History of the department started in 1998 when the Department of finances was created in the way of reorganization of the Department of economics and management. The head of the department was Doctor of economics, professor Lagutin Vasyl.
In 1999 the Department of finances was reorganized into two departments: the Department of finances of enterprises and credit and the Department of state finances. The Department of state finances was headed by Doctor of economics, professor Karlin Mykola, and the head of the Department of finances of enterprises was Doctor in economics, professor Slaviuk Rostyslav.
In 2009 the Department of finances of enterprises was renamed as the Department of finances and credit (the head of the department – Candidate of economics science, docent Grudzevych Igor) and in 2016 the Department of state finances got the name the Department of finances, bank business and insurance (the head of the department – Docent of economics, professor Karlin Mykola).
In 2020 in the way of reorganization the departments were united into one – the Department of finances.