Financial University under the Government of the Russian Federation

Coordinates: 55°48′01″N 37°31′45″E / 55.800256°N 37.529274°E

Finance University under the Government of the Russian Federation

Former names	Moscow Institute of Economics and Finance, Moscow Finance Institute, State Finance Academy, Finance Academy under the Government of the Russian Federation
Motto	Competence, Responsibility, Prestige
Type	Public
Established	1919
Endowment	US$ 10M (2009)
President	Prof. Alla G. Gryaznova
Rector	Prof. Mikhail A. Eskindarov[1]
Academic staff	2,887[2]
Students	81,453[2]
Location	Moscow,  Russia
Website

The Financial University under the Government of the Russian Federation (Financial University) (Russian: Финансовый университет при Правительстве Российской Федерации) earlier known as "Moscow Institute of Economics and Finance" (1919–1946), "Moscow Finance Institute" (1946–1990), "State Finance Academy" (1991–1992) or "Finance Academy under the Government of the Russian Federation" (1992–2010), is a federal state-funded institution of higher professional education located in Moscow, Russia.

It is considered among top 5 universities in Russia according to Forbes^[3] and RBC^[4] as well as one of the oldest Russian universities preparing economists, financiers, bankers and financial lawyers.^[5]

The Financial University consists of 14 faculties, 40 departments, 3 institutes, 2 high schools, 2 research institutes, 8 centers, 2 training - science laboratories, a network of regional offices - 11 branches and 4 offices open in seven regions of Russia.

University is well known for its strong alumni network and famous graduates (third wealthiest person in Russia Mikhail Prokhorov, Deputy Prime Minister Alexander Khloponin, Finance Minister Anton Siluanov, Governor of Krasnoyarsk Krai Lev Kuznetsov, CEO of Gazprombank Andrey Akimov and some others) who take up leading positions in politics, business and academia. According to CEO magazine, the Financial University is ranked first in the country in terms of number of billionaires who studied there.

History

History of the Financial University started on December 1918 when the People’s Finance Commissar decided to create a specialized financial institution of higher education – the first in the history of Russia – Moscow Institute of Economics and Finance. It was opened on 2 March 1919, and its first rector was D.P Bogolepov – the Moscow State University graduate, the Deputy People’s Finance Commissar of RSFSR. In September 1946, the Institute was consolidated with Moscow Credit-Economic Institute training students since 1931. As a result of merger of these two institutions of higher education Moscow Finance Institute was formed. It began with two thousand students and four faculties: Finance, Economic, Accounting, Credit, Monetary Economics, International Economic Relations. The Military Department opened later, in 1947.^[6]<

In 1991 Moscow Finance Institute was renamed to "State Finance Academy" and in 1992 Russian President Boris Yeltsin changed its name to the "Finance Academy under the Government of Russian Federation" giving a governmental status to the institution.^[6]

In 2009 the Finance Academy celebrated 90 years of its history and received congratulations from numerous business and government officials, including Prime Minister Vladimir Putin and Finance Minister Alexey Kudrin.

On 14 July 2010 the Russian Government approved a new Charter for the institution changing its name from the "Finance Academy" into the "Finance University" and made it an official consultative body to the government.^[7]

On 4 March 2011 KPMG opened its own Department at the University to enhance cooperation based on lectures and practical activities covering audit, International Financial Reporting Standards, taxation and corporate finance.^[8]

In 2011-2012 the Financial University finished acquisition of three major higher education institutions in Russia: State University of the Russian Ministry of Finance, Tax Academy of the Russian Federation, All-Russian Distance Institute of Finance.

Departments and faculties

The system of higher education established at the Finance University includes:

• a pre-university specialised programme to prepare school pupils for entrance to the University
• university programmes (bachelor's degree - certified specialist's degree - master's degree)
• post-graduate and doctorate studies
• second professional higher education in finance and economics
• short-term professional retraining and skill development
• MBA programmes

Faculties

Accounting and Audit Credit & Economics Finance and Economics International Economic Relations International Finance Faculty Law Management

Tax and Taxation Applied Mathematics and Computer Science Public Administration and Municipal Management Risk Analysis and Economic Security Distance Education Distance Masters Training Open Education

Departments

Accounting in Business Companies Administrative and Data Protection Law Applied Mathematics Applied Political Science Applied Social Science Audit and Control Accounting in Financial and Not-for-Profit Institutions Banks and Bank Management Business Informatics Civil Law Computer Science and Programming Corporate Governance Corporate Finance Financial Management General Political Science Insurance Business Investment and Innovations Macroeconomics Managerial Accounting Mathematics Macroeconomic Regulation Economic Analysis Probability Theory and Mathematical Statistics Property Valuation and Management Public Administration and Municipal Management

Risk Analysis and Economic Security Tax Consulting Tax Law Taxes and Taxation Theory of Finance Human Resource Management Information Security Theory and History of State and Law Civil and Arbitration Procedure Constitutional and Municipal Law Criminal Law and Criminal Procedure Emergency Management Entrepreneurial Law Marketing and Logistics Microeconomics Systematic Economic Analysis Statistics Applied Psychology Foreign Languages Philosophy Russian Language Ernst & Young Department KPMG Department

Academics

Admissions

Admission requirements are among the highest in Russia. In 2009 the Finance University received 80 applications per one budget place. According to the research published by State University - Higher School of Economics, successful applicant of the year 2009 required to have on average 85 points of the Unified State Examination score in each subject in order to enter the course.^[9] It is the third best result among higher educational institutions (after Moscow State University and Moscow Institute of Physics and Technology) and the equivalent of A / A* score at A-levels in the English speaking world. Most students at the Finance University finished their secondary schools with silver and gold medals which signify having the best marks in all subjects over 11 years of education.

Research profile

The Finance University actively carries out research activities. These include both fundamental and applied research in the areas of finance, money circulation and credit, insurance, accounting and audit, business evaluation, international monetary relations; research done for post doctoral and PhD dissertations; development of expert-and-analytical materials requested by the bodies of legislative and executive power; organisation of scientific events (conferences, seminars, "roundtables", etc.).^[10]

Reputation and rankings

Based on the average score of the Unified State Examination in 2010 the University is ranked number 5 overall out of 476 Russian institutions of higher education and number 3 among institutions specializing in social sciences.^[11] Integrated ranking of the Russian journal "Finance" put the Financial University as the best higher institution for economics and finance in 2010.^[12] The University became the competition winner “Golden Medal “European Quality” in the category of "100 Best Institutions of Higher Education in Russia". Furthermore, according to the ranking of Huazhong University of Science and Technology, the Finance University is placed third among top 100 Russia’s institutions of higher education. The Financial University was also ranked among 32 best business schools in the world (1st in Russia and 16th in Europe) in 2013 by the "Ranking Web of World Business Schools".^[13]

Russian University Rankings

	2013	2012	2011	2010	2009
Ria Novosti / HSE - EGE General	10th[14]	14th[15]	6th[16]	5th[17]	3rd[18]
Expert RA - General	12th[19]	14th[20]	-	-	-
Ria Novosti / HSE - EGE Social Sciences	4th[21]	6th[22]	5th[23]	3rd[24]	1st[18]

Notable alumni

Financial University is well known for its strong alumni network in business, academia and politics. Among the graduates are:

Academia

• Alla Gryaznova - famous Russian economist, former rector and current president of the Finance University
• Mikhail Eskindarov - rector of the Finance University
• Marina Fedotova - famous Russian economist and specialist in business valuation, pro-rector for Scientific Research of the Finance University, president of the Institute of Professional Valuation
• Cheng Wei - president of Liaoning University, Shenyang, China
• Mikhail Moshiashvili - former chief managing director of Skolkovo innovation center and current head of fiscal operations at ABN AMRO in Germany and Russia^[25]

Business

• Aleksey Ivanov - vice president and head of the Steel Division of Evraz Group^[26]
• Andrey Akimov - CEO and deputy chairman of board of directors of Gazprombank
• Andrey Bokarev - Russian billionaire, chairman of the board of directors of “Kuzbassrazrezugol" Holding Company^[27]
• Andrey Borodin - Russian billionaire, former CEO of the Bank of Moscow^[28]
• Artem Eyramdzhants - first vice president of PIK Group^[29]
• Bella Zlatkis - deputy chairman of management board at Sberbank, former deputy finance minister of Russia^[30]
• Dmitry Orlov - founder and chairman of the bank "Vozhrozhdenie"^[31]
• Gennady Soldatenkov - deputy president and chairman of the management board of VTB Bank^[32]
• Kirill Pisarev - Russian billionaire, co-owner of PIK Group^[33]
• Mikhail Alekseev - chairman of the management board of UniCredit Bank^[34]
• Konstantin Kagalovsky - Russian billionaire, former vice-president of Yukos and Bank Menatep^[35]
• Mikhail Gutseriyev - Russian billionaire, former owner and CEO of Russneft^[36]
• Mikail Shishkhanov - Russian billionaire, president and CEO of B&N Bank^[37]
• Mikhail Prokhorov - Russian self-made billionaire and oligarch, the second richest man in Russia according to Forbes
• Valeriy Novikov - chief operating officer and member of the executive board of Alfa-Bank^[38]
• Vasily Titov - first deputy president and chairman of the management board of VTB Bank^[39]
• Vladimir Dmitriev - chairman of Vnesheconombank^[40]
• Vladimir Golubkov - chief executive officer of Rosbank^[41]
• Yuri Petukhov - chief financial officer of Uralsib Financial Corporation^[42]

Law

• Alexey Navalny - famous Russian blogger, political and social activist, World Fellow at Yale University's "World Fellows Program^[43]

Politics

• Alexander Khloponin - deputy prime minister and presidential plenipotentiary envoy to the North Caucasian Federal District
• Alexander Piskunov - auditor of the accounts chamber of the Russian Federation^[44]
• Anton Drozdov - chairman of the pension fund of the Russian Federation^[45]
• Anton Siluanov - finance minister of the Russian Federation^[46]
• Arseny Zverev - finance minister of the Soviet Government in 1938–1948, and 1948–1960
• Boris Fedorov - famous Russian economist and reformer, former Finance Minister and Deputy Prime Minister of Russia
• Elena Panina - MP, State Duma of the Russian Federation^[47]
• I.I. Fadeyev - finance minister of the Russian SFSR Government in 1946–1973
• I.N. Lazarev - finance minister of the Russian SFSR Government in 1990–1991
• Konstantin Shor - head of the Moscow Main Territorial Branch of the Central Bank of Russia
• Lev Kuznetsov - Governor of Krasnoyarsk Krai
• Lyudmila Kudelina - deputy defense minister of the Russian Federation
• Nadezhda Maksimova - MP, State Duma of the Russian Federation^[48]
• N.K. Sokolov - chairman of the board of the USSR State Bank in 1940^[49]
• N.V. Garetovsky - chairman of the board of the USSR State Bank in 1987–1989^[49]
• Nguyen Thien Nhan - deputy finance minister of Vietnam
• Sergey Riabukhin - auditor of the accounts chamber of the Russian Federation^[50]
• Sergey Shakhray - deputy prime minister of Russia in 1991-1996, Russian constitution author and chief of staff of the accounts chamber of the Russian Federation^[51]
• Sergei Stepashin - current chairman of the accounts chamber of the Russian Federation and former Prime Minister of Russia
• Valentin Pavlov - prime minister of the Cabinet of Ministers of the USSR in 1991, minister of finance in 1989–1990 and chairman of the State Committee on Prices in 1986–1989
• Vera Chistova - head of finance department of the Moscow Government
• Viktor Gerashchenko - famous banker and former chairman of the Central Bank of Russia and USSR
• Vladimir Panskov - finance minister of the Russian Federation in 1994–1996, auditor of the accounts chamber of the Russian Federation in 1997-2006^[52]

Sport

• Svetlana Feofanova - famous Russian pole vaulter, world champion and holder of silver and bronze medals in 2004 Summer Olympics and 2008 Summer Olympics
• Nathalie Péchalat - well-known French ice dancer, the 2009 French national champion and the 2009 Grand Prix Final bronze medalist

International cooperation

The Financial University has entered into 17 new agreements with partner institutes of Australia, UK, Germany, Spain, China, USA, Czech Republic and other countries, including:

• Durham University Business School, Durham University, UK - collaboration on exchange of students, academic staff and research projects
• University of Northumbria, UK - double degrees
• University of London, UK - cooperation in the Bachelor of Science programmes offered through the International Programmes
• Santander, Spain - sponsorship of educational and scientific cooperation programs of the Finance Academy and Spanish universities and establishment of the Research Center for the world financial system
• Frankfurt School of Finance & Management, Germany - joint MBA-Finance degree
• Chinese Academy of Finance and Development, Central University of Finance and Economics, China - cooperation on implementation of bachelor's and master's programmes
• Bloomsburg University of Pennsylvania, USA
• EMLYON Business School, France - double degree programme

Interesting facts

The Financial University is a member of the Russian Law Journal consortium.

See also

List of Business Schools in Europe

References

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External links

• QS Rankings Guide on the Financial University
• Official Website of the Financial University
• Comprehensive Guide on Rankings of Russian Universities Based on Different Criteria (in Russian)