HSE ICEF and China’s SWUFE RIEM Launch Double Master’s Degree
Key Features
The new double degree operates on the principle of mirror mobility: participating students spend twelve to eighteen months at SWUFE RIEM and the same amount of time at HSE ICEF. In addition to providing a profound knowledge of economics, finance, and data analysis, students of the programme will benefit from cultural exposure and a better understanding of China’s economic makeup.
The programme is fully implemented by teachers with PhD degrees from the world's leading international universities. They are actively engaged in research, which allows integrating advanced scientific approaches and the latest developments in economics and finance into the educational process. ICEF has the International Laboratory of Financial Economics, which conducts relevant research and implements the obtained scientific knowledge into the educational process, that makes the training in the programme more practice-oriented. The laboratory also actively collaborates with RIEM SWUFE professors, facilitating the exchange of advanced research in the field of financial economics.
To qualify for the programme, applicants must complete their first year of studies at their home university and take part in the competitive selection process. All selected students will spend the second year at the host university before returning home to complete their studies. This double master’s degree involves two thesis defences, one at HSE ICEF and the other at SWUFE RIEM.
The English-taught curriculum incorporates micro- and macroeconomics, asset valuation, and corporate finance. Each partner will provide its own unique accent: the Chinese economy and financial system at RIEM, and quantitative finance, applied finance, and data analysis at ICEF.
Upon completion of the programme, students will be awarded two diplomas, a Master’s in Economics earned at HSE University and an Economics degree (specialisation: Finance) earned at SWUFE.

Yan Dong, RIEM Executive Dean (Master’s from the London School of Economics, PhD from the University of Essex, UK)
"Our Institute is quite special. From its name, you feel like we are a research Institute, but actually we are also a teaching unit. We have around 1,000 undergraduate, master’s and PhD students. Our Institute is special because all our faculties received PhD degrees overseas – from universities in Europe, USA, Asia and other countries. All our faculties speak fluent English, and the teaching language – the working language in our Institute – is English. We have more than 100 international students who study degree programmes in our Institute. That’s the special thing about this Institute – because it’s quite an internationalized institution, and we have faculties that don’t speak Chinese at all – they are international faculties. And also for the undergraduates we have Economics, Accounting, Finance, and Management – four majors; and for master’s level – Economics, Finance, and Management; and for the PhD level we have quite different things".
Maxim Nikitin, Academic Supervisor of the Master’s in Financial Economics at ICEF
"Our Financial Economics programme has been notable for its international format from the very start. Key courses are taught by international specialists with PhD degrees from leading US and Western European universities. They conduct academic research and publish in top international peer-reviewed journals. All teaching at the ICEF Master's programme is conducted in English. We strive to integrate international standards and practices into the education process. Our cooperation with SWUFE, one of China’s leading finance universities, marks an important step in expanding the geographical scope of our academic network. We are glad that this initiative brings equal benefits to both sides, enriching our curricula and creating a new platform for academic exchange and joint projects. We are confident that this partnership will give our students access to unique knowledge and skills that will benefit them in the global labour market".
In 2024, HSE ICEF and SWUFE RIEM launched the Double Degree Bachelor's Programme in Economics and Finance. The first cohort from ICEF is currently taking second-year courses at SWUFE.
The double-degree bachelor’s programme awards two diplomas, one for the economics degree earned at HSE and the other for the economics degree earned at SWUFE.
Oleg Zamkov, Academic Supervisor of the Bachelor’s at ICEF:
HSE ICEF and SWUFE RIEM make a perfect match as partners for this programme due to their specialised focus on economics and finance and closely aligned curricula. SWUFE covers all the courses offered at ICEF and vice versa.
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