The goal of the new institution was to offer contemporary economic education and research to Russian business, government, and society. In September of that year, the Russian Academy of Science's Central Economics and Mathematics Institute building hosted the first 37 students enrolled in the "Master of Arts in Economics" program. NES was founded by Lomonosov Moscow State University and CEMI RAS. Future alumni of Harvard University, Massachusetts Institute of Technology, and other esteemed universities were among the first students to graduate from NES in June 1994. The NES Alumni and Friends Association was established concurrently. There are currently over 3,000 graduates in the NES community.