Master in Financial Economics
Moscow, Russia
DURATION
2 Years
LANGUAGES
English
PACE
Full time
APPLICATION DEADLINE
03 Aug 2025*
EARLIEST START DATE
01 Sep 2025
TUITION FEES
RUB 450,000 / 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
Financial Economics is designed for enrollees with ample background in Mathematics and Fundamental Economics who wish to master present-day economic models and econometric methods. Giving students skills they need to succeed in the finance job markets in Russia and globally, the program receives academic support from The London School of Economics and Political Science, meeting the British standards in education and fostering industry connection between students and employers abroad. 14 of our alumni have found employment in the City of London. 80% of the program participants pursue careers as analysts or departmental managers at investment or commercial banks (and among them Sberbank, VTB, Goldman Sachs, Barclays, Credit Suisse), financial companies, or the real economy. 8% become consultants (McKinsey, BCG, Oliver Wyman) or start their own businesses. The rest of the participants choose to pursue academic careers by enrolling in the Ph.D. programs in Economics or Finance being offered by schools in London, the University of California, and the leading schools in Western Europe, the USA, and Canada.
Program overview
We provide training that meets the staffing needs of the top-ranking banks, foundations, financial and research institutions in Russia, Europe, and North America
2007 saw the start at ICEF of the international master’s program created with academic support from The London School of Economics (LSE). With skills requirements identical to those of the industry, the program brings together the Russian traditions of scholastic education and the British expertise in delivering master’s degree programs.
Extensively supported by practicing experts, we offer comprehensive training in Economics, Finance, and Econometrics that students complete over a short period of time. It allows our alumni - a total of more than 200 – to find employment at the investment banks of the City of London, at research institutions globally, and domestically.
The program is delivered in close cooperation with employers. For instance, some of our electives are hosted by McKinsey experts, a scholarship fund is established by VTB Bank for the best-performing students, and job offers are submitted to our Career Centre on a regular basis. The contacts the program and its professors maintain with the international research community enable our students to engage in research, which they do also via ICEF International Laboratory of Financial Economics.
Ideal Students
Annually ICEF enrolls talented and motivated students which come from Russia and from around the world. International students enrich the learning environment with their cultural perspectives and their personal experiences.
Most students have undergraduate degrees in Economics or Finance. Others come from Engineering, Mathematics, or other backgrounds. Strong mathematical and statistical skills are essential to getting the most out of the ICEF Master’s program in Financial Economics.
Before you apply
Even though the majority of our enrollees are holders of degrees from leading engineering and economic faculties, we accept candidates with backgrounds other than Engineering or Economics if they are:
- Familiar with essential topics of mathematics (Multidimensional calculus, basics of optimization; Linear Algebra; Convex analysis and Kuhn-Tucker theorem; Theory of probability and statistics);
- Familiar with fundamental economics; and
- Have the level of English language skills advanced enough to take English-taught courses.
Admissions
Curriculum
Core courses
- Advanced Macroeconomics
- Module 1&2
- Module 3&4
- Advanced Microeconomics
- Module 1&2
- Module 3&4
- Advanced Econometrics
- Module 1&2
- Module 3&4
- Financial Economics
- Asset Pricing
- Financial Economics
- Corporate Finance
- Mathematics for Economists
- Financial Econometrics
Elective Courses
- Investment Analysis
- Corporate Valuation Cases in Mergers and Acquisitions
- Applied Banking
- International Trade and Development
- Banking
- Risk Management II
- R Programming and Applications to Finance
- Private Equity and Venture Capital
- Financial Market Microstructure
- Derivatives
- Risk Management I
- International Finance
- Fixed Income
- Machine Learning and Applications to Economics and Finance
Internship, Project and Research work
Research Work
- Term Paper
- Research Seminar in Financial Economics
- Thesis Preparation
Internship
Project
Final State Certification
- Thesis Defence
Career Opportunities
A Financial Economist is an analyst tasked with formulating the plans that would help companies or organizations solve any economic problems, enhance performance and manage opportunities available on the financial market.
The Job Responsibilities of a Financial Economist span a wide array of duties and depend on the subfield of Financial Economics:
- Financial analysis: providing cost estimates of projects or companies; acting as consulting agents for customers or CEOs regarding M&A deals; corporate performance optimization;
- Investment analysis: financial instruments cost analysis (shares, bonds, etc.); developing structured financial instruments; financial trading;
- Macroeconomic analysis: analyzing microeconomic environments in different countries; forecasting economic growth; designing tools for microeconomic policy (for the Central Bank);
- Financial sales: counseling clients on depositing funds into financial instruments or conventional banking products; designing strategies for overall corporate growth or achieving particular economic targets (in-house or outside consultancy).
The educational qualification required for the position of a Financial Economist is the fundamental training in Micro- and Macroeconomics. Financial Economists are expected to be proficient users of mathematical methods and econometric techniques.
Key Skills and Proficiencies of a Financial Economist:
- Expert knowledge of Macro- and Microeconomics
- Basic knowledge about Corporate Finance
- Ability to build corporate financial models
- Expert knowledge of financial instruments market
- Basic knowledge about investment portfolio design;
- Understanding of financial instruments price formation and ability to predict their cost
- Excellent English language skills
Since the job of a Financial Economist involves not only analyzing the economic data and financial performance, but also interpersonal communication (and dealing with top managers of large companies), a highly performing Financial Economist should be a skillful negotiator and a good team worker.
The expansion of the regional and global markets, the IT-based management of the field of Finance (through crypto finance markets, among others), and the emergence of new financial instruments make the job even more lucrative and highly sought-after.
ICEF graduates land jobs at:
- Investment and commercial banks
- Investment funds
- Stock exchange and brokerage houses
- Finance units of manufacturing companies
- Consulting companies
- Central banks
- Rating agencies
- Training and research services providers
Program Admission Requirements
Show your commitment and readiness for Grad school by taking the GRE - the most broadly accepted exam for graduate programs internationally.