РОССИЙСКО-АРМЯНСКИЙ УНИВЕРСИТЕТ

The Master's program "Technology and Organization of Services in Tourism" is intended for those
who want to gain in-depth knowledge in the field of tourism, enabling the graduate to freely use
the acquired competencies in social, professional, research and other areas in accordance with the
focus of the program.
The key focus is the development and implementation of tourism products and services that have
the qualities that meet the requirements of consumers, the organization of comprehensive tourism
services in the main sectors of the tourism industry, the design of tourism and recreation areas and
complexes, and their management. get students a wide range of knowledge in other areas of
economics and management.
The high quality of the program is ensured by teachers, among whom are leading Armenian
scientists, mainly candidates of science, as well as professors and invited practitioners. During 2
years of study, students also get the opportunity to try themselves in science and build their own
personal network of professional contacts.

"Finance"
Specialization " Finance "
The specialty " Finance " is intended for graduates of Armenian and foreign universities with bachelor's or specialist diplomas, including those who have not previously studied in the specialty " Finance " and is aimed at obtaining systemic knowledge in the field of finance, monetary relations, banking and taxation. The master's program is based on the traditionally strong scientific schools of the InEcBus in the field of finance and credit. Studies are completed by the defense of a master's thesis.

Head of MEP " Finance "

Sandoyan Edward,
Doctor of Economics, Professor
Director of the Institute of Economics and Business

Qualification	"Master of Finance "
Training term	2,5 years
Training form	Correspondence
Credits	120
Language of instruction	Russian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Financial accounting (advanced course)	4
Methodology of dissertation research	2

Variable disciplines

Discipline Name	Credits
Master Class (Political Economy)	2
Master class (Current problems of regulation of financial markets and institutions)	4
Theory of Finance and Basic Financial Models (Advanced Course)	4
Financial risk management and management	4
Project and Cost Planning	2
System of international financial reporting standards	2
Modern Banking Problems	2
Monetary and currency policy of the Central Bank of Armenia	2
Payment systems	2
Behavioral finance	2
Financial accounting (advanced course)	4
Tax Accounting and Tax Planning	4
External audit	4
Cash Flow Management in Organizations	2
Digital economy	2
Capital market	4
Credit analysis	2

BLOCK 2.

PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	4
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	8
Participation in the RAU Annual Conference	8
Pre-defense of the master's thesis	8
Scientific paper published in peer-reviewed publications	12
Pre-diploma practice	6

BLOCK 3. Final attestation

	Credits
Master's thesis	6

"Economy"
Specialization in International Economics
At the present stage, the importance of knowledge of the patterns of development of the world economy, the reasons for the successes or failures of various world projects, the effectiveness or inefficiency of the functioning of both individual national economies integrated into the world economy and various sectors of the world economy is significantly increasing. The specialty "International Economy" focuses primarily on the training of high-level specialists in the field of international economic relations. The main focus of the training process is to achieve the synthesis of theory and practice, the acquisition of deep special knowledge and research skills. Studies are completed by the defense of a master's thesis.

Head of MEP " International Economics "

Voskanyan Mariam,
Doctor of Economics, Professor
Head of the Department of Economics and Finance

Qualification	"Master of Economics"
Training term	2,5 years
Training form	Correspondence
Credits	120
Language of instruction	Russian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Financial accounting (advanced course)	4
Methodology of dissertation research	2

Variable disciplines

Discipline Name	Credits
Master Class (Political Economy)	2
Master class (Current problems of regulation of financial markets and institutions)	4
Theory of Finance and Basic Financial Models (Advanced Course)	4
Financial risk management and management	4
Project and Cost Planning	2
System of international financial reporting standards	2
Modern Banking Problems	2
Monetary and currency policy of the Central Bank of Armenia	2
Payment systems	2
Behavioral finance	2
Financial accounting (advanced course)	4
Tax Accounting and Tax Planning	4
External audit	4
Cash Flow Management in Organizations	2
Digital economy	2
Capital market	4
Credit analysis	2

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	24
Defense of the topic of a master's thesis	6
Defense of master's thesis methodology (synopsis)	18
Participation in the RAU Annual Student Conference	6
Participation in the RAU Annual Conference	6
Pre-defense of the master's thesis	6
Scientific paper published in peer-reviewed publications	18
Pre-diploma practice	12

BLOCK 3. Final attestation

	Credits
Master's thesis	6

Duration of the educational program - 2 years
ECTS credits – 120
Academic hours - 4320

Description of the educational program: “Business engineering” is oriented towards training of highly qualified economists and financiers, who are acquainted with tools needed for data analytics and decision-making for IT companies, for creation of appropriate information and methodological base for analytical studies on prospective areas of development within the sphere; and building student knowledge on the introduction of IT in various organizations and companies.

The area of professional activity of the graduates of the program includes:

managerial activities in an entity of any organizational and legal form, where graduates work as executives or leaders;
managerial activities in state and local government bodies;
entrepreneurial and organizational activities in structures in which graduates are entrepreneurs who create and develop their own business;
research activities in scientific organizations, related to the solution of managerial problems;
research and teaching activities in higher education institutions and organizations of additional professional education.

The objects of the professional activity of the graduates are:

management processes within organizations of various organizational and legal forms;
processes of public and municipal administration;
research processes.

The area of professional tasks solved by a specialist in "Business Engineering" (master program)

organizational and managerial activities:

elaborating strategies for the development of organizations and their individual divisions;
managing subdivisions of enterprises and organizations of different forms of ownership, state and local government bodies;
organizing creative teams to solve organizational and managerial tasks, and managing them;

analytical activity:

collection, analysis, and evaluation of information for preparation and adoption of managerial solutions;
analysis of existing forms of organization and management processes, developing and justifying proposals to improve them;
evaluating the effectiveness of projects, taking into account uncertainty;

scientific research activities
organization of scientific research activities:

defining tasks for groups and individual performers, selection of research tools, analysis of their results, collection, processing, analysis and systematization of information on the given research topic, preparation of reviews and reports on the topic;
developing models of the processes, phenomena, and objects that are being researched and are related to the field of professional activity; evaluation and interpretation of the results obtained;
identification and formulation of topical scientific problems;
preparation of reviews, reports, and scientific publications;

pedagogical activity

teaching management disciplines and developing teaching ads at educational and professional organizations, and organizations of additional professional education.

Requirements for successful completion of the educational program “Business engineering” (master program)

General cultural competences (GCC):

the capacity for abstract thinking, analysis, synthesis (GCC-1);
willingness to act in non-standard situations, to assume social and ethical responsibility for the decisions made (GCC-2);
readiness for personal development, self-actualization, and realization of creative potential (GCC-3).

General professional competences (GPC)

readiness for communication in oral and written forms in Russian and foreign languages to deal with tasks related to professional activity (GPC-1);
willingness to lead a team in the field of their professional activity, demonstrating tolerance towards social, ethnic, confessional and cultural differences (GPK-2);
the ability to conduct independent research, to justify the relevance and practical significance of the chosen research topic (GPK-3).

(PC) Professional competencies
organizational and managerial activities:

the ability to manage organizations, divisions, groups (teams) of employees, projects and networks (PC-1);
the ability to develop a corporate strategy, organizational development and change programs, and to ensure their implementation (PC-2);
the ability to use modern methods of corporate financial management to solve strategic tasks (PC-3);

analytical activity:

the ability to use quantitative and qualitative methods in order to conduct applied research and to manage business processes; to prepare analytical materials based on the results (PC -4);
mastering the methods of economic and strategic analysis of the behavior of economic agents and markets in the global environment (PC-5);

Scientific research activities:

The ability to summarize and critically assess the results of research on topical management issues, obtained by local and foreign researchers (PC-6);
the ability to present the results of the study in the form of a scientific report, article, or presentation (PC-7);
the ability to justify the relevance, theoretical and practical significance of the chosen research topic (PC-8);
the ability to conduct independent research in accordance with the developed program (PC-9).

pedagogical activities:

the ability to develop curriculum and methodological support for management disciplines, as well as to apply modern methods and techniques while teaching them (PC-10).

"Finance"
Accounting and Auditing Specialization
The specialty "Accounting and Auditing" is aimed at training qualified managers and specialists in the development of accounting theory, applied economic analysis and auditing, the problems of adapting Armenian accounting to the practice of managing production enterprises for work in state, regional, municipal structures of various levels, consulting and auditing firms, banks, investment and insurance companies. Studies are completed by the defense of a master's thesis.

Head of MEP "Accounting and Audit"

Nersesyan Karen,
Ph.D., Associate Professor
Associate Professor of Economics and Finance

Qualification	"Master of Finance"
Training term	2 years
Training form	full-time
Credits	120
Language of instruction	Russian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Financial accounting (advanced course)	4
Methodology of dissertation research	2

Variable disciplines

Discipline Name	Credits
Master Class (Political Economy)	2
Master class (Current problems of regulation of financial markets and institutions)	4
Analysis of financial statements	4
Management accounting (advanced course)	4
Tax planning	4
Tax accounting	4
Banking Accounting Features	4
Features of accounting in the public sector	2
Project and Cost Planning	2
System of international financial reporting standards	2
Audit Fundamentals	4
Financial risk management and management	4
Practical accounting in RA	4
Information Systems in Accounting	4

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	4
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	8
Participation in the RAU Annual Conference	8
Pre-defense of the master's thesis	8
Scientific paper published in peer-reviewed publications	12
Pre-diploma practice	6

BLOCK 3. Final attestation

	Credits
Master's thesis	6

"Finance"
Specialization "Insurance"
The specialty "Insurance" is intended for graduates of Armenian and foreign universities with bachelor's or specialist's degrees, including those who have not previously studied in the specialty "Insurance" and is aimed at obtaining systemic knowledge in the field of insurance and actuarial calculations. The master's program is based on the traditionally strong scientific schools of the InEcBus in the field of finance and credit. Studies are completed by the defense of a master's thesis.
Upon graduation, the graduate is awarded two state diplomas of higher professional education with the assignment of the qualification degree "Master of Finance" of the Republic of Armenia and the Russian Federation.

Head of MEP " Insurance"

Qualification	"Master of Finance "
Training term	2 years
Training form	Full-time
Credits	120
Language of instruction	Russian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Master Class (Political Economy)	2
Master Class (Current Issues in Economic Policy)	4
Methodology of dissertation research	2
TOTAL:	16

Specialization disciplines

Discipline Name	Credits
Risk as the basis of insurance relationships	4
Financial risk management and management	4
State regulation. Regulatory framework of insurance relations	4
Methodology for valuation and growth of the insurance market	4
Fundamentals of Insurance Entrepreneurship	4
TOTAL:	20

Variable disciplines

Discipline Name	Credits
Theory of Finance and Basic Financial Models (Advanced Course)	4
Capital market	4
Corporate Finance (Advanced Course)	4
Financial and entrepreneurial risk insurance	4
Liability insurance	2
Reinsurance and co-insurance	4
Approaches to assessing financial stability	4
Business ethics	2
Property insurance	2
Personal insurance. Types. Life insurance fundamentals	4
Fundamentals of insurance psychology	2
TOTAL:	36

BLOCK 3. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Training practices	24
Study Practice	6
Research work	18
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	6
Participation in the RAU Annual Conference	6
Manufacturing practice	18
Professional Profile Practice	12
Research work	6
Pre-defense of the master's thesis	6
TOTAL:	42

BLOCK 3. Final attestation

	Credits
Master's thesis	6

" Finance "
Specialization " Finance "
The specialty " Finance " is intended for graduates of Armenian and foreign universities with bachelor's or specialist diplomas, including those who have not previously studied in the specialty " Finance " and is aimed at obtaining systemic knowledge in the field of finance, monetary relations, banking and taxation. The master's program is based on the traditionally strong scientific schools of the InEcBus in the field of finance and credit. Studies are completed by the defense of a master's thesis.

Head of MEP " Finance "

Sandoyan Edward,
Doctor of Economics, Professor
Director of the Institute of Economics and Business

Qualification	"Master of Finance "
Training term	2 years
Training form	Full-time
Credits	120
Language of instruction	Russian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Financial accounting (advanced course)	4
Methodology of dissertation research	2

Variable disciplines

Discipline Name	Credits
Master Class (Political Economy)	2
Master class (Current problems of regulation of financial markets and institutions)	4
Theory of Finance and Basic Financial Models (Advanced Course)	4
Financial risk management and management	4
Project and Cost Planning	2
System of international financial reporting standards	2
Modern Banking Problems	2
Monetary and currency policy of the Central Bank of Armenia	2
Payment systems	2
Behavioral finance	2
Financial accounting (advanced course)	4
Tax Accounting and Tax Planning	4
External audit	4
Cash Flow Management in Organizations	2
Digital economy	2
Capital market	4
Credit analysis	2

BLOCK 2.

PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	4
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	8
Participation in the RAU Annual Conference	8
Pre-defense of the master's thesis	8
Scientific paper published in peer-reviewed publications	12
Pre-diploma practice	6

BLOCK 3. Final attestation

	Credits
Master's thesis	6

Specialization " Finance "
The specialty " Finance " is intended for graduates of Armenian and foreign universities with bachelor's or specialist diplomas, including those who have not previously studied in the specialty " Finance " and is aimed at obtaining systemic knowledge in the field of finance, monetary relations, banking and taxation. The master's program is based on the traditionally strong scientific schools of the InEcBus in the field of finance and credit. Studies are completed by the defense of a master's thesis.

Head of MEP " Finance "

Voskanyan Mariam,
Doctor of Economics, Professor
Head of the Department of Economics and Finance

Qualification	"Master of Finance "
Training term	1 year
Training form	Full-time
Credits	60
Language of instruction	Armenian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Master Class (Political Economy)	2
Master class (Current problems of state economic policy)	4
Methodology of dissertation research	2
TOTAL:	16

Specialization disciplines

Discipline Name	Credits
Theory of Finance and Basic Financial Models (Advanced Course)	4
Financial risk management and management	4
Capital market	4
Corporate Finance (Advanced Course)	4
Banking (advanced rate)	4
Theories of economic development and underdevelopment	4
RA Fiscal Policy	2
Monetary and currency regulation of the Central Bank of RA	2
Financial accounting (advanced course)	4
Behavioral finance	2
TOTAL:	34

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	2
TOTAL:	4

BLOCK 3. Final attestation

	Credits
Master's thesis	6

" Finance "
Specialization " Finance "
The specialty " Finance " is intended for graduates of Armenian and foreign universities with bachelor's or specialist diplomas, including those who have not previously studied in the specialty " Finance " and is aimed at obtaining systemic knowledge in the field of finance, monetary relations, banking and taxation. The master's program is based on the traditionally strong scientific schools of the InEcBus in the field of finance and credit. Studies are completed by the defense of a master's thesis.

Head of MEP " Finance "

Voskanyan Mariam,
Doctor of Economics, Professor
Head of the Department of Economics and Finance

Qualification	"Master of Finance "
Training term	2 years
Training form	Full-time
Credits	120
Language of instruction	Armenian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Financial accounting (advanced course)	4
Methodology of dissertation research	2

Variable disciplines

Discipline Name	Credits
Master Class (Political Economy)	2
Master class (Current problems of regulation of financial markets and institutions)	4
Theory of Finance and Basic Financial Models (Advanced Course)	4
Financial risk management and management	4
Project and Cost Planning	2
System of international financial reporting standards	2
Modern Banking Problems	2
Monetary and currency policy of the Central Bank of Armenia	2
Payment systems	2
Behavioral finance	2
Financial accounting (advanced course)	4
Tax Accounting and Tax Planning	4
External audit	4
Cash Flow Management in Organizations	2
Digital economy	2
Capital market	4
Credit analysis	2

BLOCK 2.

PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	4
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	8
Participation in the RAU Annual Conference	8
Pre-defense of the master's thesis	8
Scientific paper published in peer-reviewed publications	12
Pre-diploma practice	6

BLOCK 3. Final attestation

	Credits
Master's thesis	6

Accounting and Auditing Specialization
The specialty "Accounting and Auditing" is aimed at training qualified managers and specialists in the development of accounting theory, applied economic analysis and auditing, the problems of adapting Armenian accounting to the practice of managing production enterprises for work in state, regional, municipal structures of various levels, consulting and auditing firms, banks, investment and insurance companies. Studies are completed by the defense of a master's thesis.

Head of MEP "Accounting and Audit"

Nersesyan Karen,
Ph.D., Associate Professor
Associate Professor of Economics and Finance

Qualification	"Master of Finance"
Training term	1 year
Training form	full-time
Credits	60
Language of instruction	Armenian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Management economy	4
Econometrics (advanced course)	4
Master Class (Political Economy)	2
Master class (Current problems of state economic policy)	4
Methodology of dissertation research	2
TOTAL:	16

Specialization disciplines

Discipline Name	Credits
Audit (Advanced Course)	4
External Audit (Advanced Course)	4
Tax Accounting and Tax Planning	4
Financial accounting (advanced course)	4
Management accounting (advanced course)	4
Analysis of financial statements	4
Banking Accounting Features	4
System of international financial reporting standards	4
Information Systems in Accounting	2
Audit (Advanced Course)	4
TOTAL:	34

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	2
TOTAL:	4

BLOCK 3. Final attestation

	Credits
Master's thesis	6

"Finance"
Accounting and Auditing Specialization
The specialty "Accounting and Auditing" is aimed at training qualified managers and specialists in the development of accounting theory, applied economic analysis and auditing, the problems of adapting Armenian accounting to the practice of managing production enterprises for work in state, regional, municipal structures of various levels, consulting and auditing firms, banks, investment and insurance companies. Studies are completed by the defense of a master's thesis.

Head of MEP "Accounting and Audit"

Nersesyan Karen,
Ph.D., Associate Professor
Associate Professor of Economics and Finance

Qualification	"Master of Finance"
Training term	2 years
Training form	full-time
Credits	120
Language of instruction	Armenian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Financial accounting (advanced course)	4
Methodology of dissertation research	2

Variable disciplines

Discipline Name	Credits
Master Class (Political Economy)	2
Master class (Current problems of regulation of financial markets and institutions)	4
Analysis of financial statements	4
Management accounting (advanced course)	4
Tax planning	4
Tax accounting	4
Banking Accounting Features	4
Features of accounting in the public sector	2
Project and Cost Planning	2
System of international financial reporting standards	2
Audit Fundamentals	4
Financial risk management and management	4
Practical accounting in RA	4
Information Systems in Accounting	4

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	4
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	8
Participation in the RAU Annual Conference	8
Pre-defense of the master's thesis	8
Scientific paper published in peer-reviewed publications	12
Pre-diploma practice	6

BLOCK 3. Final attestation

	Credits
Master's thesis	6

"Finance"
Specialization "Insurance"
The specialty "Insurance" is intended for graduates of Armenian and foreign universities with bachelor's or specialist's degrees, including those who have not previously studied in the specialty "Insurance" and is aimed at obtaining systemic knowledge in the field of insurance and actuarial calculations. The master's program is based on the traditionally strong scientific schools of the InEcBus in the field of finance and credit. Studies are completed by the defense of a master's thesis.
Upon graduation, the graduate is awarded two state diplomas of higher professional education with the assignment of the qualification degree "Master of Finance" of the Republic of Armenia and the Russian Federation.

Head of MEP " Insurance"

Qualification	"Master of Finance "
Training term	2 years
Training form	Full-time
Credits	120
Language of instruction	Armenian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Master Class (Political Economy)	2
Master Class (Current Issues in Economic Policy)	4
Methodology of dissertation research	2
TOTAL:	16

Specialization disciplines

Discipline Name	Credits
Risk as the basis of insurance relationships	4
Financial risk management and management	4
State regulation. Regulatory framework of insurance relations	4
Methodology for valuation and growth of the insurance market	4
Fundamentals of Insurance Entrepreneurship	4
TOTAL:	20

Variable disciplines

Discipline Name	Credits
Theory of Finance and Basic Financial Models (Advanced Course)	4
Capital market	4
Corporate Finance (Advanced Course)	4
Financial and entrepreneurial risk insurance	4
Liability insurance	2
Reinsurance and co-insurance	4
Approaches to assessing financial stability	4
Business ethics	2
Property insurance	2
Personal insurance. Types. Life insurance fundamentals	4
Fundamentals of insurance psychology	2
TOTAL:	36

BLOCK 3. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Training practices	24
Study Practice	6
Research work	18
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	6
Participation in the RAU Annual Conference	6
Manufacturing practice	18
Professional Profile Practice	12
Research work	6
Pre-defense of the master's thesis	6
TOTAL:	42

BLOCK 3. Final attestation

	Credits
Master's thesis	6

Specialization "Banking"
The specialty "Banking" is intended for graduates of Armenian and foreign universities with bachelor's or specialist diplomas, including those who have not previously studied in the specialty "Banking" and is aimed at obtaining systemic knowledge in the field of banking and banking systems, finance, monetary relations. Master's degree programs are based on traditionally strong scientific schools of the InEcBus in the field of finance and credit. Studies are completed by the defense of a master's thesis.

Head of MEP "Banking"

Davtyan Tigran,
Ph.D., Associate Professor

Qualification	"Master of Finance "
Training term	1 year
Training form	Full-time
Credits	60
Language of instruction	Armenian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Master Class (Political Economy)	2
Master class (Current problems of state economic policy)	4
Methodology of dissertation research	2
TOTAL:	16

Specialization disciplines

Discipline Name	Credits
Theory of Finance and Basic Financial Models (Advanced Course)	4
Financial risk management and management	4
Capital market	4
Corporate Finance (Advanced Course)	4
Banking (advanced rate)	4
Theories of economic development and underdevelopment	4
RA Fiscal Policy	2
Monetary and currency regulation of the Central Bank of RA	2
Financial accounting (advanced course)	4
Behavioral finance	2
TOTAL:	34

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	2
TOTAL:	4

BLOCK 3. Final attestation

	Credits
Master's thesis	6

MASTER PROGRAM «APPLIED ECONOMICS»

Head of the Program: Head of the Department of Economic Theory and Issues of Transition Period Economies, PhD in Economics, Associate Professor Irina Petrosyan
Year: 2024-2025
Direction: «Economics»
Specialization: «Applied Economics»
Language: Russian (with a number of courses taught in English and Armenian)
Training volume: 120 academic credits

The aim of the program is to train highly qualified specialists who are able to apply economic theories, quantitative methods and analytical tools to solve real economic problems, practical tasks and make justified decisions in various areas of the economy. The Master's program «Applied Economics» is aimed at developing in students a deep understanding of economic processes and critical thinking skills, which allows them to analyze economic data and make forecasts based on quantitative methods, develop and evaluate economic policies using modern analytical tools, make optimal decisions in the face of uncertainty and a rapidly changing economic environment, conduct scientific research using methods of applied econometrics and modeling, develop business and economic development strategies aimed at increasing efficiency and sustainable growth.
The program trains specialists who are in demand both in the private sector (consulting, finance, business analytics) and in public administration and international organizations.

Graduates will receive two diplomas (of the Russian Federation and the Republic of Armenia).

CURRICULUM

Course			Academic Hours	Academic Credits	Lecturer	Position
I^st SEMESTER
Applied Microeconomics. Advanced Course			144	4	Irina B. Petrosyan	PhD in Economics, Associate Professor Head of the Department of Economic Theory and Issues of Transition Period Economies
Applied Macroeconomics. Advanced Course			144	4	Irina B. Petrosyan	PhD in Economics, Associate Professor Head of the Department of Economic Theory and Issues of Transition Period Economies
Applied Economic Analysis 1. Advanced Course			144	4	Lida A. Mnatsakanyan	PhD in Economics, Senior Lecturer of the Department of Economic Theory and Issues of Transition Period Economies
Experimental Economics			72	2	Ashot A. Balayan	Senior Lecturer of the Department of Mathematical Methods and IT in Economics and Business
Evidence-Based Decision Making			72	2	Armen B. Yeghiazaryan	PhD in Economics, Associate Professor Head of «National Center for Legislation Regulation» Foundation (2012-2019)
Monetary Policy			72	2	Manushak S. Grigoryan	PhD in Economics, Associate Professor, Central Bank of Armenia
Protection of Economic Competition			72	2	Pavel S. Ghaltakhchyan	Senior Lecturer of the Department of Economic Theory and Issues of Transition Period Economies, Deputy Chairman of the Competition Protection Commission of Armenia (20201-2022)
Innovation Economy			144	4	Edgar G. Karapetyan	PhD in Economics, Associate Professor Director of Strategy and Business Development, «Galaxy Group»
Scientific and Research Work (Educational Practice)			216	6	Department of Economic Theory and Issues of Transition Period Economies	---
TOTAL				30
II^nd SEMESTER
Master Class (Financial Mechanisms of Economic Growth)		144		4	Anush A. Karapetyan	Senior Lecturer of the Department of Economics and Finance
Research Methodology		72		2	Lusine K. Sargsyan	PhD in Economics, Senior Lecturer Council of Elders of Yerevan Municipality
Fiscal Policy of the RA		72		2	Garik A. Petrosyan	PhD in Economics, Senior Lecturer Ministry of Finance of Armenia, Head of the Macroeconomic Policy Department
Applied Economic Analysis 2. Advanced Course		144		4	Evgeniya A. Bazinyan	PhD in Economics, Associate Professor Head of ASUE Department of Economic and Mathematical Methods
State Countercyclical Policy		144		4	Varsik I. Tigranyan	PhD in Economics, Associate Professor of the Department of Economic Theory and Issues of Transition Period Economies
Macroeconomic Planning and Forecasting. Advanced Course		144		4	Garik A. Petrosyan	PhD in Economics, Senior Lecturer Ministry of Finance of Armenia, Head of the Macroeconomic Policy Department
Scientific and Research Work (Educational Practice)		144		4	Department of Economic Theory and Issues of Transition Period Economies	---
Introductory practice (Educational Practice)		216		6	Department of Economic Theory and Issues of Transition Period Economies	---
TOTAL				30
	III^rd SEMESTER
	Contemporary Economic Policy of the RA	144		4	Armen B. Yeghiazaryan	PhD in Economics, Associate Professor Head of «National Center for Legislation Regulation» Foundation (2012-2019)
	RA Foreign Economic Policy	144		4	Lusine K. Sargsyan	PhD in Economics, Senior Lecturer Council of Elders of Yerevan Municipality
	Urban Economics	72		2	Arman A. Avetyan	PhD in Economics, Associate Professor of the Department of Management and Business
	Modern Industrial Organization	144		4	Irina B. Petrosyan	PhD in Economics, Associate Professor Head of the Department of Economic Theory and Issues of Transition Period Economies
	Economics of the Social Sphere	144		4	Edgar G. Karapetyan	PhD in Economics, Associate Professor Director of Strategy and Business Development, «Galaxy Group»
	Uncertainty Bands of Economic Indicators	72		2	Ashot A. Tavadyan	Doctor of Sciences, Professor Head of the of the Department of Mathematical Methods and IT in Economics and Business
	Estimating Models of Macroeconomic Dynamics	144		4	Lida A. Mnatsakanyan	PhD in Economics, Senior Lecturer of the Department of Economic Theory and Issues of Transition Period Economies
	Institute Design	72		2	Heghine G. Petrosyan	PhD in Economics, Senior Lecturer of the Department of Economic Theory and Issues of Transition Period Economies
	Scientific and Research Work (Educational Practice)	144		4	Department of Economic Theory and Issues of Transition Period Economies	---
	TOTAL			30
	IV^th SEMESTER
	Practice according to the profile of professional activity	576		16	Department of Economic Theory and Issues of Transition Period Economies	---
	Scientific and Research Work (Internship)	288		8	Department of Economic Theory and Issues of Transition Period Economies	---
	Master Thesis Defense	216		6	Department of Economic Theory and Issues of Transition Period Economies	---
	TOTAL			30

"Economy"
Specialization "State regulation of the economy"

By "State regulation of the economy", we mean a set of measures, actions used by the state to correct and establish basic economic processes. Effective implementation of government regulation of the economy is the basis for achieving sustainable economic growth, as well as ensuring a high level of well-being in the country. Within the framework of the MEP "State Regulation of the Economy," it is planned to prepare personnel capable of developing and implementing both elements of macroeconomic regulation and general macroeconomic policy as a whole. The specialty "State regulation of the economy" is focused primarily on the training of high-level specialists in the field of international economic relations. The main focus of the training process is to achieve the synthesis of theory and practice, the acquisition of deep special knowledge and research skills. Studies are completed by the defense of a master's thesis.
The organization of the educational process is based on the principles of an asynchronous system, which allows students to choose 30% of the disciplines studied and independently create their own learning trajectory for two years.
Upon graduation, the graduate is awarded two state diplomas on higher professional education with the qualification degree "Master of Economics" of the Republic of Armenia and the Russian Federation.

Head of MEP "State regulation of the economy"

Sandoyan Edward,
Doctor of Economics, Professor
Director of the Institute of Economics and Business

Qualification	"Master of Economics"
Training term	2 years
Training form	Full-time
Credits	120
Language of instruction	Russian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Microeconomics (advanced course)	4
Macroeconomics (advanced course)	4
Econometrics (advanced course)	4
Master class (Political economy)	2
Master class (Actual problems in economic policy)	4
Methodology of dissertation research	2
TOTAL :	20

Specialization disciplines

Discipline Name	Credits
Theories of economic development and underdevelopment	4
Monetary and currency regulation of the Central Bank of RA	2
RA Fiscal Policy	2
Institutional economy	4
Macroeconomic regulation (advanced course)	4
TOTAL:	16

Variable disciplines

Discipline Name	Credits
Innovative economy	4
Economic diplomacy	2
Digital economy	2
Education policy	2
Health system policy	2
Energy economy	2
Megaeconomy	4
Business Economics	4
International integration associations	2
Social policy of the State	4
Agrarian policy of the state	4
National security	4
Anti-cyclical policies of the state	4
Funded pension system	2
Geopolitics	4
Development of the world economy through geopolitical processes	4
TOTAL:	56

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	24
Defense of the topic of a master's thesis	6
Defense of master's thesis methodology (synopsis)	18
Participation in the RAU Annual Student Conference	6
Participation in the RAU Annual Conference	6
Pre-defense of the master's thesis	6
Scientific paper published in peer-reviewed publications	18
Pre-diploma practice	12

BLOCK 3. Final attestation

	Credits
Master's thesis	6

"Economy"
Specialization "Megaeconomics"
Trends in the world economy indicate a fierce economic rivalry between the regions. The products of recent decades of world development and globalism (for example, WTO) are beginning to fall into the background. Regional trade and economic unions are being created (EAEU, SCO, NAFTA, the EU is expanding), which introduce elements of deglobalization into the global economy. The economic rivalry of the countries is accompanied by the growing rivalry of the regions. The subject of megaeconomics is issues of improving efficiency and the specifics of the equilibrium of the world economy in the context of the global nature of the resource movement. The specialty "Megaeconomics" is focused primarily on the training of high-level specialists in the field of international economic relations. The main focus of the training process is to achieve the synthesis of theory and practice, the acquisition of deep special knowledge and research skills. Studies are completed by the defense of a master's thesis.
Upon graduation, the graduate is awarded two state diplomas on higher professional education with the qualification degree "Master of Economics" of the Republic of Armenia and the Russian Federation.

Head of MEP " Megaeconomics "

Hrant Bagratyan,
Doctor of Economics, Professor

Qualification	"Master of Economics"
Training term	2 years
Training form	Full-time
Credits	120
Language of instruction	Russian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Microeconomics (advanced course)	4
Macroeconomics (advanced course)	4
Econometrics (advanced course)	4
Master Class (Political Economy)	2
Master Class (Current Issues in Economic Policy)	4
Methodology of dissertation research	2
TOTAL:	20

Specialization disciplines

Discipline Name	Credits
Theories of economic development and underdevelopment	4
International trade	4
International finance	4
Megaeconomy	4
TOTAL:	20

Variable disciplines

Discipline Name	Credits
EAEU Institutional Framework	4
Geopolitics	4
Development of the world economy through geopolitical processes	4
Inequality, economic growth and migration	4
European integration	2
RA Fiscal Policy	2
Socio-economic impact of migration processes	4
International integration associations	2
International migration	2
International economic and political organizations	4
International transport logistics	4
TOTAL:	36

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	24
Defense of the topic of a master's thesis	6
Defense of master's thesis methodology (synopsis)	18
Participation in the RAU Annual Student Conference	6
Participation in the RAU Annual Conference	6
Pre-defense of the master's thesis	6
Scientific paper published in peer-reviewed publications	18
Pre-diploma practice	12

BLOCK 3. Final attestation

	Credits
Master's thesis	6

Специализация «Государственное регулирование экономики»
Под государственным регулированием экономики мы понимаем комплекс мер, действий, применяемых государством для коррекций и установления основных экономических процессов. Эффективное осуществление государственного регулирования экономики лежит в основе достижения устойчивых темпов экономического роста, а также обеспечения высокого уровня благосостояния в стране. В рамках МОП «Государственное регулирование экономики» предполагается подготовка кадрового состава, способного разрабатывать и реализовывать как элементы макроэкономического регулирования, так и общую макроэкономическую политику в целом. Специальность «Государственное регулирование экономики» ориентирована, прежде всего, на подготовку специалистов высокого уровня в области международных экономических отношений. Основное внимание в учебном процессе уделяется достижению синтеза теории и практики, приобретению глубоких специальных знаний и исследовательских навыков. Завершается обучение защитой магистерской диссертации.
По окончании выпускнику выдается государственный диплом о высшем профессиональном образовании с присвоением квалификационной степени «Магистр экономики» Республики Армения.

Руководитель МОП «Государственное регулирование экономики »

Сандоян Эдвард Мартинович,
д.э.н., профессор
Директор Института экономики и бизнеса

Квалификация	«Магистр Экономики»
Срок обучения	1 год
Форма обучения	Очная
Кредиты	60
Язык обучения	Армянский
Выпускающая кафедра	Кафедра экономики и финансов

БЛОК 1. ДИСЦИПЛИНЫ
БАЗОВЫЕ ДИСЦИПЛИНЫ

Наименование дисциплины	Кредиты
Микроэкономика (продвинутый курс)	4
Макроэкономика (продвинутый курс)	4
Эконометрика (продвинутый курс)	4
Мастер класс (Политическая экономика)	2
Мастер класс (Актуальные проблемы экономической политики государства)	4
Методология диссертационного исследования	2
ВСЕГО	20

ДИСЦИПЛИНЫ СПЕЦИАЛИЗАЦИИ

Наименование дисциплины	Кредиты
Теории экономического развития и отсталости	4
Монетарное и валютное регулирование ЦБ РА	2
Налогово-бюджетная политика РА	2
Стратегические программы Правительства РА	2
Государственно-частное партнерство: теория и практика	4
Инновационная экономика	4
Макроэкономические регулирование (продвинутый курс)	4
Геополитика	4
Мегаэкономика	4
ВСЕГО :	30

БЛОК 2. ПРАКТИКА
Научно-исследовательская работа является обязательным разделом основной образовательной программы магистратуры. Участие в научных семинарах, конференциях и мастер-классах позволяет сформировать исследовательские компетенции будущих магистров. Освоение профильных знаний производится в рамках научных школ под руководством ведущих профессоров. Обучение через проектную деятельность позволяет реализовать самые смелые идеи в инкубаторах и лабораториях.

	Кредиты
*Научно-исследовательская работа*
Защита методологии магистерской диссертации (синопсис)	2
Предзащита магистерской диссертации	2
ВСЕГО :	4

БЛОК 3. ГОСУДАРСТВЕННАЯ ИТОГОВАЯ АТТЕСТАЦИЯ

	Кредиты
Магистерский тезис	6

"Economy"
Specialization in International Economics
At the present stage, the importance of knowledge of the patterns of development of the world economy, the reasons for the successes or failures of various world projects, the effectiveness or inefficiency of the functioning of both individual national economies integrated into the world economy and various sectors of the world economy is significantly increasing. The specialty "International Economy" focuses primarily on the training of high-level specialists in the field of international economic relations. The main focus of the training process is to achieve the synthesis of theory and practice, the acquisition of deep special knowledge and research skills. Studies are completed by the defense of a master's thesis.

Head of MEP "International Economy"

Voskanyan Mariam,
Doctor of Economics, Professor
Head of the Department of Economics and Finance

Qualification	"Master of Finance"
Training term	2 years
Training form	Full-time
Credits	120
Language of instruction	Armenian
Graduating Department	Department of Economics and Finance

BLOCK 1. THEORETICAL TRAINING
Basic courses

Discipline Name	Credits
Macroeconomics in Finance (Advanced Course)	4
Econometrics (advanced course)	4
Financial accounting (advanced course)	4
Methodology of dissertation research	2

Variable disciplines

Discipline Name	Credits
Master Class (Political Economy)	2
Master class (Current problems of regulation of financial markets and institutions)	4
Theory of Finance and Basic Financial Models (Advanced Course)	4
Financial risk management and management	4
Project and Cost Planning	2
System of international financial reporting standards	2
Modern Banking Problems	2
Monetary and currency policy of the Central Bank of Armenia	2
Payment systems	2
Behavioral finance	2
Financial accounting (advanced course)	4
Tax Accounting and Tax Planning	4
External audit	4
Cash Flow Management in Organizations	2
Digital economy	2
Capital market	4
Credit analysis	2

BLOCK 2. PRACTICES
Research work is a mandatory section of the main educational program of the magistracy. Participation in scientific seminars, conferences and master classes allows you to form the research competencies of future masters. The development of specialized knowledge is carried out within the framework of scientific schools under the guidance of leading professors. Training through project activities allows you to implement the most daring ideas in incubators and laboratories.

	Credits
Scientific and pedagogical practice	4
Defense of the topic of a master's thesis	2
Defense of master's thesis methodology (synopsis)	6
Participation in the RAU Annual Student Conference	8
Participation in the RAU Annual Conference	8
Pre-defense of the master's thesis	8
Scientific paper published in peer-reviewed publications	12
Pre-diploma practice	6

BLOCK 3. Final attestation

	Credits
Master's thesis	6

Technology and Organization of Services in Tourism

Part-Time, Finance

Part-Time, Finance

Part-Time, Economics

Part-Time, Economics

Part-Time, Economics

Part-Time, Economics

Full-Time, Tourism

Full-Time, Managment

Full-Time, Managment

Full-Time, Managment

Full-Time, Managment

Full-Time, Managment

Full-Time, Managment

Full-Time, Finance

Full-Time, Finance

Full-Time, Finance

Full-Time, Finance

Full-Time, Finance

Full-Time, Finance

Full-Time, Finance

Full-Time, Finance

Full-Time, Economics

Full-Time, Economics

Full-Time, Economics

Full-Time, Economics

Full-Time, Economics

Full-Time, Economics

Full-Time, Economics