The aim of the admission tests to the MSc in Global Finance and Economics is to select the most motivated and prepared applicants who want to become professionals in finance and economics.

! The applicant does not required to sit for the Admission tests in case if he/ she has 

>>>Certificate TOEFL (IBT min 80) / IELTS (min 6.0) / CAE / BEC Higher/ BEC Vantage AND

>>>GMAT (min 475) / GRE: (110/ 615) certificate.

The test results must be confirmed with official certificates from organizations authorized to administer such tests.


21 of July at 10.00 – Admission test program for Economics
24 of July at 13.00 – English language test

19 of July at 18.30


24 of July, 2017 at 12.00 discussion of Economics test results.
27 of July, 2017  discussion of Englihs language test results.


Admission test for English language is used to check level of English language proficiency of the Admission seeker. It takes part for 1 hour 20 minutes.
The test is considered “passed” in case if the Enrollee gets min 40 points out of 100 possible points.

! The applicant does not required to sit for the English language test in case if he/ she has a

  • Certificate TOEFL (IBT min 80) / IELTS (min 6.0) / CAE / BEC Higher/ BEC Vantage.

Content of English Test

The test consists of three parts: 1.listening,  2.grammar and 3.reading.
1.The listening section evaluates the ability to understand lecture, to make conclusions from the lecture and to answer to the questions related to the lecture . Ten minutes are allocated to complete listening section. Applicants are invited to listen to the presentation and to answer to the questions about specific information, that is contained in the excerpt, to make changes to the proposed answers ( to correct inaccuracies), and to supplement unfinished proposals based on what they have heard.

To prepare well you can use test sample from open sources such as ETC GLOBAL , English Club . Samples of  Listening section assignments:

>>>Questions to the Casual Conversation (download)

>>>Questions to the Sondheim Pharmaceuticals (download)


>>>Questions to the Academic Discussion (download)


>>>Questions to the Lecture Gemology Class (download)

2.In the grammar part, the enrollee should present his skills to apply the English grammar rules. The tasks in this section take about 35 minutes to complete. The section contains tasks of several types: tasks for compiling stable phrases and idiomatic expressions from the proposed words, determining the meaning of stable word combinations and idiomatic expressions, selecting the right verb for a certain context, identifying grammatical errors in the proposed text.

To prepare well you can use test sample from open sources such as ETC GLOBAL , English Club . Samples of  Grammar  section assignments:

Particular attention in the English language test is given to the following topics, traditionally causing difficulties for Russian-speaking persons.

1. Irregular verbs (cost, spread, cast, lie, lay etc).
2. V-ing –to V.
3. Use of “used to”, “be used to”, “get used to”.
4. The use of times after “after”, “as soon as “, “before”. “be the time”, etc.
5. Lexical difficulties (conscious, consciousness, conscience, conscientious etc).
6. Countable – uncountable nouns (advice, knowledge, permission etc).
7. Adverbs are adjectives (lovely, likely, cowardly etc).
8. Use of articles.
9. Use gerund or infinitive after English verbs.
10. Conditional constructions.

3.The reading part takes 25 minutes. This section assesses reading skills, vocabulary, ability to work with synonyms, knowledge of the stylistic features of the language, the ability to guess the meaning of unfamiliar words from the context, using the analysis of parts of the word. Texts, as well as examples from the second part, are built on the basis of academic English.

To prepare well you can use test sample from open sources such as ETC GLOBAL , English Club . Samples of  Reading  section assignments:

To prepare well for the English test you can use

TOEFL textbooks (for example Official Guide and  Cracking the TOEFL),

Use the web-page ,

On-line tests

For listening section please use lectures on-line :



Admission test in Economics is aimed at assessing the professional competencies of the enrollee, necessary for the successful education at theMSc in Global Finance and Economics in English.

The test in Economics takes part for 45-60 minutes. The enrollee should try to present his answers to the exam questions in the most complete way.

! The applicant does not required to sit for the test in Economics  in case if he/ she has a

  •  GMAT (min 475) / GRE: (110/ 615) certificate.

To prepare well for the test in Economics we advise you to check the


We also advise you to pay particular attention to the following topics:

Topic 1. Monetary System.

The kinds and the functions of money. Modern banking system: the structure and functions of the banking system. The Central bank and commercial banks : functions and interactions. Money creation with fractional-Reserve Banking.  The Money multiplier .

Topic 2. Inflation and Unemployment

Identifying Unemployment; reasons for unemployment. How is unemployement is measured? The Classical Theory of Inflation.  The Cost of Inflation. Inflation targeting policy and it’s economic costs. The trade-off between Inflation and Unemployment: the Phillips curve.

Topic 3. Foreign Currency Exchange Rate and  Market

Exchange rate: Nominal and Real Exchange Rate.  Purchasing Power Parity. Factors affecting the real exchange rate. Exchange rate regimes. Characteristics and types of foreign exchange markets. Participants of the foreign exchange market. Open currency position.

Topic 4. Financial Markets

Types and functions of financial markets. International financial market: the international securities market and international foreign exchange market. Financial intermediaries.  The role of financial intermediation in ensuring the effectiveness of economic development. Financial system regulation.

Topic 5. Monetary Policy and Regulation of the Banking System

Central bank: Mission, Role and Functions. Central Bank of Russia and Monetary Policy.   Banking Supervision and Regulations of Banking Activities. Types of Banks and Non-bank Credit Institutions. Lending to corporate clients and individuals: application of financial ratios (calculation of indicators and their application for assessing the reliability of the client). Financial intermediaries in the market and their role in the distribution of financial resources.

Topic 6. The International Flow of Capital

The Market of Loanable Funds. The International Flows of Goods and Capital.  The Consequences of International Capital inflows into Domestic Market.  Transnational Corporations.  Risks Associated with the International Capital Flows. Regulation of International Capital Flows.

Recommended Literature

  1. Агапова Т.А., Серёгина С.Ф. Макроэкономика. 10-е изд. М.: МАРКЕТ ДС, 2013г.
  2. Gregory Mankiw : Macroeconomics 9th Edition: Macmillan learning, 2016
  3. Gregory Mankiw : Principles of Microeconomics, 8th Edition : Cengage, 2016
  4. Frederic S. Mishkin: The Economics of Money, Banking and Financial Markets ,11th Edition: The Pearson, 2015
  5. Лаврушин О. Банковское дело. Учебник. 11-е изд. М:КноРус, 2014

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