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Alex Korogodsky

Alex leads an insurance practice for one of the Big-4 advisory firms in New York, prior to that he served as the Chief Operating Officer (COO) and the Board Member for the Renaissance Insurance Group in Moscow, Russia, and had held management positions at Prudential Financial, Chubb & Son, and Johnson & Johnson (all in the USA).

Modern Financial Services

Purpose of this Course

Financial services represent a highly competitive and rapidly changing sector in every modem economy. Financial systems and financial firm strategies are now involved in a fundamental, far reaching process of realignment and change. The strategic priority for financial institutions has shifted away from growth and size alone towards a greater emphasis on profitability, performance and shareholder value creation. The growing economic importance of financial sectors has also re-emphasized that banker, fund managers, multinational companies, securities firms, insurers, regulators and financial advisors, must have a clear understanding of the theory and practice relating to banking and finance.

This course focuses on theory and practice of modern financial institutions — banks and insurance companies and provides framework to develop the required skills needed to manage finance, people and information and to learn how these skills can be applied in banking, insurance and elsewhere in the financial sector. It equips you with the managerial knowledge and skills to respond successfully to the rapid changes in technology, customer requirements and regulations in order to make smart decisions about operations and strategies that affect decision making in the global financial services industry.

Course Materials

  • H&H: Modern Banking, Shelagh A. Heffernan, Seiag Hefferman.
    ISBN: 0470095008
  • S&A: Management of Insurance Operations, Bates, Derek Atkins.
    ISBN: 0852977158
  • Optional: The Bank Director's Handbook: The Board Member's Guide to Banking & Bank Management, Benton E. Gup.
    ISBN: 1557387923
  • Case Study Booklet

Grading

Students should attend at every class and participate in the class. Be advised that lectures will be supplemented with materials that are not mentioned in the textbooks. These materials will be tested in exams. (2) Students are expected to research the Internet and industry press and magazines and focus on business impact. You may get definitions from websites such as www.webopedia.com and whatis.techtarget.com.

Individual Cases: Each student will be assigned 2 (two) individual cases due according to the class schedule. The cases will be 5-page write-up following the GAP Analysis Methodology presented in class + 7 PowerPoint Slides.

Team Cases: Students will be split in teams and team cases will be assigned to each team to be presented according to the class schedule.

Final Case: Each student will choose a topic for his/her final case study, due on the last day of class.

The course will be graded in accordance with the following schedule:

Course Topics

  1. Role of modern financial institutions in today's economy
  2. Basic principles" insurance market, regulatory framework
  3. Strategic planning and growth. Segmentation of an insurance industry
  4. Front office: marketing strategy, distribution and sales
  5. Middle office: risk assessment (underwriting) and claims. Reserving
  6. Back office operations: finance, hr, it, legal, administration
  7. Role of banks are financial intermediaries. Risk management foundations
  8. Global regulation and diversification of banking
  9. Banking in US and Russia
  10. Competitive issues, bank performance
  11. Introductions to investment management

You can download description of the course here.

Managerial Accounting

Managerial Accounting course starts on Tuesday, May 16, 2017.

Entrance Exam

You could take AIBEc Entrance Exam from May 4, 2017 till \\\June 6, 2017. Students who achieve qualifying score on the exam pay reduced tuition.

Summer Semester, 2017

Summer Semester starts on May 16, 2017.