Brochure HEC MSc. International Finance

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The financial crisis has taught us many lessons. Now more than ever, finance is a field which requires passion and commitment but also strong ethics and advanced technical skills. If you are loo- king at our program, there is a fair chance that you have either a first training in finance (business track) or in maths, physics or engineering (accelerated track) and are now looking to acquire the extra set of skills that will provide a pathway to a successful career in finance. Many high-quality programs exist in Europe, so you are debating which one to choose. Finance and economics have always been essential components of HEC Paris’ DNA. Over the years, the MIF (Masters in Interna- tional Finance) and the "Majeure Finance" of our MSc in Management have supplied major international investment banks with their largest contingent of European graduates. They also irrigated the French and European economies beyond the boundaries of Finance: our alumni have a strong toehold in fields as diverse as strategic consulting, top management of industrial firms or public policy making. There are many ways in which education in HEC Paris is different. Our approach is deeply rooted in the French tradition of strong analytics. We are looking for candidates who are strong quantitatively and we will do our best to challenge them during the program. Ano- ther feature is our obsession with tailor designingour programs to our students. The two different tracks, business and accelerated, allow us to leverage on pre-existing skills and knowledge to design the curriculum in a way that would be impossible in a one size fits allregime. Finally, not only do we believe in giving our students strong theoretical groun- ding with courses taught by world class researchers, but also hands onknowledge with courses taught by top practitioners working for, or at the head of, international banks, cor- porations and consulting firms. This unique combination is at the heart of the attractiveness of HEC Paris graduates for international recruiters. As I write this message, I have just finished recruiting students for the Class of 2012. I must say I am quite excited by the profiles of the men and women coming from all five continents I met throughout the year. I have been deeply impressed by their academic, personal and sometimes even professional achievements. I am also proud they chose HEC Paris as their next step in their successful career. I hope that you will want to come and join them: we are looking forward to meeting you soon! Jacques Olivier, PhD Professor of Finance and Program Director. INTERNATIONAL FINANCE MASTERS PROGRAMS 2012 (FULL TIME MS/MSc)

Transcript of Brochure HEC MSc. International Finance

Page 1: Brochure HEC MSc. International Finance

The financial crisis has taught us many lessons. Now more than ever, finance is a field which requires passion and commitment but also strong ethics and advanced technical skills. If you are loo-king at our program, there is a fair chance that you have either a first training in finance (business track) or in maths, physics or engineering (accelerated track) and are now looking to acquire the extra set of skills that will provide a pathway to a successful career in finance. Many high-quality programs exist in Europe, so you are debating which one to choose.

Finance and economics have always been essential components of HEC Paris’ DNA. Over the years, the MIF (Masters in Interna-

tional Finance) and the "Majeure Finance" of our MSc in Management have supplied major international investment banks with their largest contingent of European graduates. They also irrigated the French and European economies beyond the boundaries of Finance: our alumni have a strong toehold in fields as diverse as strategic consulting, top management of industrial firms or public policy making.

There are many ways in which education in HEC Paris is different. Our approach is deeply rooted in the French tradition of strong analytics. We are looking for candidates who are strong quantitatively and we will do our best to challenge them during the program. Ano-ther feature is our obsession with “tailor designing“ our programs to our students. The two different tracks, business and accelerated, allow us to leverage on pre-existing skills and knowledge to design the curriculum in a way that would be impossible in a “one size fits all“ regime. Finally, not only do we believe in giving our students strong theoretical groun-ding with courses taught by world class researchers, but also “hands on“ knowledge with courses taught by top practitioners working for, or at the head of, international banks, cor-porations and consulting firms. This unique combination is at the heart of the attractiveness of HEC Paris graduates for international recruiters.

As I write this message, I have just finished recruiting students for the Class of 2012. I must say I am quite excited by the profiles of the men and women coming from all five continents I met throughout the year. I have been deeply impressed by their academic, personal and sometimes even professional achievements. I am also proud they chose HEC Paris as their next step in their successful career. I hope that you will want to come and join them: we are looking forward to meeting you soon!

Jacques Olivier, PhDProfessor of Finance and Program Director.

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GENERAL OVERVIEWOur program aims to fulfill two objectives within a short period of time: lay the necessary foundations for any career in finance and provide in-depth knowledge in each student’s field of specialization. We achieve this goal by leveraging on the specific knowledge and experience students have acquired before joining HEC Paris:

› Business track students: already have taken at least introductory level courses in financial accounting, corporate finance, financial markets, derivatives and statistics in a Tier-A international business school or university. They frequently had a first internship in banking or consulting and are looking for an advanced set of tools to jump-start their career.

› Accelerated track students: have received first class education in a highly quantitative field (maths, physics, engineering, econometrics...) and wish to switch their field to finance. They may or may not have taken some courses in finance and they may or may not have had a first internship in banking or consulting.

Business and accelerated tracks mainly differ in courses taught during the Fall term. Business track students follow the same courses as the “Majeure Finance” students of the HEC MSc in Management program, starting all courses at an advanced level and getting a first opportunity to specialize through “block electives”. Accelerated track students start all finance courses at an introductory level. However, they go through an intensive Fall term where courses are taught making full use of their strong quantitative skills. Business track and accelerated track students have access to the same pool of electives in the spring term and have the same career opportunities at the end of the program.

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THE FRENCH LANGuAGE

MIF students do not need to speak French to enroll in the program as all core courses and most electives are offered in English. However, some knowledge of French can be useful to enjoy the full HEC experience : become professionally bicultural and optimize networking with French students and alumni. This is why HEC Paris offers optional French language classes free of charge to its international students.

semester 11 semester 2 2 CertiFiCAtes3 “internship” And thesis4

Business track ››Core courses

+ Block electives 210 h

Core courses (30 h) + Electives (≈150 h)

Confirmed for 2012/2013 :› Digital Business› Energy and Finance› Innovation and Entrepreneurship› Luxury Strategies› Real Estate› Social Business

Some employers of the class of 2011 :› Deutsche Bank,› Goldman Sachs, › Mc Kinsey,› Morgan Stanley, › Oliver Wyman,› uBS› ...

Accelerated track ›› Core courses 250 h

1 Soft skills seminars given in Semester 1 to prepare students to the job market

2 Electives common to the two tracks

3 Certificates optional for MS students4 Full-time job satisfies the “Internship”

requirement

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MS vs. MSc

MS (“Mastère Spécialisé”) and MSc are two degrees accredited by the French “Conférence des Grandes écoles”. They differ in two main aspects: eligibility requirements and length of study.› An MS is a Postgraduate

Degree which requires having obtained a Master ‘s Degree (e.g. engineering) prior to joining HEC Paris (with a tolerance for students with 4 years of education after high School - up to 30% of the class). It corresponds to 75 ECTS credits

› An MSc is a graduate degree open to students having obtained a Bachelor degree outside France or having obtained a M1 degree in France. It corresponds to 90 ECTS credits.

The main implication for the HEC MIF is that students pursuing an MS degree need not take courses from a HEC certificate to graduate. They are thus available to start a full-time job as early as mid-April.All students accepted for the HEC MIF program are considered by default to pursue an MSc degree. However, any eligible student may ask during the year to switch to the MS curriculum instead.The two main reasons to do so are if you are being offered a job starting in April or May or if you are not interested in any of the HEC Paris certificates.

ProgrAM STruCTurE

HEC MIF courses take place from September to April. Students pursuing a MSc degree continue courses until June within one of the HEC certificates. A HEC certificate corresponds to a group of courses with a sectorial focus on a specific area such as Energy and Finance, real Estate or Social Business. HEC certificates are optional for students pursuing a MS degree. Finally, MIF students must write a professional thesis and fulfill a 4 to 6 months “internship” requirement in order to graduate.The professional thesis is written during the internship under the joint supervision of a professional and of an HEC faculty member. It constitutes an important component of the HEC MIF learning experience. The objective of the thesis is to explore how cutting-edge research is being implemented in the daily practice of finance in a highly competitive environment.The “internship” requirement is satisfied when the student completes a professional experience of at least 4 months in finance or related fields subsequent to his or her coursework at HEC Paris. It is however important to stress that this professional experience may not be an internship per se. Our policy at HEC Paris is that the best type of internship is a full-time job! We strongly encourage our students to look for permanent hiring starting as soon as the coursework period is over.The MS or M.Sc. in International Finance is granted when coursework, professional thesis and “internship” requirements are fulfilled.

sEMEstEr 11 sEMEstEr 2 2 CErtIFICAtEs3 “IntErnsHIP” And tHEsIs4

Business track ››Core courses

+ Block electives 210 h

Core courses (30 h) + Electives (≈150 h)

Confirmed for 2012/2013 :› Digital Business› Energy and Finance› Innovation and Entrepreneurship› Luxury Strategies› real Estate› Social Business

Some employers of the class of 2011 :› Deutsche Bank,› goldman Sachs, › Mc Kinsey,› Morgan Stanley, › oliver Wyman,› uBS› ...

Accelerated track ›› Core courses 250 h

1 Soft skills seminars given in Semester 1 to prepare students to the job market

2 Electives common to the two tracks

3 Certificates optional for MS students4 Full-time job satisfies the “Internship”

requirement

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PorTFoLIoCore courses and block electives (business track)› Asset Management› Asset Pricing Theory and Limits› Corporate Finance Theory› Empirical Methods for Finance› Ethics Seminar› Financial Dimensions of Strategic Decisions› Financial Modeling› Financial Statement Analysis refresher› Financial Statement Analysis Workshop› Fixed income and derivatives (business track)› FX Derivatives Trading› International Finance› Mergers and Acquisitions› Quantitative Asset Allocation› Security Markets: Mechanisms, Liquidity and Investment Decisions› Soft Skills Seminar› Valuation refresher

Core courses (accelerated track)› Accounts and Financial Statement Analysis› Asset Pricing Theory and Limits › Corporate Finance (I and II) › Empirical Methods for Finance› Ethics Seminar› Fixed income and derivatives (accelerated track)› FX Derivatives trading › International Macroeconomics› Introduction to Finance› Quantitative Asset Allocation› Soft Skills Seminar› Structured Finance› Taxation

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THE MIF CLASS oF 2012 AT A gLAnCE

› Average age: 23› Average GMAt: 705› Schools: Arts et Métiers

ParisTech, AuB, Bei-hang/Centrale Pékin, Bocconi, Ecole Poly-technique, IIT Madras, Moscow State, national university of Singapore, ohio State, Queens, St gallen, Supélec, Tsin-ghua, university of Cape Town, university College London, university of Hong Kong...

› Experience/internship before HEC: Alstom, CEA (French atomic energy agency), Credit Suisse, Deloitte, Ernst and Young, gE, goldman Sachs, HSBC, Mc Kinsey...

› Miscellaneous: national champions (junior level) in tennis and swimming, entrepreneurs, student leaders...

› Career objectives: M&A, private equity, structu-red finance, strategic consulting, asset mana-gement, sales, trading, structuring...

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Electives (both tracks)› Advanced Asset Pricing› Advanced Fixed Income› Advanced Valuation › Asset Management - fixed income› Catastrophe risks› Credit Crisis: historical and technical analysis› Credit Derivatives (in French)› Debt restructuring (in French)› Due Diligence› Economics of Banking› Energy and Finance - geopolitical aspects› Energy Trading› Equity Capital Markets› Ethics : Financial analysts and Portfolio managers› Financial Dimensions of Strategic Decisions (accelerated track)› Financial Engineering and Derivatives› Financial Institutions and Corporate Strategy › Financial Modeling (accelerated track)› Fiscalité à l’usage des financiers (in French)› Fixed Income - Emerging Markets› Hedge Funds› Islamic Finance› LBo Structuring and Modeling› Legal and Contractual Issues in Corporate Finance› Models of Volatility› negociation› numerical Analysis› origination of Structured Products› Pratique des instruments financiers pour les marchés de capitaux (in French)› Probability and Stochastic Processes› real Estate Finance› risk Management› risque de crédit et retournement d’entreprises en difficulté (in French)› Security Markets: Mechanisms, Liquidity and Investment Decisions (accelerated track)› Strategies for International Expansion› Structured Finance (business track)› Treasury Management (in French)

MIF grADuATES 3 YEArS LATEr

Last June, the Financial Times has surveyed graduates from masters programs in finance over the world, which revealed the following statistics for the HEC MIF:› Overall ranking:

#1 worldwide (pre-experience masters in finance)

› Average salary: > $98,000

› Career rank: #1 worldwide (pre-experience masters in finance)

› Placement success: #2 worldwide (pre-experience masters in finance)

The full ranking can be found at: www.rankings.ft.com/exportranking/masters-in-finance-pre-experience-2011/pdf

HEC PArIS AnD CorPorATE LEADErS

Every year, a ranking of universities is done based on the number of alumni who become CEo of Fortune Top 500 companies. HEC Paris is ranked #4 in the world and #1 in Europe. The ranking's methodology, data and results can be found at: www.mines-paristech.fr/Actualites/Pr/ranking2011En-Fortune2010.html

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DouBLE DEgrEE ProgrAM: gLoBAL rEAL ESTATE MASTEr (grEM)

The global real Estate Master (GrEM) is designed for students seeking a career in the high-risk and high-reward field of international real estate.

The first semester of the GrEM is common with the MIF (business track or accelerated track, depending on the student’s profile and choice). The second semester is spent at the university of Wisconsin (GrEM semester) where students join participants of the other GrEM partner programs:› HEC Paris MBA program in Europe› Hong Kong university of Science and Technology in Asia› InCAE in South America› university of Wisconsin in north America.Students finally need to complete the same "internship" and thesis requirements as "regular" MIF students to graduate.

The two-phase GrEM program thus combines best-in-class instruction in finance at HEC Paris with training in the principles of international real estate during a capstone semester at Wisconsin.The GrEM semester includes:› 16 weeks of intensive instruction in real estate valuation, development and

investment› one or more field trips to a major u.S. real estate market› Interactive professional development opportunities both in and out of the classroom.

Students learn from world-class faculty and professional experts in the real estate industry, develop an international network of professional connections, and gain a competitive edge for their careers as the next leaders of the real estate industry. Wisconsin has one of the oldest academic real estate programs in the world and the university of Wisconsin’s Department of real Estate and urban Land Economics is consistently ranked as one of the top three real estate programs in the united States by u.S. news & World report. Known for depth and breadth in real estate education, Wisconsin helps its students develop a valuable and life-long network for learning and professional growth.

At the end of the program, students receive two master degrees, HEC MIF and GrEM, and join the alumni networks of HEC Paris and the university of Wisconsin.

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TESTIMonIAL oF An ALuMnuSWhat are some important stages of your development (education and training, first job, evolution of your career, etc.)?‹‹ I graduated in 2009 with a Honor Bachelor degree from HEC Montreal, specializing in corporate Finance. In parallel of my studies I had several part-time jobs/internships, the last one at Messier Partners (now Messier Maris & Associés) for 9 months in 2009/2010. I have been particularly involved in the merger – effective in July 2010 for an amount of €266 millions – between Jacquet Metals and IMS (International Metal Services), two European players of the steel distribution sector. This internship has required going beyond all expectations day-to-day and has been a great challenge to undertake. It actually remains one of the best training experiences of my life. I am graduating from both HEC Paris and the University of Wisconsin School of Business. At this moment I am preparing for my first job in Monaco at Price Waterhouse Coopers starting in September 2011.

Looking back today, what have you gained from the MS International Finance and the GREM experience?I have been in touch for months with international students from Asia, North and Latin America and Europe, who came from the best universities in the world (HKUST, INCAE and HEC). It was very challenging and interested to work with them and to learn from their personal experiences. I have been able to benefit from such a difference in cultures, and from their way to be and to think. It is not common to have such a country diversification with North/Latin America and Asiatic country all together in a European program. Both at HEC Paris and at UW we have had many possibilities for networking. Professionals in finance and real estate came to see us at the School to share their experience, knowledge and passion in their respective fields. It was particularly insightful. Moreover, they were extremely available to talk personally with students and to help us. I am still in contact with some of them. Thanks to many practice case studies I have been able to implement theoretical knowledge to real life, to prepare final conclusions and to make oral presentations of our work in front of professors, professionals and other students. This was particularly challenging and interesting. This double experience at HEC and at the University of Wisconsin with such a mix of culture makes me able to learn as much about finance and real estate as about people. It was a unique experience.

Courses, conferences, meetings, outings… What are the most significant memories of your year at HEC?All courses were so diversified and interesting. Some professors came from UK to teach in the campus, some have worked before in multinational companies. I did two field trips during the year with my class, organized by the GREM program. The first one was in Chicago for two days where we met developers, private equity investors, debt providers, markets research directors as well as the company who creates the famous Millennium Park in Chicago. The second one was in New York City for 3 days where we met professionals but also participate to a conference about the Global Real Estate at the New York Stock Exchange with guests from the USA but also from China, India, Latin America, and Europe. ››

Meryl delpech,MIF + grEM, 2011 graduate

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FACuLTYThe quality of an academic program no doubt depends on the quality of the professors. The team teaching the MIF program is made up of researchers and professional finance experts or managers who are among the best in their field of expertise.

thierry Foucault Professor of Finance, teaches an elective on market liquidity in the HEC MIF. Thierry won the Europlace prize for Best French researcher in Finance under the age of 40 in 2005 and more recently the award for best research paper on financial markets and institutions by the Western Finance Association:Can you tell us a little about the work that led to your winning the Europlace prize? ‹‹ It was research on the impact of market organization on its liquidity and volatility. Among other things, I established, along

with various coauthors, that the orders placed on the Paris Stock Exchange contain information about future volatility. This is an important result for valuation of financial products such as options, not yet established for the American markets due to lack of adequate data.What courses do you teach in the HEC MIF?I give a course on the causes of financial market illiquidity and the strategies devised by traders and portfolio managers to minimize the impact of illiquidity on their performance. This is a subject of utmost importance for brokers, traders and portfolio managers. It is right at the heart of current debates in the financial industry.What advice would you give a student who wants to work in the world of finance?Choose a finance program that gives a broad view of the conceptual and technical knowledge required to work in finance. The training must deal with the techniques of financial asset valuation, but must also cover those of corporate finance (issues, mergers and acquisitions…), the economics of the banking and insurance sector, etc. It is precisely this overview that the MIF offers. ››

Loïc Henry Head FX Structuring Paris, Crédit Agricole CIB:Can you give us a brief summary of your career so far and your current position with Calyon?‹‹ After an engineering diploma (HEI) in 1994 and the MIF in 1995, I started my career at Crédit Agricole Indosuez as a foreign exchange options trader in Hong Kong, then as a fixed income trader in Paris. In 1999, I joined Hiram Finance as a capital markets consultant. From 2001 to 2005, I worked at Barep Asset Management, where I was Head of Interest Rates/Foreign Exchange alternative funds. Then, I joined Robeco as

Head of money market and dynamic money market funds. And, since 2006, I have been working at Crédit Agricole CIB, as Head of Foreign-Exchange Structuring in Paris.

8 Blaise Allaz, Professor

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According to you, what are the strong points of HEC MS Finance students?The MIF students combine excellent skills in mathematics with in-depth financial knowledge. And since the program places as much emphasis on capital markets as on corporate finance, alumni are to be found in all the top added-value financial careers: trading, structuring, sales, risk management, research, quantitative, fund management, mergers and acquisitions, equity capital market, structured financing, project management.What advice would you give a student who wants to work in the world of finance?The students who wish to make a career in finance have varied profiles and ambitions, but I would stress the following two points: choose the best possible school (or curriculum) so that you get your career off to a good start and try to take on jobs that will allow you to continue to learn, even after several years’ experience.››

david thesmar Professor of Finance, teaches corporate Finance in the MIF. David is a member of the French Council of Economic Advisors:Can you tell us a little about your background?‹‹ After studying at the Ecole Polytechnique and ENSAE, I joined the French National Statistics Institute as a researcher and teacher, and worked on macroeconomic forecasts as well. I joined HEC Paris in September 2005, working for the Economics and Finance Department where I teach mainly corporate finance.

In 2007, the Cercle des Economistes and Le Monde awarded you the prize for the best young French economist. Can you give us a brief insight on the work that led to the award?Since my thesis, I have focused on corporate organization. Why are hierarchies flatter in modern companies? Why do tasks tend to be less clearly defined? Why have employees been given greater autonomy? Why the upsurge in outsourcing? Gradually, my research has turned towards the financial determinants of work organization: how does organization in a company belonging to an investment fund differ from that in a family firm? In what ways does shareholder pressure modify corporate governance?All MIF students go through two core courses in corporate finance. Why do you feel it is important for a future trader or asset manager to have sound knowledge of corporate finance?Securities traded on markets are issued by firms. Without a clear view of the tradeoff faced by firms in their financing decision, it is hard to have a sense of their actual value. For instance, when a firm borrows from a bank, its stock price may increase, because of tax savings, or decrease, because of risk. When a firm spins off a major asset, it may be good or bad news for stockholders. When a firm announces an equity issue or a hostile takeover, you need to know if you should buy or sell its stock. Whether you invest for the short run or for the long term, you need to be comfortable with this type of reasoning. This is exactly what a first course in Corporate Finance focuses on: the impact of a firm’s financing choices on market value. ››

ulrich Hege, Professor

Christophe Pérignon, Associate Professor

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TESTIMonIAL oF ALuMnI

‹‹ Can you tell us a bit about your academic background before joining HEC?Elisabeth Kempf, MIF, 2010 graduate: “I graduated from University of Mannheim (Germany) with a Bachelor of Science in Business Administration.Philipp Kuhn-régnier, MIF, 2010 graduate: I graduated from the University of St. Gallen (Switzerland) with a Bachelor double in Business Administration and Economics. For which reason did you choose HEC and in particular the MIF program at HEC?Philipp: I decided to look for a master degree in finance in either the UK or France. I was searching for a hands-on program teaching me the interconnections between the different financial markets and at the same time for a program that allows for strong learning from business professionals. I was also searching for the opportunity to refresh my command of French and to learn more about France. All these reasons made me choose HEC Paris over all the other business schools and universities across Europe.Elisabeth: I decided to pursue my master’s studies at HEC Paris because of the scho-ol’s excellent reputation, as it is reflected in several international rankings. Moreover, I expected that studying in France would be a great opportunity to improve my French lan-guage skills. The MIF program seemed a particularly interesting finance program to me, as it is well balanced between the two fields of corporate finance and financial markets.Which course did you prefer in the program?Elisabeth: Generally, I appreciated the combination of both theoretical and practical courses in the MIF program. Among the more theoretical ones, I particularly remember the course «Corporate Finance Theory» by Professor Hege, which teaches us how to think in a game theory framework. On the other hand, the course «Valuation and M&A» is much more practical but equally interesting, as it involves a number of company valuation exercises as well as presentations.Philipp: During my year, I particularly appreciated the course given by Professor Quiry where we were taught all the different problems associated with M&A activities in companies. The practical but at the same time academic approach was very demanding but enriching as well. Have you already received a job /internship offer?Elisabeth: I have received a job offer from Deutsche Bank to work in Frankfurt, Germany.Philipp: Indeed I received several job offers, but decided to decline them in order to work for a small start-up company located in Sweden called Sorubin. If you should give an advice to future students who wish to prepare for a career in finance, what would it be?Elisabeth: I strongly recommend future students who wish to prepare for a career in finance to do internships in their fields of interest. Although your studies provide you with a lot of theoretical knowledge in the field of finance, only practical experience allows you to get an inside glimpse of a company or a particular job and helps you dis-cover whether a career in finance is right for you.Philipp: Students that are interested in a career in finance should work hard and have high dreams but should not forget that finance is to serve the greater economy and, therefore, experience in other sectors is certainly of advantage. Furthermore, they should have the courage to do what they really want to do. ››

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Elisabeth Kempf, MIF, 2010 graduate

Philipp Kuhn-régnier, MIF, 2010 graduate

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semester 11 semester 2 2 CertiFiCAtes3 “internship” And thesis4

Business track ››Core courses

+ Block electives 210 h

Core courses (30 h) + Electives (≈150 h)

Confirmed for 2012/2013 :› Digital Business› Energy and Finance› Innovation and Entrepreneurship› Luxury Strategies› Real Estate› Social Business

Some employers of the class of 2011 :› Deutsche Bank,› Goldman Sachs, › Mc Kinsey,› Morgan Stanley, › Oliver Wyman,› uBS› ...

Accelerated track ›› Core courses 250 h

1 Soft skills seminars given in Semester 1 to prepare students to the job market

2 Electives common to the two tracks

3 Certificates optional for MS students4 Full-time job satisfies the “Internship”

requirement 11

APPLICATION CHECKLIST› Online application › Official Academic

Transcripts› Two Letters of

Recommendation, at least one from a Professor

› Résumé› Official Test Score

Reports: ›› GMAT or TAGE-MAGE

or GRE ›› TOEFL/IELTS: required of international students whose native language is not English and who have not earned a university degree for which English was the primary language of instruction.

› Interview› Application Fee of €100

(exemption for applicants from ParisTech schools, ISAE, ENS ulm or CROuS scholarship holders).

Selected students will be interviewed via videoconference or Skype.The interview takes place 2 to 4 weeks after the application deadline. Final results are announced 4 to 6 weeks after the application deadline.

APPLICATION DEADLINESAdmission sessions for applicants wishing to enroll for the new academic year in September are:› November 14th, 2011› January 14th, 2012› March 1st, 2012› April 14th, 2012

PROFILE, FEES, FuNDING AND APPLICATION

the profile We ValueHEC welcomes applications from candidates of all nationalities, fluent in English. They must also:› Business track ›› Hold a Bachelor or Master's degree from a Tier-A international institution

2:1 honors or above (or equivalent: Dean’s list...) ›› Have prior training (at least introductory level) in financial accounting,

corporate finance, investments, derivatives, business statistics and calculus.› Accelerated track ›› Hold a Bachelor or Master's degree from a Tier-A international institution, or a

master degree from a French university or engineering school (“Grande école”) 2:1 honors or above (or equivalent: Dean’s list...)

›› Have a highly quantitative training: maths, physics, engineering, econometrics...

Fees and Living Costs › Annual Tuition MIF (2012/2013): €20,600 for European union students,

€24,600 for non-European union students, payable in two installments, the first upon confirmation of enrollment, the second in November

› Annual Tuition MIF + GREM: €12,500 (HEC)+ $14,500 (uWM - subject to change).Remaining costs (approximately €1,000 per month in 2011) include housing and food, compulsory insurance (health and civil liability), sports and leisure, phone and IT access…

Funding your studies› The HEC Merit based Scholarship: All admitted students may apply for this grant.

Special attention will be given to applicants from non-Eu countries. › The HEC Need based Scholarship: Reserved to students having studied in France

the year before and having obtained a "Bourse CROUS pour raison sociale". › The two main national French Scholarships (depending on your nationality): ›› The French Government ”Eiffel Scholarship" is a merit-based grant offered

to students from certain countries. Applications for this grant are open exclusively to november session candidates. To learn more www.eiffel.asso.fr

›› The "Conseil Regional" Scholarship is a need-based grant offered to citizens of specific nationalities. To learn more, please see the Campusfrance scholarship finder, www.campusfrance.org/en/index.htm (many other local scholarships available as well).

› Students may also finance the cost of their education with student loans, which typically carry low interest rates and can be paid back following graduation. However, in France banks generally require a guarantor living in France.

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