“ICEF’s best-performing students do show the level of skill expected of the students of the world’s top universities”
Is it difficult to enroll in a university abroad? Where do Russian students go wrong when they start an overseas training programme? Will artificial intelligence eventually replace humans in the domain of Finance? We talked to Dr. Georgy Chabakauri of The London School of Economics and ICEF International Academic Committee to get answers to these and many other questions.
How did you start your career and what are your research interests?
I graduated from The Moscow State University Faculty of Computational Mathematics with a major in Applied Mathematics. It was during my PhD studies that I took interest in math for Economics and the problems that have to do with Game Theory and Asset Pricing. My mathematical background has turned out to be a useful tool in dealing with the economic problems. This actually had set me on the path for enrolling in parallel studies at The New Economic School. After I completed them and received my PhD degree from The Moscow State University, I went on working towards an additional PhD degree at The London School of Business. My current research interests focus largely on financial asset pricing models and the ways in which financial markets can be affected by information asymmetry.
When did you start working for ICEF?
I’d been following ICEF for a while, occasionally meeting some of its graduates. My first visit took place in 2012, for the annually held International Moscow Finance Conference which actually started my further cooperation with ICEF.
You are an international examiner. What is an examination employing international examiners and what are your duties as an examiner?
My first and foremost duty is to see to it that the examination follows the procedures prescribed by the international standards including those of LSE. I need to make sure that test questions are worded clearly and are such that students can show what they know, and that there are clear, objective grading criteria and they are applied to each and every examinee. Reviewing the examination results and students’ answers can sometimes help to reveal deficiencies in the delivery of courses. When that’s the case, I try to think of the ways in which these deficiencies can be overcome using my own teaching experience.
What do you think is the most valuable asset ICEF offers to its students today?
The courses. They are very in-depth, up-to-date and in line with international standards. They teach one to think, instilling analytical abilities and even economic intuition to deal with unconventional situations. Also, the lectures. These are delivered by people who are actively doing research on the issues they explain in those lectures.
Who would you describe the level of skill being demonstrated by the ICEF students as compared to their peers globally?
ICEF is known to be one of Russia’s leading schools. So, the caliber of students coming to it is very high. ICEF’s best-performing students do show the level of skill expected of the students of the world’s top universities. It is therefore not coincidental that they win places on the leading MSc and PhD programmes worldwide.
Is there anything one has to prepare for before choosing to continue studies abroad?
I don’t think there’s anything, training-wise, that ICEF graduates would need to boost their knowledge on. Structurally, the western system of instruction is very similar to what students experience at ICEF – the very goal before creators of this unique school. But practically speaking, yes, one has to prepare for the tough learning routines and the life in a completely new environment.
What would be the biggest myth about studying abroad that causes international students to underperform?
I met some Russian students who stopped studying at western schools as intensively as they did in Russia. They thought the baggage of knowledge they received from their home universities would keep them going all right, which is a common mistake in attitude.
One more thing to consider carefully is whether the programme you are planning to enroll in looks really exciting to you. Students may tend to be guided in their choice by the simplicity of enrolment procedures and find themselves bored with their studies afterwards.
This is something to be definitely avoided, I think. So, make sure you are aware of the programme contents and that they fit in with you career plans, interests and life goals.
In what ways has the economic education in Russia and globally changed over the recent years?
There are now programmes in Russia that offer a really high-quality education in Economics, which is great. As to the current global trends, the economic education seems to be focusing more on hands-on knowledge and data management skills – the prerequisites for sound decision-making and analysis of situations. Students now seem to be less into theories and models, and this is only logical, I think. At business schools, there are now more courses that deal with entrepreneurship, while many universities are designing programmes that focus on new technologies for businesses.
How do you think jobs in finance and economics may evolve in the future? Can artificial intelligence replace humans altogether?
Artificial intelligence seems to be able to change a lot of jobs including those in economic sectors. Take machine learning, for instance. It is bringing asset trading and market investment opportunities to an entirely new level. Assets can now be traded entirely by computers. At the same time, I don’t think economic jobs will be affected heavily. Economics represents a very challenging science and there are many issues that remain underexplored. To handle economic challenges effectively takes an enormous amount of intellectual effort, unconventional thinking and creative insight.
There is currently no artificial intelligence system that would be even barely familiar with the notion of financial crisis, let alone the ability to handle it.
There will be changes in the future, but I am convinced that the need in jobs such as economist, mathematician, physicist, biologist, among others, won’t disappear that soon.
Are you following any of ICEF graduates’ career progress?
There are some ICEF graduates with whom I keep in touch and who have earned their PhD degrees from LSE and other renowned schools. One of them is Svetlana Bryzgalova, a professor at The London School of Business and an enthusiastic researcher. Many of ICEF graduates with PhD degrees from the top universities are yet at the start of their careers and I think we’ll soon be witnessing more success stories.
Sofya Urmancheeva, for ICEF HSE