It was the first institution training specialists for financial and economic services of the Republic. The origin of the Collega dates back to the adoption of the Resolution of the Board of Narkomfin (Commissariat of Finance) of the Kazakh ASSR on Reorganization of Finacial Courses in Semipalatinsk and Regional Collefe in Kyzylorda into the Semipalatinsk Financial and Economic Combine dated August 11, 1931. In December 1941 the institution obtained the status of Financial and Economic College of Narkomfin of the Kaz SSR. Fro December 1944 to 1960 it was called Semipalatinsk Financial College of the Ministry of Finance of the Kazakh SSR. In 1993 the staff of the college applied for the assigning the name of R.S. Baiseitov to the institution and organized the event dedicated to the 71st anniversary of his birthday. In January 1994 by the resolution of the Cabinet of Ministers of the Republic of Kazakhstan it was named after Rymbek Baiseitov, former Miniter of Finance and college graduate. In February 1996 the college was reorganized into the Financial and Economic College.
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