The Chair of Finance appeared on July 1, 1999 in the process of new chairs creation in Zhytomyr Institute of Engineering and Technology: the Chair of Economic Theory, Economy of Enterprise, the Chair of Accounting and Finance (decree № 164 of May 11, 1999). During 1999-2003 Doctor of Economic Sciences, professor Kireytsev G.G. headed the Chair, from 2003 till now the Head of the Chair is Assistant Professor (PhD) Petruk O.M., licensed by the 3d level. 10 lecturers, including 1 doctor of sciences, professor, 3 candidates of sciences, and assistant professors (PhD) are working at the Chair.

The Chair maintains creative relations with similar chairs of Ukrainian Universities (including, Kyevo-Mogylanska Academy, National Agricultural University, Institute of Agrarian Economy of UAAS).

Knowledge of financial subjects is an important component in the process of delivering higher education in economic specialty, as long as financial relations penetrate into the national economy of the country on macro- and micro levels.

The Chair delivers the following subjects:

• Finance
• Enterprise Finance
• Financial Management
• Financial Market
• International Finance
• Money and Credit
• Bank Operations
• Accounting in Bank
• Insurance activities
• Taxation system
• Ukrainian Budget
• Duty tariffs
• Currency regulations
• Monetary-credit system
• Financial work organization at enterprise

All these subjects in complex are called to give theoretical basis as well as practical skills in state finance and economic subjects.

The teaching staff of the Chair consists of experts and scientists, which successfully combines knowledge and experience.

Alexander Mychaylovych Petruk, Professor, Doctor of Economic Sciences, Head of the Chair of Finance, graduated from Kyiv Institute of National Economy named after Korotchenko. After graduation he had been working in the bank system for 6 years. A participant of numerous national and international scientific conferences. Teaches Financial Management, Financial Activity of Enterprise, Bank operations, Currency Regulation, International Finance. Investigates problems of national accounting system harmonization.

One of the main directions of the Chair development remains the continuation of scientific research and writing candidate's and doctoral theses by the teaching staff on the following topics: "Financial Control", "National Accounting Systems", "Accounting and Financial Funds".

Thematic, which is presented in the table below is a new joint direction-research of the Chair:

In 2003 the Chair opened specialty of "Finance" for specialists' preparation in the sphere of finance, money circulation and credit.

Scientific work at the Chair of Finance is carried out in accordance with the working-plan of the Chair and individual working-plans of the lecturers. The main directions of work are:

• theory of finance, money circulation and credit (Assistant Professor (PhD) Maslova S.O., senior lecturer Alexandrova M.M.);
• money-credit relations (Assistant Professor (PhD) Maslova S.O., senior lecturer Dyachek S.M.);
• problems of economic and financial control in Ukraine (Assistant Professor (PhD) Vygovska N.G.);
• investment processes in modern Ukrainian economy (Assistant Professor (PhD) Maslova S.O.);
• insurance organization (senior lecturer Alexandrova M.M.);
• insurance companies accounting (senior lecturer Alexandrova M.M.);
• development of insurance sphere in Ukraine (senior lecturer Alexandrova M.M.);
• financial management in the system of economic activity administration (Professor Kireytsev G.G., senior lecturer Dyachek S.M.);
• financial planning (Assistant professor (PhD) Vygovska N.G.);
• development of forms of calculation and payment instruments as solution means of default in payment crisis in Ukaraine (Assistant professor (PhD) Petruk O.M.).

In 2001 Petruk O.M. prepared and defended candidate's thesis on the topic "Contractual Obligations and Rights in Accounting".