A Visit to Moscow’s Top Economics University
Entrance to ICEF department at Higher School of Economics
While working as a stock broker for an international investment bank in Moscow, I was asked once a year to participate in the firm’s recruitment program by speaking to Russian university students about my job.
The students had time to ask questions following our presentations. But there was little time for us to ask the Russian students about their interests and dreams.
Having recently lost my job and watched as international banks cut staff and moved Moscow employees to London amid the Russian slowdown and sanctions, I wondered if Russian students were optimistic about finding work in their desired field at home in Russia.
I visited the International College of Economics and Finance, a department at The Higher School of Economics, one of Russia’s top universities, to find out. I spoke with half a dozen students, both undergraduates and graduates.
I asked them why they chose economics and finance, what they would like to pursue after university and whether they thought they could find a job in Russia. I also asked about their personal interests and the most memorable event in their lives in 2014. The students all spoke to me in near-perfect English.
The responses from students to all questions were as different as their personalities. There was not one definite conclusion I came to based on the half dozen interviews, but was impressed by the self-confidence and enthusiasm they all demonstrated.
As ICEF has a joint program with LSE, most of the students I spoke with indeed wanted to continue their studies abroad or work overseas. However, that can’t be interpreted unequivocally as a desire to ‘get out of Russia.’ Study or work abroad does gives them a chance to acquire news skills and experience that will better position them for a job in Russia.
Below are excerpts from the interviews with the students.
Sasha, 19; 2nd Yr Student; Born in Kemerevo, Russia
Sasha, 19
Why did you choose economics and HSE?
I study economics and finance. It is the broadest course I could have picked. I chose HSE because they have classes in English and can go to the US or London to continue my studies.
What would you like to do?
My mother is a CFO at a company. That is a bit boring for me. I would like to do something more creative, more artistic like marketing. It is far more interesting for me to promote something I thought out, rather than an existing product. I have a vision of my ideas becoming reality, some product of mass consumption that is broadly used by lots of people. For example, soft drinks, stationery, beauty treatments, tires, cars. Something that I can see and touch.
Do you see a future for yourself in Russia?
At the moment, I don’t really see a future for myself in Russia…at least not in a Russian company. If I get a chance to work for an international company, then maybe I will stay. I don’t trust Russian companies. I have spoken with many people that work in marketing in Russian companies and I see a Soviet approach – that is to say, it is not the company serving the consumers, it is the consumers waiting for the company.
I am a bit conflicted. On the one hand, I don’t feel safe here when I think of setting up a business. I don’t feel the authorities will protect me and my businesses. It is not something that I can influence. On the other hand, this is my home. And I am optimistic about Russia’s future in the sense that I can see the overall trend of a more flexible opinion. But, I don’t know who is going to stay here. Young people that get the chance to leave, use that opportunity and leave Russia. They are not ready to sacrifice their future because they don’t believe they can change things.
As you travel frequently back to your hometown in Siberia, what changes have you seen?
Leninsk-Kuznetsky was a disaster about 10 years ago.There wasn’t a single good mall. Now people in the city have better wages, good cars and they behave more respectably.
What was the biggest moment in your life over the past year?
A very significant moment this year was running between banks to collect papers regarding a mortgage. My mom bought a flat on credit in 2006, taking out a dollar-based mortgage. The cost of covering that mortgage jumped over the past few months and we almost had no money left. It was horrible. Over the past two months, I have been trying to get the bank to convert the loan to rubles. I have learned that you should take credit in the currency of the country you take this credit. We had to sell a lot of things to pay the credit.
Oleg, 19; 2nd Year Student; Born in Kazakhstan
Oleg, 19
Why did you choose economics and HSE?
While in high school, I won an competition in economics and HSE was my top choice. I wanted to study here because the university allows creativity. I think that the university atmosphere – relationships with other students and teachers – is just as important when choosing a place to study as the skills you can learn. It is well known that HSE has great people.
What would you like to do?
I will choose consulting as my future direction.
Do you see a future for yourself in Russia?
There is always a lack of good experts, so if I can become a quality expert, I am sure I can find a job…though perhaps not in Russia. If the current economic situation lasts for some time, then it may be easier to find work abroad. We are used to thinking that our economy is open, but now we see that this may not be quite the case.
After I finish my bachelor degree, I would like to continue studying in the US or Europe. My father would like me to study abroad. He also thinks there may be more job opportunities for me abroad.
What is one important thing that you have learned from your studies?
I’ve learned that sometimes the world is based not only upon pure analytics, math, or finance. There are also human relationships which may influence business decisions. And, of course, life is not only about profit maximization.
What is your life motto?
I try to make my life my hobby. People should do what they like. I try to enjoy my working and sport training process.
What was the biggest moment in your life over the past year?
The biggest event of the year is probably breaking off some relationships and obtaining new ones. I appreciate this change in my life very much because it’s crucially important when you are with someone who shares the same views.
Egor, 20; Graduate Student; Born in Moscow, Russia
Egor, 22
Why did you chose graduate studies and research work?
I didn’t know what I wanted to do when I started university, but assumed I would go into business and not academia. I viewed academic life in a negative light – old people who don’t have much of a life because they are doing research all the time.
After my 3rd year, things changed and I found my initial assumptions were wrong. At the time, I was assisting my professor on some M&A research. I began to meet some of these academics and I realized these people are very interesting. I also enjoyed the work I was doing and realized I should pursue an academic career.
Do you see a future for yourself in Russia?
I now work for a think tank at Skolkovo School doing business research while i pursue my graduate studies. My 1st project at Skolkovo was a direct result of the sanctions – researching national payment systems. This is one of the best times for people like me that do business consulting. Companies and entrepreneurs always need some good advice – especially in difficult times like now when we have sanctions.
If my plans don’t change, I will study in a different country, like the US, on my PhD. However, even if I end up studying abroad for several years, I would still want to be connected with Russia as a visiting professor.
Are you optimistic about Russia?
Russia will likely always be volatile like this. A fall followed by a boom, and then another fall. Russia certainly has a lot of potential in IT and technology, but our country will only get off the oil dependency in a few decades.
What was the biggest moment in your life over the past year?
2014 was full of big events and started off messy. First there was the turmoil in Ukraine, where my father has his business. Then I wasn’t accepted into a foreign PhD program. But then things got better. I got a job at Skolkovo and was promoted within a few months. I was involved in such projects as delivering a speech on risk management to important people from big companies. But the most significant and bright event of all for me in 2014 was meeting my girlfriend.
Anna, 18; 1st year student, Born in Smolensk, Russia
Anna, 18
Why did you choose economics and HSE?
I chose economics on a whim. I have studied languages all my life, but I realized it is not practical to pursue languages in university, but rather keep it as a side study. I decided to choose economics, in part because my grandmother was an economist.
I was considering going to Austria to study as I didn’t believe Russia was the best place for me to study. At first I thought that life here was too poor and insecure. I then spoke with many people, including some that studied in Austria, and I changed my mind. I understood that Russia is the place to live. Maybe it’s not perfect, but I feel relaxed here. I don’t think I would have felt relaxed in Austria taking into account what is happening in the world.
What would you like to do?
I think that consulting will be the most interesting for me. I am willing to work hard if I like something. The alternative would be investment banking. IB requires constant late hours and, knowing myself, it could be dangerous for my health! If I go into IB, I fear I would never get out of the office and would lose any chance to have a family.
I would be interested in working with oil and natural resources. They are the main sectors supporting the Russian economy and thus safer to work in these industries.
Do you think you can find a job in Russia?
There are billions of us students studying economics, but this is the best univiersity, so yes, I will find a job.
What have you learned about work and life?
Though I come from a well-to-do family, I am quite pragmatic, quite thrifty. I see how my father works himself quite hard, so I want to do my best not to lavishly spend money. Sometimes, when I am with my mom, I will tell her ‘no mom, we shouldn’t buy that. We should save.’ Many of the students at HSE come from well-to-do families, but not all appreciate that money is earned with sweat and blood.
What was the biggest moment in your life over the past year?
This summer, for the first time in my life, I took part in a charity. I gathered everything I had in my room – clothes, toys, and I gave it to the refugees from Donetsk. I spent four days gathering it all together. I gave them everything, including my very first toys. My mom got upset that I gave away certain toys as those toys – the memories I guess – meant a lot to her. So, we had to go to the refugee center to look for them. I was quite embarrassed to take them back. I think memories are stored in the head and heart and not in the actual objects. As for the refugee center, a terrible feeling came over me. I had never seen people in such poverty before.
Elizaveta, 17; 1st Year Student; Born in Moscow, Russia
Elizaveta, 17
Why did you choose economics and HSE?
I have always really liked economics. Both of my parents are economists and my dad would tell me stories about economics as a child. I remember asking him about the invisible hand when I was 8 years old. I enjoy reading books on economics and business such as ‘From Good to Great’ and ‘Funky Business.’
What have you learned from the books?
In ‘’From Good to Great’’, there is a story about the author’s wife. One day she realized she liked running and stuck with it. She ended up winning an Iron Man contest and that story really struck me as it shows what one can achieve if they try.
What would you like to do?
I want to start something that is good for humanity and thus I would really like to start a recycling company in Russia…assuming I decide to stay in Russia. I can’t say for now if I will leave – the current situation {slowdown, sanctions} can’t last forever.
Are you optimistic about Russia?
As for Russia’s future, I am an optimist. We have raw materials, and, more importantly, we have many smart people, especially in math and sciences. The new generation will do something about the raw material problem. We just won’t sit on our raw materials, but develop industries. We are capable of doing this.
What was the biggest moment in your life over the past year?
On July 4, the evening before my math exam, I was sitting with my favorite teacher solving challenging problems. The scarlet sun was going down and a light breeze was coming through the windows. There was something in the air that evening. I have never felt calmer and happier before in my life. The essence of the universe can be described by math and that evening I understood the whole beauty of the world.
Danil, 18; 1st Year Student; Born in Moscow, Russia
Danil, 18
What would you like to do?
I don’t yet know what I want to do, but I don’t think that I will work in banking. I may want to set up my own business. However, I know it will be tough. Many people want to do the same thing – create the next iPhone, or computer or app, but there are already many good firms like Apple, plus there are plenty of Chinese firms. I do hope to continue my studies abroad, London or the USA.
What business entrepreneur do you most admire?
Well, Elon Musk is one of the people I admire. He allows people to use the copyright for his Tesla cars because he wants to do something for humanity. He is making a profit of course, but he is not greedy.
Do you think you can find a job in Russia?
I am optimistic about getting a job. HSE is one of the best schools, if a company needs to chose an employee, they will take someone from HSE first.
What was the biggest moment in your life over the past year?
I went to Iceland and Greenland. It was my choice and my mom agreed after I passed my exams. I prefer to go to exotic places while I have the opportunity. I have my entire life to do boring things. Plus, I also like cold countries. It was difficult traveling, but it was beautiful.