Importance Whereas the Russian market economy needs to build an effective mechanism for corporate financial management and develop financial management as an important discipline of economics, the research presents a chronological time scale of progress in the financial management mechanism and provides a comparative description of its stages. The article summarizes experience in financial management in Russia and abroad. We also determine the specifics of the Russian financial management and review whether it is possible to apply the Western financial management models in the contemporary Russian science and practice. Objectives The article compares the stages of progress in the Western and Russian financial management, identifies some patterns, thus extracting the specifics of the Russian financial management mechanism and its development as much as possible. It will help avoid the negative Western experience. Methods The research employs the methods of general scientific cognition: comparison and description, systematization and logic and cognitive apprehension, analysis and synthesis. Results The research finds the reasons why the Western financial management experience was not successfully applied in the Russian firms. In designing the structure of any entity, it is necessary to consider the evolution of financial management methods in global science and practice and effectively utilize the positive expertise and experience. Conclusions and Relevance We conclude that a lack of professional corporate financial managers affects the development of the Russian financial management in the current circumstances. It also influences some socio-economic processes piercing almost each aspect of human life. Such specialists need time to acquire the relevant experience and skills and the developed R&D framework.
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