FAQ

The International BSc Programme in Economics and Finance has evolved over 25 years in collaboration with the London School of Economics (LSE), one of the world's leaders in economics education, as joint programme that meets the requirements of both universities and combines the comparative advantages of these programmes, such as the depth of professional training and the breadth and fundamentality of education.

Among the advantages of the program:

• an expanded professional core, including both general professional courses and courses in 5 financial and economic specializations: "Economics", "Economics and Finance", "Economics and Management", "Banking and Finance" and "Mathematics and Economics".
• focus on financial economics is realized by compulsory financial subjects in each of five specializations (unlike other economics programs at the HSE, where specializations and financial courses are optional). The structure of the international ICEF program provides the opportunity to train specialists in two subject areas: economics and finance.
• high international academic standards are ensured by highly qualified faculty with instruction in English, the working language of economists worldwide.
• high demand for graduates of the program in the labor market. Today, graduates of ICEF successfully work or study in more than 40 countries around the world. They build successful careers in leading companies in Russia and abroad and government agencies, create their own businesses or obtain a PhD degree, teach and conduct research at leading universities.

The ICEF Bachelor's Programme includes subjects and activities necessary to obtain HSE degree as well as subjects of the University of London International Programme to get a degree in one of the specializations offered (Economics, Economics and Management, Economics and Finance, Banking and Finance, Mathematics and Economics). To meet international standards, the list of subjects in ICEF curriculum is more focused than that of standard Russian programmes, ensuring the in-depth study of fundamental disciplines.

Tuition takes place in groups of no more than 25 and students are strongly encouraged to undertake independent study alongside their scheduled lectures. All together combined creates the optimum environment for high academic achievement. The uniqueness of ICEF programme creates some special atmosphere in communication between students and professors. Thanks to the small tuition groups, a student is always able to consult the professor needed, as there is a constant on-line dialogue between students and teachers online. All necessary study materials are available in both English and Russian.

Upon completion of the first year, students may enroll in the University of London’s international programme as independent learners. Moreover, there is an opportunity to study in the dual degree programme of HSE with the Southwest University of Finance and Economics (SWUFE). When studying simultaneously at all three universities, graduates have an opportunity to receive three bachelor's degrees (Russian, Chinese and British). Learn more here

One of the advantages of being an ICEF student is the unique opportunity to get acquainted with some peculiarities of both Russian and European culture. Though the list of obligatory subjects in the ICEF teaching programme is slightly smaller than that of standard Russian programmes, ICEF students have the option to attend some special courses at ICEF or other HSE departments. Self-study is very important in the teaching process: in the leading Western universities, the combination of self-study with lectures is the main condition for high qualification. Thorough professional training gives ICEF graduates the chance to start a successful career in Russian business or abroad, in national and international organizations, state or commercial structures. The successful implementation of ICEF's programme is constantly being proved by students’ exceptional achievements. Since 2000 more than 300 ICEF students have been named among the best students of International Programmes of the University of London all over the world (students of the International Programmes of the University of London aggregates about 13000 people from 65 countries. The UoL selects the 40 best students each year).

The whole teaching process, including the system of knowledge control, is organized according to the demands of both HSE and LSE. So, ICEF students get educated to continue their studies domestically or abroad. ICEF also provides the students with textbooks and handouts.

The ICEF staff is international; it includes HSE professors and ICEF full-time professors as well as visiting professors from leading world universities, who regularly give lectures during the academic year. Native-speaking teachers teach the English language; Russian and foreign specialists from domestic and international companies are also invited. All ICEF teachers have international experience and have been chosen to work on the basis of open competition, supervised by the International Academic Committee.

Our 3000+ undergraduates work and study in Russia and 40 other countries, demonstrating their global competitiveness.

Every third ICEF graduate has continued their education in postgraduate programs (MSc, MBA, PhD) abroad, about half of them in the world's top 50 universities, such as Harvard, MIT, LSE, Oxford, Cambridge, Princeton, Stanford, Chicago, etc. ICEF became the first institute in Russia whose undergraduates were admitted to PhD programs at leading research universities in economics. Over 60 ICEF undergraduates and masters have been admitted to PhD programs over the years.

International level education allows ICEF graduates to get jobs in the largest Russian and international companies, banks and funds, such as VTB, Sberbank, Alfa-Bank, Moscow Credit Bank, Rosbank, Bank of Russia, Raiffeisenbank (Russian division), Barclays, Citi, Credit Suisse, Goldman Sachs, Morgan Stanley, Renaissance Capital, Unilever, Yandex, Gazprom, LUKOIL and many others. In addition, ICEF graduates in Russia work in government agencies: ministries, departments of the Government of the Russian Federation and the Moscow City Hall.

Many ICEF bachelor's degree graduates continue their education in master's, PhD, MBA programs of leading Russian (HSE, MSU, NES) and foreign universities (LSE, University of Oxford, MIT, University of Cambridge, University of California, Yale, Berkeley, London Business School, Imperial College London, Carnegie Mellon University, Bocconi University and many others). In recent years, ICEF graduates have increasingly begun to choose to continue their education not only in Russia and Europe, but also in other regions, such as in Asia and Australia. The most popular areas in which graduates continue their education are: financial analysis, quantitative methods in finance, business analytics.

In 2021, HSE introduced a new scheme for accommodating international students that is modelled on housing programmes of other international universities. The new scheme allows students to choose the best housing option based on their preferences and financial resources. For more information about HSE accommodation s please visit this page.

ICEF provides its students the opportunity to live in accommodation of the HSE University, Accommodation in the "Student Housing Centre" or LCD Level Amurskaya at the expense of ICEF for one year after admission. Then the student pays for the accommodation himself. The student pays for utilities himself. Accommodation conditions – a room for 4 or 6 people.

Yes – please get in touch with ICEF BSc students and alumni manager Nataliya Kononova at nvkononova@hse.ru. For more information see here >>

You need to follow four stages of application indicated here.

Yes, it is possible. HSE accepts the following international exams scores:

In Mathematics - Advanced Placement Test in Calculus AB or Calculus BC, Advanced Level (A-Level) Mathematics or Further Mathematics, International Baccalaureate (IB) (Mathematics, standard level/higher level, Further Mathematics, higher level), NIS Grade 12 Certificate, Araratian Baccalaureate.

In English language - International English Language Testing System (IELTS), iBT Test of English as a Foreign Language (TOEFL iBT), Cambridge Certificate of Proficiency in English (CPE), Cambridge Certificate of Advanced English (CAE), Business English Certificate Higher (Bec H), Aptis General (Overall Score), Pearson English Test (PTE Academic), International Baccalaureate (IB), NIS Grade 12 Certificate, Araratian Baccalaureate

The scores will be evaluated on a 100-scale according to the rules.

In 2024 for applicants who took HSE internal exams in English the minimal passing score was attained at 60 for Mathematics and 70 for English.

Education at ICEF is only fee-based.

The tuition fee of the International Bachelor's Programme in Economics and Finance is from 200,000 to 800,000 RUB per year (depending on the level of tuition fee partial scholarship) in the academic year 2024/2025. 

Students should pay a half of the tuition fee until August 28. The second half of the tuition fee is paid in January.

ICEF BSs programme offers a flexible system of tuition fee discounts (partial scholarships) for prospective international students and BSc international students with high academic achievement. According to ICEF statistics, every year more than 60% of first year international students receive a discount from 15% to 100% of a tuition fee (100% in 2024).

The size of a discount for freshmen is based on the entrance examination results and the results of various academic Olympiads.

For more details please visit this page >>

Students pay for their tuition at the University of London programme starting from the 2nd year. The tuition fee is about £2,600 per year for 3 years.

Tuition at the University of London programme is an additional option. The student may not choose it or pay for it.

No, the dual degree programme of HSE with the Southwest University of Finance and Economics (SWUFE) does not account for additional tuition fee payments.

One of the objectives of the ICEF bachelor's program is to train highly qualified specialists who can effectively apply modern methods of data analysis, machine learning and artificial intelligence in various areas of economics and finance. During the 1st year, students have two elective courses: "Information Computer Systems", "Programming and Databases", as well as a mandatory course "Programming in Python and Data Processing". These courses vary in difficulty, which each student can choose depending on their level of knowledge.

In subsequent years of study, students who have chosen the appropriate specialization will be able to study the courses "Data Analysis in Economics", "Statistical Data Analysis", "Machine Learning", "Analysis of Time Series and Panel Data". In addition, students wishing to improve their competencies in this area have access to the following optional courses: "Python for Data Collection and Analysis", "Computational Statistics", "Artificial Intelligence in Business", as well as an applied seminar "Quantitative Analysis" with the participation of graduates working in large Russian and international companies.

No, that is not accurate! Our students have 3-4 classes a day, just like any other students. But they are expected to do a lot of preparation in their own time, including library hours or in computer classes.

At ICEF, 1st year students follow an intensive English course. At the end of the 1st year students take the English examination, proving the level of English necessary to enter British and American universities.

ICEF teaching programme is taught in English. Teaching materials include the latest foreign textbooks as well as regular handouts.

Beginning from the 2nd year, ICEF students may optionally choose a second language to study (French, German, Spanish, Chinese or Arabic). At the request of students, other foreign languages ​​can be additionally studied. For more information about who teaches English at ICEF, see here.

ICEF students have the opportunity to spend one or two semesters on an exchange program at a partner university of HSE (Europe, Latin America, Asia). In 2022, ICEF signed an agreement with the Southwestern University of Finance and Economics, China (SWUFE). 

Read more about exchange programs with foreign universities here.

All first-year ICEF students follow the same programme of study. In the following years, the main core of the programme is also the same for all students. Having successfully passed the international exams, ICEF students are then enrolled in the International Programme of the University of London, and can choose one of the six specializations offered (Economics, Economics and Management, Economics and Finance, Banking and Finance, Mathematics and Economics). There are no restrictions on numbers, so students are free to choose. During the first term of the second year it is possible to change specializations.

For those interested in economic theory and quantitative disciplines, it is advised to choose Economics or Economics and Mathematics; it may also be recommended to students intending to follow MSc or PhD programmes in Russia or abroad. Economics and Management, Economics and Finance, Banking and Finance, Accounting and Finance – give more applied knowledge in the fields of management, finance and banking. These specializations are more preferable for those who are planning to enter the working world after graduation.

Every year ICEF students take international exams, set and marked by examination boards of foreign teaching centers. Several times a year, ICEF also holds midterms that meet international standards.

Studying at ICEF is not only about classes and rankings, but also more than 100 student organizations. Every student can find a student organization to their liking. In addition to serious studies, we also have entertainment!

From September 1, 2024, ICEF students will have the opportunity to study under a dual degree program with the Southwest University of Finance and Economics (China). Graduates of the program will receive a bachelor's degree from the National Research University Higher School of Economics in Economics and a bachelor's degree from SWUFE in Economics.

To enroll in the program, you must successfully complete the 1st year of ICEF and pass the selection for the dual degree program. In the 2nd and 3rd years, they will study at SWUFE University, Faculty of RIEM (Research Institute of Economics and Management), Chengdu, China, and for the 4th year, they will return to ICEF.

More information about the program read here

Southwestern University of Finance and Economics (SWUFE) / Southwestern University of Finance and Economics:
- Founded in 1925, Chengdu, China.
- Includes 7 research centers, 20 colleges and schools in the fields of economics, finance, management and social sciences.
- About 24 thousand students (including 600 foreign students), more than 1,300 teachers.
- Ranks 32nd in the world (2nd in China) in finance and 45th in the world (3rd in China) in economics (Shanghai ARWU ranking).

This double degree program is designed to provide students from both institutions with deeper knowledge and skills in their professional field of economics and finance, provide opportunities to study the specifics of China and Russia, and additional social, intercultural, and linguistic experience gained during a two-year academic mobility. This will increase the demand for graduates in the labor market in or with these countries, or when continuing their education in master's and postgraduate programs.

The particular value of the program are courses on the Economy and Financial Markets of China, as well as the culture, society, history, and geography of this country, and Chinese language course. The program will culminate in each student preparing a diploma thesis under the joint supervision of Russian and Chinese researchers and defending it before a joint commission. The program will provide necessary shills to build a professional career as a financier or economist or continue education in any country in the world, but especially in the country of the partner university, which is especially important given the rapid development of cooperation between Russia and China.

A prerequisite for participation in the competition for a double degree program with SWUFE is to successfully complete the first year of ICEF. The student's place in the ranking based on the results of the first year will also be taken into account.

In the 2024-2025 academic year, students accepted to a dual degree program with a Chinese university pay only at their "home" university (ICEF HSE). There is no need to pay additional tuition at the partner university.

ICEF students who are not enrolled in a double degree program with a Chinese university also have the opportunity to go there for a semester or for a summer school.

In the summer of 2024, 20 ICEF students went to a Chinese university for a summer school, and in August, another 5 students went there for a semester as part of an exchange program. Studying in the summer school and exchange program at Southwest University of Finance and Economics is free. Learn more here 

As before, students studying in the ICEF program (in case of full completion of the first year program) can enroll in the program of the University of London, take exams of the University of London and receive a second diploma.

For students, all resources of the ICEF and HSE, as well as the University of London (UoL), if they are studying in the UoL program, remain available during their studies at SWUFE. ICEF students studying in the double degree program with SWUFE will still have the opportunity, if they wish, to study at UoL and upon completion of the program receive three diplomas (HSE, University of London, SWUFE). However, this is not an easy task, but only students with a good background and high motivation can handle it, since the Chinese program does not fully coincide with the program of the University of London.

The labor market in 2024 has opened up new opportunities for ICEF BSc graduates. Together with the main leading companies that successfully continued to hire graduates (such as Sberbank, Raiffeisenbank, VTB, Yandex, Kept, B1), organizations such as Rosbank and Moscow Credit Bank began to actively work with ICEF BSc graduates. There have also been changes in the geography of further education for ICEF graduates. Of all the graduates 2024, 47% found work in Russia and other countries, 28% continued their studies abroad, 25% continued their studies in Russia in domestic master’s programs. Note that the latest figure is the highest in the last 13 years.

As in previous years, finance is in the lead - 42%, consulting is in second place - 16%, and the top three is completed by companies representing various sectors, from classic retail to telecoms - 25%. This year we are noticing a significant decline in interest in consulting. But in the direction of the real sector and IT, on the contrary, there has been growth, since the technical training of graduates and their interest in working at the intersection of finance, IT and other areas has increased. One should not exclude a significant increase in salaries in this direction and their more advantageous position in relation to the same consulting.

Finance (including Financial Economics) remains the most popular area of continuing education among ICEF graduates - more than 50% of graduates continued their studies in this area in Russia and abroad. The popularity of such specializations as Data Science, Financial Technologies and Business Analytics is also stable.

This year, only 6 ICEF BSc graduates went to study in the UK, three of them chose LBS, one person each from Oxford, LSE and the University of Essex, respectively. As last year, the most popular destination in Europe was France, where 7 graduates went to study, choosing EDHEC (4 graduates), SKEMA Business School (2 graduates) and HEC (1 graduate). Also, quite a lot of graduates (8) chose the USA as a country to continue their studies, not only for a master’s degree, but also for a PhD (one ICEF BSc graduate entered the PhD programme at Yale University). Also, two graduates received an offer and went to MIT for a master's degree, one person each at Duke University, University of San Francisco, Pace University, Hult, USC Marshall. It is also worth noting that 3 graduates will continue their studies in the UAE.

Every year, up to half of ICEF bachelor's degree graduates continue their education in various master's, postgraduate, PhD and MBA programs at leading Russian and foreign universities. Every year, some graduates are consistently admitted to PhD programs at leading universities around the world. In 2019-24, 13 ICEF graduates continued their education in postgraduate (PhD) programs at leading universities around the world.

Currently, international specialists who have received academic degrees from leading universities around the world – HSE, Moscow State University, University of California, Berkeley, London School of Economics, University of Toulouse 1 Capitole, California Institute of Technology, Osford, etc. – work permanently at ICEF.

For ICEF students interested in an academic career, there is an opportunity to work under the supervision of leading researchers who professionally engage in advanced scientific research, annually present their research at the best international conferences and publish in the leading international journals on economics and finance – Journal of Economic Theory, Games and Economic Behavior, European Economic Review, Journal of Economic Theory, etc.

In addition, ICEF successfully implements a program of increased academic workload for students focused on academic work – ICEF Academia. The best teachers and researchers work individually with students of this program, conducting scientific work and involving students in it.

At ICEF, students have the opportunity to both develop academic skills and receive letters of recommendation for admission from leading international experts – renowned scientists in the field of economics and finance. The ICEF alumni community, consisting of graduates who already have experience continuing their education at leading universities around the world and are always ready to help, also provides considerable assistance in admission.