2
ICEF as a model of (HSE, LSE and UoL)
cooperation
Teaching:
a.
b.
c.
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)
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
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.
Choice of specialization on BSc programme
3
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.
4
Students
Number of ICEF BSc and MSc students
1000
BSc
MSc
900
75
79
846
852
64
800
700
54
54
600
51
500
46
400
767
616
300
657
521
420
200
458
264
100
157
38
0
1997/1998 2000/2001 2003/2004 2006/2007 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016
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)
BSc Programme Integrated Curriculum:
courses with UoL and HSE exams
1 year
3 year
Micro- and Macroeconomics
Calculus
Probability Theory and Introductory Statistics
English Language
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
World Intellectual History
History of Western Philosophy
Information Computer Systems
Programming and databases
Programming and data processing
Public Economics
History of Economic Thought
Economic History
Sociology of Consumer Finance
Labour Economics
Development Economics
Game theory
2 year
4 year
Micro- and Macroeconomics-1
Mathematics for Economists
Statistics
Principles of Sociology
Principles of Accounting
Algebra for students on specialization Mathematics and Economics
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
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
Time Series and Panel Data Analysis
Institutional Economics
Experimental and Behavioural Economics
Theory of Finance
5
6
Academic Staff
(past and present)
2002-2003 academic year
37 lecturers at BSc programme
Visiting
professors
32%
Part-time teachers
(from other
universities NES,CEFIR, MSU,
etc.)
22%
Part-time teachers
(HSE faculty members)
46%
2013-2015 academic year
68 lecturers at BSc and MSc programmes
Tenured professors
3%
Full-time ICEF faculty
with PhD degrees
22%
Part-time teachers
(from other universities NES,CEFIR, MSU, etc.)
22%
The share of full-time ICEF faculty with PhD degrees went up to 25%.
Visiting professors
(from LSE,
University of Cambridge,
Oxford University, etc.)
14%
Part-time teachers
(HSE faculty
members)
39%
BSc Programme: Lecturers with PhD Degree
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
7
Number of applicants
The numbers of applicants
to the ICEF BSc Programme
1000
900
800
700
600
500
400
300
200
100
0
919
846
2009
635
649
673
2010
2011
2012
Year
2013
705
692
2014
2015
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.
8
Average USE score (out of 100) of year 1
ICEF students, 2009-2015
Average USE score of year 1 ICEF students, 2009-2015
88
86
86.6 *
Average score
84
82
80
83.2
83.5
83.8
2014
2015
81.2
80.5
78
77.8
76
74
72
2009
2010
2011
2012
Year
2013
* 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%.
9
Distribution of ICEF applicants,
admitted by results of competition or
USE score
10
1st year progression rate dynamics
100.0%
84.0%
80.0%
80.9%
78.3%
80.0%
74.8%
72.5%
70.2%
66.1%
60.0%
40.0%
20.0%
0.0%
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
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.
11
12
BSc: Academic Achievements
University of London exams, average grades 2015: ICEF and Rest of the world
80
70
60
50
40
30
20
ICEF
ROW
10
0
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).
Average UoL exams scores at ICEF and the
Rest of the World*, 2010-2015
70.0
60.0
57.0
55.8
43.8
43.7
54.4
56.3
58.2
56.2
50.0
46.3
40.0
41.9
46.5
47.5
ICEF
ROW
30.0
20.0
10.0
0.0
2010
2011
2012
2013
2014
2015
*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.
13
Estimated ICEF BSc Graduation rates,
2010-2015
80%
14
76%
71%
66%
70%
62%
67%
61%
60%
56%
50%
49%
52%
50%
46%
40%
graduate on time
42%
graduate totally
30%
20%
10%
0%
2010
2011
2012
2013
2014
2015
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.
MSc students number and progression rate
MSc students number, 2007-2015
60
50
40
30
Admitted ( + readmitted)
20
Started 2nd year (september)
10
Graduated
0
MSc progression and graduation rates, 2007-2015
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
94%
92%
81%
76%
80%
67%
56%
56%
70%
70%
63%
63%
76%
79%
53%
2007-20092008-20102009-20112010-20122011-20132012-20142013-20152014-20162015-2017
The MSc students number and their progression rate have been growing in the last 3 years due to
the introduction of budget financed places.
Progression rate
Graduation rate
15
ICEF students degree classification (red)
ICEF Students’
(red)
сomparing
comparingResults
to the UoL
(blue),
2013 to
UoL (blue), year 2013
40%
39%
39%
27%
22%
17%
12%
4%
first
second (upper)
second (lower)
third/pass
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
Number of graduates
120
110
100
90
80
70
60
50
40
30
20
10
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Graduation year
pass
third
second (lower)
second (upper)
first
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.
18
ICEF graduates’ career paths
EDUCATION
SCIENCE
PhD
Work at
university
BUSINESS
EDUCATION
MSc abroad
MSc in Russia
Work abroad
MBA
Work in Russia
ICEF opens a wide range of professional career paths.
19
Placement of BSc Graduates
140
10
120
5
19
100
14
11
55
32
44
80
Education in Russia
42
60
30
57
Education abroad
40
30
28
40
59
20
41
47
47
2010
2011
61
58
45
0
2009
2012
2013
2014
2015
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.
Working
Foreign Universities where ICEF Graduates
Continue their Studies, 2001-2015
Continental Europe
UK
Amsterdam Business School
The London School of
Economics and Political
University of Amsterdam
Science*
Erasmus University, Rotterdam
The London Business School
ESLSCA Graduate School of
University of Oxford
Business
University of Cambridge
Stockholm School of Economics
University of Warwick
EADA Business School, Spain
Tanaka Imperial Business
EDHEC Business School, France
School
Gent Management School, Belgium
Cass Business School
University of St. Gallen*
University of Birmingham*
Maastricht University
University of Edinburgh
INSEAD
City University of London
Bocconi University*
Imperial College London
University of Bremen
Aston University
Humboldt University
University of Westminster
Toulouse School of Economics*
Durham University
Pompeu Fabra Univeristy
Durham Business School
IE Business School
University of Aberdeen
ESADE Business School
Cranfield School of Management
HEC Paris
University of Dublin
Tilburg University
*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.
USA
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 *
MSc Finance
MSc Management
27%
23%
20%
MSc Economics
24%
6%
PhD
Other MSc
programmes
20
21
Top 20 universities where ICEF graduates
Выпускники МИЭФ, все года выпуска (1)
continue their studies
University
QS
Num
ber
11
12
1
LSE
2
52
2
Imperial College London
67
26
3
City University London
132
23
14
4
University of Oxford
3
21
15
5
University of Warwick
34
18
13
16
6
Bocconi University
25
18
17
7
London Business School
8
HEC Paris
50
13
9
EDHEC Business School
other
12
10
10
Columbia University
Carnegie Mellon University
University of Cambridge
University of Amsterdam
Stanford University
New York University
6
19
20
MIT
Harvard University
University of California, Berkeley
— universities where ICEF graduates continue their studies on PhD programmes
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
34
5
12
4
85
4
4
4
42
4
5
4
17
3
6
3
1
2
8
2
17
18
Vlerick Leuven Gent Management School other
Erasmus University Rotterdam
Top 20 employers of ICEF graduates
Выпускники МИЭФ, все года выпуска (2)
Employer
Number of ICEF
graduates*
1
VTB Group
26
2
Sberbank
24
3
McKinsey & Company
23
4
EY
11
12
13
14
19
15
5
Gazprombank
7
PwC
Citi
12
17
18
Barclays
9
9
KPMG
9
19
10
Deloitte
7
20
Высшая школа экономики, Москва, 2014
Morgan Stanley
7
J.P. Morgan
7
Credit Suisse
7
Bank of America
6
Goldman Sachs
6
BNP Paribas
5
Alfa Bank
5
Boston Consulting Group
4
Gazprom
4
14
8
*working in 2015
7
17
16
6
Deutsche Bank
22
23
ICEF graduates’ careers
2001-2014
Marketing, PR, Media
5%
Industry
15%
Financial institutions
47%
Consulting
services,
Audit
17%
Academic career
3%
Own business
4%
Other
9%
ICEF Graduates 2014
24