Course description

Consequential Leadership

This course is meant to strengthen students’ leadership skills and begin to set goals for their personal development throughout the program. It includes several team activities designed to complement the principles and frameworks taught in later courses, e.g. Managerial Effectiveness.

Business Mathematics and Business Computer Application

The course provides basic mathematics as well as computer skills required to achieve functional literacy with a basic set of business software tools. It covers the ways this software might be used in course work for the MBA program. Course materials are written for Microsoft Office Windows 2010 software.

Financial Accounting

This course focuses on the construction and interpretation of corporate financial reports, which are used by external parties (including investors, creditors, and regulators). Actual financial statements from real companies are discussed so that students become accustomed to the many variations that these reports take. Students gain a solid understanding of financial statements and the ability to use them for decision-making.

Probability and Statistics

Management decisions are often made under conditions of uncertainty.  This course introduces a framework for thinking about problems involving uncertainty and, building on this framework, develops tools for interpreting data.  The emphasis is on applying the concepts rather than on theoretical development.  The goal is to provide an appropriate foundation in probability and statistics for subsequent courses and for a management career.

Business Communication

The ability to express oneself effectively is a key determinant of the impact and influence one is able to have within an organization. Given the central role financial analysis plays in a business setting, it is equally critical to have a strong skill set in presenting, describing and interpreting spreadsheet data and graphs.

Global Financial Management

This course provides a rigorous treatment of the fundamental principles of capital markets, investments, and asset pricing. Topics include income and equity securities and markets, asset allocation, asset pricing models, active portfolio management, performance evaluation, the interaction between capital markets and the macro economy, as well as alternative investments such as hedge funds and private equity.

Managerial Effectiveness

The purpose of this course is to prepare students to be effective leaders and managers of others and how best to organize people. It focuses on the principles to analyze and improve organizations, design incentive systems, motivate employees, run effective teams, make good decisions, harness diversity, organize the distribution of work, as well as what defines an effective leader.

Managerial Economics

This course covers the fundamental concepts and tools of microeconomics: supply and demand analysis, market determination of prices and quantities, consumer choices, market demand, and production and cost theory.  Tools for market structure analysis are also explained and applied to monopoly and oligopoly markets as well as to price discrimination. Lastly, game theory is explained and applied to analyze strategic decisions from an economic standpoint.

Marketing Management

This course provides students with the necessary understanding of the basic marketing concepts and analytic skills so that students can intelligently address how to create and fulfill these wants and needs and, in the process, also obtain the necessary differentiation so that the firm can earn a meaningful profit. Thus, the course introduces students to the principles, processes and tools necessary to analyze markets and design optimal marketing programs.

Foundations of Strategy

The course adopts the perspective of managers within the corporation, division, or other operating unit who must mesh their individual responsibilities with the overall objectives of the firm. The course focuses on the perspectives and skills required to diagnose and find realistic solutions for strategic problems in complex business situations. Students learn how to analyze a case end-to-end and recommend an appropriate course of action.

Managerial Accounting

The course focuses on planning, decision-making, and control, and covers two main topics: cost management systems and management control systems. Cost management systems generate information about the costs of the goods and services sold by the organization to facilitate decision-making that maximizes the organization’s economic interests. Management control systems are used to monitor performance, and reward the employees in such a way that their economic best interests are aligned with those of the owners of the organization.

Operations Management

Operations management involves planning and controlling the processes used to produce the goods and services provided by an organization. In essence, it is the management of all activities related to doing the actual work of the organization.  Students are exposed to various issues and problems confronted by operations in both manufacturing and service organizations. The course covers modeling and methodologies for the resolution of these issues and problems. It also explains how a firm’s operations can provide competitive advantage.


This course helps you understand the economics of financial markets and the global economic context in which managers make decisions.  The overall economic environment strongly influences the decisions made by the firm, be it in marketing, finance or production.  The course will lay down some simple approaches to understand the inter-linkages in the global economy. These simple approaches will then be applied to specific problems that a firm or an economy will face in an international context.

Decision Models

Decision problems involving uncertainty or many variables are difficult to grasp intuitively. In these cases we may benefit from using a computer-based model to explore and evaluate the possibilities in a systematic fashion. This course introduces several commonly used modeling frameworks and provides an introduction to the art and science of modeling decisions. The ideas and skills learned in this course are applicable in most areas of business.

Corporate Finance

This course takes the perspective of financial managers responsible for making significant investment and financing decisions. It covers financial tools and applications, e.g. discounted cash flow analysis as well as equilibrium risk and return tradeoffs. The course also covers topics of importance to anyone seeking a job in the financial markets industry, e.g. venture capital, private equity, mergers and acquisitions, initial public offerings, and financial distress.


This course is intended to provide prospective entrepreneurs with information and tools for evaluating opportunities for starting a new venture, understanding what resources and capabilities it will take to enter and provide a platform for future growth, and what business model to choose.  The course focuses on innovation-intensive industries such as computers, software, pharmaceuticals, biotechnology, and communications.


This course will help students understand the theory and processes of negotiation as practiced in diverse settings, recognize the components of an effective negotiation, and analyze the individuals own behavior in negotiations. The course will be largely experiential, giving the student an opportunity to develop his/her skills by participating in numerous negotiation exercises and integrating the individual’s experiences with the principles presented in the assigned readings and class discussions.

Financial Statement Analysis

The course provides a framework to analyze and interpret financial statements, exposes students to the publicly available sources of financial information used in capital markets, and develops important Excel modeling skills pertaining to financial planning and analysis. More specifically, this course deals with the analysis of companies, with special emphasis on how a firm’s strategy choices affect both current and forecasted financial statements.

In the Press

Professor Marek Jochec, Master of Science in Finance (MSF) Program Director, told Forbes correspondent about the features of the MSF program.
Talgat Imangaliyev, ЕМВА 2016, General Director of WorleyParsons Kazakhstan What made you think for further education? — Firstly it was a desire to acquire new knowledge, continue career growth, fundamentally change my perception and life though leaving the comfort zone, strike up new and useful acquaintances, and extend friendship network. I handled it all via […]
Saule Batyraliyeva told us how training in Business School helped her to launch her own start-up project. Saule Batyraliyeva, mother of three children, start-upper and student of MBA of Nazarbayev University Graduate School of Business told us how training in Business School helped her to launch her own start-up project. — Summarizing this year I […]
You are worth exactly as much as your connections. It has long been known - the more people have great connections, the easier it is for them to solve problems.

Last News

Information for Nazarbayev University applicants.
Guest lecture: All our life is project. Women leadership in energy and innovation by Assel Ayapova, AES Corporation USA
The Academic Director of the MSF program at the Nazarbayev University Graduate School of Business, Professor Marek Jochec, shared his opinion on the economic situation related to the consequences of COVID-19.
Professor of Finance at Nazarbayev University Graduate School of Business, Thierry Post, answering the question on BusinessBecause platform.

Upcoming Events

We are delighted to invite you to the online information session with our faculty in the finance area.