ICEF as a model of (HSE, LSE and UoL)

cooperation

Teaching:

a. BSc double degree bachelor programme in economics:

• Integrated with UoL curriculum, agreed teaching methods and exam

procedures

• Teachers are selected and appointed by ICEF IAC

• Students take HSE and international exams (APT, IELTS, UoL)

b. MSc international programme “Financial economics” with involvement of LSE:

• Agreed curriculum, teaching methods, exam procedures including second

marking by LSE academics, teachers are selected and appointed by ICEF

IAC

c. Specifics and value added of joint programmes: high academic standard of

teaching, more opportunities for students, high level of global employability and

perspective to become real world citizens

Research and academic governance:

A new type of University cooperation: cooperation in research, staff development,

academic governance with aim of establishing a new educational institution

due to institutional support of the leading university.

2

3 Choice of specialization on BSc programme

Economics and Finance has been the most popular

specialisation among ICEF students over the last years (more

than 50% of students). About 25% of students choose Banking

and Finance specialisation. The rest of the students are

distributed among other specialisations.

Students

0

100

200

300

400

500

600

700

800

900

1000

1997/1998 2000/2001 2003/2004 2006/2007 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016

38

157

264

420 458

521

616 657

767

846 852

46

51

54

54

64

75 79

Number of ICEF BSc and MSc students

BSc MSc

The number of students has been steadily growing since ICEF opening in 1997 and in 2015 it reached the long-run objective

(about 850 BSc students and about 80 MSc students). Further plans include growth in number of BSc graduates

without increase in number of BSc students or applicants (around 220-230 per year) due to decrease in % of

assignments and gradual growth of MSc students number (according to the employment of sufficient number

of academics with PhD)

4

BSc Programme Integrated Curriculum:

courses with UoL and HSE exams

5

1 year Micro- and Macroeconomics

Calculus

Probability Theory and Introductory Statistics

English Language

World Intellectual History

History of Western Philosophy

Information Computer Systems

Programming and databases

Programming and data processing

3 year

Micro- and Macroeconomics-2

Elements of Econometrics

Further Mathematics for Economists

Abstract Mathematics

Management Accounting

Principles of Banking and Finance

Introduction to Business and Management

Public Economics

History of Economic Thought

Economic History

Sociology of Consumer Finance

Labour Economics

Development Economics

Game theory

2 year

Micro- and Macroeconomics-1

Mathematics for Economists

Statistics

Principles of Sociology

Principles of Accounting

Algebra for students on specialization Mathematics and Economics

Linear Algebra

Principles of Law

Political Science

Philosophy and Methodology of Science

English Language

Methods of Optimal Decisions

*The subjects of new specializations Mathematics and

Economics and Accounting and Finance are in italics

4 year

Corporate Finance

Organisation Theory

Monetary Economics

International Economics

Industrial Economics

Financial Intermediation

Investment Management

Quantitative Finance

Further Linear Algebra

Further Calculus

Mathematics of Finance and Valuation

Optimisation Theory

Audit and Assurance

Financial Reporting

Time Series and Panel Data Analysis

Institutional Economics

Experimental and Behavioural Economics

Theory of Finance

Academic Staff (past and present)

2002-2003 academic year

37 lecturers at BSc programme

2013-2015 academic year

68 lecturers at BSc and MSc programmes

Visiting

professors

32%

Part-time teachers

(from other

universities -

NES,CEFIR, MSU,

etc.)

22%

Part-time teachers

(HSE faculty members)

46%

6

Part-time teachers

(HSE faculty

members)

39%

Full-time ICEF faculty

with PhD degrees

22%

Part-time teachers

(from other universities -

NES,CEFIR, MSU, etc.)

22%

Visiting professors

(from LSE,

University of Cambridge,

Oxford University, etc.)

14%

Tenured professors

3%

The share of full-time ICEF faculty with PhD degrees went up to 25%.

BSc Programme: Lecturers with PhD Degree 7

Teacher University Subject

A. Akhmetshin PhD, Columbia University Calculus

A. Belyanin PhD, University of Manchester Industrial Economics, Economics of Transition

E. Catonini PhD, Economics from Bocconi University Game Theory

S. Gelman PhD, Economics from University of Munster Time series and Panel Data Analysis

Quantitative Finance

L. Gelsomini Ph.D, Economics from University of Warwick Investment Management

R. Zakharenko PhD, Economics from Pennsylvania State

University

Development Economics

International Economics

D. Makarov Ph.D, Finance from London Business School Theory of Finance

K. Marinakis PhD, Economics from North Carolina State University Industrial Economics

V. Sokolov PhD, Economics from the University of Notre Dame Monetary Economics

U. Peiris PhD, Financial Economics from University of Oxford Quantitative Finance

A. Sirchenko PhD, Economics from European University Institute Time series and panel data analysis

R. Chuhay PhD, University of Alicante, Spain Microeconomics

O. Kuzina PhD, University of Essex and Moscow School of

Social and Economic Studies

Sociology

V. Ledyaev PhD, University of Manchester Political Science

D. Rubin PhD, School of Oriental and African Studies (UoL) Intellectual History of Europe

K. Sairsingh PhD, Study of Religion from Harvard University Intellectual History of Europe

S. Skempton PhD, Philosophy from Middlesex University Intellectual History of Europe,

Philosophy of Science, English

The numbers of applicants

to the ICEF BSc Programme

8

846

635 649 673

919

705 692

0

100

200

300

400

500

600

700

800

900

1000

2009 2010 2011 2012 2013 2014 2015

Num

ber

of a

pplic

ants

Year

The number of applicants is consistently high – more than 3

per place. It was even higher in the case of modified application regulations in 2009 and

2013. It indicates high interest of school graduates to the ICEF BSc Programme.

* the bias observed in 2013 is caused by countrywide USE organisational errors

Unified State Exam (USE) is a series of exams every student must pass after graduation from school to enter a university or a

professional college.

On the graph there is an average score over 3 USE subjects: Mathematics, Russian and English.

The dynamics of the average USE score is positive over the last years. The intake quality of 2014 was rather high. It ensured that the

progression rate of year 1 students in 2015 was more than 80%.

Average USE score (out of 100) of year 1

ICEF students, 2009-2015

9

80,5

77,8

81,2

83,2

86.6 *

83,5 83,8

72

74

76

78

80

82

84

86

88

2009 2010 2011 2012 2013 2014 2015

Avera

ge s

core

Year

Average USE score of year 1 ICEF students, 2009-2015

Distribution of ICEF applicants,

admitted by results of competition or

USE score

10

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015

80,0% 80,9% 78,3%

72,5%

66,1%

70,2%

74,8%

84,0%

The percentage of students who met the requirements of the University of London and were admitted on the International

Programme.

The 1st year progression rate has been growing since 2011-12. It reached quite a high level in 2015 (84%) due to a

better quality of intake and ICEF team efficient work.

1st year progression rate dynamics 11

BSc: Academic Achievements 12

0

10

20

30

40

50

60

70

80

University of London exams, average grades 2015: ICEF and Rest of the world

ICEF

ROW

In the majority of subjects the results of ICEF students are higher by 10-15 points than in the rest of the world.

There are 2 subjects where ICEF results are below ROW results (Principles of Accounting and International

Economics) and 3 subjects where ICEF results are similar to the ROW results (Further Mathematics for Economists,

Monetary Economics, Quantitative Finance). Nevertheless these results are rather high (above 50 points).

54,4 57,0 55,8 56,3

58,2 56,2

41,9 43,8 43,7

46,3 46,5 47,5

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

2010 2011 2012 2013 2014 2015

ICEF

ROW

*The analysis accounts only for the subjects of ICEF programme

Number of subjects taken by ICEF students:

2010-2013 – 21 subjects

2014 – 23 subjects (new subjects for “Mathematics and Economics” specialization)

2015 – 25 subjects (new subjects for “Mathematics and Economics” and “Accounting and Finance” specializations)

In ICEF the average UoL exams scores are consistently high over the last 5 years (above 55 points) though the

gap with the rest of the world average scores has slightly decreased.

Average UoL exams scores at ICEF and the

Rest of the World*, 2010-2015

13

These indicators show ICEF performance of a particular year.

Graduate on time: a product of progression rates of year 1, year 2, year 3 and year 4 students in a particular year. It accounts for students

who will graduate after 4 years of study

Graduate totally: a product of adjusted progression rates of year 1, year 2, year 3 and year 4 students in a particular year. Each progression

rate is adjusted for the share of students repeating a year of study. This indicator accounts for students who will graduate after 4 and more

years of study

These indicators were steadily growing in 2013-15 and now they reached the highest level over the last 6 years. The

graduation rate (totally) exceeded its target level (70%) although the target graduation rate (on time) should be at least

60% as indicated in the ICEF development programme.

49% 52%

46%

42%

50%

56%

62% 61%

66% 67%

71%

76%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2010 2011 2012 2013 2014 2015

graduate on time

graduate totally

Estimated ICEF BSc Graduation rates,

2010-2015

14

MSc students number and progression rate 15

The MSc students number and their progression rate have been growing in the last 3 years due to

the introduction of budget financed places.

0

10

20

30

40

50

60

MSc students number, 2007-2015

Admitted ( + readmitted)

Started 2nd year (september)

Graduated

81%

92%

56%

94%

67% 70% 70%

76%

76% 80%

56%

79%

53%

63% 63%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007-20092008-20102009-20112010-20122011-20132012-20142013-20152014-20162015-2017

MSc progression and graduation rates, 2007-2015

Progression rate

Graduation rate

ICEF Students’ Results (red) сomparing to

UoL (blue), year 2013

16

27%

39%

22%

12%

4%

17%

40% 39%

first second (upper) second (lower) third/pass

ICEF students degree classification (red)

comparing to the UoL (blue), 2013

The share of the first class honours in ICEF was well above 20% and well above 50% together with the

second upper class in 2013 while for the rest of the world it was 4% and 21% respectively.

16

17

0

10

20

30

40

50

60

70

80

90

100

110

120

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Nu

mb

er

of

gra

du

ate

s

Graduation year

pass third second (lower) second (upper) first

The University of London degree classification

of the ICEF graduates, 2001-2015

The share and the number of the first class honours and second upper class honours increased in 2013-15

and reached the level above 50% in the share and above 60 students in the number.

ICEF graduates’ career paths 18

MSc abroad

MSc in Russia

EDUCATION SCIENCE

PhD

Work abroad

Work in Russia

BUSINESS EDUCATION

MBA

Work at

university

ICEF opens a wide range of professional career paths.

Placement of BSc Graduates 19

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015

41 47 47

59 61 58

45

28

42 40

55 57

44

30

32

14 11

10 5

19

30

Education in Russia

Education abroad

Working

The highest share of students continuing their studies abroad was in 2012-13. The number of those students

and their share went down in 2014-15. The structure of 2015 is close to the structure of 2009 (both crisis

years) due to economics reasons.

Foreign Universities where ICEF Graduates

Continue their Studies, 2001-2015

Continental Europe UK USA

Amsterdam Business School

University of Amsterdam

Erasmus University, Rotterdam

ESLSCA Graduate School of

Business

Stockholm School of Economics

EADA Business School, Spain

EDHEC Business School, France

Gent Management School, Belgium

University of St. Gallen*

Maastricht University

INSEAD

Bocconi University*

University of Bremen

Humboldt University

Toulouse School of Economics*

Pompeu Fabra Univeristy

IE Business School

ESADE Business School

HEC Paris

Tilburg University

The London School of

Economics and Political

Science*

The London Business School

University of Oxford

University of Cambridge

University of Warwick

Tanaka Imperial Business

School

Cass Business School

University of Birmingham*

University of Edinburgh

City University of London

Imperial College London

Aston University

University of Westminster

Durham University

Durham Business School

University of Aberdeen

Cranfield School of Management

University of Dublin

University of New York

Columbia Business School

Princeton University

Harvard University*

Stanford University

University of Minnesota*

Carnegie Mellon University - Tepper Business

School*

Massachusetts Institute of Technology

University of California

University of Wisconsin–Madison*

Thunderbird University

Yale University

University of Chicago

Florida State University

Boston College*

University of Southern California *

20

6% 20%

23% 27%

24%

PhD MSc Economics

MSc Finance MSc Management

Other MSc

programmes

*universities where ICEF graduates continue their studies

on PhD programmes

Double degree received by ICEF graduates allows them to continue their

studies in the top universities in the various areas of specialisation.

Высшая школа экономики, Москва, 2014

University QS Num

ber

1 LSE 2 52

2 Imperial College London 67 26

3 City University London 132 23

4 University of Oxford 3 21

5 University of Warwick 34 18

6 Bocconi University 25 18

7 London Business School 10 17

8 HEC Paris 50 13

9 EDHEC Business School other 12

10 Vlerick Leuven Gent Management School other 6

11 Erasmus University Rotterdam

34 5

12 Columbia University

12 4

13 Carnegie Mellon University

85 4

14 University of Cambridge

4 4

15 University of Amsterdam

42 4

16 Stanford University

5 4

17 New York University

17 3

18 MIT

6 3

19 Harvard University

1 2

20 University of California, Berkeley

8 2

— universities where ICEF graduates continue their studies on PhD programmes

Top 20 universities where ICEF graduates

continue their studies

21

The biggest number of ICEF graduates continues their studies at LSE. Oxford, LBS, City, Imperial College, and

others are also on the top.

Высшая школа экономики, Москва, 2014

Employer Number of ICEF

graduates*

1 VTB Group 26

2 Sberbank 24

3 McKinsey & Company 23

4 EY 19

5 Gazprombank 17

6 PwC 14

7 Citi 12

8 Barclays 9

9 KPMG 9

10 Deloitte 7

11 Deutsche Bank 7

12 Morgan Stanley 7

13 J.P. Morgan 7

14 Credit Suisse 7

15 Bank of America 6

16 Goldman Sachs 6

17 BNP Paribas 5

18 Alfa Bank 5

19 Boston Consulting Group 4

20 Gazprom 4

Top 20 employers of ICEF graduates 22

*working in 2015

ICEF graduates’ careers

2001-2014

Marketing, PR, Media

5%

23

Industry

15%

Consulting

services,

Audit

17%

Academic career

3%

Other

9% Own business

4%

Financial institutions

47%

24 ICEF Graduates 2014