‘Beyond Developing a Powerful Skill Set, ICEF Also Helped Build My Resilience’

Umarkhon Isaev

Photo courtesy of Umarkhon Isaev

Umarkhon Isaev, from Tashkent, Uzbekistan, graduated from the International Bachelor's Programme in Economics and Finance at ICEF HSE in 2026. In this interview, Umarkhon talks about what made ICEF the ideal place to pursue his interest in finance, how his programme challenged him in ways he had never experienced before, and why it’s important to find friends who have your back when times are tough.

— What made you choose HSE University and come to Moscow to study at ICEF?

— I've always had a strong aptitude for mathematics, and over time that grew into an interest in economics, finance, and investment analysis. When I was choosing a university, I wasn't looking for the easy path and I wanted a programme rigorous enough to really challenge me and push me to my limits.

ICEF, with its International Bachelor's Programme in Economics and Finance and its reputation for producing analytically sharp graduates, was the kind of demanding environment I wanted

It also offered world-class economics education at a level of value that was hard to match somewhere else. Coming to Moscow felt like the right combination of academic challenge, international recognition, and personal fit.

— What are your overall impressions of your studies at ICEF?

— Honestly, it was a long and demanding journey. At times it felt like playing life on hardcore mode. Almost every year there was a moment where I wondered whether I'd make it through, but each time I got back up and kept going. Coming from a top lyceum in Tashkent, where I'd graduated with a perfect 5.0 GPA, the difficulty was a real shock at first, as the exams at ICEF were unlike anything I'd faced before. But rising to that level is exactly what I'd come for, and I'm proud that I managed to maintain my merit-based tuition discount for most of my years there.

Photo courtesy of Umarkhon Isaev

The most valuable part of the experience was twofold. Academically, I developed a genuinely powerful skill set, like how to break down and truly understand difficult material and how to move between theory and practical application. But beyond that, ICEF built my resilience. I got knocked down more than once, and each time I learned to stand back up and push through the roadblock in front of me.

I was surrounded by extraordinary classmates who constantly impressed me—competing alongside people like that made the whole experience challenging and genuinely fun

— Which courses did you enjoy the most, and what made them especially interesting or useful for you?

— Given my background, mathematics was what I loved most. It was Calculus in my first year and Mathematics for Economists in my second. That's the world I came from, and it was where I felt most at home.

But some of the biggest surprises came from outside my comfort zone. World Intellectual History in the first year was a revelation, because I discovered I had a real talent for philosophy, and afterwards I found myself genuinely enjoying discussions about how different thinkers reasoned and perceived the world. The Law course in second year was another highlight: short, but remarkably comprehensive for its length.

The course that shaped my direction the most was Banking and Financial Intermediation—it gave me a clear picture of how money moves through an economy and how financial institutions actually work

I earned excellent marks and it sparked a deeper interest that pushed me to explore these subjects far beyond the syllabus.

Photo courtesy of Umarkhon Isaev

— How was your experience of living in Moscow?

— I met some wonderful, fun people from all over the world, and those international friendships were one of the best parts of living there. I'm a native Russian speaker, so unlike many international students, I didn't have to overcome a language barrier when I arrived. That turned out to be a huge advantage. Everyday tasks that can be very stressful for foreigners—handling official documents and university paperwork, dealing with the migration and registration process, opening a bank account, visiting the doctor, or simply getting around the city—were all straightforward for me.

Being able to speak Russian removed a layer of difficulty that I saw many of my international friends struggle with, and it let me focus my energy on my studies instead

It also meant I could connect easily with local students, follow everything in administrative settings without confusion, and feel at home in Moscow much faster.

— What advice would you give to future international students who are considering studying at ICEF?

— I will keep it real: this place will test you, and some people and some situations will try to make you feel small. Do not let them. Not for a single day. You earned your seat, so own it, and refuse to shrink for anyone.

Every setback, every unfair moment, is daring you to prove it wrong—so answer it. Stand up every single time you get knocked down, and stand up louder than before

But don't try to survive it alone. Build your circle—real friends, or at least people who'll watch your back and keep you informed. Stay hungry, stay curious, keep exploring and pushing into new territory. And on the days you want to quit, look ten, twenty years down the road. The person who gives up today will carry that regret forever. The person who fights and who aims as high as humanly possible and refuses to fold is the one who makes it. Be that person. Believe, with everything you have, that you deserve the best. Then go take it.

Photo courtesy of Umarkhon Isaev

— What are your plans after graduation, and what career path are you hoping to pursue?

— I do have clear plans for the future, but I'm someone who prefers to let the work speak before the words do. I'd rather keep the specifics to myself for now and simply put my head down and grind.

My path lies in economics and finance, particularly in investment and financial analysis, which is where my interests and strengths have pointed since day one

Right now, I am dedicated to expanding my academic foundation through a master’s or MBA degree and concurrently translating that knowledge into practice within the financial industry.