Finance University under the Government of the Russian Federation

Finance University under the Government of the Russian Federation
Financial University under the Government of the Russian Federation
Motto Competence, Responsibility, Prestige
Established 1919
Type Public
Endowment US$ 10M (2009)
President Prof. Alla G. Gryaznova
Rector Prof. Mikhail A. Eskindarov
Academic staff 958
Admin. staff 2,100
Students 41,300
Location Moscow,
Former names Moscow Institute of Economics and Finance, Moscow Finance Institute, State Finance Academy, Finance Academy under the Government of the Russian Federation

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[1][2] and one of the oldest Russian universities preparing economists, financiers, bankers and financial lawyers. 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 (second wealthiest person in Russia Mikhail Prokhorov, Governor of Krasnoyarsk Krai Lev Kuznetsov, Deputy Prime Minister Alexander Khloponin, CEO of Gazprombank Andrey Akimov and some others) who take up leading positions in politics, business and academia.



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 the 2nd of March of the year 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.[3] 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.

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.

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".[4]

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.[5]

Departments and Faculties

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

  • a pre-university specialized programme to prepare school pupils for entrance to the Academy
  • 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


  • Preparatory Faculty
  • Finance and Credit
  • Management and Sociology
  • Mathematical Methods in Economics and Risk Analysis
  • Taxes and Taxation
  • Accounting and Auditing
  • International Economic Relations
  • Financial Management
  • Law and Politics
  • International Economics
  • Full-time Distance learning
  • Faculty for Cooperation with Foreign Students
  • Master Degree Education
  • Open Education
  • International Finance Faculty


  • Risk Analysis and Economic Security
  • Foreign Languages
  • Accounting
  • Military Department
  • State, Municipal and Corporate Governance
  • Public Service
  • Public Law Disciplines
  • Civil Law and Procedure
  • Money-Credit Relations and Banks
  • Foreign Languages
  • Information Technology
  • History and Political Science
  • Mathematics and Financial Applications
  • Mathematical Modeling of Economic Processes
  • World Economy and IFCR
  • Taxes and Taxation
  • Property Evaluation and Management
  • Legal security of the state and municipal service
  • Applied Psychology
  • Regional Economy
  • Russian Language
  • Sociology
  • Statistics
  • Insurance
  • Physical Education
  • Philosophy
  • Finance
  • Financial Management
  • Financial Control
  • Finance Law
  • Securities and Financial Engineering
  • Economics and Crisis Management
  • Economic Analysis and Audit
  • Microeconomics
  • Macroeconomics
  • KPMG Department



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.[6] 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; organization of scientific events (conferences, seminars, "roundtables", etc.).[7]

Reputation & 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.[8] Integrated ranking of the Russian journal "Finance" put the Financial University as the best higher institution for economics and finance in 2010.[9] The University became the competition winner “Golden Medal “European Quality” in the category of "100 Best Institutions of Higher Education in Russia".[10] 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.[11] The Finance University was also ranked among 175 best business schools in the world (3rd in Russia and 71st in Europe) in January 2011 by the "Ranking Web of World Business Schools".[12]

Russian University Rankings
2011 2010 2009
Ria Novosti / HSE - EGE General 3rd[13] 5th[14] 3rd[15]
Ria Novosti / HSE - EGE Social Sciences 2nd[16] 3rd[17] 1st[18]

Notable alumni

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


  • 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 - Chief Executive Director of Skolkovo innovation center


  • Aleksey Ivanov - Vice President and Head of the Steel Division of Evraz Group[19]
  • 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[20]
  • Andrey Borodin - Russian billionaire, former CEO of the Bank of Moscow[21]
  • Artem Eyramdzhants - First Vice President of PIK Group[22]
  • Bella Zlatkis - Deputy Chairman of Management Board at Sberbank, former Deputy Finance Minister of Russia
  • Dmitry Orlov - founder and Chairman of the bank "Vozhrozhdenie"[23]
  • Gennady Soldatenkov - Deputy President and Chairman of the Management Board of VTB Bank[24]
  • Kirill Pisarev - Russian billionaire, co-owner of PIK Group[25]
  • Mikhail Alekseev - Chairman of the Management Board of UniCredit Bank[26]
  • Mikhail Gutseriyev - Russian billionaire, former owner and CEO of Russneft[27]
  • Mikail Shishkhanov - Russian billionaire, President and CEO of B&N Bank[28]
  • 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[29]
  • Vasily Titov - First Deputy President and Chairman of the Management Board of VTB Bank[30]
  • Vladimir Dmitriev - Chairman of Vnesheconombank[31]
  • Vladimir Golubkov - Chief Executive Officer of Rosbank[32]
  • Yuri Petukhov - Chief Financial Officer of Uralsib Financial Corporation[33]



  • 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[35]
  • Anton Drozdov - Chairman of the Pension Fund of the Russian Federation[36]
  • Anton Siluanov - Interim Finance Minister of the Russian Federation[37]
  • 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[38]
  • 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[39]
  • N.K. Sokolov - Chairman of the Board of the USSR State Bank] in 1940[40]
  • N.V. Garetovsky - Chairman of the Board of the USSR State Bank in 1987–1989[41]
  • Nguyen Thien Nhan - Deputy Finance Minister of Vietnam
  • Sergey Riabukhin - Auditor of the Accounts Chamber of the Russian Federation[42]
  • 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[43]
  • 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 Chairmen 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[44]


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:

See also

List of Business Schools in Europe


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