international FINANCE

MSc/mS

2013

editorial

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 looking 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 highquality 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 International Finance) and the "Finance Major" 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.
Jacques Olivier, PhD Professor of Finance and Program Director

There are many ways in which education at 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. Another 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 grounding 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, corporations 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 2013. I must say that I am quite excited by the profiles of the men and women that I met throughout the year, coming from all five continents. I have been deeply impressed by their academic, personal and sometimes even professional achievements. I am also proud that they chose HEC Paris as the 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.

HEC Paris Campus

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.
Students may also register for a French language course (TEF certificate all levels) in August. This is an exceptional opportunity to learn French and to live in the very heart of Paris before joining the Campus (www.

General overview
Our 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 students field of specialization. We achieve this goal by leveraging on the specific knowledge and experience students have acquired before joining HEC Paris: B  usiness 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 have had a first internship in banking or consulting and are looking for an advanced set of tools to jump-start their career. A  ccelerated 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.

hec.edu/MSc/Campus/ French-Summer-School)

Business Track:

Core Courses + Block electives

210 hours

Core Courses
30 hours

+ Electives
150 hours

(common to the two tracks)

Accelerated Track:

250 hours

Core courses
Semester 1 Semester 2

MS vs. MSC
MS (Mastre Spcialis) and MSc are two degrees accredited by the French Confrence des Grandes Ecoles. They differ in two main aspects: eligibility requirements and length of study. An MS is a postgraduate degree which requires having obtained a master degree prior to joining HEC 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 an 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.

Certificates
100 hours

(optional for MS students)  Energy & Finance  Digital Innovation for Business  Innovation Management in Aviation and Aerospace  Luxury Strategies  Social Business

Internship and Thesis

Some employers of the class of 2012 :  Barclays Capital,  Goldman Sachs,  Mc Kinsey,  JP Morgan,  Lazard,  UBS  ... ( A full-time job satisfies the Internship requirement)

Portfolio
Core courses and block electives (business track) Advanced Financial Statement Analysis Asset Management Asset Pricing Theory Corporate Finance Theory Derivatives Empirical Methods for Finance Ethics Seminar  Financial Dimensions of Strategic Decisions Financial Modeling Financial Statement Analysis Refresher  Fixed income 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 Corporate Finance (I and II) Empirical Methods for Finance Ethics Seminar  Fixed income and derivatives FX Derivatives trading International Macroeconomics Introduction to Finance Quantitative Asset Allocation Soft Skills Seminar Structured Finance Taxation.

Electives (both tracks) Advanced Asset Pricing Advanced Fixed Income Alternative Investments Asset Management - fixed income Catastrophe Risks  Credit Crisis: historical and technical analysis Debt Restructuring Distressed Firms and credit risk Due Diligence  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) Financing decisions of Firms Fixed Income - Emerging Markets Islamic Finance LBO Structuring and Modeling  Legal and Contractual Issues in Corporate Finance Models of Volatility Numerical Analysis Origination of Structured Products Probability and Stochastic Processes Risk Management  Security Markets: Mechanisms, Liquidity and Investment Decisions (accelerated track) Strategies for International Expansion Structured Finance (business track) Topics in Valuation. All electives listed above are taught in English. Half a dozen additional electives taught in French are also available.

The certificatEs
Sponsored by a company, the Certificates are a set of interdisciplinary courses corresponding to approximately 100 contact hours as well as business projects and other types of field work related to a given sector. Each student joins one certificate and will be awarded an additional HEC certificate if he/she validates all the requirements of the course. HEC MIF students are guaranted admission in Energy & Finance (with Deloitte and Socit Gnrale) : Investment decisions have become more and more complex with the discovery that most current forms of energy have a negative climatic impact. This reality requires corporations to deeply rethink their business models, individuals to change their behavior, and governments to adopt visionary policies. The Energy & Finance Certificate is an exceptional opportunity for participants to confront the issues in this sector and acquire the knowledge and analytical skills that will help them make informed decisions as important contributors to the current industrial revolution.

HEC MIF students are also eligible to the following four certificates: D  igital Innovation for Business (with Free, Meetic, Pixmania, PriceMinister and Vente-privee.com): The Certificate provides HEC students with the opportunity to embrace e-business through an entrepreneurial approach. They will explore the various ways digital technologies enhance innovation through new business models, e-commerce, digital communication, collaborative marketing, funding of new ventures, etc. Innovation Management in Aviation & Aerospace (with Safran): The general objective of the course is to provide participants with a set of skills and instruments to manage firms in high technology sectors and to understand the industry dynamics in these sectors. To this end, the course introduces conceptual frameworks based on cutting-edge research in economics, strategy and technology management.

 Luxury Strategies (with PPR - Gucci, Yves Saint Laurent, Alexander McQueen, Balenciaga, Stella McCartney, Sergio Rossi, Boucheron...): The Luxury Strategies certificate is a business oriented certificate, seeking to provide future managers with an in-depth understanding of the unique rules for the effective management of luxury brands and companies.  Social Business (with Danone, Schneider Electric, Renault and la Direction Gnrale de la Cohsion Sociale and private donors): The aim of the Social Business certificate is to train students in the innovative business approaches that reduce poverty by offering new economic models for both developed and developing countries, and investigating new methods of co-creation and distribution of wealth to reduce poverty. New certificates are expected in 2013/14: check out the HEC website regulary for more information !

Double degree program

Tsinghua SEM Master in Finance A new 2-year double degree program is being created in Fall 2012 collaboration with the School of Economics and Management of the premier Chinese university, Tsinghua University. HEC students who want to join the double degree program need to apply during the Spring term of the HEC MIF. Pre-selection will be made on the basis of academic results in the Fall term and final decision will be made on the basis of an interview with Tsinghua SEM Faculty members. Selected students will join the Tsinghua SEM Master in Finance for a second year of study and will receive the two degrees of HEC MIF and Tsinghua SEM Master in Finance at the end of the two years. The double degree program with Tsinghua SEM is the opportunity to combine strong academic training in Finance offered by leading programs with a unique crosscultural experience.

Faculty
The 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. He is an associate editor for the Journal of Finance: Can you tell us a little about the work that led to your winning the Europlace prize? It was research about 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.

10

 Blaise Allaz,
Professor

Loc Henry Head FX Structuring Paris, Crdit 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 HEC MIF in 1995, I started my career at Crdit 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 Crdit Agricole CIB, as Head of Foreign-Exchange Structuring in Paris.

According to you, what are the strong points of HEC MIF students? The MIF students offer excellent skills in mathematics with an in-depth financial knowledge. And since the program places as much emphasis on capital markets as on corporate finance, alumni can 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 to 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. He is also an associate editor for the Journal of Finance: 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 Ulrich Hege, Professor

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 firms financing choices on market value.

Christophe Prignon, Associate Professor

11

meet a MIF student

I chose HEC for three reasons. First: I wanted to attend a school which was reputed for its quantitative finance program and HEC was a perfect fit. I found the quality of the courses and the intellectual prowess of the faculty extremely impressive. The focus on developing modelling and statistical skills has helped me a great deal already. The excellent placement record of the Finance class in Trading and Structuring desks is a case in point. Second: I was looking for a shift in my career path from Engineering to Finance. HECs Finance curriculum is designed in a way which makes it easy for someone with no prior knowledge in Finance to easily comprehend and assimilate this new body of knowledge. Of course, it helped that I had studied calculus and statistics in Engineering school; nevertheless there are very few top ranked schools which accept engineering students into the masters programs in Finance. And finally, as the third reason: I wanted to spend some time in this beautiful country, experience a non-anglican culture and learn a new language. Ergo, HEC. Courses, conferences, meetings, outings What are the most significant memories of your year at HEC? Let me share a couple of experiences. I especially enjoyed my course on Quantitative Methods for Asset Management. During this course, we were provided with a challenging set of assignments that helped strengthen my skills in statistical analysis and optimisation methods. This was very interesting since I had already used these tools in Engineering analysis, but it was great to know how financial theories like CAPM and Factor models use a very similar kind of math to analyse securities and portfolios. During this course, we had guest lectures by the Head of Risk Management at a Hedge Fund and by the Head of Asset Management of BNP Paribas. I deeply appreciated the fact that courses were often taught jointly by professors and practitioners. This helps one develop a very balanced perspective about how markets work. In terms of outings and social events, I dont think theres another school in Europe which has as vibrant a social life on campus as does HEC. There are weekend outings to explore the museums, to the French countryside, trips to Disneyland, to Brussels and so on. And if you enjoy partying, then ones organised on campus are the perfect way to unwind after a weeks worth of regressing, back testing, data fitting, forecasting, simulating and modeling! What advice would you give to students who aspire to subscribe to HEC MIF? 15 years from now, when you are invited to speak at a conference on Investment Management, you will perhaps be asked the question What is the smartest investment you have ever made ? For me, the answer would be simple enrolling in the HECs Finance Master! It is by far the best investment of my time and money. You will study at the best business school in Europe, have access to the best jobs, make friends with the smartest people across the globe and to top it all, you will enjoy every moment of your life here.

Why did you choose HEC?

Shatajit Basu (Class of 2011), Financial Consultant, Oliver Wyman, Duba

12

The MIF Class of 2012 at a glance

Average age: 23  Average GMAT: 705  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...

Some Students:

Jean-Franois Baillet, Ecole Centrale Lille, France

Basak Barcin, Galatasaray University, Turkey

Siguo Aoi Chen, Beijing University of Aeronautics & Astronautics, China

Marc-Antoine Einsetler, Ecole Polytechnique, France

Christian Haehl, University of St Gallen, Switzerland

Gino Kanaan, American University of Beirut, Lebanon

Benjamin Laufer, Rotterdam School of Management, The Netherlands

Alberto Ricci, Bocconi university, Italy

Sandeep Nair Sivaram, Indian Institute of Technology Madras, India

Veralene Tan National University of Singapore

13

The Career center

The HEC Corporate Relations Department aims at facilitating the professional integration of students. The resources available are: T  he Career and Corporate Information Center which provides students with files on current job & internship opportunities, online international directories, business reviews and guides on job search strategy, information on companies in France and abroad, information on jobs and sectors T  he Career Services which organize company presentations, seminars, conferences, round tables, mock interviews with recruiters, meetings with alumni and job/internship events throughout the year  Major Career Fairs. Several career fairs are organized on campus throughout the year: I  nternational Finance Career Fair (Accuracy, Axa, Barclays, Blackstone, BNP Paribas, Citi, Crdit agricole, Crdit suisse, Deloitte, Deutsche bank, Ernst & young, Exane, GE, Goldman Sachs, BPCE , HSBC, Jefferies, JP Morgan, Lazard, Mazars, Merrill Lynch, Messiers Maris & Associs, Morgan Stanley, Nomura International, Oddo, Oliver Wyman, PricewaterhouseCoopers, RBS, Rothschild, Socite Gnrale, Thomson Reuters, UBS...)  Consulting Career Fair (Accenture, Arthur D. Little, AT Kearney, Atos, Bain & Co, Bearingpoint, Beijaflore, Capgemini Consulting, Colombus Consulting, CSC, Corporate Value Associates, Deloitte, Ernst & Young, Estin & Co, Eurogroup, Kea Partners, KPMG, Kurt Salmon, L.E.K., Mazars, Mckinsey & Co, Monitor, OC&C, Oliver Wyman, PricewaterhouseCoopers, Roland Berger, Schlumberger BC, Solucom, Sopraconsulting, The BCG, Weave...)

PLACEMENT
T  he most popular job opportunities for young MIF graduates are: asset management /M&A and private equity / structured finance / strategic consulting / sales / trading / structuring. S  ince 2011, The Financial Times surveys alumni of masters in finance worldwide 3 years after graduation. The results of the survey for the HEC MIF are:   Average salary: $93.000 ($98.000 in 2011)  Placement success: #1 worldwide (pre-experience masters, #2 in 2011)   Career rank: #2 worldwide (pre-experience masters, #1 in 2011).

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.

14

Recent MIF graduates, where are they now?

Badr Ababou (Class of 2011), FX Sales, Bank of America Merrill Lynch, London Alexandre C. Nogueira (Class of 2011), Wealth Management, Goldman Sachs, So Paulo Victoire David-Poinsier (Class of 2011), M&A Analyst, Barclays, Paris Davy Ngy (Class of 2010), Trading, Goldman Sachs, London Mickael Roger (Class of 2011), M&A Analyst, UBS Investment Bank, London Iulia Zanoschi (Class of 2011), Financial Analyst, UBS Investment Bank, London Jean Benot Michel (Class of 2010), IBD Analyst, Barclays Capital, London Francois Crucifix (Class of 2011), Trading, UBS Investment Bank, London Kris Bjrn Jeppesen (Class of 2011), Private Equity / PIA, Goldman Sachs, London Aurlien Roelens (Class of 2010), Private Equity Associate, Cube Infrastructure, Luxembourg Delia Zanoschi (Class of 2011), Business Analyst, McKinsey & Company, Belgium Kenza Zouari (Class of 2010) Emerging Markets Sales, Barclays Capital, London

15

CAMPUS LIFE
Located close to Paris and Versailles, the 300-acre wooded HEC Paris campus is one of the largest in Europe. The campus is also close to La Dfense, one of the largest European business districts housing the headquarters of many multinational companies. These companies interact with HEC Paris both as partners and as potential recruiters. Students can be housed in one of the 1,550 individual rooms or 70 apartments on campus. Community Life HEC Paris considers community life as one of the cornerstones of its education. It develops a sense of responsibility, audacity and an enterprising mind. Belonging to one or more clubs and associations is an absolute must on the campus! It is the best way to make friends, meet company representatives, share ideals or hobbies with others, have fun and take part in an activity. Over the years, HEC Paris students have founded and today manage over 120 clubs and associations (sports, culture, professional activities, humanitarian aid, public affairs). Students plan social events, sports tournaments, concerts and plays; they invite politicians and business VIPs to speak and debate on current affairs; they help people in need throughout the world; they welcome foreign students International Student Association HEC IS is a student-run association aimed at bringing French and international students together through events such as the welcome week, Discover France weekends and various on-campus activities. HEC Students Union Known as the BDE (Bureau des lves), the union is run by a team of students who are elected annually. Its many responsibilities include welcoming incoming students, organizing concerts, theater productions and other social events such as the famous HEC Paris parties and the annual HEC Gala. It also publishes the campus magazine and coordinates the activities of the other clubs. HEC Paris Sports Clubs and Competitions HEC Paris has excellent indoor and outdoor facilities on campus. These include a multi-purpose gymnasium, an indoor mountain climbing wall, a weight training room and facilities for aerobics, fencing and martial arts.

16

8,000 m2 of outdoor fields including tennis courts, an athletics track and two rugby/ football pitches. The Sports Office is managed by a permanent staff of 25 qualified professionals and coaches who teach the various sports offered. Each sport has its own club, run by students in collaboration with the Sports Office. The HEC Paris teams compete with other universities in all sports, such as the Business School Coupe de France competition and the World Business School Rugby Tournament and Les Mercuriales.

HEC Community
Alumni Association Founded in 1883, the HEC Alumni Association is one of the largest in France with more than 45,000 members in 113 countries. It provides a platform for the exchange of experience, ideas and information, facilitates entry into the professional world and accompanies career advancement. Services and events include career guidance, personal coaching, career fairs and seminars, monthly meetings with business leaders and an annual international management forum drawing together major senior business executives, experts and international business personalities. In order to ensure HEC Paris international reputation and to maintain an active network, professional groups are organized in 63 countries of which the largest chapters are Paris, New York, London, Shanghai and Hong-Kong. HEC Foundation The HEC Foundation, a non-profit organization of select corporate members, contributes to the development policy of HEC in the fields of: Research  Establishing professional Chairs  Financial assistance to students and campus institutions Visiting Professors Program  Development of teaching material  Innovation in the use of new learning technologies. HEC Paris teams compete with other universities in all sports, such as the Business School Coupe de France competition and the World Business School Rugby Tournament and Les Mercuriales.

17

accreditations and achievements

Recognized as one one the leading European institutions of international standards, HEC Paris is the first French management school to have received as early as 2000 - the prestigious Triple Crown international academic accreditation AMBA - EQUIS - AACSB.

HEC Paris has held the number 1 spot in the Financial Times general ranking of European business schools since 2006. (http://rankings.ft.com/businessschoolrankings/european-business-schoolrankings-2011) The HEC MIF has been ranked number 1 worldwide in the Financial Times Pre-experience Global Masters in Finance ranking (2012) for the last two years. (http://rankings.ft.com/businessschoolrankings/masters-in-finance-preexperience-2011) Other programs offered by HEC Paris regulary appear in top positions of rankings in the national and international press, such as Business Week, The Economist, America Economia, Forbes...

hec Paris programs portfolio

 Master in Management - Grande cole program One year full time Masters Programs  MBA program  Ph.D. program  Executive education programs: T  RIUM Global Executive MBA E  xecutive MBA E  xecutive Masters programs O  pen-Enrollment programs C  ustom programs and coaching.

18

The Profile We Value

HEC welcomes applications from candidates of all nationalities, who are 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: Deans 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 Ecole) 2:1 honors or above (or equivalent: Deans list...)  Have a highly quantitative training: maths, physics, engineering, econometrics...

Funding your studies

The French Ministry of Foreign and European Affairs allocates a large number of grants to international students. Use Campus France Grants Search Engine (www.campusfrance.org/ fria/bourse) to learn about scholarships fitting your nationality and background. The main French Government Eiffel Scholarship is open exclusively to November session candidates. For more information: www.campusfrance.org/en Admitted students may apply for the HEC Merit based Scholarship. Special attention will be given to applicants from non-EU countries. Students having studied in France the year before and having obtained a "Bourse CROUS pour raison sociale" may apply for the HEC Need based Scholarship. 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, French banks generally require a guarantor living in France.

HOW TO APPLY
All applications are made online: https://admissions.hec.fr/en The following supporting documents must be attached electronically to your application before the appropriate deadline:  Degree certificate(s) or current enrollment certificate  All official academic transcripts obtained in a higher education institution, exchange programs included  Rsum (CV)  GMAT or GRE or TAGE MAGE official test score report  IELTS or TOEFL or TOEIC test score report except for native speakers of English or students who have earned a university degree fully taught in English language  2 Reference Letters to be filled out online by your referees. At least one letter should be from a professor.  The program requires payment of a non refundable 100 application fees (exemption for applicants from ParisTech schools, ISAE, ENS Ulm or CROUS scholarship holders). Incomplete applications will not be processed. The selection is a 2 phase process:  A first selection is made based on evaluation of your application and supporting documents.  The pre-selected candidates will be then invited for a personal or web-based interview. 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 Deadlines We hold 4 selection sessions for one intake in September 2013:  November 4th 2012 J  anuary 13th 2013  March 10th 2013 A  pril 14th 2013.

Fees and Living Costs

Annual tuition (2013-2014): 20,900 for European Union students, 24,600 for Non-European Union students. Tuition is paid in two installments, the first upon confirmation of enrollment and the second in September 2013. Remaining costs (approximately 1,000 per month in 2012) include housing and food, compulsory insurance (health and civil liability), sports and leisure, phone and IT access

19

HEC Paris 1, rue de la Libration F 78351 Jouy-en-Josas Cedex FRANCE Tel: +33 (0) 1 39 67 70 00 Fax: +33 (0) 1 39 67 94 36 >> www.hec.edu

Contacts:

Tl. : +33 (0) 1 39 67 73 52 / 95 40 / 96 95 Fax : +33 (0) 1 39 67 73 04 E-mail: mif_hec@hec.fr >> www.hec.edu/MSc

20

Brochure non contractuelle. Photographies : Jean-Marc Biais pour HEC Paris Imprim sur un papier certifi PEFC par un Imprieur lablis Imprim Vert.