities in China, such as Tsinghua University and Peking University. At the conference, I presented my paper titled 'Multiple Equilibrium with Bounded Rational Beliefs and Their Effect on Asset Prices' and was awarded the Excellent Paper Award after the conference.
What are you planning to do after graduation?
After graduating from ICEF, I plan to stay at HSE University to pursue a PhD. Recently, I received a letter of recommendation from HSE, supporting my application to continue with a PhD. My tentative PhD supervisor is Prof. Alexander Usvitskiy, who graduated from ICEF in 2013 and did his PhD at the University of Florida in 2019. So, in a way, I will be continuing at ICEF for my doctoral studies.
Outside of your courses, what else have you learned at ICEF?
I cannot predict the exact trajectory of my future, but my experience at ICEF has taught me that it is important to be prepared for the opportunities that may arise so that I don't miss out on them.
What advice would you give to students abroad who are considering studying at HSE University?
My advice is that if you choose to study Financial Economics in Russia, then ICEF will be your best option, but only if you are ready to work hard and not just pass the time.
It is also important to interact more with Russian students and help each other in learning.
International students should do their best to integrate into both academic and social life. It’s essential to network with local students and teachers, challenge yourself academically, and learn more about the Russian culture and traditions.
Speaking of cultural adaptation, was there anything that surprised you about Russian culture?
Honestly, I went to a traditional Russian sauna with my Russian classmates. As someone from Northeast China, my hometown also has a cold climate and a sauna culture, but it was completely different. Especially when I followed my classmates' advice and soaked in ice-cold water, I realised just how different the experience was.
You mentioned the importance of student networking. What is your experience with it?
I often study with my classmates before final exams, as we believe this is very important because we can help each other spot mistakes.
I also meet with Prof. Runjie Geng frequently. Our working language is Chinese, so we communicate our ideas very efficiently in our native language. Prof. Runjie Geng is an incredibly intelligent and idea-rich professor; every discussion with him is truly inspiring!
How is your Russian?
I studied Russian before coming to Russia, and my Russian level is sufficient to handle most everyday situations. Of course, good Russian is essential for living in Moscow as a foreigner, so I will continue to find ways to improve my Russian skills in the future.
Do you have time for anything other than your studies?
Yes, this year I had the opportunity to work as a research assistant at the International Laboratory of Financial Economics, which is a very meaningful job for me!
What does a typical day look like for you as a student and during holidays?
On regular workdays, I continue studying when I have tasks. During breaks, I like to take walks around the city. I enjoy photography, so I occasionally take some photos.
Sometimes, I visit galleries, museums, and theatres, and other times I meet with my friends in Moscow for a meal.
During holidays, I prefer to travel. Besides Moscow, I have visited many other cities in Russia, including St Petersburg, Sochi, Kaliningrad, Makhachkala, Irkutsk, Yekaterinburg, Vladivostok, and others. In the future, I plan to explore even more places.