| International College of Economics and Finance | |||||||
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| Motto | Multum in parvo The great in the small |
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| Established | 1997 | ||||||
| Director | Sergey Yakovlev | ||||||
| Students | 511 | ||||||
| Undergraduates | 451 | ||||||
| Postgraduates | 47 | ||||||
| Location | Moscow, Russia, RF | ||||||
| Colours |
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| Website | http://new.hse.ru/C4/ICEF/default.aspx | ||||||
The International College of Economics and Finance (ICEF) was created in 1997 as an autonomous department of the National Research University — Higher School of Economics (NRU-HSE) with participation of the London School of Economics and Political Science (LSE). For 10 years, ICEF has had a history of a successful partnership between the leading Russian and UK universities in developing a joint Bachelor degree programme in Economics.
ICEF is financially supported by the consortium of major Russian banks and financial institutions: Sberbank, Vneshtorgbank, RAO UES of Russia (until 1 July 2008), Vnesheconombank, MICEX, Eurofinance, Gazprombank; by the British Know-How Fund, Basic Element and the National Training Foundation. Besides, BP Trading Limited and VTB-24 are among sponsors of ICEF's MSc programme. Thanks to their support it has become possible decrease education fees and establish several levels of discount. The representatives of sponsoring organizations compose ICEF Board of Trustees, which coordinates, elaborates and carries out the strategy of ICEF's development. Established in 1998, the Board of Trustees holds the annual meetings, where ICEF budget is planned and approved, reports about its execution are read, and College's development strategies are discussed.
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1997 The contract between NRU-HSE and the LSE on the founding of ICEF as an autonomous division of NRU-HSE is concluded. The ICEF Board of Trustees is formed, which includes Sberbank, Vneshtorgbank, Vnesheconombank, Eurofinance bank, The Moscow Interbank Stock Exchange, and later Gazprombank and “United Energy Systems”. The first group of 38 students are admitted to ICEF’s double degree programme.
1998 The first group of students enroll at the University of London in “Banking and finance”, the first specialisation offered by ICEF. The “Know How Fund” grants ICEF a two year supporting grant.
1999 ICEF’s second specialisation: “Economics and management,” is opened within the framework of the University of London programme.
2001 The first graduation ceremony for ICEF students is held, and 13 graduates receive two diplomas, from NRU-HSE and the University of London. Of these, 3 achieve Upper Second class honours. The second contract with the LSE is signed.
2002 6 graduates receive diplomas from the University of London with First class honours. A National Training Foundation loan is received on a competitive basis within the framework of the Innovational Educational Development Project, which was made possible by a loan from the IBRD. ICEF’s research programme is opened.
2003 The third specialization: "Economics" (which is actually the basic one offered at the LSE), is opened.
2004 The process of recruiting full time teachers who are PhD graduates from leading foreign universities with internationally recognised qualifications is begun.
2005 More than 60% finish the programme with good and excellent grades. Of the 43 graduates, 7 receive the degree with First class honours, and 13 receive Upper Second class honours. Of 19 awards for academic achievements intended for students around the world studying in the University of London’s and the LSE’s External programme, 6 are awarded to ICEF students, and 11 out of 37 Letters of Commendation are awarded to students at the College. The ICEF Board of Trustees approves the plan for the development of ICEF over the next four years, including the creation of a Masters programme with the participation of the LSE. The third contract with the LSE is signed.
2006 Of 54 graduates, 13 receive First class honours degrees. This is about one third of all First class diplomas given worldwide each year. The fourth specialisation in the Bachelors programme: “Economics and Finance,” is opened. NRU-HSE’s Academic Council approves the concept of a two-year Masters programme in “Financial Economics,” which will be implemented with the participation of the LSE.
2007 The Masters programme at ICEF in “Financial Economics” is opened. ICEF moves to new premises at NRU-HSE campus at Pokrovsky boulevard.
The admission of students to ICEF is based on the results of the NRU-HSE entrance examinations. Students then apply for admission to the LSE international programme at the end of their first year at ICEF. To enter the University of London’s international programme the prospective student must pass both the NRU-HSE examinations as well as international examinations, namely the Advanced Placement Tests (APT) in Economics, Calculus and Statistics,and IELTS in English language. On passing these examinations at the beginning of the second year the students are then allowed to enroll on the international programme of the University of London. Each successive year, ICEF students must pass examinations as a part of both the Russian programme and the University of London’s international programme . ICEF’s integrated curriculum is designed to allow the students to be taught both universities’ curricula and receive double degree. This is because the University of London examinations meet the requirements not only for the British but also the Russian diploma in professional subjects. At the same time, the Russian programme is broader than the British international programme and ICEF students are required to study a number of additional courses under the Russian programme.
Studies at the ICEF BSc programme last for 4 years. Subjects are taught mainly in English. ICEF programme includes subjects of the University of London International Programmes, as well as subjects and activities, necessary to obtain an NRU-HSE degree. To meet the international standards the list of subjects in the ICEF teaching plan is reduced compared with usual Russian programme, aimed to study fundamental disciplines profoundly. As ICEF students follow the University of London International Programme, beginning from the 2nd year, they are to choose one of the four specializations offered: Banking and Finance, Economics and Management, Economics and Finance, Economics.
Tuition takes place in groups of no more than 20 and strong support is given to encourage independent studies, combined with lectures, which is the main condition for high qualification. Teaching materials include the latest Russian and foreign textbooks as well as regular handouts. The students’ questioning is regularly organized to get their opinion about studying and teaching in ICEF and their progress is constantly being monitored. In ICEF lectures are read by Russian and foreign professors, mostly from NRU-HSE and LSE, as well as from MSU and NES, and by researchers from international research centres. Teaching visits of LSE professors play the important part in development of the double degree programme: they coordinate teaching programmes, consult the teachers, participate in research and teaching methods’ workshops.
There have already been seven cohorts in ICEF; totally 79% of ICEF BSc graduates have got the University of London diplomas with 1st or 2nd class honours. The most part of ICEF graduates continue their education on postgraduate programmes in (in NRU-HSE first of all) or abroad. The best ICEF graduates get scholarships from commercial companies and financial organizations to continue their studies on MSc programmes at LSE and other foreign universities.
Nowadays ICEF and LSE are solving new tasks: the further development of BSc double degree programme and of the newly opened MSc programme in Financial Economics of international standing.
In February 2006 the Academic Council of the HSE approved the Concept and Curriculum of the ICEF MSc programme in Applied Economics and Finance. With the academic support of the LSE, a new Masters programme “Financial economics” sponsored by Sberbank, RAO UES, BP Trading Ltd. and VTB-24 (scholarship support) is available at ICEF from September 2007. The programme is designed for graduates with a basic knowledge of economic theory and a good mathematical background and strong command of English. The Master’s programme serves as an academic extension of the existing ICEF Bachelor’s programme.
The purpose of the programme is to train experts up to a world class level in the field of economics and finance, so that they will have a knowledge of modern economic theory and the skills to apply it in the financial sphere.
Academic results of ICEF students are maintained at a consistently high level. Every year, best students receive Awards for Academic Achievement and Letters of Commendation from the University of London International Programme(annually, the University of London honours approximately 40 to 50 out of approximately 13000 of its international students from more than 60 countries with such awards and letters). Since 2000, ICEF students have received 32 Awards and 42 Letters. In 2008, 5 Awards and 9 Letters of Commendation came to ICEF. Besides, twelve best results in the world in separate examinations were demonstrated by College students: in Mathematics, Microeconomics, Macroeconomics, Econometrics, Corporate Finance, International Economics, Monetary Economics, Industrial Organisation and other disciplines. In 2008 ICEF students, therefore, possess the highest results in the world in all special subjects related to economics in which they were examined.
ICEF uses its own educational fees differentiation system, along with other mechanisms, to motivate students. The fees are calculated according to the academic successes of the students. There is a system of grants that cover educational costs of the most talented first year students who are the winners of the All-Russia Olympiads in Economics and Mathematics. The total number of ICEF students today exceeds 450.
In 2008, 79 students graduated from ICEF, which is the largest figure in College's history. Previously, the most numerous classes were those of 2007 and 2006, including 77 and 55 students, respectively. Among 2008 alumni, 24 Bachelors (over 30%) received First Class Honours diplomas from the University of London, and this is also the best result in ICEF history (usually, the number of First Class Honours diplomas awarded worldwide does not exceed 70 for several thousand UoL International Programme graduates).
In 2008, 107 out of 118 students (90.7%) passed the international APT (Advances Placement Test) examinations, which ICEF students take at the end of their first year of study. Among these, 22 (18.6%) students obtained excellent grades in all four subjects. Average scores in all subjects were quite impressive: specifically, those in Macroeconomics (3.91), Microeconomics (4.08), Statistics (3.51) and Calculus (4.45) significantly exceeded worldwide figures, and average scores in Calculus and Microeconomics turned out to be among the highest in ICEF's existence.
Achievements of ICEF students are acknowledged by the NRU-HSE: A. Khreshkov in 2001 and R. Kirdan in 2003 were awarded the "Zolotaya Vyshka" prize as SU-HSE students of the year; in 2002, 2006 and 2007 S. Kovalskaya, A. Neklyudov and V. Mukharlyamov were nominated for this prize. In 2008, Vladimir Mukharlyamov received the External Programme Award from the University of London; he was named the best graduate of the entire External Programme.
Despite a very tight academic schedule, ICEF students have a very rich life. They take part in multiple events devoted to various holidays such as Students' Day and St. Valentine's Day, and participate in New Year and Christmas parties. There are many students' organizations and clubs in the ICEF, so that students could improve their "soft skills", which cannot be learnt in the classroom. Sport is inseparable of ICEF students and PED is included into the list of essential subjects. Some are fond of chess, others play tennis. ICEF teams in football, basketball, and volleyball are successful participators in the university sport competitions.
There are many student organizations in ICEF:
Case club - business case club, in which students of ICEF are active participants. The case solutions, presented by the students are evaluated by invited experts from leading world companies. Jury consists of invited experts.
Debate club - debate club, in context of which debates are held. The art of debate is taught by the winners of various international contests.
ICEFer periodical - ICEF newspaper with economic and political reviews written by the students.
Icef.ru - ICEF student site.
ICEF outreach - charitable movement of ICEF.
"Corporatives" - organisation of holidays, collective outings, contests, games and other team building activities.
Sports - conduct of different affairs concerned with ICEF football teams, organisation of competitions - basketball, chess, billiards, table tennis and lots of others.
HSE relations - connections with student boards from other faculties of HSE, coordination of mutual HSE activities.
Fortnight insights - organisation of meetings with interesting businessmen and businesswomen, discussion of contemporary economic problems.
Humanity extra studies - meetings and interesting discussions with Ledyaev, Antov, Porus.
Presentations of student scientific works - seminars, on which students can present their scientific works, researchs, term paper, receive useful comments on contents and form of presentation, etc.
Photogallery - association of all ICEF photographers, organisation of photo contests, photo exhibitions, etc.
The ICEF Research Initiative was launched in 2003 by the decision of the International Academic Committee of ICEF and with financial assistance of the National Training Foundation (NTF). The aim of this initiative is to foster research activities at ICEF, and build its research potential and reputation as a modern research department. Research by ICEF teachers and students plays a major role in raising the qualifications of the faculty, while the availability of advances in modern economic science in the world for the students helps them to develop their skills for independent analytical work.
The programme activities are being monitored and supervised by the ICEF Academic Committee chaired by the Professor Richard Jackman of LSE. Research activities at ICEF are coordinated by Alexis Belianin (PhD, University of Manchester, 2000). The committee members give advice and suggestions on various projects and facilitate contacts between ICEF researchers and LSE academics. Research activities at ICEF received a new impetus with the recruitment of full-time academics from the international labour market. The first appointed academic, Dr. Maxim Nikitin, got his PhD at the University of Pittsburgh (1999), and had worked at the University of Alberta before joining ICEF in 2005. In 2006 - 2008, PhD Economics Vladimir Sokolov, Carsten Sprenger, Sergey Gelman, Stanimir Morfov, Anna Yurko, Igor Mouraviev, and Roman Zakharenko joined the ICEF academic staff. Introduction of such positions substantially enhances the level and scope of research activities at ICEF, which nowadays extends from monetary economics and applied international trade to law and economics, political economy and experimental economics.