Master in Financial Analyst (CFA Program Partner)
Moscow, Russia
DURATION
2 Years
LANGUAGES
English, Russian
PACE
Full time
APPLICATION DEADLINE
03 Aug 2025*
EARLIEST START DATE
01 Sep 2025
TUITION FEES
RUB 480,000 / per year
STUDY FORMAT
On-Campus
* online applications are accepted for preliminary selection; online candidate interviews will be held with programmes; you have to upload your portfolio to the personal online account before August 10
Introduction
Ambitious recent graduates and professionals who want to be the first in the area of finance are welcome to apply for the program. The program offers a number of competitive advantages, including:
- Acquaintance with best global practices presented by HSE faculty, CFA Charterholders, FRM, ACCA holders, and top executives in the industry;
- 75% of all three levels of the CFA Program Candidate Body of Knowledge;
- Training in ethical and professional standards developed by the CFA Institute;
- Opportunities to pursue careers with Russian and international financial institutions, i.e., banks, investment, hedge & pension funds, rating agencies, consulting groups, insurance, and audit companies, industry;
The program offers two study tracks, where the study process is fully in English or in Russian. We consider an international applicant’s documents for the track with the English language instruction by default. Certainly, you can choose to study in Russian.
Program Overview
Founded in 1995 as a structural division of HSE, the Banking Institute has offered a wide range of graduate and post-graduate programs in the fields of banking, finance, investment, management, and law over the years. These have included special corporate programs for governmental agencies, private companies, commercial banks, and the Central Bank of the Russian Federation, as well as more than 50 customized programs and short-term courses.
The Financial Analyst Master’s program 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 program is conducted entirely in English.
In 2012, the Financial Analyst Master’s program was recognized by the CFA Institute, the USA as a Program Partner. Two educational programs of the Banking Institute – MBA in Investment Management and MA Financial Analyst – are currently the only programs 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 programs cover 75% of the CFA Program Candidate Body of Knowledge™, including ethical and professional standards. To comply with the high CFA standards, the program is updated annually using actual CFA textbooks and current global practices.
The Financial Analyst Master’s program 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.
Program 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 program 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 shareholders.
- Students can participate in a number of international student exchange programs, including the Erasmus+ International Mobility Program.
- All courses are taught entirely in English.
Admissions
Curriculum
The Financial Analyst Master’s program is a two-year, full-time program conducted entirely in English. Each academic year is divided into two semesters that feature lectures, seminars, home assignments, and office hours. Classes meet in the evenings and on Saturdays 4-5 times per week:
- 3-4 weeknights from 6:30 p.m. to 9:20 p.m.
- Saturday from 10:00 a.m. to 4:40 p.m.
Program structure
The curriculum provides broad coverage of the main functional areas and consists of 120 ECTS credits (European Credit Transfer System). The program requires 23 courses consisting of 11 core courses and 12 electives.
List of courses
Compulsive courses: 42 ECTS credits total
Compulsive courses form the backbone of the curriculum for the Financial Analyst Master’s program. Core courses are required for students throughout the first and second academic years.
The compulsive courses have been carefully designed to employ an international perspective in teaching students the fundamentals of the theory of finance, macroeconomics, econometrics, monetary economics, quantitative methods, and financial reporting. Students also gain specialized knowledge in corporate finance, equity, and fixed income, derivatives, investment portfolio management, and ethical and professional standards.
Elective courses: 18 ECTS credits total
Elective courses allow students to explore some of the subjects covered in the core courses more deeply and to focus on specific skills in the new areas, depending on their professional interests. Students take a total of six elective courses – four in the second semester and two in the third semester.
Optional courses (additional programme component): 3 ECTS credits
Students may choose to take an optional course as an additional component to their curriculum.
Research Seminar: 16 ECTS credits
The Research Seminar is conducted throughout the entire period of study and is required for all students enrolled in the MA Financial Analyst program. A large part of the seminar is dedicated to the term paper and thesis preparation.
Term Paper (first academic year): 8 ECTS credits
Internship (8 weeks in the fourth semester): 12 ECTS credits
Thesis: 24 ECTS credits
To complete the Master’s degree students should plan on defending their thesis at the end of the second year.
Career Opportunities
Graduates of the program are well equipped for careers at Russian and international banks, investment funds, rating agencies, consulting groups, audit companies, and other financial institutions. Among the many well-known organizations employing the program, alumni are Alfa Bank, Bloomberg L.P., BNP Paribas, the Central Bank of Russia, KPMG, PwC, Renaissance Capital, Russian Railways, Sberbank, Thompson Reuters, and the World Bank.
You will enjoy access to the Alumni Club where the information on open positions at these and many other well-known organizations is regularly posted and updated.