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E-mail: mfe@hec.fr
www.hec.edu/MSc
MANAGERIAL AND
FINANCIAL ECONOMICS
Master of Science
2011
affiliated to
A Stepladder to Economic Success A Unique Program Portfolio
The Master of Science in Managerial and Financial Economics at HEC (MMFE) Master Degrees
is a 12-month full-time program designed to equip you with a solid basis in eco-
MSc in Management, Grande Ecole program (18 months, French or English) is designed for
nomic analytical skills as well as specialized knowledge in business strategies
students who hold a Bachelor degree in any field. The 1st academic year is comprised of
and finance. It aims at imparting not only knowledge of modern economic the-
general business courses; the 2nd academic year is devoted to the student’s area of
ory and empirical methods but also their applications by professionals in their specialization.
work. The content of the program is specifically devised to give you maximum
exposure to economic problems and their solutions pertaining to the increas- Masters of Science (12 months, English) are designed for students who hold a Bachelor
ingly complex business and financial relationships and environments in degree in Business and who want to acquire an expertise in a specific field of management.
today’s globalized world. Specialized Masters (12 months, French and English) are designed for students at
postgraduate level to acquire an expertise in a specific field of management.
The HEC MMFE is designed for students who have an excellent undergraduate
degree in Economics, Finance or Business MBA Program
Administration. However, Mathematics and Full-Time Option (16 months) and Part-Time Option (24 months)
Statistics, Science, and Engineering majors with
The MBA addresses both functional and cross-functional skills through a fundamental and a cus-
an excellent track record and a minor in
tomized thread to cover all areas of management in depth. Participants will, throughout the pro-
Economics/Finance are also encouraged to gram, enhance their leadership potential through unique learning experiences in a diverse environ-
apply. ment, developing their self-awareness and people & relationship management, to boost and change
The curriculum consists of advanced theory their career path.
courses in the fields of microeconomics, macro-
PhD Program
economics, decision-making sciences and
econometrics followed by specialization courses The PhD program shapes professor-researchers, offering high quality, internationally renowned
in managerial and financial economics. These training. The program gives them the preparation needed to publish in leading academic journals
courses consist in applying theoretical economic throughout the world and face future research and teaching challenges.
analysis to real world economic and business Executive Education
problems such as bank management, corporate
HEC Paris Executive Education spans a wide range of degree and non-degree programs specially
strategy and country risk analysis.
designed for experienced managers and executives.
HEC has a strong reputation for the quality of its In addition to Executive MBAs and Executive Masters Programs, HEC Executive Education offers
programs. The MMFE courses are taught either Open-Enrolment programs, Custom Programs and Coaching.
by recognized faculty publishing in top academic
journals or by top professional economists and Highlights of the program range:
managers working in financial institutions, con- TRIUM Global Executive MBA, specially designed for global executives and CEOs, is a joint
sulting firms and government agencies. Design & Layout degree developed by three top-ranked schools: New York University Stern School of Business
G-one Design & Page !mpact (NYU Stern), the London School of Economics (LSE) and HEC Paris.
info@g-onedesign.com
The content of the program, its international page.impact@wanadoo.fr HEC Executive MBA is a multi-site degree program designed to meet the needs of executives
exposure, the involvement of the business and senior managers. The program is offered in 6 locations (Paris, Beijing, Shanghai, St.
community, the network of 44,000 alumni and Petersburg and Doha) and proposes 6 Majors (Aerospace and Aviation, Energy,
Photography Entrepreneurship and Innovation, Global Business Perspectives, Luxury).
the school’s reputation are the key assets that Jean-Marc Biais (for HEC)
HEC Paris offers its students from around the Biais@hec.fr Part-time Executive Masters are post-graduate degree programs providing specialized
world. In addition, the 300-acre campus is an Fotofolia training in specific areas of management such as the MSc HEC Oxford Consulting and
ideal living and learning environment and the Coaching for Change and the MSc HEC Oxford Reinventing Management.
Disclaimer: The information provided herein
rich cultural and social life of nearby Paris will is subject to change without notice. HEC dis- Open-enrolment Programs are specific, short executive programs to strengthen managerial
help make your stay at HEC a most rewarding claims any responsibility relating to the infor- skills. More than 50 programs are offered, which last from 3 to 20 days.
mation contained herein and disclaims any
experience. responsibility arising from a negligence or Custom programs are tailored and delivered to the precise specifications of a company.
otherwise concerning such information.
A campus to live and learn. HEC has one of the largest campuses
in Europe with all the academic, leisure and sports facilities one
can dream of: language and computer labs; an extensive library; a
trading room and restaurants… Each year, the campus hosts
around 4,000 full-time students of close to 100 different
nationalities.
Michael C. Jensen
Professor at Harvard, HEC Honoris
A large Alumni Association. HEC's Alumni Association counts
Causa more than 44,000 members in 113 countries; professional groups
have been set up in 64 countries.
3
Faculty & Research
Thanks to a permanent faculty of over 100 holding PhDs from the world’s
leading research universities such as Boston College, Cornell, Harvard,
McGill, MIT, Princeton, Stanford, UCLA, Wharton, Yale and also from top
European institutions, HEC offers a broad range of quality programs. 50%
are non-French and of 26 different nationalities. Whilst teaching the various
programs, they also carry out research and work in, or act as, consultants to
major firms. This ensures that they are constantly up-to-date with the latest
managerial practices.
Moreover, more than 120 affiliate and visiting professors and many lecturers
(academics and professionals) join the faculty’s ranks each year.
Honoris Causa
Each year, HEC awards Research
the Honoris Causa to prominent
academics in France the Essence of Management Science
and abroad:
HEC’s faculty is dedicated to pushing the frontier of knowledge in their field
Professors of expertise by actively engaging in research, regular publications in top aca-
Chris Argyris, demic journals with an international audience and also through active par-
David S. Landes, ticipation in international academic conferences. The HEC Fcaulty has been
Michael E. Porter, ranked 4th in Europe by the Financial Times 2010 ranking for Research.
Michael C. Jensen,
and Jay O. Light (Harvard);
A few examples of recent publications by MFE professors
Philip Kotler (Northwestern);
Jim March (Stanford); I. Gilboa, A. Postlewaite, and D. Schmeidler (2008), Probabilities in Economic
Ikujiro Nonaka (Hitotsubashi); Modelling, Journal of Economic Perspectives — I. Gilboa, F. Maccheroni, M.
Oliver E. Williamson (Berkeley); Marinacci, and D. Schmeidler (2010 forthcoming), Objective and Subjective
Theodore Zeldin (Oxford). Rationality in a Multiple Prior Model, Econometrica — A-T Goh (2005), Knowl-
edge Diffusion, Input Supplier's Technological Effort and Technology Transfer
Nobel Prize winners via Vertical Relationships, Journal of International Economics — A-T Goh and
Robert F. Engle (Economics, T. Michalski (2010), Should Small Countries Fear Deindustrialization, Review of
New York University); International Economics — P. Picard and O. Gossner (2005), On the Conse-
Pierre-Gilles de Gennes quences of Behavioral Adaptation in the Costs-Benefits Analysis of Road Safety
(Physics, Collège de France); Measures, Journal of Risk and Insurance — P. Picard & J-M Bourgeon (2007),
Robert C. Merton Point Record Driving Licences and Road Safety: an Economic Approach, Journal
(Economics, Harvard); of Public Economics — T. Tomala and O. Gossner (2008), Entropy Bounds on
Rajendra K. Pachauri (Peace); Bayesian Learning, Journal of Mathematical Economics — T. Tomala (2009),
Muhammad Yunus (Peace). Perfect Communication Equilibria in Repeated Games with Imperfect monitor-
ing, Games and Economic Behaviour, — T. Tomala, J. Renault, M. Scarsini
(2008), Playing off-line Games with Bounded Rationality, Mathematical Social
Sciences — N. Vieille and E. Solan (2010), Computing Uniformly Optimal
Strategies in Two-Player Stochastic Games, Journal of Economic Theory —
N. Vieille and J. Horner (2009), Public vs. Private Offers in the Market for
Lemons, Econometrica
4
HEC MMFE
A Wealth of Assets
”
gap between theory and practice.
Rachel Teo A 12-month intensive and selective master program
Singaporean, Alumnus 2009, Senior Admission to the MMFE program is highly selective. Only students
Officer, Singapore Economic with a proven track record from a recognized international
Development Board
institution will be admitted. HEC’s expectations regarding the
performance of students are very high and students should expect
to put in considerable effort during the program.
5
HEC MMFE
A Comprehensive Curriculum
The HEC MMFE curriculum is articulated around the following elements:
Compulsory core courses provide the fundamental building blocks in
economic analysis and empirical methods essential for understanding
”
various banks. Students are required to write a research-oriented master thesis dur-
ing the program. They will discuss their areas of interest with the Aca-
Gøril Bjerkhol Havro, Norwegian
demic Directors who will direct them towards the appropriate tutors to
Alumnus 2008, Economist,
Norwegian Central Bank supervise their work.
Students must also complete a 16-week minimum internship, in France
or abroad. First job experience will be counted as internship experience.
The French language Students may validate previous professional/internship experience if
MMFE students do not need to speak the job was related to finance and economics.
French to follow the program as all Conferences
core courses and many electives are
Professional Economists, Top Bank Managers, Consultancy Firms are
offered in English. However, some
knowledge of French can be useful invited to lecture on important current economic issues throughout the
to enjoy the full HEC experience : academic year.
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.
6
HEC MMFE
Examples of the Course Portfolio
The course portfolio comprises Core Courses, Specialization Courses and a Certificate.
7
HEC MMFE
A Faculty of Excellence
The quality of an academic program depends, first and foremost on the qual-
ity of the professors. The team teaching the HEC MMFE program is made up
of researchers and professional economists or managers who are among
the best in their field of expertise.
Focus on 2 lecturers
Tristan Tomala
”
nomic policy, strategy, and we shall spend time on such applications.
Tristan Tomala,
HEC Paris
Nicolas Lioliakis
Partner, Bain & Company, Snc.
“ I studied philosophy before graduating from Sciences-Po and Essec. I have worked
as a consultant for most of my career and joined Bain in 2006 as a partner in the
Financial Services and the M&A Practices. I head the European Merger Integration
Practice since a lot of my work has had to do with M&A activities and the consequent
post-merger work. I have also headed successively for Crédit Agricole and Dexia New
Distribution Channels Strategy at the peak of the Internet wave. Most of my work as
an advisor dealt with both organic and non organic growth strategies, from acquisi-
tions to greenfield developments and joint-ventures.
I teach the course of Corporate Strategy where I aim at demonstrating through con-
crete examples how analytics contribute to the decision-making process of compa-
nies when designing their strategic options and roadmap. Of course corporate
strategy is not a science, it implies opportunistic thinking, requires boldness and
“This course should help future
agility in deciding and moving; but it leverages and should always leverage solid ana-
executives to better understand lytical tools that secure the strategic thinking. In the course, we try to understand
how analytics and rigorous what steps companies should follow to make sure they don't misunderstand their
thinking eventually protect position, their "core business" and how they can grow this core business to its full
companies from inappropriate potential. We also try to understand when and how they can "reinvent" themselves to
”
strategic moves; all the more in follow instable profit pools or changing consumer preferences.
turbulent times where the price of
mistakes gets unaffordable”.
Nicolas Liolakis
8
Certificate Programs
The Certificate Programs, offered in the final year of studies as a complement to the specialization, is 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, sponsored by a company. Students who
successfully complete all the courses in the same program will be awarded an additional HEC certificate.
9
HEC MMFE
Countless Career Opportunities…
A vision to build bridges between academia and business is a core aim of
HEC's education. Its goal is to provide businesses worldwide with young
managers who are instantly operational, first-rate team players and experts
in problem solving.
The HEC Corporate Relations Department aims at facilitating the professional
integration of students. The resources available are:
The 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
Top 10 Recruiting on companies in France and abroad, information on various jobs and
sectors…
Companies in 2009
The Career Services which organize company presentations, seminars,
conferences, round tables, mock interviews with recruiters, meetings
Accuracy with alumni and job/internship events throughout the year
BNP Paribas
Crédit Agricole CIB … and Major Career Fairs
Deutsche Bank
Several career fairs are organized on campus throughout the year.
Ernst & Young
International Finance Career Fair (October). 29 of the leading
Goldman Sachs
international financial institutions (in 2009): BNP Paribas, Goldman
McKinsey & Company Sachs, J.P.Morgan, RBS, Citi, Deutsche Bank, Thomson Reuters, Credit
Morgan Stanley Suisse, UBS, Credit Agricole, Dexia, Ernst & Young, Exane, GE, Lazard,
Oliver Wyman Leonardo & Co, Morgan Stanley, Oddo & Cie, Oliver Wyman,
Société Générale PricewaterhouseCoopers, RBS, Société Générale, Nomura, Vendôme
Associés, Tibra, Natixis, Bank of America, Barclay’s Capital, Rothschild.
Legal & Fiscal Career Fair (October). 30 leading international law firms
(in 2009) such as Linklaters, Allen & Overy, Landwell, Freshfields
Bruckhaus Deringer, CMS Bureau Francis Lefebvre, Paul Hastings…
Consulting Career Fair (November). 25 leading consulting firms (in
2009) such as Accenture, AT Kearney, Bain & Company, The Boston
Consulting Group, McKinsey, PricewaterhouseCoopers, Arthur D. Little,
Roland Berger Strategy Consultants, BearingPoint, Beijaflore…
Alumni Career Fair (January). HEC Alumni from all sectors –
information gathering on job functions and sectors.
International Career Fair (January). 102 world-renowned companies (in
2010) from all sectors such as Coca Cola, LVMH, Mazars, Unilever,
Microsoft, PricewaterhouseCoopers, Shell, Axa Investment Managers,
Veolia, L’Oréal, Canal Plus, Sanofi Aventis, Ogilvy, Dell, GE, Procter &
Gamble, Air Liquide, Coty, Renault, Michelin, Nestlé, Fiat, AstraZeneca…
10
Significant Employment
Facts & Figures
MMFE students are well-prepared for a career in the banking and Alumni Association
finance industry, in consulting as well as in the corporate strategy or
corporate finance departments in multinational companies. They Founded in 1883, the HEC Alumni Association is
can take up functions like credit or security analysts, loan officers, one of the largest in France with more than
financial advisors/planners, economists, risk management, ratings 44,000 members in 113 countries. It provides a
analysts, private equity, mergers and acquisitions, consultants in platform for the exchange of experience, ideas
strategy, corporate finance/corporate strategy officers in multina- and information, facilitates entry into the profes-
tional corporations. sional world and accompanies career advance-
ment. Services and events include career
MMFE students follow the same program as the students enrolled in
guidance, personal coaching, career fairs and
the Managerial & Financial Economics specialization of the Grande
seminars, monthly meetings with business lead-
Ecole and benefit from the same access to our powerful network.
ers and an annual international management
The HEC Corporate Relations Department carries out annual forum drawing together major senior business
employment surveys for each of the HEC degree programs. Among executives, experts and international business
the employed of the 2009 class, 66,7% found a job either before personalities.
graduation or within 1 month after graduation and 90,6% were
In order to ensure HEC's international reputa-
employed within 5 months. The average salary of the class: 45,161€
tion and to maintain an active network, profes-
(57,400 USD, currency rate of July 2010).
sional groups are organized in 64 countries of
which the largest chapters are Paris, New York,
London, Shanghai and Hong-Kong.
Sectors of Employment*
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
*2009 Data
11
A Place to Live & Learn
Located close to Paris and Ver-
sailles, the 300-acre wooded HEC
campus is one of the largest in
Europe. The campus is also close to
"La Défense", one of the largest
European business districts housing
the headquarters of many multina-
tional companies. These companies
On-campus: interact with HEC Paris both as part-
Accommodations, ners and as potential recruiters.
Services
Community Life
and Facilities
HEC considers community life as
Students can be housed in one one of the cornerstones of its educa-
of the 1,350 individual rooms tion. It develops the sense of respon-
or 60 apartments on campus. sibility, audacity and an enterprising
Among its other outstanding mind. Belonging to one or more
facilities: clubs and associations is an
A restaurant and a cafeteria absolute must on the campus! It is
the best way to make friends, meet
A 474-seat lecture hall company representatives, share
30 lecture halls with a seating ideals or hobbies with others, have
capacity of over 50 fun and take part in an activity.
60 classrooms with a seating Over the years, HEC students have
capacity of 8 to 35 founded and manage today over
A multimedia resource 120 clubs and associations (sports,
center with 50,000 books, culture, professional activities,
753 journals, 50 database humanitarian aid, public affairs…).
subscriptions
Students plan social events, sports
A trading room tournaments, concerts and plays;
(in collaboration with Thomson they invite politicians and business
Reuters) VIPs to speak and debate current
Open-access computers in all affairs; they help people in need
classrooms; networked PCs throughout the world; they welcome
throughout the campus foreign students…
A linguistic resource center
with workstations International Student
2 business bookshops Association
A printing center HEC IS is a student-run association
A place of worship whose purpose is to bring French
A spacious 1,000 m2 reception / and international students together
exhibition area. through events such as the welcome
12
week, "Discover France" weekends
and various on-campus activities.
13
HEC MMFE: What You Need to Know
Application Checklist
The Profile We Value
Official Academic Transcripts
HEC welcomes applications from candidates of all nationalities aged less
Two Letters of than 27 years old the year of their application. They must also:
Recommendation from
Be fluent in English;
Professors
Possess strong quantitative skills;
Résumé
Have obtained a Bachelor degree from a non-French institution, in
Official Test Score Reports:
Business Administration, Economics or Finance. Candidates with a
GMAT or GRE degree in Engineering, Mathematics or Physical Sciences must hold a
TOEFL/IELTS: minor in Economics or Finance.
required of international Previous work experience is not required; the average age of the students
students whose native is 24.
language is not English and
who have not earned a
university degree where Fees and Living Costs
English was the primary Annual tuition (2010-2011): 20,500 €.
language of instruction.
Interview Remaining costs (approximately 1,000€ per month in 2010) include housing
and food, compulsory insurance (health and civil liability), sports and
Online Application Form leisure, phone and IT access…
Application Fee of 100€
Funding your studies
Application Deadlines
The HEC Merit based Scholarship: All admitted students may apply for
Admission sessions for appli- this grant.
cants wishing to enroll for the The two main national French Scholarships (depending on your
new academic year in September nationality):
are:
The French Government "Eiffel Scholarship" is a merit-based grant
November 15th, 2010 (reserved offered to students from certain regions. Applications for this grant are
exclusively for candidates with open exclusively to November Session candidates as the yearly
a minimum GRE application deadline is fixed to mid-January. To learn more
(quantitative/verbal average) www.eiffel.asso.fr
or GMAT score of 700.
The "Conseil Regional" Scholarship is a need-based grant offered to
January 15th, 2011 certain nationalities. To learn more, please see the campusfrance
March 1st, 2011 scholarship finder.
April 15th, 2011 Many other local scholarships are available on the Campusfrance
scholarship finder, www.campusfrance.org/en/index.htm
For more information Students may also finance the cost of their education with student loans,
Tel: +33 (0) 1 39 67 73 52/96 95 which typically carry low interest rates and can be paid back following
E-mail: mfe@hec.fr graduation. However, in France banks generally require a guarantor
www.hec.edu/MSc living in France
The internship period is usually paid and thereby provides students with
extra financial resources.
14
A Stepladder to Economic Success A Unique Program Portfolio
The Master of Science in Managerial and Financial Economics at HEC (MMFE) Master Degrees
is a 12-month full-time program designed to equip you with a solid basis in eco-
MSc in Management, Grande Ecole program (18 months, French or English) is designed for
nomic analytical skills as well as specialized knowledge in business strategies
students who hold a Bachelor degree in any field. The 1st academic year is comprised of
and finance. It aims at imparting not only knowledge of modern economic the-
general business courses; the 2nd academic year is devoted to the student’s area of
ory and empirical methods but also their applications by professionals in their specialization.
work. The content of the program is specifically devised to give you maximum
exposure to economic problems and their solutions pertaining to the increas- Masters of Science (12 months, English) are designed for students who hold a Bachelor
ingly complex business and financial relationships and environments in degree in Business and who want to acquire an expertise in a specific field of management.
today’s globalized world. Specialized Masters (12 months, French and English) are designed for students at
postgraduate level to acquire an expertise in a specific field of management.
The HEC MMFE is designed for students who have an excellent undergraduate
degree in Economics, Finance or Business MBA Program
Administration. However, Mathematics and Full-Time Option (16 months) and Part-Time Option (24 months)
Statistics, Science, and Engineering majors with
The MBA addresses both functional and cross-functional skills through a fundamental and a cus-
an excellent track record and a minor in
tomized thread to cover all areas of management in depth. Participants will, throughout the pro-
Economics/Finance are also encouraged to gram, enhance their leadership potential through unique learning experiences in a diverse environ-
apply. ment, developing their self-awareness and people & relationship management, to boost and change
The curriculum consists of advanced theory their career path.
courses in the fields of microeconomics, macro-
PhD Program
economics, decision-making sciences and
econometrics followed by specialization courses The PhD program shapes professor-researchers, offering high quality, internationally renowned
in managerial and financial economics. These training. The program gives them the preparation needed to publish in leading academic journals
courses consist in applying theoretical economic throughout the world and face future research and teaching challenges.
analysis to real world economic and business Executive Education
problems such as bank management, corporate
HEC Paris Executive Education spans a wide range of degree and non-degree programs specially
strategy and country risk analysis.
designed for experienced managers and executives.
HEC has a strong reputation for the quality of its In addition to Executive MBAs and Executive Masters Programs, HEC Executive Education offers
programs. The MMFE courses are taught either Open-Enrolment programs, Custom Programs and Coaching.
by recognized faculty publishing in top academic
journals or by top professional economists and Highlights of the program range:
managers working in financial institutions, con- TRIUM Global Executive MBA, specially designed for global executives and CEOs, is a joint
sulting firms and government agencies. Design & Layout degree developed by three top-ranked schools: New York University Stern School of Business
G-one Design & Page !mpact (NYU Stern), the London School of Economics (LSE) and HEC Paris.
info@g-onedesign.com
The content of the program, its international page.impact@wanadoo.fr HEC Executive MBA is a multi-site degree program designed to meet the needs of executives
exposure, the involvement of the business and senior managers. The program is offered in 6 locations (Paris, Beijing, Shanghai, St.
community, the network of 44,000 alumni and Petersburg and Doha) and proposes 6 Majors (Aerospace and Aviation, Energy,
Photography Entrepreneurship and Innovation, Global Business Perspectives, Luxury).
the school’s reputation are the key assets that Jean-Marc Biais (for HEC)
HEC Paris offers its students from around the Biais@hec.fr Part-time Executive Masters are post-graduate degree programs providing specialized
world. In addition, the 300-acre campus is an Fotofolia training in specific areas of management such as the MSc HEC Oxford Consulting and
ideal living and learning environment and the Coaching for Change and the MSc HEC Oxford Reinventing Management.
Disclaimer: The information provided herein
rich cultural and social life of nearby Paris will is subject to change without notice. HEC dis- Open-enrolment Programs are specific, short executive programs to strengthen managerial
help make your stay at HEC a most rewarding claims any responsibility relating to the infor- skills. More than 50 programs are offered, which last from 3 to 20 days.
mation contained herein and disclaims any
experience. responsibility arising from a negligence or Custom programs are tailored and delivered to the precise specifications of a company.
otherwise concerning such information.
MANAGERIAL AND
FINANCIAL ECONOMICS
Master of Science
2011
affiliated to