Department of Financial Management and Audit ITMO University

University Structure

Department of Financial Management and Audit

Irina Sergeeva
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History of Financial Management and Audit Department

FMA Department was created at Feb. 9, 2015 by merging  three different Departments (Economics and Finance, Economics and Ecological Management, and Financial Management) of two departments (Economics and Ecological Management and Humanitarian).

Economics and Finance Department

Political Economy Department was founded in 1962. In 1991 it was renamed into the Department of Economic Theory. In 1996 with the creation of economic and management department, it became the graduate one and was named economic and finance Department. The first Head of Department was PhD., associate professor Vladimir Alexandrovich Sukhin. In 1975 he was replaced by  Professor Herman Karlovich Yusufovich, PhD, who was the head of the Department till 1991.

Since 1991 the Department has been headed by Professor Vasilenok V.L. who is an academic of the International Academy of Refrigeration and the International Academy of Sciences of Ecology and Health and Safety.

Over the years the following people have worked at the Department: D.Sc., professors: S.A. Tsvetkov, I.G. Sergeeva, N.A. Shapiro, M.A. Makarchenko; professors: T.S. Podzorova; PhD., associate professors: N.K. Budyka, N.G. Samorodova, A.V. Yakovlev, E.D. Grinishin, I.V. Ter-Martirosyan. E.L. Gorki; associate professors: L.D. Terentyev, A.I. Repkin; head teachers: V.S. Karmanovskaya, N.P. Lozhkina, A.I. Astakhov, N.V. Averyanov, M.V. Kochneva; senior laboratory assistant A.S. Prikhodko worked at the Department more than 30 years.

Since 1996 the Department started offering majors and trained specialists in the program “Facilities management and economics (food industry)”. Since 2001 the Department also has taught specialists in “Management” with following profiles: financial management, logistics and small business management.

Since 2005 the Department has trained students in the master's program “Management” with following majors: financial management, anti-recessionary managerial audit, economic security management and investment management.

An interdepartmental computer lab  offers Internet-based testing.. The laboratory possibilities for studies are constantly updating and intensive technologies are embedded into the process of studying. Moreover, young and prospective employees are actively attracted by the Department.

The Department of Economics and Business was organised in 2001 as a part of the Department of Economics and Eco-Management. The head of the Department is I.G. Sergeeva, PhD..

Many lecturers of the Department work as consultants in various firms.. This practice has a beneficial effect on their professional growth.

Since 2001 the lecturers have been working in the framework of the topic “The problems of forming investment strategy in Russia” sponsored by the government. In 2008 the Department started to work on the topic “Developing systems of control of business enterprise of food processing industry” also sponsored by the government. Since 2012 the Department has been training students in the Master's programme “Corporate Governance” (I. G. Sergeeva is the studies supervisor).

In 2003 the Department was one of the initiators of the students and lecturers exchange agreement between the Business School of the Oulu University of Applied Sciences (Finland) and the Department of Economics and Eco-Management. In 2008 the Department initiated the students and lecturers exchange agreement between the Oulu University (Finland) and the Department of Economics and Eco-Management. 

Financial Management Department

FM Department was founded in 1995 to meet the growing need for managers.. From the moment of foundation the Department was headed by Professor A.A. Golubev, PhD. Since 1997 the Department has produced “Financial management” majors..  From 2002 till 2014 it educated more than 300 specialists. Near 40 graduates of the Department proceeded with went on to earn advance degrees. FM Department trained 8 Candidates and 2 Doctors of Economics.

The Department of Financial management and Audit

The lecturers of the Department are acknowledged scientists in the academic society. They are members of the Dissertation Council of ITMO and other Saint Petersburg universities as well as  the editorial boards of State Commission for Academic Degrees and Titles and corresponding members of Russian and International academies. Many of them have honorary degrees and awards
The Lecturers of the Department take part in regional and international congresses and conferences. Moreover, the Department organises the international scientific meeting "Russia and WTO: prospects, goals and challenges" and international research and practice conference "Strategies and tools of economic management: industrial and regional issues".  

Currently the Department has Bachelor programs in management and Master programs in innovative studies, management and quality management; postgraduate students are admitted to the Department.

The staff of the Department actively participates in research and social projects (e.g. management of the scientific school "Creating innovative strategies
and tools of economic management and development", the 'SODa-DA!' project).

Since 2006 the Department regularly hosts international conferences "Strategies and tools of economic management: industrial and regional issues".

The participants include specialists from different cities of Russia, Belarus, Estonia, Czech Republic, etc..

The lecturers are implementing IT in the learning process, for instance, five lecturers have taken part in an advanced training program ‘’Implication of LMS Moodle into the learning process’. They actively participate in creating the English-speaking environment of the university and developing international cooperation with fellow foreign universities: the “Business foreign language” program (English, German). They take part in the international summer seminars organized by fellow universities of Germany, Czech Republic and Finland and regularly participate in international seminars on cooperation between Russian and Finnish universities held in Turku and Helsinki. Furthermore, the Department initiates the realization of programs of international mobility of students and lecturers with the universities of Finland, including those sponsored by FIRST financing program.

All lecturers of the Department work closely with the business community in Saint Petersburg and Russian Federation. Three of them are licensed specialists in the field of finance, audit and stock market.

The Department pays a lot of attention to organizing student scientific activity. The students are greatly involved in the Department’s state-financed initiatives and economic contracts. The findings of the students’ research activities are published as reports or are included in the proceedings of conferences and symposiums held at ITMO, across universities, nationally or internationally. The results are also implemented in national economy. Moreover, the students are co-authors of many scientific articles and reports.

Since 2007 the Department is actively competing for projects by offered St. Petersburg government. Since this time 37 students have participated in the governmental program and the majority of graduation projects have been awarded.

The learning process on the Department is directed towards hands-on experience of the graduates. To reach this goal the Department maintains business contacts with enterprises, organisations, government entitites in order to involve them in educational and research activities. The Department has entered long-term contracts with some of the region’s largest facilities, including ‘Petmol’ JSC, ‘Karavai’ JSC, ‘Baltika’ JSC, ‘Chladokombinat №1’ JSC, ‘Igristye Vina’ JSC, ‘Rybokombinat №1’ etc. which allows to optimally embed scientific researches of the Department into production process and gives students an opportunity to get practical experience taking into account the peculiarities of the industry.

During the educational process students don’t only acquire professional experience and skills but also build up business and leadership skills  that help them fulfil their potential.

Financial management and audit Department of the Future

The target operating model of the Department is education of highly-qualified specialists on a basis of an interdepartmental approach, utilization of contemporary academic and research methods and
information and communication technologies. The target operating model relies on the international program of marketability and realization of strategic initiatives in accordance with the current road map implementation of ITMO University. Some of the objectives include:

  • Organize the Center of Financial Engineering targeted at needs of the University, Saint Petersburg and the North West Region.
  • Build a contemporary business school on the Department’s basis, which will be focused on training specialists for small and medium science-based business of high-tech manufacturing industry. The school later is going to be transformed into the business school with western partners in accordance with the MVA “Financial Management” program.
  • Develop a model of network learning  in cooperation with Russian and foreign partner universities in order to execute a transfer of pedagogical workers, Bachelor’s and Master’s students, associate professors and PhD candidates.
  • Prepare commercial proposals for business structures and execute appropriate contracts for performing academic and research, expert, audit and consulting works.
  • Develop business cases, masterclasses and webinars for individual and collective advanced training in the field of business education. Prepare graduate qualification works based on assignments of Saint Petersburg administration and government of the Leningrad region.
  • Work towards the strengthening of international relations and creation of task-oriented projects in cooperation with foreign partners.
  • Participate in seminars and congresses; organize exchange of students and lecturers within the framework of international academic mobility.
Map Building plans

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