Master 'Financial Analyst (CFA Program Partner)'

Higher School of Economics

Program Description

Master 'Financial Analyst (CFA Program Partner)'

Higher School of Economics

Programme Overview

Founded in 1995 as a structural division of HSE, the Banking Institute has offered a wide range of graduate and post-graduate programmes in the fields of banking, finance, investment, management, and law over the years. These have included special corporate programmes for governmental agencies, private companies, commercial banks, and the Central Bank of the Russian Federation, as well as more than 50 customized programmes and short-term courses.

The Financial Analyst Master’s programme provides a balance of theory and case study in courses taught by HSE academic staff who are experts in their fields, as well as outstanding guest speakers from various Russian and global institutions, including CFA Charterholders. Applicants should possess a Bachelor’s degree and a strong background in economics, finance, or mathematics. The programme is conducted entirely in English.

In 2012, the Financial Analyst Master’s programme was recognized by the CFA Institute, USA as a Program Partner. Two educational programmes of the Banking Institute – MBA in Investment Management and MA Financial Analyst – are currently the only programmes in Russia and the CIS to have been recognized by the CFA Institute as Program Partners.

CFA Institute requirements state that CFA Partner Program status is awarded to a limited number of select institutions whose degree programmes cover 75% of the CFA Program Candidate Body of Knowledge™, including ethical and professional standards. To comply with the high CFA standards, the programme is updated annually using actual CFA textbooks and current global practices.

The Financial Analyst Master’s programme is designed for young specialists looking to obtain new knowledge in the fields of investment and financial analysis, as well as gain familiarity with best global practices as presented by the CFA Institute.

Programme Benefits

  • Annual scholarships are awarded to students of CFA Program Partner. Each scholarship covers 70% of the exam registration fees (for Level I, II and III CFA exams)
  • The programme is updated annually, using actual CFA textbooks and current global practices
  • Courses are delivered by HSE lecturers who are experts in their fields and outstanding guest speakers from various institutions in Russia and abroad, including CFA, FRM, and ACCA charterholders
  • Students can participate in a number of international student exchange programmes, including the Erasmus+ International Mobility Programme
  • All courses are taught entirely in English


1 Year


  1. Theory of Finance
  2. Macroeconomics
  3. Advanced Econometrics
  4. Quantitative Methods in Economics
  5. Corporate Finance
  6. Financial Reporting and Analysis
  7. Instruments Market: Equity and Fixed Income


  1. Stochastic Analysis in Finance
  2. Microeconomics
  3. Time Series Analysis
  4. Forecasting in Economics and Finance
  5. International Economics
  6. Company and Business Valuation
  7. Venture Investment

2 Year


  1. Monetary Economics
  2. Derivatives
  3. Ethical and Professional Standards
  4. Investment Portfolio Management


  1. Building DCF Models in Practice
  2. Investment Project Management
  3. Ratings
  4. Alternative Investments
  5. Analysis and Risk Management


MA programme Financial Analyst is designed specifically to meet the needs of young professionals who are thinking about moving into or acquiring further in-depth expertise in the area of finance. The programme is aimed at graduates with at least a Bachelor’s degree, with a strong economic, financial or mathematical background. A good proficiency in English is required.

Portfolio composition and minimum requirements for applicants:

  1. Diploma and academic transcripts Obligatory
  2. English language proficiency certificate Optional
  3. Professional retraining diploma(s) Optional
  4. International professional certificate(s) Optional
  5. Scientific papers and publications Optional
  6. Diploma(s) of prizewinners of student competitions Optional
  7. Grant/ Scholarship Optional
  8. CV Optional
  9. Recommendation letter(s) Optional

Accepted certificates (applicants should submit test results no more than two years old)

  • IELTS 6.0 and higher
  • TOEFL IBT (Internet Based) 80.0 and higher
  • CAE (Certificate of Advanced English) Any passing grade
  • CPE (Certificate of Proficiency in English) Any passing grade
  • BEC Higher (Business English Certificate) Any passing grade
This school offers programs in:
  • English

Last updated September 28, 2017
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2018
2 years
Full time
380,000 RUB
Russia - Moscow
Start date: Sept. 2018
Application deadline Request Info
End date Request Info
Sept. 2018
Russia - Moscow
Application deadline Request Info
End date Request Info
per year