2. ICEF as a model of (HSE, LSE and UoL) cooperation Teaching: a.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) b.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 c.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. 2

3. 3 Choice of specialization on BSc programme 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 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) 4

5. BSc Programme Integrated Curriculum: courses with UoL and HSE exams 5 1 year Micro- and Macroeconomics Calculus Probability Theory and Introductory Statistics English Language World Intellectual History History of Western Philosophy Information Computer Systems Programming and databases Programming and data processing 3 year 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 Public Economics History of Economic Thought Economic History Sociology of Consumer Finance Labour Economics Development Economics Game theory 2 year Micro- and Macroeconomics-1 Mathematics for Economists Statistics Principles of Sociology Principles of Accounting Algebra for students on specialization Mathematics and Economics 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 4 year 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 Time Series and Panel Data Analysis Institutional Economics Experimental and Behavioural Economics Theory of Finance

6. Academic Staff (past and present) 2002-2003 academic year 37 lecturers at BSc programme 2013-2015 academic year 68 lecturers at BSc and MSc programmes Visiting professors 32% Part-time teachers (from other universities - NES,CEFIR, MSU, etc.) 22% Part-time teachers (HSE faculty members) 46% 6 Part-time teachers (HSE faculty members) 39% Full-time ICEF faculty with PhD degrees 22% Part-time teachers (from other universities - NES,CEFIR, MSU, etc.) 22% Visiting professors (from LSE, University of Cambridge, Oxford University, etc.) 14% Tenured professors 3% The share of full-time ICEF faculty with PhD degrees went up to 25%.

7. BSc Programme: Lecturers with PhD Degree 7 TeacherUniversitySubject A. AkhmetshinPhD, Columbia UniversityCalculus A. BelyaninPhD, University of ManchesterIndustrial Economics, Economics of Transition E. CatoniniPhD, Economics from Bocconi UniversityGame Theory S. GelmanPhD, Economics from University of MunsterTime series and Panel Data Analysis Quantitative Finance L. GelsominiPh.D, Economics from University of WarwickInvestment Management R. ZakharenkoPhD, Economics from Pennsylvania State University Development Economics International Economics D. MakarovPh.D, Finance from London Business SchoolTheory of Finance K. MarinakisPhD, Economics from North Carolina State UniversityIndustrial Economics V. SokolovPhD, Economics from the University of Notre DameMonetary Economics U. PeirisPhD, Financial Economics from University of OxfordQuantitative Finance A. SirchenkoPhD, Economics from European University InstituteTime series and panel data analysis R. ChuhayPhD, University of Alicante, SpainMicroeconomics O. KuzinaPhD, University of Essex and Moscow School of Social and Economic Studies Sociology V. LedyaevPhD, University of ManchesterPolitical Science D. RubinPhD, School of Oriental and African Studies (UoL)Intellectual History of Europe K. SairsinghPhD, Study of Religion from Harvard UniversityIntellectual History of Europe S. SkemptonPhD, Philosophy from Middlesex UniversityIntellectual History of Europe, Philosophy of Science, English

8. The numbers of applicants to the ICEF BSc Programme 8 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.

9. * 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%. Average USE score (out of 100) of year 1 ICEF students, 2009-2015 9

10. Distribution of ICEF applicants, admitted by results of competition or USE score 10

11. The percentage of students who met the requirements of the University of London and were admitted on the International Programme. The 1 st 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. 1 st year progression rate dynamics 11

12. BSc: Academic Achievements 12 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).

13. *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. Average UoL exams scores at ICEF and the Rest of the World*, 2010-2015 13

14. 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. Estimated ICEF BSc Graduation rates, 2010-2015 14

15. MSc students number and progression rate 15 The MSc students number and their progression rate have been growing in the last 3 years due to the introduction of budget financed places.

16. ICEF Students’ Results (red) сomparing to UoL (blue), year 2013 16 ICEF students degree classification (red) comparing to the UoL (blue), 2013 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. 17 The University of London degree classification of the ICEF graduates, 2001-2015 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 18 MSc abroad MSc in Russia EDUCATION SCIENCE PhD Work abroad Work in Russia BUSINESS EDUCATION MBA Work at university ICEF opens a wide range of professional career paths.

19. Placement of BSc Graduates 19 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.

20. Foreign Universities where ICEF Graduates Continue their Studies, 2001-2015 Continental EuropeUKUSA Amsterdam Business School University of Amsterdam Erasmus University, Rotterdam ESLSCA Graduate School of Business Stockholm School of Economics EADA Business School, Spain EDHEC Business School, France Gent Management School, Belgium University of St. Gallen* Maastricht University INSEAD Bocconi University* University of Bremen Humboldt University Toulouse School of Economics* Pompeu Fabra Univeristy IE Business School ESADE Business School HEC Paris Tilburg University The London School of Economics and Political Science* The London Business School University of Oxford University of Cambridge University of Warwick Tanaka Imperial Business School Cass Business School University of Birmingham* University of Edinburgh City University of London Imperial College London Aston University University of Westminster Durham University Durham Business School University of Aberdeen Cranfield School of Management University of Dublin 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 * 20 PhD MSc Economics MSc FinanceMSc Management Other MSc programmes * 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.

21. Высшая школа экономики, Москва, 2014 Выпускники МИЭФ, все года выпуска (1) UniversityQS Num ber 1 LSE 252 2 Imperial College London 6726 3 City University London 13223 4 University of Oxford 321 5 University of Warwick 3418 6 Bocconi University 251818 7 London Business School 1017 8 HEC Paris 501313 9 EDHEC Business School other12 10 Vlerick Leuven Gent Management School other6 11 Erasmus University Rotterdam 345 12 Columbia University 124 13 Carnegie Mellon University 854 14 University of Cambridge 44 15 University of Amsterdam 424 16 Stanford University 54 17 New York University 173 18 MIT 63 19 Harvard University 12 20 University of California, Berkeley 82 — universities where ICEF graduates continue their studies on PhD programmes Top 20 universities where ICEF graduates continue their studies 21 The biggest number of ICEF graduates continues their studies at LSE. Oxford, LBS, City, Imperial College, and others are also on the top.

22. Высшая школа экономики, Москва, 2014 Выпускники МИЭФ, все года выпуска (2) EmployerNumber of ICEF graduates* 1 VTB Group26 2 Sberbank2424 3 McKinsey & Company23 4 EY1919 5 Gazprombank17 6 PwC14 7 Citi12 8 Barclays9 9 KPMG9 10 Deloitte7 11 Deutsche Bank7 12 Morgan Stanley7 13 J.P. Morgan7 14 Credit Suisse7 15 Bank of America6 16 Goldman Sachs6 17 BNP Paribas5 18 Alfa Bank5 19 Boston Consulting Group4 20 Gazprom4 Top 20 employers of ICEF graduates 22 *working in 2015

23. ICEF graduates’ careers 2001-2014 Marketing, PR, Media 5% 23 Industry 15% Consulting services, Audit 17% Academic career 3% Other 9% Own business 4% Financial institutions 47%

24. 24 ICEF Graduates 2014