


The only academic programme welcomed into the CFA Institute University Affiliation Program and recognized by GARP as an Academic Partner.
Master programme has been acknowledged as incorporating at least 70 percent of the CFA Program Candidate Body of Knowledge (CBOK) and placing emphasis on the CFA Institute Code of Ethics and Standards of Practice within the program.
This program positions students well to obtain the Chartered Financial Analyst® designation, which has become the most respected and recognized investment credential in the world.
The content of the certified GARP FRM programme is also integrated into the structure of the Master’s programme.
Financial Risk Manager (FRM®) is the leading certification for risk managers, recognized in all major markets. It is consistently sought after by almost all major banks and firms in the world and is awarded only to professionals who demonstrate the knowledge and ability to anticipate, react and adapt to the problems existing in the field of risk management.
CFA level I and GARP FRM I exam scholarships are offered to the students with the high academic results.
• 120 ECTS
• 2 years
• Language of instruction: English
Course Lecturers: Graduates of leading international universities, industry experts from national and international companies (Samruk-Kazyna, Bank of Development of Kazakhstan, AIFC, etc).
Learning Objectives:
• Demonstrate leadership, professional ethics and effective teamwork;
• Demonstrate proficient command of English, both writing and verbal, and presentation skills;
• Be committed to high standards of research ethics and academic integrity;
• Independently conduct applied research of appropriate novelty and quality;
• Find and deliver insights based on research to relevant stakeholders;
• Articulate professional judgments based on existing and original information;
• Apply analytical skills to diagnose, evaluate and solve problems in finance to develop recommendations;
• Develop and polish solid risk management competences;
• Critically assess the risk management process and identify problems and challenges that can arise in the risk management process;
• Distinguish and apply tools and procedures used to measure and manage risk, including quantitative measures, qualitative assessment, and enterprise risk management;
• Explain the need for high ethical standards in the investment industry and the ethical responsibilities required by the CFA Institute Code of Ethics and standards of Professional Conduct and GARP with respect to risk management practices;
• Establish and develop a strong culture of risk awareness within in their organizations;
• Demonstrate solid knowledge and practical skills of estimating and interpreting econometric models for finance;
• Operate theoretical knowledge and practical modeling and coding skills to handle data and conduct econometric research;
• Articulate knowledge and skills in understanding of the general legal framework, and of specific legal areas relating to business world, and the legal implications of business activities;
• Assess key characteristics of a wide range of financial products and its valuation and investment management strategies.
Contacts:
Aizhan Sagymbay – Tutor Manager for Graduate Studies
a_sagynbay@kazguu.kz
Please, fill the form and we will contact you.
Code | Courses | ECTS | Semester |
MGT 5201 | Global Leadership and Organizational Development | 10 | 1 |
RSM 5201 | Research Methods I | 5 | 1 |
FIN5321 | Financial Econometrics 1 | 5 | 1 |
FIN5313 | Advanced Corporate Finance | 5 | 1 |
FIN5322 | Financial Econometrics 2 | 5 | 2 |
FIN5305 | Financial Risk Management | 5 | 2 |
FIN5311 | Valuation | 5 | 2 |
FIN5309 | Securities and Derivatives | 5 | 2 |
FIN 5307 | Operational Risk Management | 5 | 3 |
FIN 5301 | Financial Modelling | 5 | 3 |
FIN5302 | Bloomberg Concept Markets | 2 | 3 |
FIN5306 | Credit Risk Management | 5 | 4 |
*doesn’t include Research Practice, Research Project, Teaching Practice, Dissertation Defense – all required components by Ministry of Education of Republic of Kazakhstan
HSE collaborates with universities and higher education institutions:
International School of Business SolBridge, WooSong University, South Korea;
Mendel University in Brno, Czech Republic;
Hof University of Applied Sciences, Germany;
OSCE Academy in Bishkek, Kyrgyz Republic;
European University Viadrina, Germany;
Turiba University, Latvia;
Contacts:
If you want to learn more about academic mobility and criteria for participating in the exchange program, please contact International Office, mobility@kazguu.kz

Ikboljon Qoraboyev
Education: PhD in Public International Law, University of Toulouse Capitole, 2010; LLM in European Law, University of Montpellier, 2004; LLM in International Law, University of Montpellier, 2002; BA in International Relations, University of World Economy and Diplomacy (Tashkent), 2001; Certificate “Introduction to US Law”, George Washington University School of Law, 2011.
Courses: Advanced topics in international law; Methodology of international legal analysis; Advanced topics in international human rights law; Fundamental theories of international.

Timur Abilkassymov
Education: KIMEP, Bachelor of Economics, MBA in Risk Management, London School of Business & Finance (London, UK).
Experience: Entrepreneurship Development Fund DAMU JSC, KazInvestBank JSC, Center for Macroeconomic Research LLP, KazMunayGazOnimderi LLP, NC KTZ JSC,Kaztemirtrans JSC, Kazakhstan Energy Reinsurance Company LTD, Passenger Transportation JSC
Courses: Financial Risk Management, Quantitative Methods MBA

Zhanara Aldambergenova
Education: MSc in Accounting and Finance, Manchester Business School (UK, the University of Manchester), Level III CFA Candidate
Experience: more than 15 years in Kazakhstan banking sysetm (credit risk management, project financing, and credit analysis)
Courses: Ethics and professional standards CFA, Corporate Finance, Advanced Corporate Finance

Victoria Tsay
Education: MA Public Administration, Harvard Kennedy School, MBA, Maastricht School of Management
Courses: Global Leadership and Organizational Development

Sultan Mukayev
Education: KIMEP, CFA charterholder
Courses: Advanced Corporate Finance

Bakhytzhan Kurmanov
PhD, Assistant Professor
Education: Nazarbayev University, Doctor of Philosophy in Public Policy, 2021. Master of Public Policy, Australian National University, 2013, BA, York University
Courses: Research Methods
Email:b_kurmanov@kazguu.kz

Assylbek Tanashikov
CFA, FRM, Adjunct Assistant Professor
Education: National University of Singapore MBA, Finance, Suleyman Demirel University BA, Economics
Courses: Securities and Derivatives, Investment Management, Financial Econometrics
Email:a_tanashikov@kazguu.kz

Rustem Kozhakhmetov
Senior Lecturer, CFA
Education: Corporate Finance Institute, Financial modeling & Valuation Analyst, Finance Valuation, Excel, Modeling, University of Strathclyde, Master’s degree, Economics and Finance, KIMEP Bachelor’s degree, ccounting and Finance
Courses: Valuation, Fixed Income Securities, Financial Modeling
Email:R_Kozhakhmetov@kazguu.kz
You can find out details about КТ by following the link.
All lectures, coursework, research work and dissertation are delivered in English. A successful candidate should demonstrate the decent level of English language proficiency (at least IETLS 5.5., though we don’t require IETLS certificate). We also recommend to enroll to this programme for students with relevant Bachelor degree (Finance, Economics, Business Management) due to the advanced nature of the courses. If a student has a strong quantitative background, she/he is welcomed to the programme with commitment to self-study of the relevant subjects. (Principles of Finance, Corporate Finance) 2 weeks intensive pre-masters courses might be offered to the students under special conditions (at least 15 students in a group).
The Master’s Programme in Economics is based on the international educational standards with focus on the local content. The programme is oriented on developing students’ knowledge and skills in business micro and macro environment analysis as the most demanded by the regional labour market.
The graduates of the programme will be able to work in academia, national and international research organizations, financial institutions, and corporate organizations.
ECTS: 120
Length: 2 years
Language of instruction: 100% English
Course Lecturers: Graduates of leading international universities, prominent researchers in the field, industry experts from national and international research organizations
Learning objectives:
- demonstrate leadership, professional ethics and effective teamwork;
- demonstrate proficient command of English, both writing and speaking, and presentational skills.
- be committed to high standards of research ethics and academic integrity;
- independently conduct applied research of appropriate novelty and quality;
- find and deliver insights based on research to relevant stakeholders;
- articulate professional judgements based on existing and original information;
- apply theoretical knowledge and analytical skills to diagnose, evaluate and solve problems in economics and develop relevant recommendations;
- demonstrate solid knowledge and practical skills of estimating and interpreting econometric models;
- demonstrate data management and coding skills sufficient to perform econometric estimations with real data in statistical software;
Contacts:
Aizhan Sagymbay – Tutor Manager for Graduate Studies
a_sagynbay@kazguu.kz
Please, fill the form and we will contact you.
Code | Courses | ECTS | Semester |
MGT 5201 | Global Leadership and Organizational Development | 10 | 1 |
RSM 5201 | Research Methods | 5 | 1 |
ECN5304 | Optimization Theory in Economic Analysis | 5 | 1 |
ECN5201 | Econometrics | 5 | 1 |
ECN5309 | Microeconomics -II | 5 | 2 |
ECN5302 | Macroeconomics – II | 5 | 2 |
ECN5303 | Applied Economics | 5 | 2 |
ECN5308 | Advanced Econometrics | 5 | 2 |
ECN5205 | International Economics | 5 | 3 |
ECN5206 | Labour Economics | 5 | 3 |
ECN5307 | Cases in Economics | 5 | 3 |
FIN5305 | Risk Management | 5 | 4 |
*doesn’t include Research Practice, Research Project, Teaching Practice, Dissertation Defense – all required components by Ministry of Education of Republic of Kazakhstan
HSE collaborates with universities and higher education institutions:
International School of Business SolBridge, WooSong University, South Korea;
Mendel University in Brno, Czech Republic;
Hof University of Applied Sciences, Germany;
OSCE Academy in Bishkek, Kyrgyz Republic;
European University Viadrina, Germany;
Turiba University, Latvia;
Contacts:
If you want to learn more about academic mobility and criteria for participating in the exchange program, please contact International Office, mobility@kazguu.kz

Ikboljon Qoraboyev
Education: PhD in Public International Law, University of Toulouse Capitole, 2010; LLM in European Law, University of Montpellier, 2004; LLM in International Law, University of Montpellier, 2002; BA in International Relations, University of World Economy and Diplomacy (Tashkent), 2001; Certificate “Introduction to US Law”, George Washington University School of Law, 2011.
Courses:Advanced topics in international law; Methodology of international legal analysis; Advanced topics in international human rights law; Fundamental theories of international.

Kuat Akizhanov, Associate Professor
Education: University of Bath, UK, Ph.D. in Social and Policy Sciences
Experience: Public Economic Management, International Development, Financialisation and neoliberalism, Political economy of socio-economic inequality, International development and finance capitalism, Critical realism
Courses: Public and Economic Governance

Daulet Taimagambet
Education: Australian National University, Australia, PhD (2014 – Present)
Experience: International Economics, Econometrics, Research Methods

Saule Kemelbayeva, Dean
Education: Newcastle University (UK), PhD in Economics
Experience: Applied Microeconomics, Quasi-Experimental Research Design, Education Economics, Labour Economics, Returns to Education, Labour Markets
Courses: Cross Sectional and Panel Data Analysis

Bakhytzhan Kurmanov
PhD, Assistant Professor
Education: Nazarbayev University, Doctor of Philosophy in Public Policy, 2021. Master of Public Policy, Australian National University, 2013, BA, York University
Courses: Research Methods
Email:b_kurmanov@kazguu.kz

Azat Aituar
Assistant Professor, PhD
Education: University of Reading Business and Economics, PhD
Courses: Microeconomics, International Economics
Email:A.Aituar@kazguu.kz

Rustam Bekishev
Senior Lecturer
Education: B.S. in Mathematics, Nazarbayev University,Master of Science in Statistical Analysis, KAUST, KSA
Courses: Econometrics, Optimization Theory in Economic Analysis
Email:R_Bekishev@kazguu.kz
The citizens of the Republic of Kazakhstan should pass the Integrated Testing conducted by the National Testing Center.
You can find out details about КТ by following the link.
All lectures, coursework, research work and dissertation are delivered in English. A successful candidate should demonstrate the decent level of English language proficiency (at least IETLS 5.5., though we don’t require IETLS certificate). We also recommend to enroll to this programme for students with relevant Bachelor degree (Finance, Economics, Business Management) due to the advanced nature of the courses. If a student has a strong quantitative background, she/he is welcomed to the programme with commitment to self-study of the relevant subjects. (Macroeconomics, Microeconomics, Econometrics) 2 weeks intensive pre-masters courses might be offered to the students under special conditions (at least 15 students in a group).

The aim of the programme is to provide students with the skills and knowledge necessary to contribute in the strategic development of organization. The programme is suitable for young professionals who want to upgrade their knowledge and skills.
ECTS: 60
Length: 1 year
Language of instruction: 100% English
Course Lecturers: Graduates of leading international universities, industry experts from national and international companies (Corporate University Samruk Kazyna, KazMunaiGas,HomeCreditBank)
Learning objectives:
- Demonstrate leadership, professional ethics and effective teamwork;
- Demonstrate proficient command of English, both writing and verbal, and presentational skills;
- Be committed to high standards of research ethics and academic integrity;
- Independently conduct applied research of appropriate quality;
- Find and deliver insights based on research to relevant stakeholders;
- Articulate professional judgments based on existing and original information;
- Evaluate both local and global environment, current trends and challenges;
- Manage processes and structures in the organization through an understanding of economic and financial processes, HR management methods, marketing and management theories and concepts;
- Ensure inclusion, diversity and equality practices within organization;
- Assess organizational culture for decision-making and risk mitigation;
- Manage resources effectively for decision-making.
Contacts:
Aizhan Sagymbay – Tutor Manager for Graduate Studies
a_sagynbay@kazguu.kz
Оставьте свои контакты, и мы с вами свяжемся
Sample Curriculum Overview*
Codes | Courses | ECTS | Semester |
MGT5201 | Global Leadership and Organizational Development | 10 | 1 |
RSM5201 | Research Methods | 5 | 1 |
MGT5308 | Business Ethics | 5 | 1 |
MGT5302 | Business Economics | 5 | 1 |
MGT5304 | Strategic Management | 5 | 2 |
*doesn’t include Industry Internship, Research Project, Dissertation Defense – all required components by Ministry of Education of Republic of Kazakhstan
Also available elective courses include Strategic Marketing, Strategic HR, Project Management, Equality, Diversity and Inclusion. However, availability of the courses depends on students’ enrollment!
HSE collaborates with universities and higher education institutions:
International School of Business SolBridge, WooSong University, South Korea;
Mendel University in Brno, Czech Republic;
Hof University of Applied Sciences, Germany;
OSCE Academy in Bishkek, Kyrgyz Republic;
European University Viadrina, Germany;
Turiba University, Latvia;
Контакты:
If you want to learn more about academic mobility and criteria for participating in the exchange program, please contact International Office, mobility@kazguu.kz

Ikboljon Qoraboyev
Education: PhD in Public International Law, University of Toulouse Capitole, 2010; LLM in European Law, University of Montpellier, 2004; LLM in International Law, University of Montpellier, 2002; BA in International Relations, University of World Economy and Diplomacy (Tashkent), 2001; Certificate “Introduction to US Law”, George Washington University School of Law, 2011.
Courses:Advanced topics in international law; Methodology of international legal analysis; Advanced topics in international human rights law; Fundamental theories of international.

Maya Tsyganenko
Education: MBA, University of Wales (Cardiff, UK), Robert Kennedy College (Zurich, Switzerland)
Experience: 15 years of training, leadership and organizational development programs in such companies as Samruk-Kazyna Corporate University (SKCU), Academy of Public Administration (APA) under the President of the Republic of Kazakhstan, Academy of Political Management of Nur Otan Party, Unified Accumulative Pension Fund (UAPF), Kazatomprom, Arcelor Mittal Kazakhstan, Halyk Bank Kazakhstan, HSBC Bank, Kazakhstan RepOffice, BTA Bank, Bank Centre Credit, Alyans Bank, Amanat Insurance, Nomad Insurance, Fortune Invest, IBC Holding, Microsoft Kazakhstan, Coca Cola Kaz, etc.
Courses: Group Dynamics, Teambuilding and Training

Ilfat Fazylbayev
Education: MILR Master of Industrial and Labor Relations, Cornell University, USA, Master of Philosophy in Public Administration, University of Bergen, Norway
Experience: Chief HR Manager at Nazarbayev University
Courses: Organizational Behaviour

Marzhan Nazarova
Education: MSc in Human Resources Management, Georgetown University, USA
Experience: Director of the HR Consulting Department of the Samruk-Kazyna Corporate University, recruiter of JSC Air Astana
Courses: Equality, Diversity and Inclusion

Zharkyn Bekzhanov
Education: MA, Human Resources and Industrial Relations, University of Minnesota – Carlson School of Management
Experience: HR Director “Home Credit Bank Kazakhstan”, Head of HR “Khabar Agency”
Courses: Strategic HR

Bakhytzhan Kurmanov
PhD, Assistant Professor
Education: Nazarbayev University, Doctor of Philosophy in Public Policy, 2021. Master of Public Policy, Australian National University, 2013, BA, York University
Courses: Research Methods
Email:b_kurmanov@kazguu.kz
The citizens of the Republic of Kazakhstan should pass the Integrated Testing conducted by the National Testing Center.
You can find out details about КТ by following the link.
All lectures, coursework, research work and dissertation are delivered in English. A successful candidate should demonstrate the decent level of English language proficiency (at least IETLS 5.5., though we don’t require IETLS certificate). This programme is suitable for students with the different backgrounds.