The history of the development the Department of Finance began in 1994 with the establishment of the Faculty of Economics at the Lesya Ukrainka Volyn State University. At that time, the department was called Department of Economics and Management. The head of the department was Doctor of Economics, Professor Vasyl Dmytrovych Lagutin. In 1998, the Department of Finance was formed by reorganizing the Department of Economics and Management.
In 1999, the Department of Finance was reorganized into two departments: the Department of Finance of enterprises and credit and the Department of Public Finance. The Department of Public Finance was headed by Doctor of Economics, Professor Mykola Ivanovych Karlin, and the Department Finance of enterprises and credit was headed by Doctor of Economics, Professor Rostyslav Anatoliyovych Slavyuk. In 2009, the Department of Finance of enterprises and credit was renamed to the Department of Finance and Credit, and the head was appointed Candidate of Economics science , Associate Professor Ihor Teofilovych Grudzevych.
In connection with the opening of the master's degree program in the specialty "Taxation" in 2012, the Department of Public Finance was renamed to the Department of Finance and Taxation. In 2016, the Department of Finance and Taxation was renamed to the Department of Finance, Banking and Insurance (Head of the Department - Doctor of Economics, Professor Karlin Mykola Ivanovych).
In 2020, through reorganization, both departments were merged into one - the Department of Finance.
The main development strategy elements of the Department of Finance:
Mission: fundamental training of highly qualified and competitive specialists in the field of finance, banking, insurance and stock market, able to think independently and critically, analyze and make effective management decisions, apply the acquired knowledge in practice in conditions of uncertainty and integration into the European educational space.
Values: high standards of teaching, learning and scientific activity; responsibility, innovation, human-centeredness, publicity, initiative, inclusiveness, tolerance, mutual respect and goodwill in relations between lecturers, students and staff, self-development and self-improvement, teamwork, patriotism, development of Volyn educational traditions.