M. Ershov graduated from Moscow Institute of Finance (now - Moscow Financial University with the Government of Russia), faculty of International Economics (with honors).

In 1986 received Ph.D. from Institute of World Economy and International Relations (IMEMO) of the Academy of Sciences of the USSR - thesis on foreign exchange problems.

In 1998 received degree of full Doctor of Economics from Institute of Europe, Academy of Sciences - thesis on Russian and international monetary problems.

He worked in major international and Russian financial companies and banks. For several years he was head of management consulting (MC) at Deloitte and Touches CIS (one of the “Big Six” audit/consulting firms).

Mr. Ershov was invited to take part in various committees and work groups; banking associations. He took part in Russian-American Banking Dialog (reported to the Presidents during the US-Russian Summits).

He is a member of the Banking Council within the framework of the Council of Federation; member of expert council in the Russian Industrial Union - RSPP (unites big business); member of expert council on anti-crisis policy of the Analytical Department of the State Duma; member of council within State commission on economic development and integration.

Mr. Ershov was a member in the workgroup of the Presidium of the State Council of Russian Federation:

• on the questions of state industrial policy (2004);
• on the questions of the banking sector (2006);
• on the questions of investment attractiveness of regions (2010).

M. Ershov was the member of the official delegation of Russia to some of the G-7 Presidential and Ministerial meetings. He made a report at the meeting of President of Russia V.Putin with academicians of the Russian Academy of Sciences.

He is the author of numerous articles on financial, foreign exchange and banking issues and author of 4 books.

Till 2013 Ershov was a senior vice-president of ROSBANK.

At present M.Ershov is Director of financial research of the Institute for energy and finance.