Interview with FinU Rector to Rossiyskaya Gazeta

The Financial University under the Government of the Russian Federation celebrates its 105th anniversary in 2024. Despite his impressive age, it does not follow the usual trends, but forms new ones, says its Rector, Doctor of Economics, Professor, Honored Economist of Russia Stanislav Prokofiev in an interview with RG.

Stanislav Prokofiev: FinU is the largest university in Russia that trains economists, financiers and managers. We have more than 53 thousand students, 27 branches across the country. At the same time, increasing the number of concentrations and new educational programs is not an end. We understand that it is wrong and irrational to open programs just to satisfy the temporary demand for fashionable trends now - a blogger, a creative director or a motion designer.

We are not chasing hype, our main specialization is finance, management, economics. Everything we create has this competitive advantage at its core. For example, we have opened a Philosophy Department, but the specialization is called “Business Ethics”. We have a similar situation with Linguistics. We train people who can not only translate complex economic terms, but are also able to understand them.

The fact that this is in demand is confirmed by the rankings data. In the subject-specific international university ranking of THE Russian universities, we are ranked 16th in Mathematics and Computer Science. In the Russian RAEX subject ranking, FinU is 7th in Political Science, International Relations and Law and 5th in Sociology.

The University was not included in the pilot for changing the levels of higher education. Why and how do you view this experiment?

We didn’t get into it partly because FinU is too big. But, of course, we are carefully studying how the experiment develops. In general, we are talking about a sovereign model of higher education, so the University will not stand aside.

We joined the experiment together with Tomsk State University on the implementation of fintech programs as part of the New Economic Education project. Recently, we held a visiting strategic session with heads of departments, deans and vice-rectors. It was determined that we see basic higher education for five years. According to the law, it should be considered a completed higher education, unlike the current bachelor’s degree.

For those who wish to continue their education, there will be three types of special higher education. The first is professional, this is something that, according to our feelings, could last a year, and what we would like to create with our partners - banks, corporations. This is a kind of profiling of basic higher education alumni for the needs of employers. The second concentration is academic - those who will go on to become scientists and teachers. The third concentration is managers. These are people who have already worked, realized what they lack, and came to get the necessary additional knowledge.

Your slogan is “We don’t follow the usual trends. We are forming new ones.” Which ones exactly?

We try to anticipate trends and respond ahead of time. Among the most popular are two qualifications in one diploma. This is a fundamentally new educational model, which provides for a combination of multidirectional qualifications. For example, in the past, a lawyer, when considering cases or when certifying documents, understood how to confirm the authenticity of a handwritten signature on paper. But today, an electronic digital signature has been fully introduced into our lives. There are questions: how can I verify its authenticity? How do I make sure that it is the owner of the electronic digital signature who signed this document? The answers to this question are in law and IT. Accordingly, a humanitarian specialist needs to expand his or her skills in the technical field. And we were one of the first to respond to this trend and launched a double-degree program.

This is presented as a unique opportunity, but who really needs it?

We live in an increasingly competitive environment. Getting two degrees instead of one is a good career advantage. Professions with the additional digital skills are in great demand: an economist-lawyer, an IT economist, an IT financier. We will launch the Digital Lawyer program soon. It is important for a lawyer today not only to know the law, but also to understand digital financial assets.

We try to anticipate trends and respond ahead of time.

The programs are popular, in 2023 we accepted 294 people for six similar programs. In 2024, we are already starting 30 such programs, of which 12 are in branches.

We were pioneers here, and in many ways we continue to be, although there are already universities that have picked up this experience. In the future, we plan to scale the number of such programs, as the demand for specialists qualified in various professional fields is steadily growing.

How are you planning to develop cooperation with other universities?

This is another of our trends - collaboration with leading universities in their field. We provide students with the opportunity to receive two degrees at once during one period of study. We are launching six such programs in 2024.

Double-degree pogram from the Bauman Moscow State Technical University “Digitalization of Financial Products and Services” starts. This is an excellent example of the symbiosis of our strengths - the training of specialists in Economics and Information Systems and Technologies. In addition, we plan to open new educational programs with double-degree diplomas from the State University in Land Use Planning in the areas of “Business Informatics” and “Land Use Planning and Cadastres”.

Together with GITIS, we will train financiers for the creative industries. We will start training specialists in classical and Islamic models of modern banking with the Chechen State University. They have unique experience in this field and extensive connections with universities in the Arab East. With the same university, we are launching a double-degree master’s program in the Economics and Ecology and Environmental Management.

This format of work allows us to go beyond our multi-profile, providing high-quality education, because we cooperate with leaders in our fields. This is a pure experiment, something that we are now launching as a trend. At the open days, this was perhaps our most debated innovation.

One of the trends is advanced technology. What does it mean?

We have created an infrastructure that allows students to get the most relevant and monetized knowledge. We already have a number of joint projects with commercial banks, government agencies, and key financial organizations. All advanced technologies that appear in the market leaders’ view become a new tool for the university’s activities even before mass application in practice. For example, VTB has created a simulator for students that allows them to learn banking using real data as an example. Having gone through the basic elements using the example of software used in most large banks, the guys receive unique skills.

We have a laboratory of Axelot, a leader in the production of logistics software, where you can go from labeling pallets to building a model for their movement. We successfully use the content of the so-called Fintech Hub, a unique educational product developed by the Bank of Russia, in the educational process. An excellent laboratory was created together with Alfa-Bank to develop new banking products and adapt them to different types of consumers.

Among the trends there is taking care of students. What does it mean?

We have a mentoring program, which is an effective form of student support in the early years of study. Alumni’s mentors share their experiences, help students discover their abilities, develop a personal development plan, or even create their own business.

We actively support the entrepreneurial initiative of students. Business incubator has been created, there is a Startup studio and an Entrepreneurial Club. And, of course, the University has created an effective, permanent system: career guidance - internship - practice - employment - career support.

Are there any plans to introduce practical internship from 1-2 years already? In 3-4 years, many students are already working often.

I support long-term internships more than industrial ones. We give students the opportunity to come to our partners’ offices after classes and work there for 6-12 months, join the team, prove themselves and understand whether this is their cup of tea or not. Not a short practice, where, as a rule, guys are loaded with simple and non-core work, but to work for real and get paid for it. We have launched such internships with VTB, Alfa-Bank, VEB of the Russian Federation, and the Ministry of Science and Higher Education.​

What do I like about these internships? First, the student management infrastructure has been created. They are not abandoned, a specific manager is responsible for them. Secondly, there is a system of so-called sharing. For example, you have an intern in the block, but if there is no urgent need for him or her, but there is a colleague who needs workers for his project, the student is sent there. As a result, the students can look at different areas of activity and understand where they would like to work after graduation.

Our interns are then considered as potential candidates for employment. Therefore, we are now paying great attention to the development of internships. And the students say that this is what is needed and it is better than practical internship. Moreover, banks pay from 50 thousand rubles per month for 4-hour work per day. This is a very good start for a beginner.

Are continuing education programs in demand among students?

Yes, and this makes me very happy, because we launched this project just two years ago and its dynamics are impressive. If we started with 150 students, then over the past year there have been almost two thousand, and the number of programs has grown from 2 to 38. The products that we make in collaboration with employers are among the leaders. For example, product management, information security, etc. And this just debunks the myth that today’s student is lazy and not curious.

What new joint educational programs with foreign universities will appear in 2024?

We had more than 40 double degree programs with universities in Western Europe, the USA, Japan and South Korea. As soon as the special military operation began, all state universities immediately broke off relations with us. Private universities tried to complete them correctly.

We are faced with a large-scale task - to provide an alternative in partnership with colleagues from friendly countries. Now we are actively engaged in this and already offer students ample opportunities to study at leading universities in Asia and Latin America, implementing more than 35 inclusive education programs.

Getting two degrees instead of one is a good career advantage.

Of course, the number one for us is the EAEU countries. There are already double-degree programs with leading universities in Belarus, Kazakhstan, and Uzbekistan. The second priority is China. We have held talks with four leading universities in Beijing and Shenzhen University, reached agreements on student exchange and double-degrees, which we have begun to implement.

So has the U-turn to the East taken place or are we still turning around?

It’s too early to talk about its completion, but there are already successes. In 2024, we are launching several joint double-degree programs. For example, the bachelor’s degree program of the Faculty of International Economic Relations “Global Economics and International Trade” with Jilin University, one of the leading universities in China. Thanks to the partnership with Dalian NEUSOFT University, students of our Faculty of Information Technology and Big Data Analysis studying undergraduate programs in “Software Engineering” and “Applied Informatics” will study under the double degree program for the first time.

In the near future, an agreement will be signed on the implementation of two master’s degree programs with Fudan University (PRC), with the Banking Academy of Vietnam, with Allameh Tabataba’i University in Iran and other leading universities of friendly countries.

How many university students are there in China, for example?

22 students have just returned from their studies, now 24 more will go. There will be a competition for the fall semester soon, there will be about twice as many places.

Are foreign students coming to us?

One of the strengths of Russian education is its relevance to foreign countries. This is our soft power. There are more than 320 thousand students from abroad in the country, almost 2.5 thousand foreigners from 92 countries study here alone. And the demand for our education is growing. We have never recruited a thousand people a year, but last year - at the height of our training - we did. This proves that our education is trusted, and there is not a single G20 country whose representatives would not be studying at FinU now. But the majority of foreign students, of course, are from friendly countries. Belarusians, Kazakhs, Uzbeks, Chinese and Vietnamese are in the top 5.

By the way, returning to the transition to a new model of sovereign education, it seems important to me not to forget about this mass of foreign students. Many of them take advantage of the Bologna Convention. Let’s say the bachelor’s degree is completed in Russia, and the master’s degree is completed in the West. This model is clear to employers in their countries and should be kept in mind when reforming the higher education system in Russia.

Are you worried about free thinking at the FinU and how do you work with young people?

Young people all over the world are prone to maximalism and the desire to radically solve problems. It has been so at all times, and it is so now. The guys are sometimes driven, on the one hand, by youthful maximalism, on the other hand, they are largely influenced by certain opposition, or even banned Internet media in the country and the corresponding “leaders” of public opinion, telling, for example, that they have no future in Russia. And this poses a serious challenge to us, teachers. We must not only teach, but also educate young people in Russian traditions, instill patriotism, traditional moral values, and for this we need to be in dialogue with the guys.

I recently talked with the rector of a university, and he asked me if it was true that I was spending the “Rector’s Hour”? I say yes, we have an open dialogue, an open talk, students can come and ask anything they want. He asks, Aren’t you afraid? I say no, on the contrary, I am happy to do it, because it is necessary to build a communication system. We have a multi-level system. There is a student council. Within it there are committees for science, education, leisure, dormitories, etc. Each of them has its own partner, the Vice-Rector. They are obliged to meet with students once a month. Those students’ questions that are not resolved for some reason in the dean’s offices go to the student council. If the Vice-Rector is unable to solve them, his powers are insufficient or additional financial resources are required, then these tasks fall to me. Real consideration of students’ opinions, positive changes in the University initiated by them and implemented jointly with them is a very important educational factor.

It is necessary to let students express themselves. We have a huge number of different kinds of clubs - scientific, professional, discussion, volunteer. There are more than 70 sports sections, and more than 40 creative ones. It is necessary to give the students the opportunity to show themselves, because so many protest moods basically have the inability for a person to express themselves. The more extracurricular activities there are, the more students will be able to find themselves in them. And it is very important that all teachers are ready for an open dialogue with students. It’s difficult, it’s hard, but it has to be done.

We have preserved the job of educators in all halls of residence since the Soviet Union. In most educational institutions, these people have been redundant, and I think they are important. It is educators with student councils who organize student self-government, student life, leisure, all this eventually creates a system of effective interaction. This dialogue has been important at all times, and at times when students have especially many questions and they need to look for answers to them, it is extremely important.

Dialogue is commendable, but how do you instill respect for humanism and historical heritage?

Recently we had a meeting of students with Deputy Minister of Defense Tatyana Shevtsova, it was one of the elements of a large educational process. In her lecture on military economics, she spoke figuratively and interestingly about the course of a special military operation, showing the scale of industrial restructuring, financial and logistical support for a special military operation. A knowledgeable, willing person came to communicate with students, presented many new and interesting moments that “hooked” the students.​

The military officers of the Ministry of Defense, having reached the positions where our students, who volunteered to participate in a special military operation, serve, recorded a video message from four of them to the current students. The stories were broadcast on federal TV channels. To be honest, it was very touching and heart-breaking so it was very pleasant to hear kind words about the University, about what they were taught here, and how this knowledge and worldview were useful to them there.

We took her to our museum, where we made an exhibition of products that our student mini-workshop makes for field hospitals. Together with teachers and parents, students sew special hats for the wounded, different types of head restraints, insulated hats, special pillows for field hospital patients. This is our joint project with the Russian Ministry of Finance. I am convinced that the involvement of students in such projects is the best way to foster citizenship and humanism.

Does the University allocate money?

There were parents and just kind people - patrons who bought us sewing machines, overlocks. Representatives of the Ministry of Finance of Russia, who also have a similar mini-workshop, gave us patterns and held master classes. Students and faculty donate personal funds so that the workshop always has a job. This is a modern form of volunteering, when the guys have a need to do something, giving the fighters the energy and warmth of their hands. The Ministry of Finance helped to organize the acceptance of finished products. We transfer it to the front with the Ministry of Finance, and sometimes through our own channels.

It also happens that our students who voluntarily went to the front come on leave. I recently met with one of them. They equipped him with a whole backpack of things for his comrades. He was happy to take me.

In addition, we transferred 30 Russian tablets to the hospital “3 Central military clinical hospital named after A. A. Vishnevsky” and to the Main Military Clinical Hospital named after Academician N.N. Burdenko, into which we downloaded free courses from the Open Online Academy of the FinU.

When a person switches to something else, it already contributes to recovery. And when they realize that, after studying the content, they can take the exam online, we will give them a diploma, and after leaving the hospital, they will actually receive an additional profession in which they can find a job in peaceful life - it is also a kind of educational therapy.

Which courses are popular?

Fintech, Banking, Insurance business, Financial Mathematics with the language R, Business Informatics, Information Security, Municipal Management. The city councils have agreed on the employment of those who already have higher education, they are ready to take former fighters who have received a certificate of advanced training to the municipal service.

Are you planning to open branches in new regions?

Not yet, but we have a system of working with them, we provide internships for teachers from universities in new territories with us. We give them educational content and teach them how to use it. In addition, together with the RANEPA under the President of the Russian Federation, we have weaned almost a thousand active state and municipal employees from new regions. The Presidential Academy teaches traditional issues related to public administration and legislation in the civil service. We add our own content: state finances, budget formation, public procurement, etc.

Key issues

In February, the Central Bank kept the key rate at 16 percent, will it be possible to approach the inflation target in 2024?

I doubt that we will reach 4 percent by the end of the year, but it is absolutely realistic to achieve the target next year. With a systemic policy, it is quite realistic to reach 5-6 percent this year. I think that the Central Bank will not change the key rate for quite a long time. At least, I see no reason to revise it in the next couple of quarters, including because inflation expectations are still high, although they are beginning to decline. The central bank is fighting monetary inflation with all available methods. In my opinion, it is tough, but effective. If the key rate had not been sharply raised, we know all too well, we, I mean, financial scientists, what this would have led to. Inflation can grow exponentially in certain periods, so you need to make quick and tough, although not always popular, decisions from the very beginning.

At the same time, the development of inflation is also influenced by the so-called non-monetary factors of inflation, the instruments of influence on which the mega-regulator has very limited. They can be stopped only with the active cooperation of the Bank of Russia and the government in fiscal policy, customs regulation, pricing for certain goods and services.​

What model do you think the economy will come to in a few years? There were forecasts that it would be of the Iranian type, but the anti-Russian sanctions are much tougher.

The sanctions are unprecedented, no one has ever taken such measures against a single country. But I will remind you what our president said in an interview with Tucker Carlson. After all, we are the first economy in Europe. And this is a fact that cannot be avoided. In any case, we are among the top 5 leading economies in the world. No matter who or how many of our geopolitical opponents try, it is simply impossible to exclude Russia from the global economy. The severity and scale of the sanctions are dampened by the importance of the country and the unwillingness of many partners to completely abandon ties with Russia. For example, North Korea and Iran do not have such advantages. There are resources on which the world depends and which only we have. I believe that Russia will still have a market economy, but with active government regulation. And this has always been our feature, even in tsarist times. Russia has never been an analog of an economy with the invisible hand of the market, as Adam Smith wrote about it. Its other important feature is that it will remain social, as written in the Constitution. Despite the sanctions, the Government has not suspended any law on social support. All the support measures laid down in the quiet years continue to operate and are financially secured. Finally, it will be innovative. The measures taken by the President and the Government to achieve technological sovereignty in the development of the most important sectors of the national economy, support for science and education, and expansion of international cooperation ties with friendly countries are the basis for such a transformation.

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