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

3Choice of specialization on BSc programme

Economics and Finance has been the most popular specialisation among ICEF students over the last years (morethan 50% of students). About 25% of students choose Banking and Finance specialisation. The rest of the students are distributed among other specialisations.

Students

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 graduateswithout 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 yearMicro- and MacroeconomicsCalculusProbability Theory and Introductory StatisticsEnglish Language

World Intellectual HistoryHistory of Western PhilosophyInformation Computer SystemsProgramming and databasesProgramming and data processing

3 yearMicro- 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 EconomicsHistory of Economic ThoughtEconomic HistorySociology of Consumer FinanceLabour Economics Development Economics

Game theory

2 yearMicro- 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 LanguageMethods of Optimal Decisions

*The subjects of new specializations Mathematics and Economics and Accounting and Finance are in italics

4 yearCorporate 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 year37 lecturers at BSc programme

2013-2015 academic year68 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 professors3%

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 AnalysisQuantitative Finance

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

R. Zakharenko PhD, Economics from Pennsylvania StateUniversity

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 ofSocial 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

0100200300400500600700800900

1000

2009 2010 2011 2012 2013 2014 2015

Num

ber

of a

pplic

ants

Year

The number of applicants is consistently high – more than 3per 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

Distribution of ICEF applicants, admitted by results of competition or

USE score

10

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 Achievements12

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 InternationalEconomics) 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).

*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 studyGraduate 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.

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.

ICEF Students’ Results (red) сomparing toUoL (blue), year 2013

16ICEF 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

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 paths18

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 Graduates19

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 USAAmsterdam 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 UniversityToulouse 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 UniversityHarvard University*

Stanford UniversityUniversity of Minnesota*

Carnegie Mellon University - Tepper Business School*

Massachusetts Institute of Technology

University of CaliforniaUniversity of Wisconsin–Madison*

Thunderbird University

Yale University

University of Chicago

Florida State University

Boston College*

University of Southern California *

20

PhDMSc Economics

MSc Finance MSc Management

Other MScprogrammes

*universities where ICEF graduates continue their studies on PhD programmes

Double degree received by ICEF graduates allows them to continue theirstudies in the top universities in the various areas of specialisation.

Высшая школа экономики, Москва, 2014

Выпускники МИЭФ, все года выпуска (1)

University QS Number

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

10Vlerick Leuven Gent Management School

other 6

11Erasmus University Rotterdam

34 5

12Columbia University

12 4

13Carnegie Mellon University

85 4

14University of Cambridge

4 4

15University of Amsterdam

42 4

16Stanford University

5 4

17New York University

17 3

18MIT

6 3

19Harvard University

1 2

20University of California, Berkeley

8 2

— universities where ICEF graduates continue their studies on PhD programmes

Top 20 universities where ICEF graduatescontinue their studies

21

The biggest number of ICEF graduates continues their studies at LSE. Oxford, LBS, City, Imperial College, andothers are also on the top.

Высшая школа экономики, Москва, 2014

Выпускники МИЭФ, все года выпуска (2)

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

11Deutsche Bank 7

12Morgan Stanley 7

13J.P. Morgan 7

14Credit Suisse 7

15Bank of America 6

16Goldman Sachs 6

17BNP Paribas 5

18Alfa Bank 5

19Boston Consulting Group 4

20Gazprom 4

Top 20 employers of ICEF graduates22

*working in 2015

ICEF graduates’ careers 2001-2014

Marketing, PR, Media5%

23

Industry15%

Consulting services,

Audit 17%

Academic career3%

Other9%Own business

4%

Financial institutions47%

24ICEF Graduates 2014