ISET’s new academic program - Master in Finance

In recent years, the development of the financial market has intensified in the country - the pension reform has been implemented, the pension fund has been established, capital market development has intensified, the insurance sector has increased and the demand for highly qualified professionals in finance industry has grown. The latter require unique skills that combine knowledge of macroeconomic and monetary policy, technical quantitative skills, financial valuation and corporate finance expertise, risk management, knowledge of behavioral finance.

ISET is launching the new Master in Finance program, officially accredited in 2022. It is created in accordance with Chartered Financial Analyst (CFA) international study program, which represents ‘golden standard’ in finance industry globally.

ISET 2-year Master in Finance program consists of compulsory and elective subjects, overall 120 ECTS. An academic year is divided into 3 trimesters with 13-week duration each. Program also includes Capstone project, which involves an internship by a student in a host organization. Graduates of the program will be competitive locally and internationally, in organizations such as central banks, international financial institutions, sovereign and private investment funds, as well as other public and private institutions.

Admission Process

ISET strives to attracts highly motivated students from around the world, through competitive selection. Admission to the program is open to anyone holding an undergraduate diploma from an accredited institution of higher education.

ISET accepts local and international students; however, the application process for these two groups is a bit different.

This is mandatory for local applicants (citizens of Georgia):

  • A bachelor's degree from any accredited higher education institution;
  • Successful passing of the unified master's exams organized by NAEC;
  • Passing the internal admission test organized by ISET in English language, which consists of components of Math and basics of Finance;
Interview in English with the ISET Admissions CommitteeDuring the interview, applicants must substantiate their motivation to study finance.
  • Mandatory for international  applicants (citizens of foreign countries):
    A bachelor's degree from any accredited higher education institution;
  • Passing the internal admission competency written exam organized by ISET on English, which consists of components of Math and basics of Finance;Interview in English with the ISET Admissions Committee, During the interview, applicants must substantiate their motivation to study finance.

Admission process consists of two main stages:

(1) online submission of full application package,

(2) exam and interview

(1) Online Submission of a Full Application Package

  • Complete an application form.
  • Upload a statement of purpose - a one or two-page essay explaining your motivation to study economics and how a master's degree in finance is related to your career goals and intellectual interests (in PDF format).
  • Upload diplomas and transcripts from previously attended educational programs (BA/MA Degrees or equivalent). If the documents are not in English, please provide translated versions. All documents should be scanned and attached in PDF format.
  • Upload your GRE or GMAT scores, if any (not mandatory, but is the plus).

(2) Online Exam and Interview

Candidates are required (i) to take the exam in English language organized by ISET, which consists of components of Math and basics of finance and (ii) attend the interview conducted by the ISET Admissions Committee. During the interview, applicants are expected to demonstrate their motivation to study finance program. An interview is a necessary component of evaluation and must be recorded.


If you have any questions related to admissions, please contact the Academic Affairs Department of ISET at

Program Curriculum

ISET intends use the CFA 'Gold Standard' curriculum and cover 70% of the CFA curriculum, which will be strengthened by international standard courses tailored to local specifics. 70% coverage of the CFA curriculum will allow the school to apply for membership of the institute as soon as it has first graduates. Such affiliations have also been received by many of the world's leading universities - the University of Oxford (Master of Financial Economics), New York (Master of Business Administration in Finance), Massachusetts (Master of Science in Finance), San Diego (Master of Finance) and others.

The first-year subjects (13 in total) covered by the program curriculum are all required and the total credit is 60 ECTS. The student must earn a total of 60 ECTS during the 2nd academic year. Of these, 33 ECTS falls on compulsory subjects (including 4 ECTS - on the Capstone project (which involves an internship by a student in a host organization), 12 ECTS - on various electives, and 15 ECTS - on a master's thesis.

First Year: Core Courses

This course allows the student to understand how manage the wealth. It identifies what are financial goals, financial needs and risk tolerance; and teaches how to create relevant strategy for wealth management. During the course student will learn how to identify and tax-efficient strategies for wealth management and transfer, implement strategies to diversify or otherwise deal with concentrated or single asset positions in publicly traded or privately held businesses and real estate and use various strategies and financial products structured to mitigate the risk of not achieving financial goals.
This course aims to teach ethics, related challenges to ethical behavior, and the role played by ethics in the investment profession. Students will learn how to define ethics and norms of professional behavior and as well as the role of a code of ethics in defining a profession.
This course aims to teach the students alternative investments, including hedge funds, private equity, real estate, commodities, and infrastructure investment. Each is examined with emphasis on their distinguishing characteristics, considerations for valuation, and potential benefits and risks. Similarities and differences with traditional investments (stocks, bonds) are also considered.
The course aims to teach the concept of a portfolio management and develop student’s ability to understand, explain, analyze and implement portfolio management process. Student will be able to use the portfolio theory in risk and return estimation, security selection, and other practical applications, to incorporate investor objectives, constraints, capital market expectations, relevant risk considerations together with portfolio construction, execution and evaluation and to apply Capital Asset Pricing Model, Multifactor Models.
The course aims to equip the student with the knowledge needed to prepare an investment policy report and to develop investment portfolio managing, monitoring and analyzing skills. Student learn how to apply appropriate policy and procedural changes needed to assure compliance with the Code and Standards and evaluate the structure of the asset management.
The aim of the course is to teach the student the role of capital investment in the portfolio, taking into account costs and shareholder responsibilities. Student will be able to analyze bottom-up active strategies, including their rationale and associated processes and factor-based active strategies.
The course aims to teach the student the characteristics of behavioral finance and its psychological foundations, as well as their application in the analysis of asset prices, market prices, investors and corporate behavior.
The goal of the course is to present a framework for risk management, focusing on the concepts and tools for measuring and managing market risk and credit risk. Students will learn how to evaluate strength and weaknesses of company’s risk management process by analyzing a company’s or portfolio’s exposures to financial and nonfinancial risk factors and value at risk (VaR) and its role in measuring overall and individual position market risk.
This course aims to teach the role played by fixed-income securities in portfolios, fundamental concepts necessary for understanding curves and yield curve strategies. Students will learn how to evaluate strategies for managing single liability, formulate a portfolio positioning strategy given forward interest rates and an interest rate view and analyze a portfolio’s sensitivity to a change in curve slope using key rate durations of the portfolio and its benchmark.


16, Zandukeli St,
0108 Tbilisi,

Telephone: (+995 32) 250 71 77