ICEF provides students with the special opportunity to study for two degrees, one Russian and one British, from the HSE and the University of London. Graduates of this programme have a unique advantage in continuing their studies or in beginning their career anywhere in the world.

The programme is implemented with the academic support of the London School of Economics and Political Science, combining top Russian and British standards of higher education in economics and finance. Every year, students sit the independent examinations of the UoL International Programmes and the internal examinations of HSE.

Subjects are taught in English; some of the subjects required for the Russian degree are taught in Russian.

During the first year, students sit the Advanced Placement tests in Microeconomics, Macroeconomics, Calculus, and Statistics. These, along with the needed scores on an English proficiency test such as IELTS, are sufficient for registering with the University of London International Programmes for one of the six degrees offered by ICEF:

  • Economics
  • Economics and Finance
  • Banking and Finance
  • Economics and Management
  • Accounting and Finance
  • Mathematics and Economics

Enormous care has been taken in constructing the curriculum, ensuring that students receive the best education possible. ICEF’s highly qualified teachers and visiting professors from leading universities play an instrumental role in helping students achieve academic excellence. Approximately 20% of graduates have achieved Firsts, and 80% have achieved a degree with either First or Second class honour.

Almost 30% of ICEF’s alumni have gone on to study for Masters or PhD degrees in the UK, the EU and the USA, in 60 different universities including the LSE, University of Oxford, Cass Business School, University of Warwick, Imperial College, Harvard University, MIT, Stanford University, New York University, University of California ( Berkley), Princeton University, Carnegie Mellon University, Columbia University, University of Pennsylvania, Yale University, HEC School of Management, Swiss Federal Institute of Technology, University of St. Gallen, Frankfurt School of Finance and Management. Those who wish to start their careers immediately have done so, in leading banks, financial institutions and multi-national companies.

Some Great Features of the Double Diploma Bachelor’s Programme

  • Two diplomas in four years from the leading economics institutions of Russia and the UK, giving you world-class credentials in Economics and Finance
  • One of the best BSc programmes for training world-class economists and preparing them for a successful career
  • A world-class, international teaching faculty
  • Learn using the latest study methods – in English
  • Gain experience of another culture, and learn another language
  • Be part of a talented and ambitious student body
  • Experience a unique and international university atmosphere that promotes collaboration between students, teachers and researchers
  • Receive a double degree of the highest international calibre
  • Enjoy a vibrant student life full of socialising, incredible initiatives and the exchange of ideas
  • Study at a College whose graduates are internationally competitive – both to continue their academic pursuits and to start out in the world of work
  • Don’t worry about fees; various forms of financial support are available to ensure that the best applicants have access to the programme, irrespective of their family’s income

Programme curricula

1 year

  • Introduction to Microeconomics
  • Introduction to Macroeconomics
  • Calculus
  • Introduction to Probability Theory and Statistics
  • English Language
  • World Intellectual History **
  • History of Western Philosophy **
  • Information Computer Systems **
  • Programming and Databases **
  • Programming and Data Processing **

Optional courses **

2 year

  • Microeconomics-1
  • Macroeconomics-1
  • Mathematics for Economists
  • Statistics
  • Contemporary Sociology in Global Age
  • Principles of Accounting
  • Linear Algebra for students on specialization Mathematics and Economics
  • Linear Algebra
  • Principles of Law **
  • Political Science **
  • Philosophy and Methodology of Science **
  • English Language

Optional courses **

Optional courses: German Language, French Language, Spanish Language

3 year

  • Microeconomics-2
  • Macroeconomics-2
  • Elements of Econometrics
  • Further Mathematics for Economists
  • Abstract Mathematics
  • Managerial Accounting
  • Principles of Banking and Finance
  • Business and Management in a global context
  • Economics of the public sector
  • History of Economic Thought
  • Economic History **
  • Sociology of Consumer Finance **
  • Topics in Applied Economics **
  • Economics of Development **
  • Game Theory

Optional courses **

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
  • Core Management Concepts
  • Time Series and Panel Data Analysis **
  • Institutional Economics **
  • Experimental and Behavioural Economics **
  • Theory of Finance **
  • Research seminar

Optional courses **

Entry examination:

International applicants have to pass 2 examinations: English language and Mathematics. All examinations are held in English.


  • Format: written test
  • Duration: 180 minutes

English language:

  • Format: written test
  • Duration: 180 minutes

International applicants who speak Russian can take 3 internal exams in the format of Unified State Exam: Mathematics (in Russian), English, Russian.

International applicants who have Unified State Exams certificates apply to ICEF according to the standard procedure.

Requirements to international applicants

We expect high-skilled and motivated applicants who possess a high level of English knowledge and good mathematical background. Applicants must be high school graduates. We accept students with high school certificate from around the world. The level of received high school education should be equivalent to the US, British or Russian level of high school education.

Proficiency in English:

We ask applicants to provide evidence of their command of English. Experience has shown that students who are fully proficient in English are best placed to make the most of all that ICEF has to offer, both academically and socially. We expect that applicants’ entry level of English is equivalent to an overall score of at least 5.5 of International English Language Testing System (IELTS). Russian applicants must provide their Unified State Exam (USE) score in English; the minimum score for eligible application is 70 out of 100.

Proficiency in Mathematics:

We are looking for applicants with a strong mathematical background. This is due to the structure of the degree programme at ICEF for which high levels of mathematical ability are essential. Thus it is a requirement that applicants have completed the course of Mathematics in high school in the USA, the UK, Russia or another equivalent. The final grade for high school Mathematics course should be 70% of the maximum score or higher. Russian applicants must provide their Unified State Exam (USE) score in Mathematics; the minimum score for eligible application is 60 out of 100.

Selection criteria:

The minimum requirement for applicants is to have 130 scores out of 200 for the sum of 2 USE exams. However, the recommended level is 160 scores and higher. The admission criteria are equivalent for both Russian and international students. We expect international candidates who possess equivalent qualifications in English and Mathematics.


Application deadline: 25 July

Required documents:

  • Completed application form
  • Photocopy of passport or national identification card
  • Certificate of secondary education
  • 6 photographs, 3cm by 4cm in size.

All applicants must also attend an additional obligatory interview in English, which is not an entrance examination.

The tuition fee depends on student's academic achievements and is subject to indexation. The level of payment is eligible for revision and depends on the student’s place in the rating.

For students entering in 2017, the fee is 670 000 rubles. However, there are merit-based scholarships available on the 2nd, 3rd and 4th years of studies.

Program taught in:

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Last updated November 15, 2018
This course is Campus based
Start Date
Sep 2019
4 years
670,000 RUB
per year
July 25, 2019
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Start Date
Sep 2019
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Sep 2019

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