Finance and Accounting

The “Finance and Accounting” department of the Graduate School of Business and Entrepreneurship under the Cabinet of Ministers of the Republic of Uzbekistan was established on March 1, 2024. The regulations of the department outline its legal status, objectives, responsibilities, rights and obligations, as well as the organization of its activities, the rights and obligations of the department staff, and their accountability.

The department has the status of a core structural unit of the Graduate School and is responsible for training master's degree students in the fields of “Finance,” “Global Management,” “Small Business and Entrepreneurship,” “Digital Economy,” and “Agribusiness.” It also focuses on preparing highly qualified scientific and pedagogical personnel and conducts activities with other units of the Higher School (administrative offices and departments, branches), personnel customers, and other interested parties in accordance with established legal procedures.

The activities of the department are implemented according to plans for both prospective and current academic years, encompassing educational, methodological, scientific research, innovative development, organizational, and educational work. The issues related to the preparation of these plans and their implementation by the department, as well as tasks, assignments, and functions assigned by the department head, are discussed in department meetings, where appropriate decisions are made.

The personal work plans of professors and staff are considered the main documents, encompassing educational, methodological, scientific research, organizational, and educational activities.

The level of implementation and rating of the personal work plans of professors is one of the main criteria during the selection process for positions and recommendations.

The objective of the department is to prepare highly qualified and competitive specialists with quality knowledge, practical skills, and competencies that meet the demands of the development of both the national and international economies. This is aimed at enhancing the reputation of the Republic of Uzbekistan and the Higher School and raising their international rankings.

The main responsibility of the department is to ensure the quality execution of educational, methodological, scientific research, innovative development, organizational, and educational activities related to the department’s specialization. Additionally, it actively participates in the implementation of the state’s socio-economic strategic development programs and scientific and innovative projects.

Description of the Field: Finance is a sector that deals with the management of money, investments, and other financial assets. It involves creating, analyzing, and interpreting financial information to make informed decisions regarding resource allocation and risk management. Finance encompasses both personal and corporate finance, covering a wide range of topics such as investment, banking, insurance, real estate, accounting, and economics.

Objectives of the Field: The primary goal of the program is to continuously develop theoretical knowledge acquired during professional training and various subjects, applying it practically in the fields of public, corporate, and personal finance. Additionally, the following objectives are set:

To introduce students to the theoretical, legal, and organizational foundations of finance and financial relations;
To prepare highly qualified finance professionals and develop students’ skills and competencies in line with the main directions of the state’s financial policy;
To enhance students' analytical and critical thinking abilities to find optimal solutions to pressing financial problems in the economy;
To develop students' skills to apply the knowledge they have gained in practice;
To foster the need for continuous education and personal development.

Education: The curriculum of the "Finance" course is presented in an integrated manner, linking finance, mathematics, and business subjects. Students will become familiar with classical and modern economic principles and theories. Within the program, they will study public and corporate finance. Upon successful completion of the master’s program, graduates will have the skills to analyze financial statements of companies and work on scientific projects.

Research Areas:

Investment banking
Corporate finance
Risk management
Financial planning and analysis (FP&A)
Asset management
Insurance
Real estate
Accounting
Trade and industry sectors
Financial consulting services

Graduates will also be active in the financial management of public organizations and non-profit entities.

Target Audience:

Financial departments of public organizations, management bodies, budget organizations, commercial banks, insurance companies, consulting agencies, and brokerage firms;
Departments managing financial resources in leading international and local company branches and dealer centers;
Ministry of Finance, Ministry of Economy, State Tax Committee, tax inspections, and local finance departments;
Companies engaged in e-commerce;
Research organizations and various public organizations and foundations.

A1) Core courses for master's students specializing in MBA - Global Management include: Finance, Financial Management, Human Resource Management, Managerial Accounting, Strategic and Operational Management, Taxes and Taxation, Auditing and Assurance, Research Methodology, and Islamic Finance.

A2) Elective courses for the MBA - Global Management specialization include: Financial Management, Human Resource Management, Managerial Accounting, Strategic and Operational Management, Taxes and Taxation, Auditing and Assurance, Research Methodology, Islamic Finance, Corporate Entrepreneurship and Business Models, and International Business.

B1) Core courses for master's students specializing in MBA - Finance include: Management of Banks and Financial Institutions, Managerial Accounting and Financial Management, Financial Statement Analysis and IFRS, Corporate Finance, Strategic and Operational Management, Derivatives, Risk and Hedging, Human Resource Management, and Global Financial Markets.

B2) Elective courses for the MBA - Finance specialization include: Project Financing, Management Ethics and Corporate Culture, Islamic Finance, Financial Law, Investment Banking, Digital Finance, Public-Private Partnerships in Business, and International Financial Markets.

C1) Core courses for master's students specializing in MBA - Small Business and Entrepreneurship include: Business Law, Human Resource Management, Marketing Management, Entrepreneurship and Company Management, Entrepreneurial Finance and Management, Corporate Entrepreneurship and Business Models, E-commerce and Digital Marketing, Startup Project Management, and Research Methodology.

C2) Elective courses for the MBA - Small Business and Entrepreneurship specialization include: Fundamentals of Project Management, Management Ethics and Corporate Culture, Digital Management in Business, International Business, Export-Import Operations in Small Business, Managerial Accounting and Financial Management, Organization and Management of Business Incubators, and Innovative Projects in Small Business.

D1) Core courses for master's students specializing in PM - Project Management include: Fundamentals of Project Management, Project Financing, Strategy in Project Management, Methodology of Project Management, Human Resource Management, Strategic and Operational Management, Startup Project Management, Green Economy and Sustainable Development, and Research Methodology.

D2) Elective courses for the PM - Project Management specialization include: Innovation Management, Management Ethics and Corporate Culture, Contract Management in Projects, Team Management in Projects, Risk Management in Projects, Practical Project Management, Application of Digital Technologies in Project Management, and Public-Private Partnerships in Business.

E1) Core courses for master's students specializing in MBA - Agribusiness include: Corporate Governance, Human Resource Management, Marketing Management, Strategic and Operational Management, Key Technologies in Agribusiness, Export and Import Operations in Agribusiness, Land, Water, and Property Relations in Agribusiness, Digital Agribusiness, and Research Methodology.

E2) Elective courses for the MBA - Agribusiness specialization include: Business Law, Management Ethics and Corporate Culture, Technologies for Processing Agricultural Products, Entrepreneurship in Agriculture, Managerial Accounting and Financial Management, Startup Projects in Agribusiness, Public-Private Partnerships in Business, and other contemporary courses to be added.

F1) Core courses for master's students specializing in MBA - Digital Economy include: Fundamentals of Digital Economy, Managing Digital Projects, Big Data Analytics, Digital Business Transformation, E-commerce and Marketing, Innovative Technologies and Their Application in Business, and Research Methodology.

F2) Elective courses for the MBA - Digital Economy specialization include: Digital Security, Managing Digital Assets, Financial Technologies, Platform Economy, Social Media and Reputation Management, and International Aspects of Digital Economy.

G1) Core courses for master's students in the dual degree program MBA - IT Business (AJOU) include: Fundamentals of IT Business, Information Systems and Technologies, Managing IT Projects, Digital Strategy, Data Analysis and Business Analytics, and Research Methodology.

G2) Elective courses for the MBA - IT Business (AJOU) program include: Software Development, Information Systems Security, Change Management in IT, Outsourcing and Service Management, and Social Aspects of IT.

H1) Core courses for master's students in the dual degree program MBA - Corporate Governance and Strategic Business Development (RANEPA) include: Corporate Governance, Strategic Planning, Change Management, Crisis Management, Innovative Strategies, and Research Methodology.

H2) Elective courses for the MBA - Corporate Governance and Strategic Business Development (RANEPA) program include: Talent Management, Management Ethics, Risk Management and Strategic Analytics, and International Aspects of Corporate Governance.

The department operates in the following scientific areas:

The essence of finance. Functions of finance. The objective necessity of finance. The use of finance in social reproduction. Issues of financial provision for the reproduction process.
Centralized financial resources and their sources; decentralized financial resources and their sources. Issues related to the development of the securities market.
Financial reserves and their importance for the economy. The financial market and its role in attracting and distributing financial resources. The necessity for the redistribution of financial resources between regions and sectors. The financial mechanism and its components. The current financial policy of the state. Causes of financial crises. Financial management bodies and their tasks. The operational financial management system. Financial planning: its tasks and methods.
The essence and significance of financial control. The emergence and development paths of auditing. The finances of commercial enterprises. Formation and use of financial resources in enterprises. Issues related to the formation and use of depreciation deductions.
Organization of the finances of joint-stock companies. Provision of financial sources for the circular flow of fixed assets. Provision of working capital with financial resources. Distribution of profit and its use.
Financial planning for commercial enterprises. Features of financial planning for non-profit organizations.
The economic essence of insurance and its functions. Issues related to the development of insurance relations in a market economy. The economic significance of compulsory insurance.
The importance of personal insurance and ways to develop it in a market economy. The role of insurance sectors in societal life. The essence and significance of social insurance. Health insurance. Problems of developing the insurance market.
Financial conditions for ensuring the investment environment. Financial incentives for foreign investors. The economic significance of the Republic's participation in international funds.

The department comprises fifteen professors and lecturers who meet the following qualifications:

They must hold the title of professor or a Doctor of Sciences (DSc).
They must have a Candidate of Sciences (PhD) degree or the title of associate professor.
They are required to have a PhD from foreign institutions in their relevant field.

The department is subordinate to the director of the Higher School and its deputies, collaborating with the graduate programs and the departments of educational methodology and international relations. The department has the right to request services from the Higher School’s departments.

The head of the department is appointed by the director of the Higher School.

The department is usually led by a Doctor of Sciences (DSc), but in exceptional cases, it can be headed by someone with a PhD from foreign institutions in the relevant field, who is personally responsible for the department's activities.

A professor or associate professor with a Candidate of Sciences (PhD) degree may be temporarily appointed as the head of the department during their employment, provided they have a relevant PhD from foreign institutions. However, a professor or associate professor who has been elected as the head of the department with a Doctor of Sciences (DSc) degree can be appointed for a term of five years.

In the absence of the department head (due to vacation, illness, business trip, etc.) or if they are dismissed before the term ends, their duties will be temporarily assigned to a person designated by the director based on the department team's suggestion.

Managing the department is the primary responsibility of the head, who distributes and reallocates the functions of the department members (professors, associate professors, teaching assistants, doctoral candidates, and independent researchers) in accordance with the goals and responsibilities of the department, its specializations, and the tasks assigned by the Higher School administration.

The main responsibility of the department members is to fulfill the tasks and assignments assigned to them by the department head.

Issues arising from the department’s activities and management processes are discussed in department meetings, where decisions are made regarding their implementation.

Department meetings are held at any time during the current academic year based on production needs and are chaired by the department head, with minutes documented.

Extraordinary meetings of the department may be convened on the initiative of the Higher School administration, the department head, or a professor of the department, based on the agenda proposed by them.

The head of the department may invite professors from other relevant departments, staff from appropriate units of the Higher School, and relevant external scientists and specialists to discuss specific issues at department meetings.

Adhering to the regulations of department meetings and implementing the decisions made is mandatory for the department head and its members.