Excellence in Economics Education and Research The mission Alumni of the New Economic School and Students is to benefit Russia’s private and public sectors through excellence in economics education and research

Arkady Dvorkovich, President of the NES Alumni Association (NES’94) NES is committed to building a sustainable economics NES trains economics and finance professionals for Rus- Since 1992, more than a thousand young economists have graduated from Aide to the President of the community that should prominently represent Russia in sia’s private sector. NES also provides Russian and inter- NES, 947 holding Master of Arts in Economics degree and 76 holding the Russian Federation (since 2008), the global economics profession: national businesses with research, executive education, Masters in Finance degree. member of the NES Board of and consulting. Directors and NES Endowment . NES trains new academic economists for Russia More than 680 of them are working in Russia, including 550 in the private Foundation Board of Trustees, . NES produces globally competitive economics research NES aims to become a model for other institutions of sector, mostly in international companies, investment banks, and consulting. President of the NES Alumni . NES brings back foreign-trained Russian economists developing and transition countries in building centers of Association, Young Global to work in Russia excellence in economics. Through its outreach activities, 265 NES graduates continued their studies in the top PhD programs in Leader (, NES also disseminates modern economics knowledge to economics and finance (such as Harvard, MIT, Chicago, Stanford, Yale, North- Davos). NES contributes to improving Russia’s public policy through other universities in Russia, the CIS, and other emerging western, Columbia, Berkeley, LBS and others). 150 have already received both graduate training in economic policy and applied re- markets. their PhD in economics or finance. More than half of them have chosen Graduated from the search at its Center for Economic and Financial Research. academic careers in Western universities, including MIT, Stanford, Princeton, Berkeley, Northwestern, Penn State, Columbia, NYU, LSE, LBS and others. State University, Faculty of Many work as economists in the World Bank, IMF and EBRD. More than 30 Economics, received Masters PhDs have come back to Russia. degrees from the New Economic School and Duke University. Most students have their first degree in mathematics, physics, or economics «Your School has already built a reputation of a university that , from the best universities of Russia and the CIS, with 40% from the Mos- For several years Arkady provides modern and high quality economic education. NES President of Russia, cow State University, another 25% from the Moscow Institute of Physics Dvorkovich headed Economic degree is highly valued both in Russia and abroad. Hundreds in his greetings and Technology, 7% from the Higher School of Economics, and 7% from the Expert Group at the Ministry of of NES graduates working successfully in different private and to the 10th anniversary of NES, Novosibirsk State University. Majority of NES students come from outside of Finance, in 2000 he became an public sector organizations brilliantly prove that.» December 18, 2002 Moscow. Adviser to the Minister of Eco- nomic Development and Trade. In 2001-2004 he worked as a Deputy Minister for Economic Development and Trade, in 2004-2008 – headed the Presi- dential Experts’ Directorate.

Class 2011

«I was greatly impressed by the students of the New Economic «We see a country transforming its system of higher education to School, who are eager to take advantage of the opportunities of meet the demands of the modern world, with institutions like the the 21st Century.» new Law Faculty at Novgorod University, and the New Economic School in Moscow.»

Barack Obama, William Jefferson Clinton, President of the United States of America, the 42nd President of the United States of America, in his address at the Kremlin in his address to the Russian Duma, Moscow, July 7, 2009 June 5, 2000 Faculty NES Faculty and Research

The core of NES is the resident faculty of 25 young economists with PhDs in Stanislav Anatolyev Grigory Kosenok Sergey Stepanov economics and finance from the leading universities, including Harvard, MIT, Access Industries Professor of Economics RENOVA Foundation Professor of Economics Human Capital Foundation Assistant Michigan, Wisconsin-Madison, LBS and other. PhD, University of Wisconsin-Madison, PhD, University of Wisconsin-Madison, Professor of Corporate Finance NES’95 NES’95 PhD, ECARES, Universite Libre These faculty members truly represent Russian economics in the global de Bruxelles, NES’00 economics profession via participating in the international conferences and Andrei Bremzen Olga Kuzmina publishing in the leading international economics journals, including Econo- BP Assistant Professor of Economics Assistant Professor of Economics Konstantin Styrin metrica, American Economic Review, Quarterly Journal of Economics, Review PhD, Institute and Finance Renaissance Capital Assistant Professor of Economic Studies, Journal of Economic Perspectives, Journal of Economic of Technology, NES’99 PhD, Columbia Business School of Macroeconomics Ekaterina Zhuravskaya Literature, Journal of European Economic Association, Journal of Finance, PhD, , NES’01 (NES’94) Journal of Business, American Political Science Review. Irina Denisova Valery Makarov Professor, Paris School of Economics Assistant Professor of Economics Bank of Moscow Professor of Economics Anton Suvorov NES is ranked the best economics institution in the former communist coun- PhD, University of Manchester Member of the Russian Academy of Science Assistant Professor of Economics and the New Economic School tries in the research ranking by RePEc (Research Papers in Economics). SSRN PhD, Toulouse University, NES’99 Ekaterina Zhuravskaya (Ph.D., (Social Science Research Network) ranks NES in the top 100 best eco - Paul Dower Dmitry Makarov Harvard University, 1999) returned nomics departments in the world and a top 3 in non-OECD countries. Kinross Assistant Professor of Development Christopher Barter Assistant Professor Natalia Volchkova to Moscow in 1999 and became the Economics of Finance ExxonMobil Assistant Professor The School’s think tank, the Center for Economic and Financial Research (CEFIR PhD, New York University PhD, London Business School, NES’00 of Energy Economics head of CEFIR at NES. Since 2010 at NES), is ranked a top 20 economic think tank in the world by RePEc. PhD CEMI, Post doc, Massachusetts Ekaterina is also a professor of Paris Ruben Enikolopov Andrei Markevich Institute of Technology, NES’98 School of Economics. Her papers on CEFIR’s research areas include: Nordea Assistant Professor of Finance Assistant Professor of Economic History political economics, public econom- PhD, Harvard University, NES’02 PhD, Institute of Russian History, RAS, Ekaterina Zhuravskaya ics, institutions, and fiscal federalism . Business and investment climate Post doc, University of Warwick Professor of Economics are published in Quarterly Journal of . Industrial organization and competition policy Ozgur Evren Paris School of Economics Economics, American Economic Review, . Corporate governance and financial markets Assistant Professor of Economics Tatiana Mikhailova and New Economic School American Political Science Review, Jour- . Macroeconomic policy PhD, New York University Assistant Professor of Economics PhD, Harvard University nal of Economic Perspectives, Journal of . Political economics and federalism PhD, Pennsylvania State University, NES’97 Economic Literature, and other pres- . International trade and foreign investments Sergei Guriev Social policy and labor market Professor of Economics Maria Petrova tigious international journals. Dr. . . Migration policy Doctor of Science, Post doc, Massachusetts UBS Assistant Professor of Economics Zhuravskaya was named a Global . Regional economics Institute of Technology PhD, Harvard University, NES’04 Leader for Tomorrow by the World Economic Forum in Davos in 2001. Sergei Izmalkov Victor Polterovich She is also a CEPR Research Fellow Assistant Professor of Economics Professor Emeritus and a co-editor of Journal of Public PhD, Pennsylvania State University, NES’97 Member of the Russian Academy of Science Economics and Journal of Compara- tive Economics. Patrick Kelly Alexei Savvateev Edward Eisler Assistant Professor of Finance ALCOA Foundation Assistant Professor PhD, Arizona State University of Economics PhD, CEMI, Post doc, CORE, Catholic Igor Kheifets University of Louvain, NES’97 Assistant Professor of Economics DEA, University Carlos III of Madrid, NES’04 Konstantin Sonin SUEK Professor of Economics Stanislav Khrapov PhD, Moscow State University, NES’98 Assistant Professor of Finance PhD, UNC at Chapel Hill The New Economic School’s NES Undergraduate Program Governance Structure

Konstantin Sonin Sergei Guriev (NES’98) In 2011, NES is opening its first Bachelor of Arts program in partnership Rector: Sergei Guriev Professor of Economics and Rector, SUEK Professor of Economics with the Higher School of Economics. The Joint BA Program of HSE and President: Valery Makarov New Economic School. President of the and Acting Vice-Rector of the New NES is designed according to the modern international standards of un - Center for Economic and Financial Economic School dergraduate education. It is envisioned to become one of the best bach - Board of Directors, the ultimate governing body of the School, meets 4-5 Research (CEFIR) at NES elor’s degree programs in Russia. times a year to make strategic and operational decisions. Graduated from the Moscow State Sergei Guriev received his Dr. Sc. University (department of Mechanics The graduates of the joint BA program will get economics degrees from (habilitation degree) in Econom- and Mathematics) in 1995. Master Russia’s two leading economics universities - Higher School of Economics ics (2002) and PhD in Applied of Arts in Economics (NES, 1998) and the New Economic School. Math from the Russian Academy of and PhD in Mathematics (Moscow Science (1994), and M.Sc. Summa The Board of Directors Cum Laude from the Moscow State University, 1998). Worked at The program has already attracted the best pool of applicants among Institute of Physics and Technology Harvard University in 2000-2001, Russian economics departments. For example, 40 out of 55 winners and Maxim Boycko Chair, NES Board of Directors prize-recipients of the 2011 All-Russian Competition in Economics chose (1993). In 1997-1998, Dr. Guriev and the Institute for Advanced Study Erik Berglof Chief Economist, EBRD; Coordinator, Interna- our program. The first intake is 62 students (including 57 winners of na - visited the Department of Econom- tional Advisory Board of NES at Princeton in 2004-2005, taught tional competitions in economics and mathematics) instead of planned 50 ics at M.I.T. for a one-year post-doc- at Kellogg School of Management at and will steadily increase to 100 students per year in coming years. This Arkady Dvorkovich Aide to the President of the Russian Federation, toral placement, and in 2003-2004, Northwestern University in 2009- year, the minimum Unified National Exam for a scholarship was 379 (out of President of the NES Alumni Association the Department of Economics at 2010. Konstantin Sonin’s research 400), for admission with tuition payment - 370. Princeton University as a Visiting interests include political and Mikhail Dmitriev President, Center for Strategic Research Assistant Professor. institutional economics as well Sergei Guriev Rector of NES Dr. Guriev has published in interna- Winners of national and interregional competitions admitted to the program as economic theory. He has been Barry W. Ickes Professor, Pennsylvania State University; Presi- tional refereed journals including published in the leading international Number of dent and Treasurer, American Friends of NES American Economic Review, Competition journals such as Quarterly Journal of students accepted American Political Science Review Valery Makarov Member of the Russian Academy of Science, Economics, American Economic Review, All-Russian competition for high Winners (8) and and Journal of Economic Perspec- 40 Director of CEMI; President of NES Review of Economic Studies and many school students in Economics Prize-Recipients (32) tives. others. At NES, besides teaching and All-Russian competition for high Vladimir Preobrazhensky Chief Financial Officer, SUEK In 2006, he was selected a Young research, Konstantin is a co-director school students in Mathematics Prize-Recipients 1 Global Leader by the World Economic Forum. In 2009, he was of the new Bachelor of Arts in Interregional competition for Winners included in the top 100 of the Presi- Economics program opening in high school students 8 (1st degree diploma) dent of Russia’s Reserve of Manage- the Fall of 2011. He is a columnist at in Economics (# 22) «…New Economic School is hands down the most impressive institution of higher ment Cadre. He is also a Member of Vedomosti and The Moscow Times. Interregional competition for Winners learning in Russia. This applies to the level of scholarship – NES is the best econom- the President of Russia’s Council on He is also a CEPR Research Fellow high school students 4 (1st degree diploma) ics department in Russia and probably one of the best in all of Europe. And it applies Science, Technology and Educa- and a member of the Editorial Boards in Mathematics (# 22) tion. He is a board member of Sber- to governance and management, which is just as hard to get right as the scholarship… Physics and Mathematics bank, Russia Venture Company, at Journal of Comparative Economics and Winners competition for high school 3 NES appears to have the potential to become a new London School of Economics.» European Journal of Political Economy. (1st degree diploma) Russian Home Mortgage Lending students “Fiztech” (# 76) In April 2011, Professor Sonin’s book Excerpts from the report «Evaluation of Higher Education Support in Russia», Agency, Alfa Strakhovanie and Regional interdisciplinary Winners Dynasty Foundation. He is a mem- «Sonin.ru: Lessons in Economics» 1 Ford Foundation, Moscow, January 2007 competition in Economics (# 62) (1st degree diploma) ber of the Scientific Council of the was published in Russian by Alpina Total 57 BRUEGEL think tank (Brussels) Business Books. and of the Advisory Committee of Peter G. Peterson Institute for In- ternational Economics, a Research Fellow at CEPR, and co-editor of Economics in Transition. Sergei Guriev is running regular columns in Forbes Russia and in the leading Russian business daily Vedomosti. He has also contrib- uted articles to the The New York Times, SmartMoney, The Moscow Times, and Expert. Vladimir Preobrazhensky, Maxim Boycko and Barry W. Ickes International Alumni Fundraising Campaign Advisory Board

International Advisory Board (IAB) consists of the internationally reknown The endowment campaign is based on the confidence of On the other hand, an endowment can only be raised if Erik Berglof, academic economists. IAB provides guidance on academic matters, makes the Russian and the international business community the society is confident that the university will adhere Chief Economist, EBRD, Coordinator, all major academic decisions, and oversees the academic activities at NES. in the New Economic School’s commitment and capacity to its declared mission, principles, values, and strategy. The International Advisory Board It is also responsible, through an Academic Appointment Committee, for all to pursue its mission. An endowment is crucial for the «NES strives to maintain the academic appointments and promotions. existence of a research university and the main guar- The NES endowment was created for two purposes: highest quality of economics antee of its independence and implementation of its first, to raise funds for building its own campus, and education in Russia and the Professor Erik Berglof, Chief Economist, EBRD, Coordinator mission. second, for the long-term funding for faculty and International Advisory Board Professor Philippe Aghion, Harvard University research. In the Academic Year 2010-11, the endow- plays an important role in it. The Professor Beth Allen, University of Minnesota In order to maintain high quality in education and ment revenue has contributed nearly 14% of the annual members of the Board represent Professor Donald Andrews, Yale University research, a university needs long-term funding sources. budget. the cream of the cream in the Professor John Cochrane, Chicago GSB world economics profession and Professor Avinash Dixit, Princeton University ensure that the NES academic Professor Barry W. Ickes, Pennsylvania State University programs are at the level of the Academician Valery Makarov, Director of CEMI and President of NES best economics programs in the Professor Roger Myerson, University of Chicago NES thanks corporations, foundationsand individuals leading Western universities.» Professor Gur Ofer, Hebrew University Academician Victor Polterovich, CEMI and NES who have made donations to its endowment: Professor Gerard Roland, University of California at Berkeley Professor Larry Samuelson, Yale University . Peter Aven . Metalloinvest Professor Aleh Tsyvinski, Yale University . Bank of Moscow . Novatek

. Barkli Corporation . Open Society Institute The NES Endowment Foundation Board of Trustees . Maxim Boycko . RAO “UES of Russia” In 2007, NES established its Endowment Foundation. Advisory Board of the New Economic School made a The NES Endowment is among the first in Russia and it decision to transform itself into the NES Endowment . Jonas af Jochnick . RENOVA Group serves as the source of the long term financial sustain - Foundation Board of Trustees. This Board makes deci- ability of the School. To effectively oversee the process sions on the use of the endowment income, facilitates . Alexander Lebedev . Transneft of building the endowment, and in accordance with endowment fundraising and assists in creating new the Charter of the Endowment Foundation, the Russian partnerships with the Russian private sector. . McArthur Foundation . Uralsib

Maxim Boycko Valery Makarov . Andrey Melnichenko Chair, NES Board of Directors Director of CEMI, President of NES Peter Aven Leonid Mikhelson President, Alfa-Bank Chairman of the Management Board, NOVATEK Len Blavatnik Yakov Urinson President, Access Industries, Inc. Deputy CEO, RUSNANO Andrei Borodin Ruben Vardanian Former CEO, Bank of Moscow Chairman of the Board of Directors and CEO, Troika Arkady Dvorkovich Dialog Group Aide to the President of the Russian Federation, President Andrei Vavilov of the NES Alumni Association Academic Director, Institute for Financial Studies Maxim Gubiev Sergey Vorobiev Former CEO, Metalloinvest Chairman of the Board, Ward Howell Vladimir Kremer Oleg Vyugin Managing Director, Vice-Chairman of the Management Chairman of the Board of Directors, MDM Bank Board, RENOVA Group Fundraising Campaign Sources of funding among NES Alumni and budget

Achievements of our alumni and their support of NES than $250,000. The matching programs by Alexandra Total budget: $8.67 million is the best proof of the School’s success. In October Kornilova and Jochen Wermuth as well as by other em - 2010, NES launched fundraising campaign among NES ployers of NES alumni resulted in the total contribution alumni. Within eight months, more than 170 graduates of the campaign exceeding $500,000. 23% Tuition, (about 20% of all NES alumni) have contributed more including student loans 43% 23% 20% Research Projects

Endowment Revenue 20%

Grants and Donations, 43% Companies, Foundations and Individuals

NES is grateful to companies, foundations and individuals who provided financial support to the School in 2010-2011:

. Access Industries, Inc. . Morgan Stanley . Human Capital . Peter Aven Foundation . Bank of America Merrill . Nordea . Christopher Barter Lynch . John D. and Catherine T. . Renaissance Capital MacArthur Foundation . Alexander Dolgin Sergei Guriev and Arkady Dvorkovich meet with NES Alumni to discuss the School’s strategic plan and the progress . BP of the Alumni Fundraising Campaign . SUEK . RENOVA Foundation . Edward Eisler . Deutsche Bank . PwC . Open Society Institute . Peter Necarsulmer . Ernst&Young . Alcoa Foundation . Oxford Russia Fund . Jean Raby . ExxonMobil Russia Inc. . Citigroup Foundation . PINE Foundation . Charles Ryan NES is grateful to its 170 alumni for . ING . Dmitry Zimin’s Dynasty . The Warburg Pincus . Kurt Schmid their support . J.P.Morgan Foundation Foundation . Joseph Schull in the 2010-2011 academic year! . Kinross Gold Corporation . Susan Thurman NES Fаст Sнеет

MAE MiF TOTAL Founding year 1992 2007 Students Total number of students 200 62 262 (100%) Enrollment, 2010 102 29 131 Non-Muscovites 137 2 139 (53%) Avg.age of entering class 23 29 Women 39 15 54 (21%) Annual tuition $8,750 $14,750 Room and board $2,500 First degree of the students Mathematics, science, 134 38 172 (66%) engineering, IT Finance, accounting, economics 51 15 66 (25%) Other 15 9 24 (9%) Student Loan Program 12 years with 2 year grace period Number of students using the program 32 29 61 (23%) Financial support Number of students with full or partial 103 7 110 (42%) tuition waiver Annual budget 2010–2011 $8,670,000 Cost per student, per year $33,000 Alumni Number of graduating classes 18 4 Alumni Total 947 76 1,023 Faculty Total 59 Tenured and Tenure-Track Faculty 25 Part-time Faculty 34 Governance Board of Directors 8 NES Endowment Foundation Board of 14 Trustees International Advisory Board 14

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