How to enrol at the University of Luxembourg
I didn't end up in Luxembourg straight away. When I finished 11th grade, I first went to London on a Foundation programme. I planned to stay there, but then 2014 came along, when the first sanctions against Russia were introduced. The pound rose above 100 roubles at the time, which was very expensive. I didn't want to be a burden on my family. Plus, there was a risk that I might not be able to finish my studies at all. On top of that, I started to feel homesick. So I decided to return to Moscow and started looking for programmes in English or programmes with a double degree. HSE and MGIMO offered such programmes.
Why Luxembourg?
In 2013, I believe, MGIMO launched its School of Government and International Affairs programme. It was taught entirely in English. Since I already had an IELTS certificate and had completed the Foundation programme, I was accepted as an international student.
Four years have passed, we had the Bologna system, which meant that I didn't even have to bring my degree into line with European programmes. I'm finishing my bachelor's degree, writing my thesis, which is about blockchain, by the way, and defending my degree. Incidentally, I had quite good marks: an average of 89 and 95 for my defence. This will help in the future.
Then I decided to do some work. Just before that, I watched the film The Wolf of Wall Street and realised that being an attaché somewhere in French Guiana wasn't really for me. I wanted to be closer to the markets and stock exchanges, so I went to work as an analyst.
Although the programme at MGIMO was extensive, I felt that I lacked knowledge. I had a choice: either CFA or a master's degree. However, everything I looked at cost a crazy amount of money. I wanted something more affordable, without involving my family's finances.
I looked in Germany, France, and somehow came across the University of Luxembourg. They had a programme called "Asset Management".
How to enrol at a Luxembourg university
Just then, COVID started, and language centres closed. And I really wanted to get another certificate to make a nice portfolio so that I'd definitely get in. But, alas, it didn't work out. So I applied to just one university for two programmes — Wealth Management and Economics.
I wanted to take the GMAT, as I felt that my bachelor's programme did not cover all the "financial stuff" and that it would be impossible to get in. I registered for the exam, but I kept getting notifications that the dates were being postponed, and then it was cancelled altogether due to COVID restrictions, and the deadline for submitting documents was approaching. I remember crying at the time, but at some point, I thought, "Oh well, whatever will be, will be. I'll submit everything I have at the moment."
To apply, you must submit your diploma, CV, and cover letter.
Wealth management was the first to respond. Early in the morning, the dean wrote to me: "So and so, I am pleased to inform you that you have been accepted into the programme." I was very surprised at the time and thought it was some kind of scam. Usually, the university sends an official letter, but this was just a message signed by a person. I looked up who he was, and it turned out he really was the dean!
He assured me that there was no need to worry, saying that the university would send official confirmation in a week. And that's what happened; I received a letter from the university.
I was lucky, I didn't have to take any entrance exams! A girl from the student community later told me that there was an unrealistic pile of applications for my programme, dating back to almost the 2000s. They are reviewed regularly and invitations are sent to the earliest applicants, if they are still relevant.
I spoke with the dean about how it happened that I didn't have to wait in line. He replied that my motivation letter touched his heart. Plus, I had a high score. My work experience also helped!
What documents are required?
Basically, the university does everything for you. Essentially, all you need to do is obtain a D visa and provide all the necessary documents. Then they take care of everything else: they will arrange your residence permit, insurance, and accommodation.
However, in order to obtain permission, even from a university, you need to prove that you have enough money.
If I'm not mistaken, I confirmed that I had approximately $20,000. I was still working part-time at the time and made this clear. In Luxembourg, students are allowed to work no more than 20 hours per week. When I arrived, the minimum monthly amount was around €1,350 per month, not including rent.
Then you receive a certificate from the university confirming that you have been enrolled for the first semester. Next, you need a statement from the local authority. In principle, the university provides most of the necessary documents. In this respect, everything is quite straightforward.
You gather all the documents for the first package and submit them to the immigration department. Then they will ask you to have your diploma accredited. To do this, you need the original document, which is translated and certified by a sworn translator. After that, an apostille is affixed and the package is submitted to the Ministry of Education.
From there, you will receive confirmation that your diploma has been accepted and a transcript showing your grades. And that's it, you get your card. It is valid for one year, then you need to renew it.
How much does it cost?
The education itself initially cost around $15-20,000 per year. Then some structural changes took place: the state began to sponsor the programme. As a result, the price became only €200 per semester, with the rest coming from the budget!
In the end, I only paid €800 for tuition. Of course, I still had to pay for insurance, which was another €200 or so, and for the dormitory — a deposit and insurance for the dormitory itself.
The cost may vary between different educational institutions, but usually the university website always provides very detailed information about what is included and how much it costs.
How subjects are studied and which ones
Basically, all subjects in the programme are compulsory. There are additional courses that are optional, but because of work, I didn't have time to take them.
We had a modular system and studied a great deal. The programme covered all aspects of asset management, as well as various market instruments, including derivatives, equities, bonds and exchange-traded funds.
We studied everything, right down to asset management strategy. Law was a separate subject, and we delved into it very deeply: we studied Muslim law, Sharia law, and the intricacies of stock market legislation, as this is a highly developed and sought-after field in Luxembourg.
Of course, we studied the real estate market, and we even had projects in this industry. Some of my classmates went to work in real estate after graduation. Incidentally, this is also the most sought-after specialisation in Luxembourg.
The modular assessment system is quite convenient. The module consists of four subjects, with a passing grade of 10 out of 20. If you fail one subject but perform well in the others, you will be given a credit in advance. That's what happened to me with Green Finance. I wasn't very interested in it, so I hardly ever went to class and got a 9.5. But I got 15-20 points in the other three subjects in this module, so I passed the course.
Twice a semester, you can look forward to your favourite exams, which are an essential part of the academic year. These take place from around the end of November to December and sometime in May, similar to Russia. The only difference is that in Russia, exams are usually scheduled 2-3 days apart, while here they can be scheduled almost consecutively.
For example: Monday, Wednesday, Friday, or, say, Monday, Wednesday, Thursday. That's very stressful. You really have to know the subject well, because there's almost no time to prepare.
Another interesting thing: almost no one in my field wrote a dissertation. Here, the final project is essentially a report on your six-month internship. The internship is official and mandatory. You have to use a case study from there in your report.
It was very easy for me, as I am doing what I love. I was already on an internship when the conflict between Russia and Ukraine began, and I saw the impact that the sanctions had on the market for financial instruments connected in one way or another with Russia.
Sanctions were issued at such a pace that European financial institutions simply did not have time to interpret them; no one knew what to do or how to do it. As a result, there were a plethora of problematic cases to study. I chose to focus on the ADR/GDR issuers of the Russian Federation that were listed on foreign exchanges and almost immediately ended up in the block.
As a result, thanks to my extensive practical experience, I completed the assignment in three nights and received a score of 18.5 out of 20.
How the student community lives
I can say that students always have something to do. The university itself organised many different parties. For example, during COVID, it tried to support students in every way possible. There were online seminars, online yoga, and psychological support was provided.
At that time, the start-up movement was growing. Basically, you're sitting at home with nothing to do, and students started organising conferences and brainstorming sessions — it was really cool! Plus, the government was still giving out grants, so that spurred everyone on too.
The University of Luxembourg is well known for its business incubator and support for start-ups. During COVID, we all stayed at home for the first year, and there were lots of competitions, contests and collaborations.
When COVID ended, the university started hosting parties again. Free language courses returned. Seminars on a wide variety of topics began again. For example, about vaccines, how they work, how they are created. Experts from Pfizer were invited to talk about how they derive formulas and how drugs are developed.
There were parties, there was science, and there were some business collaborations. It is safe to say that the university does a lot for its students.
I hung out more with my friends; we got used to having fun in a small group. But we also went to university celebrations. We definitely went to the Halloween party. I also went to a rock concert, and the university bought the tickets for that too. They do that quite often — they buy tickets for exhibitions, concerts, master classes and give them out to students for free.
What to keep in mind when preparing for a move
It's very simple, as I said, your task is to obtain only a D visa, the university will do the rest for you.
Documents for a D visa for students:
- Two colour photographs, 3.5 x 4.5 cm, on a light background — white or white and blue. The photographs must not have any stains, creases, scuffs, glare, blurring or any other defects. The photograph must be without corners or ovals, on matte photo paper.
- A valid foreign passport, valid for at least 3 months after the expiry date of the requested visa. Two blank pages are required;
- Original temporary residence permit;
- Copies of pages from your internal passport;
- Schengen visa application form (the same for C and D visas). Downloadable from, for example, the website of the Luxembourg Consulate in Moscow;
- Consular fee (the amount of the fee varies and depends on the specific country).
Although studying at a Luxembourg university can be challenging, it is well worth the effort given the opportunities it offers. Moreover, the university itself provides a great deal of support: it prepares the necessary documents, assists with visas and residence permits, organises leisure activities, and offers access to scientific and business environments.
All of this contributes to the development of personal skills and allows you to better understand what you want to do in life.