Full-time education at the country’s leading university
from anywhere in the world
HSE Online is the online campus of the National Research University Higher School of Economics (HSE University), the leading Russian university by number of full-time online programs and the students enrolled in them. We have over 30 years of experience in education and research, and more than 12 years in online education.
We combine academic expertise, cutting-edge technology, and industry trends so that you not only gain up-to-date knowledge and skills but also shape the future job market.
We combine academic expertise, cutting-edge technology, and industry trends so that you not only gain up-to-date knowledge and skills but also shape the future job market.
96%
Students find jobs in their field of study
7698
Online students
9
46
Online higher
education programs
education programs
4
The Best Russian University of 2026 according to Forbes Education
1
Gold in the International Ranking of Universities Offering Online Education Times Higher Education
Winner
Best Promotion of an Online University
MediaCult
The Best Digital Media
The Trends Awards
Platform of the Year
Time for Innovation
Design project of the Year
Best for Life Design Awards
Leader in the Development of Artificial Intelligence in Education
AI INNOVATOR AWARDS
Educational Ecosystem of the Year in AI
Effective Education
In the ranking of Russian universities according to HeadHunter
1
Award Finalist
Best Project Utilizing New Tools
Eventiada Awards
Educational Ecosystems
Digital Learning
Best Graduate Reputation Among Employers 2025 and 2026
Forbes Education
Ranked first among universities for AI training quality
1
96%
Students find jobs in their field of study
7698
Online students
9
46
Online higher
education programs
education programs
4
The Best Russian University of 2026 according to Forbes Education
1
Gold in the International Ranking of Universities Offering Online Education Times Higher Education
Winner
Best Promotion of an Online University
MediaCult
The Best Digital Media
The Trends Awards
Platform of the Year
Time for Innovation
Design project of the Year
Best for Life Design Awards
Leader in the Development of Artificial Intelligence in Education
AI INNOVATOR AWARDS
Educational Ecosystem of the Year in AI
Effective Education
In the ranking of Russian universities according to HeadHunter
1
Award Finalist
Best Project Utilizing New Tools
Eventiada Awards
Educational Ecosystems
Digital Learning
Best Graduate Reputation Among Employers 2025 and 2026
Forbes Education
Ranked first among universities for AI training quality
1
( 01 )
About the program
The online Finance program prepares professional financial analysts. The curriculum is based on international financial analysis standards.
You will gain knowledge of current innovative approaches to investing in financial markets and apply them in practice through seminars, masterclasses, and project work.
The program covers approximately 80% of the CFA curriculum across all three levels.
Convenient class times
At the start of the academic year, we will conduct a survey of students to create an optimal schedule that takes time zones into account. Classes are typically held in the evenings on weekdays and in the afternoons on Saturdays, and then video recordings of course lectures are available shortly after classes
Convenient digital environment
Classes are held via MTS Link, Yandex Telemost, Zoom, and HSE’s SmartLMS platform
Practical application focus
You’ll develop group and individual projects, receive feedback from industry leaders, and add your work to your portfolio. You’ll also participate in seminars and webinars led by industry experts
Career development support
Upon request, we can share job openings, help you find an internship with the potential for future employment, and recommend Russian and international competitions
( 02 )
How the program is delivered
We recommend setting aside about 20 hours per week for classes and independent study.
In addition to required courses, you can choose elective courses and create a personalized study plan.
In addition to required courses, you can choose elective courses and create a personalized study plan.
The curriculum is subject to minor changes. We adapt it to industry trends and take into account feedback from students, instructors, and experts.
- Quantitative Methods in Finance
- Macroeconomics: Advanced Level
- Financial Theory
- Quantitative Methods in Finance
- Macroeconomics: Advanced Level
- Financial Theory
- Financial Accounting, Analysis, and Reporting
- Term Paper
- Corporate Issuers
- Econometrics: Advanced Level
- Time Series Analysis
- Entrepreneurship and the Financial Environment
- Term Paper
- Financial Markets: Foreign Exchange, Debt, and Equity Markets
- Investment Banking. Mergers and Acquisitions
- Project and Venture Capital Financing
- Stochastic Analysis in Finance
- Term Paper
- Alternative Investments
- Derivatives and Financial Engineering
- Portfolio Management and Wealth Planning
- CFA Ethics and Professional Standards
- Business Valuation
- Financial Market Forecasting
- Financial Risk Management
- Financial Modeling
- Thesis Preparation
- Thesis Preparation
- Thesis Defense
Examples of student projects and theses
Company Investment Case (Investment Memorandum / Equity Analysis)
Thesis, Drivers, Risks, Target Price, Scenarios
Business Valuation (Discounted Cash Flow Models, Multiples) + Scenario-Based Sensitivity Analysis
Robust Model, Justification of Assumptions
Portfolio
and management rules
and management rules
Strategy (value / quality / momentum), rebalancing, risk metrics, period‑by‑period conclusions
Case study on risk management / hedging
Risk definition, instrument selection, hedging logic, constraints
Financial statement
analysis project
analysis project
Company analysis, earnings quality, debt burden, liquidity, cash conversion (conversion of earnings into cash flow)
Our professors are industry leaders in the field of finance, board members and executives at major organizations
Vasily Solodkov
Academic Director of the Program, Professor, Director of the Banking Institute at the National Research University Higher School of Economics
Sergey Zakharov
Chartered Financial Analyst (CFA), Ph.D. in Economics, Managing Partner at Toliman (TLM) Capital
Anton Shpuntov
Chartered Financial Analyst (CFA), Head of the Department for Work with Issuers at Moscow Exchange, PJSC
Andrey Kulakov
Chartered Financial Analyst (CFA), Financial Risk Management Specialist, Executive Director of the Market Analysis Department at Gazprombank
Nadezhda Lebedeva
ACCA, Managing Director at VTB Bank
Alexander Kudrin
Ph.D. in Physics and Mathematics, Professor at the Banking Institute of the National Research University Higher School of Economics, Chief Strategist and Managing Director of ATON
Elena Dimova
Ph.D. in Economics, Master of Business Administration (MBA), Director of Strategic Planning and Development at Stratoprint LLC
Vasily Solodkov
Academic Director of the Program, Professor, Director of the Banking Institute at the National Research University Higher School of Economics
Sergey Zakharov
Chartered Financial Analyst (CFA), Ph.D. in Economics, Managing Partner at Toliman (TLM) Capital
Anton Shpuntov
Chartered Financial Analyst (CFA), Head of the Department for Work with Issuers at Moscow Exchange, PJSC
Andrey Kulakov
Chartered Financial Analyst (CFA), Financial Risk Management Specialist, Executive Director of the Market Analysis Department at Gazprombank
Nadezhda Lebedeva
ACCA, Managing Director at VTB Bank
Alexander Kudrin
Ph.D. in Physics and Mathematics, Professor at the Banking Institute of the National Research University Higher School of Economics, Chief Strategist and Managing Director of ATON
Elena Dimova
Ph.D. in Economics, Master of Business Administration (MBA), Director of Strategic Planning and Development at Stratoprint LLC
How to enroll
6
Start your studies
You are now an online student — congratulations!
5
Sign the contract and pay for your studies
Everything is done online, which is quick and convenient
4
Take an online interview
We’ll ask you to tell us about yourself, your experience, and your motivation, and we’ll discuss your career plans and expectations for the program
3
Pass a portfolio review
Attach your resume, cover letter, and letters of recommendation, as well as your achievements. We will notify you of your portfolio assessment results by August 15
2
Submit your application on Gosuslugi
You will need your passport and college diploma
All the benefits of in‑person learning and the advantages of online study
State-recognized diploma
You will receive a state-recognized master’s degree diploma in the field of 38.04.08 "Finance and Credit" from the National Research University Higher School of Economics, with a supplement translated into English. The document will not indicate that the program was completed online
Study from
anywhere in the world
There’s no need to move to Moscow and you can study wherever you feel most comfortable. And if you’d like to visit HSE’s campus, we’ll help you arrange a visitor pass and look forward to seeing you
The opportunity to balance work and study
Course lectures are available immediately after if you can’t join live so that you can watch them at any time. Live classes are held on weekday evenings and are later made available as recordings. This allows you to continue your career while fitting your studies into your schedule
Student status, access to HSE’s online resources, and the option to visit campus
You have all the same benefits as HSE’s on-campus students
from ₽100,000
Junior Specialist
up to 1 year of experience
from ₽150,000
Middle Specialist
1−3 years of experience
from ₽250,000
Senior Specialist
more than 3 years of experience
Career
According to the Institute for Statistical Studies and Economics of Knowledge at the National Research University Higher School of Economics, the profession of financial analyst ranks among the top 25 with the greatest future potential.
According to GeekLink, the income of professionals in this field is projected to increase by 17.42% by 2025.
According to GeekLink, the income of professionals in this field is projected to increase by 17.42% by 2025.
Resume after graduation
Pyotr Navinsky
Financial Analyst
Master’s Degree in Finance, HSE University
(Skills)
Financial Analysis and Valuation
Financial statement analysis (IFRS/RAS interpretation-level knowledge), factor analysis, earnings quality assessment, value drivers
Financial statement analysis (IFRS/RAS interpretation-level knowledge), factor analysis, earnings quality assessment, value drivers
Risk management and derivative financial instruments
The basics derivatives/hedging and risk management as applied tools
The basics derivatives/hedging and risk management as applied tools
Financial Modeling
Model building (three-statement financial modeling, discounted cash flow models, scenario-based sensitivity analysis, unit economics for projects/startups), structuring assumptions, model validation
Model building (three-statement financial modeling, discounted cash flow models, scenario-based sensitivity analysis, unit economics for projects/startups), structuring assumptions, model validation
Research and Communication in English
Literature search and analysis, drafting conclusions and presentations, confident business communication in finance
Literature search and analysis, drafting conclusions and presentations, confident business communication in finance
Investments and portfolio management
Formulating investment hypotheses, allocation, portfolio logic, risk/return assessment, pitching ideas
Formulating investment hypotheses, allocation, portfolio logic, risk/return assessment, pitching ideas
Corporate Finance
Investment decisions, corporate finance, working with corporate financial strategies and practices
Investment decisions, corporate finance, working with corporate financial strategies and practices
(Tools)
Testimonials from our online students and alumni about their experiences studying at HSE Online
Anton Ivakhnenko
Program graduate
I completed the Bachelor’s program in "Economics and Statistics" at the National Research University Higher School of Economics (HSE University), and then enrolled in the online Master’s program in "Finance."
Artem Karapetyan
Program graduate
The program fully met my expectations as I gained a lot of new knowledge and reinforced what I already knew in the areas of investment analysis and corporate finance.
Anna Meshkova
Program student
I work in the finance department of one of Russia’s leading metallurgical companies. Enrolling in an online master’s program taught entirely in English was a significant step in my professional career
Alexander Belanov
Program student
I am the president of Blagochain LLC and an IT entrepreneur. The online format of the classes allows me to study without interrupting my business or business trips as I can join classes from the office, an airport lounge, or a hotel.
Anton Ivakhnenko
Program graduate
I completed the Bachelor’s program in "Economics and Statistics" at the National Research University Higher School of Economics (HSE University), and then enrolled in the online Master’s program in "Finance."
Currently, my main focus is advising on mergers and acquisitions on both the sell and buy sides, as well as implementing projects to attract direct investment, bank financing, and mezzanine financing.
The online format exceeded all expectations. The Knowledge assessment is delivered through tests and project assignments, which allows me to balance work and study. All program material is relevant to real-world situations and focuses on practical knowledge.
My experience has been exceptionally positive; I believe this program is the best in the online segment of financial education.
Currently, my main focus is advising on mergers and acquisitions on both the sell and buy sides, as well as implementing projects to attract direct investment, bank financing, and mezzanine financing.
The online format exceeded all expectations. The Knowledge assessment is delivered through tests and project assignments, which allows me to balance work and study. All program material is relevant to real-world situations and focuses on practical knowledge.
My experience has been exceptionally positive; I believe this program is the best in the online segment of financial education.
Artem Karapetyan
Program graduate
The program fully met my expectations as I gained a lot of new knowledge and reinforced what I already knew in the areas of investment analysis and corporate finance.
I would like to give a special mention to the professors since they are all practicing professionals and CFA charterholders, each of whom actively shared their experience. I would particularly like to highlight Sergey Zakharov’s course on investment banking and Anatoly Potashov’s courses, which were very helpful to me later on and proved extremely useful for the area of finance in which I am developing my career.
The online format was also very helpful because it allowed me to balance my studies with work without compromising the program’s effectiveness. I highly recommend this master’s program to all prospective students!
I would like to give a special mention to the professors since they are all practicing professionals and CFA charterholders, each of whom actively shared their experience. I would particularly like to highlight Sergey Zakharov’s course on investment banking and Anatoly Potashov’s courses, which were very helpful to me later on and proved extremely useful for the area of finance in which I am developing my career.
The online format was also very helpful because it allowed me to balance my studies with work without compromising the program’s effectiveness. I highly recommend this master’s program to all prospective students!
Anna Meshkova
Program student
I work in the finance department of one of Russia’s leading metallurgical companies. Enrolling in an online master’s program taught entirely in English was a significant step in my professional career. I searched for quite some time for a program like this, and it has exceeded all my expectations.
The online format offers incredible flexibility for busy professionals like me. I can attend lectures at my own pace and balance my studies with my career and personal life.
The program’s content is in-depth and practice-oriented, and the knowledge gained is applicable to solving real-world financial problems. And the fact that the program is taught in English makes it even more relevant and enriching.
The online format offers incredible flexibility for busy professionals like me. I can attend lectures at my own pace and balance my studies with my career and personal life.
The program’s content is in-depth and practice-oriented, and the knowledge gained is applicable to solving real-world financial problems. And the fact that the program is taught in English makes it even more relevant and enriching.
Alexander Belanov
Program student
I am the president of Blagochain LLC and an IT entrepreneur. The online format of the classes allows me to study without interrupting my business or business trips as I can join classes from the office, an airport lounge, or a hotel.
It’s important to me that the lectures are held in real time. At the same time, if for some reason I am unable to attend a webinar, I can watch the recording, ask questions about the material or practical assignments in the chat with the instructor, and receive a response.
I would like to highlight the faculty and the selection of academic advisors who assisted me in writing term papers and master’s theses — they are top experts in their fields.
The Master of Finance program opens up new horizons for my professional development in a field that interests me and inspires me. The knowledge I’ve gained makes me a more valuable expert in the market, and I understand how to continue growing.
It’s important to me that the lectures are held in real time. At the same time, if for some reason I am unable to attend a webinar, I can watch the recording, ask questions about the material or practical assignments in the chat with the instructor, and receive a response.
I would like to highlight the faculty and the selection of academic advisors who assisted me in writing term papers and master’s theses — they are top experts in their fields.
The Master of Finance program opens up new horizons for my professional development in a field that interests me and inspires me. The knowledge I’ve gained makes me a more valuable expert in the market, and I understand how to continue growing.
Tuition fees
280 000 ₽
per term
4 terms in total
Program Benefits
Installment plans available
Schedule a consultation to learn more
Our managers
Alina
Aldabergenova
Aldabergenova
Tatyana
Rylova
Rylova
Anna
Sokoreva
Sokoreva
Take the first step and sign up for a consultation
We’ll call you to tell you about the program and answer all your questions. It’s completely free of charge
Q&A
Yes, since this is a master’s program, you can only enroll only if you have a bachelor’s or specialist degree.
Not necessarily, we welcome applicants from all academic backgrounds to the program. However, it will be slightly easier for hose who already have a basic understanding of mathematics, modeling, economics, and finance.
If you studied other fields, we recommend taking our free online courses. They will help you master the necessary skills and confidently begin studying the specialized subjects.
If you studied other fields, we recommend taking our free online courses. They will help you master the necessary skills and confidently begin studying the specialized subjects.
The entrance requirement for the program is a portfolio review. To learn how to put together a strong portfolio and understand the criteria by which it will be evaluated, sign up for a free consultation.
After reviewing your portfolio, we will invite you to an online interview. We will ask you to tell us about yourself, your experience, and your motivation, and we will inquire about your career plans and expectations for the program.
After reviewing your portfolio, we will invite you to an online interview. We will ask you to tell us about yourself, your experience, and your motivation, and we will inquire about your career plans and expectations for the program.
You will need your passport and a college diploma.
To feel comfortable in the program, the minimum required level of English proficiency is B2 (upper-intermediate).
Lectures are available as recordings, so you can watch them at any time that’s convenient for you. Seminars, masterclasses, and project work take place online. At the start of the academic year, we’ll conduct a survey of students to create an optimal schedule that takes time zones into account.
Classes are usually held in the evenings on weekdays and during the day on Saturdays, and recordings are made available afterward. This way, you can continue your career and fit your studies into your schedule.
We recommend setting aside about 20 hours per week for classes and independent study.
Classes are usually held in the evenings on weekdays and during the day on Saturdays, and recordings are made available afterward. This way, you can continue your career and fit your studies into your schedule.
We recommend setting aside about 20 hours per week for classes and independent study.
You will receive a state-recognized master’s degree in the field of 38.04.08 "Finance and Credit" from the National Research University Higher School of Economics, with a supplement translated into English. The document will not indicate that the program was completed online.
The program lasts two years, and this is a fixed duration. At the end of the second year, you will defend your final thesis.
No, classes are delivered fully online in real time. Graduates receive a state-recognized diploma in the field of 38.04.08 "Finance and Credit" with a supplement translated into English. The document will not indicate that you studied online.
No, you do not need to visit HSE University campuses; you will submit your documents and defend your thesis online.
Tuition can be paid in four installments. The first installment is due upon signing the enrollment agreement, and the subsequent installments are due before the start of each semester.
Let us know what you’d like to do. We’ll then draw up an installment agreement in addition to the main contract and divide the tuition cost into a number of regular payments that work for you. Interest will not accrue.
Yes, in that case, we will draw up a tripartite agreement between you, your employer, and the university, and issue an invoice for payment.
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