Course description

The program requires successful completion of 90 ECTS (European Credit Transfer System) units and is structured as follows:

Orientation Week

1. Program Review: Regulations, Policies, and Procedures
2. Team and Community Building
3. Business Communication
4. Financial Software

Core Courses (sequence to be specified):

  1. Introduction to Quantitative Methods
  2. Principles of Finance
  3. Financial Econometrics
  4. Corporate Finance
  5. Financial Economics
  6. Investments
  7. Financial Markets and Institutions
  8. Risk Management
  9. Financial Reporting and Analysis
  10. Empirical Asset Pricing
  11. Governance and Regulation
  12. Investment and Commercial Banking

Elective Courses

Students opt for three elective courses following successful completion of the core courses. The list of possible electives offered may change based on student interests and faculty availability.

  1. International Finance
  2. Active Portfolio Management
  3. Islamic Banking and Financing
  4. Behavioral Finance
  5. Actuarial Science
  6. Options, Futures, and Other Derivatives
  7. Data Analytics

A two-week residency at the National Bank of the Republic of Kazakhstan in Almaty

In order to link the academic learning to the challenges of real-life situations in financial institutions in the Republic of Kazakhstan, students will participate in a 2-week residency at the National Bank of the Republic of Kazakhstan in Almaty. A study program will be organized by the National Bank of Kazakhstan in which experts and managers of financial institutions and organizations, as well as representatives of the regulator of the financial markets will be actively involved.
Students will be required to complete assignments and present findings and recommendations to senior management during the residency with the National Bank and its affiliates. Also they will visit the head offices of these organizations to meet experts, hear presentations, observe work processes, and to help build their professional networks so that they can begin thinking about various career paths, elective course choices, thesis project ideas, and career opportunities they may pursue upon completion of the program.

A two-week international residency for Global Business Experience

In order to link the academic learning to the challenges of real-life situations in the international environment, students will undertake a 2-week trip to one of the global financial centers hosted by an international partner. Students will visit financial companies and events designed to help build practical knowledge and network. In addition to completion of one core course in the curriculum, a few practitioner classes will be delivered by finance professionals to equip the students with relevant tools and deeper insights that relate to their area of specialization.

Master’s Thesis

Students must complete and submit an approved team project under the guidance of a faculty advisor, followed by an oral defense. Completion of the team project involves data collection and analysis, structuring the explanation of the analysis, and providing and defending a specific recommendation to address a clearly defined research problem.


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NUGSB is hosting FREE OF CHARGE networking workshops. Meet other business professionals and our faculty for a 1-hr conversation of important business topics and networking with colleagues.