The Faculty of Finance was established in 2006. It offered student admissions in the fields of "Finance and Credit" and "Accounting and Auditing." The faculty included the departments of "Finance and Accounting" and "General Mathematics and Natural Sciences." The faculty was headed at different times by Associate Professor Suleyman Malik oglu Shirinov, Azer Vazir oglu Ibrahimov, and Associate Professor Asgar Imamali oglu Aliyev.

The Faculty of Economics was also founded in 2006. It offered programs in "Labor Economics and Sociology," "Legal Regulation of the Economy," "Economics," and "State and Municipal Administration." The faculty had two departments: "General Economics" and "General Humanities and Social Sciences." The faculty was led by Kamal Ferej oglu Hajiyev, Hijran Amirkan gizi Mirzayeva, and Associate Professor Asgar Imamali oglu Aliyev.

In 2019, the Faculty of Finance and the Faculty of Economics were merged and renamed the Faculty of Finance and Economics. Currently, the faculty offers programs in five specializations:

• Finance
• Accounting
• Marketing
• State and Municipal Administration
• Economics

The faculty comprises three departments:

• Department of Economics and Management
• Department of Finance and Accounting
• Department of Mathematics and Information Technologies

Additionally, the faculty operates two centers and one laboratory:

• Center for Economic Research
• Center for Gender Studies
• Financial Accounting Laboratory

The faculty was previously led by Associate Professor, PhD in Economics Nurenqiz Yanvar gizi Mikayilova. Currently, it is headed by Associate Professor, PhD in Economics Lala Fagael gizi Mahmudova.

The faculty has a total of 26 staff members, including:

• 1 professor
• 8 associate professors

4 PhD holders