National Bank Scholarship

Memo to applicants for grant from the National Bank of the Republic of Kazakhstan under “Master of Science in Finance” Program

Graduate Student who received grant from the National Bank of the Republic of Kazakhstan (hereinafter – NBRK) under “Master of Science in Finance” Program (hereinafter – MSF) shall enter into Agreement for Graduate Student training in GSB of Nazarbayev University with funds provided by NBRK (hereinafter – Agreement).

According to the Agreement:

NBRK provides:

• payment for Graduate Student education program for the whole period of study;
• payment of monthly scholarship, including individual income tax, medical insurance and on-campus accommodation.

Graduate Student shall:

• fully comprehend and timely complete course under MSF Program;
• ensure academic performance based on results of each interim training period (including but not limited to GPA at least 3.0);
• within 3 (three) months from the day of training completion (date specified in diploma) proceed with the interview in NBRK, get a job and work for NBRK at least 3 (three) years ;
• in case NBRK rejects the employment, proceed with the interview, get a job and work for organization (s), whose shareholder (trustee) is NBRK within 6 (six) months from the date of training completion (date specified in diploma). In case an organization (s), whose shareholder (trustee) is NBRK, rejects the employment of Graduate Student, work for financial organization (s) registered in the Republic of Kazakhstan at least 3 (three) years within 5 (five) years from the date of training completion (date specified in diploma);
• in case Graduate Student fails to get a job in NBRK, NBRK acting as Tax Agent becomes obliged to pay IIT within 3 months from the date of training completion (date specified in diploma) in accordance with the Tax Code of RK, to be compensated by Graduate Student. Expenditures devoted to the training of Graduate Students shall be considered as Graduate Student’s income (according to the Tax Code of RK);
• in case Graduate Student got expelled from graduate program or failed to work for NBRK or organization (s), whose shareholder (trustee) is NBRK, or financial organization of RK during the relevant time period, he/she shall reimburse NBRK for expenses associated with a Graduate Student’s training within 3 (three) years.

For reference:

Organizations whose shareholder is NBRK:

See details in: https://nationalbank.kz/?docid=200&switch=russian

Financial organizations of RK^[2]:

Organizations operating on the insurance market, securities market, carrying out banking activity, certain types of banking transactions based on licenses issued in accordance with the laws of RK, as well as acting as unified pension savings fund, central depository, integrated registrar and mutual insurance companies not subject to licensing.

See details in: http://www.nationalbank.kz/?docid=3000&switch=russian

NBRK employees are entitled to:

• differential wages depending on performance and labor discipline, amount of work, complexity and importance of tasks performed;
• medical and life insurance;
• attachment for medical care to the Medical center of the office of the President of the Republic of Kazakhstan;
• annual health benefits in the amount of two wages paid to employees on annual leave;
• provision of loans to acquire housing;
• provision of kindergartens for the children of employees;
• continuous professional development, including abroad; reimbursement for expenses related to professional certification.

^[1] upon submission of supporting documents: ticket, boarding pass, fiscal receipt (in case of payment in cash) or card account statement that was used to pay for tickets

^[2] in accordance with the Law of RK “On the State Regulation, Control and Supervision of the Financial Market and Financial Organizations of the Republic of Kazakhstan”