Finance and Credit Department (until 2012, the Department of Finance) has been established on the 9-th of January, 1993, by severance from the Department of Economics.

The first head of the Department of Finance was Anatoly Chupis (from 09.01.1993 till 13.05.1996), Currently the head of the department is Vladimir Boronos (from 20.06.1996 till present).

During this time the department has been rapidly growing, starting with a small group of only five candidates and ending with a strong educational and scientific structure which now has more than twenty members, all of whom have scientific degrees of PhDs or candidates, most of whom are graduates of this department.

Department of Finance and Credit cooperates with many public, private, and non-industrial enterprises, financial institutions, commercial and non-profit organizations in Sumy and Sumy region. The main partners of the department is the regional office of the State Property Fund of Ukraine in Sumy region, Sumy oblast directorate of "Raiffeisen Bank Aval", PJSC CB "PrivatBank" State Savings Bank of Ukraine, Sumy Machine Building Research and Production Association, JSC Sumykhimprom and others. The aim of this cooperation is not only to provide training for highly qualified specialists in finance and credit, but also to establish research, which involved both leading teachers of faculty and graduate students, and the best students, allowing them fully disclose their scientific and creative potential.

Lecturers have established close scientific ties with scientists from various universities and institutes of the National Academy of Sciences of Ukraine and higher educational institutions from foreign countries (Brussels University, (Brussels, Belgium), Politecnico di Milano (Milan, Italy), Australian National University (Canberra, Australia), the University of Waikato (Hamilton, New Zealand), University of Graz Karl and Franz (Hrats Austria), University of Koblenz-Landau (Koblenz, Germany), Higher School of insurance and Finance (Sofia, Bulgaria).

Extensive scientific relations of the department and the high quality of specialists training enable graduates annually apply for further postgraduate study in leading universities in Ukraine and foreign educational institutions (KNU. Shevchenko (Kyiv), Charles University (Prague, Czech Republic); Technical and humanist academy in Bielsko-Biala (Poland) Higher school of insurance and Finance. (Sofia, Bulgaria).