Interview of Yerevan Academy of Finance Vice Rector Karen Gasparyan to Mediamax Agency and Banks.am portal

- Your Academy has been functioning in the market of financial education for about 20 years. What were the main stages of formation you underwent?

- This year is a jubilee year for us. The Academy was founded in 1990, and it is the 20th anniversary this year. Of course, the initial stage was the most difficult for us. It was in the Soviet times, when there was no attitude yet formed towards private education. When we were launching activity, we had only one lecture hall and one office, in which the managing and the teaching staff of the Academy worked simultaneously.

The year of 2000 was a breakthrough one of us. It was when the Academy was among the first to receive state accreditation under number 5. Thus, we became the fifth non-governmental higher educational institution in the country, which was accredited and which gained the right to issue state standard diplomas.

To briefly describe the path we have gone, I would not way it was difficult, or easy. It was a work process, which proceeded in a proper regular order.       

- What are the specialties that are taught today? Which of them are in most demand among students?

- Our higher educational institution is one of the few educational establishments in Armenia, which does not get “dispersed” among many specialties. It focuses particularly on the sphere of finance.

Teaching is carried out in two faculties in our institutions: Finance and Credit (finance, international finance, financial management, banking, security analysis and management), as well as Accounting and Audit (bank accounting and audit, taxes and taxation).

In terms of demand, we have singled out accounting, since, as we always tell our students, besides the specialty, accounting also represents technical skills. If you are a good accountant, you will always be able to earn your living. 

We had the chance to expand, there were proposals, but this is the principle stance of the leadership – not to open new faculties, which are not related to finance and will not be within the economy sphere.

- What is the basis of education necessary and what are the exams one should pass in order to enter the Academy? How long does the learning process last and do students have the chance to continue their education taking MA course?

- I will start with the last part of your question. Today the MA course in our Academy is the only accredited MA course in the sphere of finance among non-governmental higher educational institutions of Armenia. 

Secondary school alumni can enter the Academy. Besides, we have agreements with two financial colleges – “Financial and Banking College” Foundation and Yerevan State College of Finance and Economy, according to which the alumni of these two higher educational institutions take up immediately the third and second years of education respectively in our Academy.

Often graduates of various higher educational institutions in our country come here, wanting to receive second specialty. In this case, depending on the difference of subjects, which they have taken in their educational institution, they take up the course starting from the second year, or, if they have education in humanities, they start education from the first year basing on general grounds.

In order to enter the Academy, one should pass two exams – Armenian language and mathematics. If necessary, the entrant may pass Russian language exam instead of the Armenian. Education consists of two levels – 4 years of bachelor course and 2 years of MA. The Academy students, who have graduated from the bachelor course without satisfactory grades, enter the MA course automatically. Students of other higher educational institutions, who want to continue their education in our Academy in MA, are interviewed basing on the specialty they have chosen.

- Do students undertake active practical course in establishments of the banking and credit system?

- For the practical course, we have concluded agreements with certain banks – “Araratbank”, “Armeconombank”, “Unibank”, “Ardshininvestbank”. Besides, we have the corresponding agreement with the State Revenue Committee.

Students undertake practical courses twice: once during their third year of education and one pre-graduation practical course. In case of the pre-graduation practical course, the bachelors undertake it in enterprises, in particular, in “Yerevan Beer” Factory and “Noyyan” Company.

We attach much importance to the practical course of the students. We believe that it is a good springboard for our students, since often are the cases, when after graduating from the Academy, our graduates continue working in establishments, where they had undergone student practical training.

Besides, there is educational practice carried out in MA course, when after hearing out a particular course of lectures, students enter the lecture room and carry out seminars and examinations themselves. This is mainly done in order to train future lecturers, and this is very effective, since there are people among our lecturers today, who graduated from the Academy in the 90s.

- What is the job/position that the Academy graduate can claim to occupy in this or that financial establishment? Do you follow their future career?

- In 2008, we carried out wide monitoring on employment of our graduates and we found out that 71% of them work by their specialty. There is a head of department in the Central Bank, there are many heads of departments and divisions in commercial banks, chief accountants in various companies among the graduates of the Academy.

Of course, students, who have graduated only from the bachelor’s course, cannot claim to occupy high positions: they can get employed in a bank or in a different business structure as an average executive. But MA graduates can take up any position. For instance, one of them works as Head of Department in the Ministry of Finance today. 

- Who enters the teaching staff of the Academy? Are there current employees of the financial-banking system among them?

- We welcome and practice involvement of current employees of the financial market in the teaching staff of the Academy. In particular, audit is taught by auditors from “Grant Thornton Amyot”, the subject of card credits is taught by the head of the corresponding department from one of the banks. As I have already mentioned before, our graduates are also actively involved in the teaching process in the Academy.

Besides the main teaching staff, we involve also lecturers, highly recognized in the country, for instance ones from Yerevan State University and State University of Economics of Armenia. Their potential is very important for us, besides, their presence inspires our students.

In general, about 30-35 people enter the teaching staff of the Academy. About 70% of them are our basic staff lecturers.

- Is the Academy provided with the necessity specialized literature? Do you publish specialized workbooks? 

- We have quite a solid library. Moreover, today we work over creating an electronic library for the students to have the chance to download the necessary literature via the Academy website. 

We fund and publish a few publications a year. These are mainly manuals, guidebooks, which are elaborated by our lecturers. For instance, we published two problem books on accounting last year.

We actively cooperate in literature exchange with the Armenian branch of Moscow Institute of Economics and Statistics. The literature, provided by it, mainly touches upon modern tendencies in the market of financial services.

- Do you realize extracurricular programs concerning current problems of the country’s financial system?

- At least once a year we organize a conference with participation of students. At those conferences we discuss particular issues of the financial situation in the country at the moment, the ideas of students concerning further developments. 

As a rule, the conferences are held in September-October each year. At the conferences, advanced students gain the chance to demonstrate the knowledge they have gained in the period of education. This, in its turn, is a significant stimulus for first year students, who, gaining a so-called emotional charge from their elder mates, clearly realize what progress of knowledge they can expect to have in the years of study in the Academy.

- What is the fee for education established in the Academy? Do you provide for preferential conditions of payment for particular students?

- The annual fee for education in bachelor’s course makes 280 thousand AMD, and in the MA course – 320 thousand AMD. Concerning preferential terms, we have preferential groups, which are formed, taking into account the social situation of a particular student.

Besides, we have quite an actively functioning student council, the activity of which aims at stirring up public life in the Academy. In particular, “What? Where? When?” student team and “F” student theatre function. Student, who demonstrate most activity, are provided 10% discount for education.  

- There is a Japanese language class Center functioning in the Academy. What is the establishment of this Center conditioned by and does this anyway meet the main tasks, dealt with in the Academy?

- Indeed, there is “Fudzi” Center on teaching Japanese language. It closely cooperates with the Embassy of Japan in Moscow. To tell the truth, the Center has nothing to do with financial education. It was set up at the initiative of a group of our students, who took interest in Japanese language a few years ago, started independently learning it and asked us to help them in that issue.

A workgroup was established in the process of center establishment. It included a teacher from Japan. As a result, the Center for teaching Japanese language, history and culture of Japan was established. Education is carried out exclusively in Japanese and lasts 2 years. Upon completion, a certificate, certified by a tester from Japan, an employee of the Embassy of Japan in Moscow, is issued.

According to our assessment, “Fudzi” center is also one of the future paths for our students, meaning that we get the chance to provide for personnel for the future Embassy of Japan in Armenia, which is expected to be opened within the nearest 1-2 years.

- We would like to hear your comment concerning the level of financial literacy in our country.

- In the recent years, the level of financial literacy among the population has increased along with development of the banking system, but at the same time, as to general understanding of the developments, which take place in the financial market of the country, their cause-and-effect relations, our compatriots are yet amateur. I believe that the reason is the insufficient information provided to the population. 

Concerning the level of qualification of the current employees of the financial market, as a rule, there are no problems with the ones, who have received the corresponding education. It is another issue that today there are often people without professional education involved in the banking sphere, for instance graduates of higher educational institutions specialized in humanities. In believe that in the course of time the employers themselves will feel the necessity to select professional personnel, without whom any establishment will hardly occupy the deserved niche in the financial market of the country.