It was opened on 2 March 1919, and its first rector was Dmitry Bogolepov [ru] – the Moscow State University graduate, the Deputy People's Finance Commissar of RSFSR.

[14] On 4 March 2011, KPMG opened its own department at the university to enhance cooperation based on lectures and practical activities covering audit, International Financial Reporting Standards, taxation and corporate finance.

[citation needed] The system of higher education established at Finance University includes: Admission requirements are among the highest in Russia.

These include both fundamental and applied research in the areas of finance, money circulation and credit, insurance, accounting and audit, business evaluation, international monetary relations; research done for post doctoral and PhD dissertations; development of expert-and-analytical materials requested by the bodies of legislative and executive power; organisation of scientific events (conferences, seminars, "roundtables", etc.).

[19] The university became the competition winner "Golden Medal "European Quality" in the category of "100 Best Institutions of Higher Education in Russia".

[41] 2023– present: Dr. Pavel S. Seleznev[42][43] 2013-2022: Dr. Alexander I. Ilyinsky ru:Ильинский, Александр Иоильевич[44] According to Google Scholar, the following three papers have been cited most frequently: Among the graduates are: Before the 2022 Russian invasion of Ukraine and the cutting of academic cooperation with Russia by a significant part of the international community, the Financial University had entered into 17 new agreements with partner institutes of Australia, UK, Germany, Spain, China, United States, Czech Republic and other countries, including: Following the 2022 Russian invasion of Ukraine, the government of Ukraine has introduced sanctions against the Financial University,[76] its rector Stanislav Prokofiev,[77] and president Mikhail Eskindarov.

[78][79] In March that year, Prokofiev and Eskindarov had signed an open letter of Russian university rectors supporting the invasion.

[80] The sanctions include an indefinite termination of any cultural exchange, scientific cooperation, educational and sports contacts, entertainment programs of Ukrainian entities and persons with the Financial University as well as a visa ban and asset freeze for Prokofiev and Eskindarov.