2012

FINANCIAL ECONOMICS MASTER PROGRAMMES

LILLE - NICE - PARIS - LONDON - SINGAPORE 1

EDHEC BUSINESS SCHOOL Academic Partners EDHEC Campuses

Lille

Paris

London

Nice

Singapore

4 Editorial 5 Why Choose EDHEC? 6 International Recognition 7 Master in Management 11 Masters of Science 32 A World-Class Faculty 34 Research Impact 36 EDHEC Governance 37 Career Impact 38 Student Life & Societies 39 EDHEC Alumni Association 40 Proudly International 41 Nice campus 42 Admission Requirements, Fees & Financial Aid

EDITORIAL EDHEC Business School is amongst the leading business schools in Europe, internationally recognised for its academic and research impact as well as its unique synergies with the business world. Internationalisation and relevance to business fuel our ambition to be recognised for our excellence and global mindset. EDHEC differentiates itself by offering innovation in business education and greater dynamism in connecting students and graduates with the business world. New challenges and opportunities constantly arise and we focus on offering our students the knowledge required to become tomorrow’s leaders. As such, leading companies have partnered with EDHEC: Société Générale, corporate programme sponsor of the MSc in Corporate Finance and PwC, corporate programme sponsor of the MSc in Management Control. The EDHEC Master in Management (MIM) is a 2-year full-time programme awarding a double degree - the Master in Management degree and the Master of Science degree. EDHEC also offers five masters of science (MSc) programmes specialised in a specific field of finance. Taught entirely in English, these programmes are specifically designed to provide students with the academic knowledge and skills required for an international career.

Anne Zuccarelli Associate Dean, Academic Programmes

Drawn upon the expertise of prominent academic faculty as René Garcia Professor of Finance Scientific Director, Financial Economics Track

Jean-Christophe Meyfredi Programme Director, Financial Economics Track

well as from the leading EDHEC-Risk Institute activities, EDHEC finance programmes aim to offer talented students a unique opportunity to foster their leadership and excellence by providing training and education required by today’s businesses. The Financial Economics MIM programme provides a rich set of four specialised master programmes leading to specific careers in the financial industry such as asset and risk management, trading, corporate financial management, financial intermediation and auditing. The MSc in Finance programme allows students with different backgrounds (lawyers, engineers, scientific, etc...) to join a general-purpose training in finance. The finance industry has experienced a major restructuring over the past few years. Now more than ever, working in finance requires commitment, passion and comprehensive technical skills. By fostering a global mindset and advanced research, EDHEC is always one step ahead with a programme portfolio flexible enough to be quickly adapted to business needs. This proactive approach is crucial for maintaining a leading role in promulgating innovative knowledge and expertise that will make a difference in contemporary business and financial issues.

why choose edhec? EDHEC, A Unique Experience There are many reasons to choose EDHEC Business School. EDHEC’s strong business connections ensure that our programmes are always relevant to corporate needs. Business inputs range from programme design, research and courses, recruiting fairs, alumni network and business games to internship and job offers. EDHEC has an active policy of assisting students in achieving their ultimate career goals. As such, EDHEC has introduced the TI&CD programme (Talent Identification & Career Development), an already-prized initiative that provides our students with tailored career guidance and assessment.

Our Mission Leading Education - Delivering academic excellence driven by renowned research is EDHEC Business School’s mission to provide students with the skills, expertise, knowledge and network required to excel in global demanding careers. We aim to move students, businesses and societies forward by nurturing talents and maintaining excellence in research and education.

Our Ambition Our ambition is to become a brand internationally recognised for its culture, global mindset and the impact of its education and research on the business world.

Our Values Relevance: Market pertinence is a key value in all aspects of our organisational culture - including the academic side. We seek to reconcile academia with the business world through the extension of our research effort into the corporate realm. Responsibility: We educate people and carry out research that aims to develop both scientific and human competencies, preparing men and women who are committed to use their skills to improve the society. Innovation: We have a long-standing commitment to a culture that fosters creativity, risk-taking, continuous improvement, leadership and entrepreneurial spirit, both at educational and research levels.

Founded in 1906, EDHEC offers academic programmes recognised through international accreditations by AMBA, AACSB and EQUIS. Our mission is to shape managers to meet companies' needs via relevant and cutting-edge education. EDHEC's uniqueness rests in its close ties with the corporate world. These connections and our 146 faculty members, who are among the most published in Europe, bring real-time knowledge to the classroom. This strategy is in line with the challenges faced by today's society and has a direct impact on EDHEC’s influence on business and society as a whole. Olivier Oger, Dean of EDHEC Business School

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INTERNATIONAL RECOGNITION

100 Over

years of Excellence

Founded in 1906, EDHEC Business School was among the first institutions worldwide to be awarded the ‘Triple Crown’ of international accreditations for the academic excellence and professional relevance of its programmes, its strong links with the business community, its international orientation and its commitment to an ongoing process of quality improvement. Today, only 48 business schools worldwide have received the triple crown.

Solid Rankings

N°1 in France for Education and Research in Finance in 2010 and 2011 – Le Point Magazine N°1 French Business School for its influence in the English-speaking press (2009 FT Research citations) N°2 in France for its Recognition among Businesses – L’Etudiant - L’Express N°5 in Finance in 2009 Financial Times Worldwide Ranking 11th Master in Management in the Financial Times Worldwide Ranking (average ranking over 3 years) International Network of Academic Partners Among Others...

MASTER IN MANAGEMENT  A Programme Made for You! The EDHEC Financial Economics Master in Management (Grande Ecole) awards students a double degree – the Master in Management degree and the Master of Science degree. Taught entirely in English, this 2-year full-time programme is specifically designed to provide students with the academic knowledge and skills required for an international career in finance. Taught on our international campus in Nice, the Financial Economics Master in Management aims to groom future leaders and provides an insight to several fields of finance.

5 reasons to choose the Master in Management Double degree (the Master in Management degree and the Master of Science degree) N  °1 in France for Education and Research in Finance - 2011 Le Point Magazine Top 15 in the Master in Management - 2011 Financial Times Worldwide Ranking Exclusive sponsors and partners: Société Générale, PwC and CFA Institute Unique career assessment and guidance: TI&CD programme

76

30%

International Students

Nationalities on Campus Now more than ever, the corporate world is in need of innovative, multicultural and socially responsible leaders. EDHEC has a longstanding tradition of providing students with the global perspective they need to succeed. Over the years, the school has build sound academic partnerships with leading business schools and universities. We believe that the content of EDHEC academic programmes taught in state-of-the-art campuses in Europe and in Asia combined with the involvement of the business community and the reputation of the school are key assets. EDHEC truly becomes a natural choice for talented graduate students who have excellent track records and the potential for successful international careers. Richard Perrin, Executive Director, International relations & Marketing - EDHEC Business School

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MASTER IN MANAGEMENT

Year 1 is a foundation year that equips students with the technical and financial competencies required for their intership and Year 2. The Year 1 curriculum has been specifically designed to fit the CFA exam curriculum as closely as possible with a particular focus on economics, statistics, corporate finance, financial analysis, options and derivatives and fixed income.

MASTER IN MANAGEMENT – FINANCIAL ECONOMICS YEAR 1 – EDHEC Master in Management Foundation Year « Acquiring Global Competencies »

GAP YEAR Internship YEAR 2 - Masters of Science Specialised Year "Acquiring Specialised Knowledge"

MSc in Corporate Finance

MSc in Financial Markets

MSc in Management Control

MSc in Risk & Investment Management

Programme Structure Courses and seminars TI&CD

Total

498 hours

498 hours

58 ECTS 2 ECTS

60 ECTS

Core Modules - Year 1 Analysis of Risk & Performance This course develops the basic principles of asset pricing and provides an introduction to the fundamentals of risk performance measurement in an asset management context.

Corporate Finance & Asset Markets This course provides a solid grounding in the principles and practice of finance. Moreover, it develops an understanding of the tools necessary to make good financial decisions.

Cost Accounting & Management Control This course provides the “common ground” through which managers and accountants communicate.

MASTER IN MANAGEMENT

Financial Analysis & Reporting This course introduces a comprehensive theoretical framework for financial statement analysis that can be used in a variety of business analysis and valuation contexts. Implications of new techniques in risk management for accounting and analysis will be discussed.

Financial Econometrics This course provides the knowledge of the main econometrics tools used in market finance and asset pricing. Topics include multiple regressions, time series analysis, unit root tests, heteroscedasticity and other related topics.

Financial Institutions & Markets Students will acquire a basic knowledge of financial markets, institutional investors, the role of financial institutions such as central banks, intermediaries such as commercial & investment banks, insurance companies, hedge funds versus mutual funds, and the role of regulatory authorities.

International Economics The course reviews key definitions and economic concepts regarding balance of payments dynamics, the determination of foreign exchange rates, and the role of shocks and of monetary and fiscal policies in shaping the dynamics of market prices, asset values, and activity levels in open economies.

International Corporate Finance & Governance The course analyses strategic financing decisions, adverse selection, and agency problems associated with the three main firm policies: financing, investment and payout distribution. The effects of different corporate governance arrangements will be explored in the context of debt and equity financing, initial public offerings and dividend payout policies across countries.

Introduction to EXCEL & VBA Programming An overview of Excel and VBA programming for solving financial problems.

Introduction to Fixed Income The course develops insights into different bond portfolio strategies and provides extensive coverage on valuation techniques for bonds.

Introduction to Options, Futures & Derivatives This is an introductory course on derivatives. It provides students with the basic concepts of derivatives trading and pricing.

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MASTER IN MANAGEMENT

Marketing of Financial Services The course provides an application of marketing theory to the financial services industry, analyses the new developments and trends in marketing financial products and finally raises the potential ethical issues in financial services.

Organisational Behaviour In this course, students will acquire a general perspective of organisational behaviour and learn about individual, group and organisational level processes and theories. Since managing people is the most challenging task for all organisations and an imperative for their survival, the course offers significant value.

Strategic Management (Part I and II) Part I of the course introduces fundamental concepts and models of business analysis. Both the internal and external contexts of firm dynamics are examined. Part II deals with corporate strategies and strategic options faced by companies when extending strategic decisions. It will also examine in depth the strategies of integration, diversification and internationalisation.

Electives Accounting & Taxes for Holding Companies

Merger & Acquisition Deals with

CFA Preparation (Level I)

Micro Finance

Financial Law & Economics

Theory of Financial Crises

Information Systems & Governance

Corporate Law

Interpreting Macroeconomic Signals

Financial Audit with Mazars

I chose the EDHEC Master in Management because the programme is structured in a way that allowed me to develop a foundation in finance in my first year and then to develop a more specialised knowledge through the MSc. I had no formal background in finance and the two-year programme is a perfect fit. The curriculum is carefully designed and students are constantly challenged by realistic case studies. EDHEC Business School helped me discover a lot of my strengths – both personal and professional. Vikas Sengupta (India), 2010 MIM Student, gap year intern at Power Company - Dubai

MASTERS OF SCIENCE The EDHEC Master of Science programmes are deeply-rooted into the expertise of our research centre, the EDHEC-Risk Institute - Europe's leading research centre in applied finance. Taught entirely in English, these one-year programmes are designed for students wishing to specialise in a specific field of finance. Increasingly, the financial industry is demanding well-rounded specialists with a focus on M&A, corporate finance, debt and equity financing, corporate governance, management control and risk and asset management.

MASTERS OF SCIENCE

MSc in Corporate Finance

MSc in Financial Markets

MSc in Management Control

MSc in Finance

MSc in Risk & Investment Mangement

Programme Structure Courses and seminars 360 hours TI&CD 40 hours Master’s thesis Internship*

Total

400 hours

46 ECTS 4 ECTS 10 ECTS 15 ECTS

75 ECTS

Mandatory 3 to 6-month internship except for the MSc in Risk & Investment Management. A full-time position replaces the internship requirement.

*

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MSc IN CORPORATE FINANCE In partnership with

The MSc in Corporate Finance is designed to focus on all areas of Corporate Finance. Increasingly, the global financial industry is in search for specialists with a particular knowledge of corporate finance, debt and equity financing, corporate governance, financial accounting, M&A and investment banking. The degree opens up the exciting possibility of working within investment banking, private equity or corporate financial services.

Core Modules Competitive Strategy This course looks at a firm's organisation and its strategy in the context of the competitive environment in which it operates. Topics of interest include: competitive advantage and technology with network effects; network effect industries, late movers and the Internet World; competitive dynamics and market entry; competitive dynamics and oligopolistic markets; small emerging market firms entry: how do multinational giants react; competitive dynamics, entry and non-market strategies. Each class or topic starts by an analysis of the industry structure and its competitive characteristics. It is followed by a case study illustrating the topic at hand.

Applied Contract Theory in Corporate Finance This course is an advanced corporate finance course that analyses corporate finance issues using game- and contract-theoretic tools. Concepts of interest include: wars of attrition; dominance; mixed strategies; static and dynamic games; bargaining and auctions. Classic topics such as moral hazard problems of financial contracting, asymmetric information problems of financial contracting, agency costs of free cash flows, dividend policy, corporate governance and control, law and finance.

Financial Analysis & Valuation This course introduces a comprehensive theoretical framework for financial statement analysis that can be used in a variety of business analysis and valuation contexts. Traditional earnings based valuation is compared with more comprehensive approaches to valuation, including discounted cash flow and more advanced residual income valuation models. Examples of studies that attempt to empirically test these models in various business contexts are discussed. Emphasis will be placed on the application of these theories to practical case studies. Implications of new techniques in risk management for accounting and analysis will also be discussed.

Bankruptcy & Corporate Reorganisation The course focuses on various corporate restructuring policies that firms carry on around the world. Company's motivations and consequences in an international context will be analysed. Besides small changes of operations, corporations engage in three different major types of restructuring policies: (1) reorganisation and bankruptcy; (2) corporate transformations or asset sales; and (3) mergers or large acquisitions. These major policies will be covered with a focus on their financial consequences in various legal environments.

Case Studies in Corporate Finance This course offers a series of real business case studies drawn from various industries and countries which feature a vast array of financial decisions. Case studies will be conducted through classroom discussions, group work, readings and lectures. Students will learn to apply advanced valuation techniques to complex financial situations.

MSc IN CORPORATE FINANCE

International Finance & Risk Management International corporations need to identify and manage various risks, where market risk, credit risk and currency risk are prominent. An international corporate financial manager needs to properly use the various financial instruments available to set adequate and accurate hedging strategies. Instruments involve fixed-income and currency securities and derivatives at various maturities. Other risks involve counterparty risk, liquidity risk and operational risk.

Major in Financial Management Strategy & Financial Policy This course attempts to deal with selected corporate finance transactions and the related strategy reasons or implications that a company or its advisors may face. These could be situations such as structured debt financing, mezzanine finance or LBOs. Students will attempt to build on knowledge gained in the Corporate Finance and in the Introduction to Financial Markets modules. The course aims to equip students with the skill sets needed to recognise financial and strategy-related situations that they may come across in their professional lives as financial advisors or corporate managers.

Corporate Taxation This course deals with the tax laws governing the dealings of corporate taxpayers and their shareholders. It reviews transactions and issues in the life of a corporation, from formation to liquidation, as well as the basics of the taxation of corporate mergers and acquisitions.

Project Management & Benchmarking The overall objectives of this course are: (1) to get a dynamic vision of organisations through process analysis. (2) to acquire tools to formalise and analyse processes besides assessing performance. (3) to understand the relationship between process management and benchmarking in order to benchmark processes and implement best practices.

Major in Financial Intermediation Private Equity & Venture Capital The aim of this course is to acquire a professional practice on all aspects of a leveraged buyout transaction. The course also examines the private equity market which represents a major source of capital for new and established private firms. Students will learn how private equity funds are raised, structured and financed; how contracting is done in private equity markets; how to value private equity interests; the sources of capital for private companies; the strategies to follow for value creation.

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MSc IN CORPORATE FINANCE

Private Banking & Wealth Management This course requires students to analyse the specific services offered by a wealth management division, namely investment services, brokerage and financial planning as well as international and private banking. It also examines the various client segments in the private banking sector and their financial needs.

Project Finance The course involves the raising of funds to finance a specific capital investment project in which the providers of the funds are primarily concerned by the cash flows generated by the project. The goal is to assess whether these cash flows will be sufficient to service the loans and provide an adequate return on the equity invested in the project. This course offers students an opportunity to understand the risk-return characteristics of unique projects from a multi-dimensional perspective.

Seminars Advanced Excel & VBA Programming The course is designed to teach students how to programme financial applications that are commonly used in corporate finance/capital markets, both in Excel and Visual Basic for Applications (VBA).

Ethics & Corporate Governance This course, to some extent, addresses the ethical challenges in finance, which include financial markets, financial services and financial management. The course makes students aware of the relevance of ethical norms for professionals in finance and delivers helpful background knowledge for people preparing to take the CFA exam.

Fundamentals of Corporate Law The objective of this course is to provide an understanding of the principles of Corporate Law.

Research Methodologies The aim of the course is to provide students with a format on how to write an academic paper. The whole process will be covered from identifying a topic, reviewing the literature, structuring a thesis, collecting the data, programming a statistical procedure to writing in a clear and concise style.

Electives Asset Securitization

International Accounting

Auditing

International Tax Management

Behavioural Finance

MATLAB

Corporate & Investment Banking by Société Générale

Private Banking

Financial Communication

Real Estate Valuation & Financing

Financial Entrepreneurship

Strategic Cost Management

Information Systems & Project Management

MSc IN CORPORATE FINANCE

Corporate Programme Sponsor

1st

Recruiter of EDHEC Graduates

Société Générale and EDHEC Business School have developed a strong relationship in recent years. With over 250 EDHEC Alumni working for the company, Société Générale is historically the largest single recruiter of EDHEC graduates. Société Générale has strengthened its relationship with the school by sponsoring the EDHEC MSc in Corporate Finance programme.

Société Générale shares its expertise and know-how in structured products and hedging (among others) with MSc in Corporate Finance students through specifically designed case studies. Throughout the year, Société Générale's involvement with EDHEC remains strong. Recruitment events, business presentations and networking events will be organised and led by the Société Générale for students enrolled in the programme. Société Générale is also a member of the EDHEC International Financial Economics Advisory Board.

I am very happy to have contributed to the validation of the MSc Corporate Finance sponsorship. I’m sure that we will meet a lot of international talents in the coming 3 years. We will be happy to interact with them and provide them with useful advice for their career path. The involvement of our experts in the lectures will be a real added value to this excellent master programme. EDHEC graduates talents have mainly joined our Corporate & Investment Banking teams. In the last two years, they have been performing very well in the General Inspection graduate programme and they are now conducting audit & advisory missions all around the world. Elise Gilbert, Campus Manager, Société Générale

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MSc IN FINANCIAL MARKETS The MSc in Financial Markets enables students to further diversify their competencies by opting for one of the two specialisations: asset management and trading. The core courses introduce students to the main concepts of finance related to stocks, bonds, derivatives and alternative investments as well as to the analytical tools used in the industry. Quantitative asset pricing and derivatives pricing models from cutting edge research in finance are reviewed, as well as the techniques to take these models to real time data, including time series analysis, Monte-Carlo simulation and advanced econometric techniques. Broadly speaking, the major in asset management focuses on the advanced techniques of portfolio construction and performance analysis, dynamic asset allocation while the major in trading focuses on trading financial securities. Programme graduates work as fund managers, security analysts, risk managers, asset allocation specialists, hedge fund analysts or traders in asset management and brokerages companies as well as investment banks, hedge funds, private banks and pension funds.

Core modules Financial Theory This course introduces students to the main building blocks of modern finance theory. The course starts with the basis of rational decision making under uncertainty. The second part of the course introduces the capital asset pricing model (CAPM), discusses the arbitrage pricing theory (APT) and reviews empirical evidence related to these seminal theories. Tests of empirical implications of asset pricing models and of the efficient market hypothesis (EMH) are also reviewed.

Empirical Methods in Finance The course offers an overview of the most-widely used econometrics tools and the way these methodologies can be used in empirical finance, both in investment banking and asset management. There is a strong emphasis on practical applications, with close links to the topics covered in the MATLAB class.

Fixed Income Securities & Risk Management This course gives students the necessary skills to understand the pricing and management of fixed income securities. Topics include: interest rates and risk management in bond markets; corporate bonds; inflation-linked bonds; interest rate swaps; and securitised assets such as MBS.

Derivatives Pricing & Hedging This is an intermediate course on Derivatives. It provides students with the basic concepts of derivatives trading and pricing. At the end of the course, students will know: i) how a derivatives exchange works; ii) what the main differences between an exchange and the OTC are; iii) what derivatives are useful for; iv) what a forward contract is and how to price it; v) what a futures contract is and how to price it; vi) what an option is and what can be done with options; vii) what exotic options are.

MSc IN FINANCIAL MARKETS

Major in Asset Management Asset Management Drawing on the expertise developed by the EDHEC-Risk Institute, this course equips participants with both the technical and conceptual tools that will allow them to take an active role in this fastevolving environment. In particular, it provides a detailed introduction to the modern approach to portfolio management. More specifically, the course first focuses on the technical challenges involved in portfolio optimisation with specific emphasis on the need for enhanced estimates of risk and expected returns.

Asset & Liability Management Asset management is essentially asset liability management. Without liabilities there would be no need for assets. The main objective is to help students rewrite typical investment situations into asset liability management problems. The necessary set of mathematical and statistical tools to compute sophisticated models used by academics and advanced practitioners will be developed.

Alternative Investments Students will acquire a good understanding and workable knowledge of the techniques that should be part of the toolkit of anyone investing in, analysing and/or advising private and institutional clients (and more specifically hedge funds and commodity trading advisors) on the inclusion of alternative investments in their portfolios. The course also enables participants to assimilate the analytical arguments used in technical publications – related to alternative investments in-house research notes of financial institutions and practitioner-oriented journals – in order to be able to apply them.

Regulation & Risk Management PART I: Banking and insurance regulatory frameworks for addressing risks, with a focus on credit and market risks. The course covers Basel II & III and Solvency II frameworks and 3 Pillars, and explains measurement methods for quantifying risks and the different approaches for allocating capital. It also discusses the impact of the regulatory frameworks on capital markets and insurance markets and highlights the links between the reforms, their critics and potential developments. PART II: Due diligence in the hedge fund industry, with a focus on operational, liquidity and counterparty risks. It explains sources of risk and key due diligence points for operational risk, liquidity risk and counterparty risk in hedge funds and highlights enhanced best business practice recommendations.

After extensive research into programmes and curriculums, I decided to choose the EDHEC's MSc in Financial Markets. I was attracted by the excellent reputation of the school, as well as most critically the design and focus of the programme. EDHEC's MSc in Financial Markets interested me because of its focus on quantitative skills, and how these theories apply to markets and trading. The courses had the rigour and focus that I wanted out of a programme, and was the only school that was able to offer me that in a one-year degree. Jay Rustulka (USA), EDHEC 2010, Senior Portfolio Optimisation Manager - E.ON Energy Trading - Germany

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MSc IN FINANCIAL MARKETS

Major in Trading Principles of Trading This course covers the main issues relating to securities trading and securities markets. It discusses why and how people trade, as well as the operation, structure, and regulation of securities markets. While the course focuses mainly on equity markets, comparisons to the markets for derivatives and other securities will be made. The course discusses what causes markets to change, how change is affected by competition between markets, and how securities regulation hampers or promotes the development of markets. It also further emphasises how the different market structures affect trading strategies, trading costs, and other considerations that are important to traders.

Applied Financial Markets The aim of this course is to wrap up product and trading skills acquired in previous core courses (fixed income, treasury, and derivatives), while completing the range of financial market products (money markets, credit & securitisation, mezzanine). It also gives students a global understanding of the financial markets industry, the players and their roles and enables them to acquire the techniques and skills necessary for operating at practitioner level in several areas within the financial markets, including research, origination, trading, buy- or sell-side, and thus enhance investment, financing or strategic performance. The second part of the course thoroughly explores money markets and foreign exchange markets instruments to be able to use them for hedging or arbitraging interest-rate exposure.

Market Risk Analysis This course analyses all aspects of market risk analysis from a practitioner’s point of view. Students will gain insight into the fundamentals of market risk management, while at the same time learning more about the challenges and successes organisations have had in implementing their programmes. Cutting-edge techniques in market risk analysis are provided. Topics include: market risk identification; risk measures (parametric and non-parametric methods); Value at Risk; model risk; liquidity risk; forecasting volatility and correlation; decomposition and verification of risk measures; estimating risk measures; and practical MATLAB programming techniques.

Practical Trading The objective of this course is to give students an understanding of the use of financial instruments by placing them in real trading situations in commodities, derivatives or other financial securities. Sessions are conducted by professional traders in the Thomson Reuters trading room.

Electives Applied Microeconomics

Commodities

Behavioural Finance

Country Risk Analysis

C++ for Finance

Financial Entrepreneurship

Credit Modelling

Socially Responsible Investments (SRI)

Continuous Time Finance

MSc IN FINANCIAL MARKETS

Seminars Advanced Excel & VBA The course is designed to give students knowledge of how to use Excel and Visual Basic for Applications (VBA) to financial modelling problems. Real-life problem examples will be extensively used in the learning process. This course is designed to be essentially practical.

Ethics & Corporate Governance This seminar provides a basic insight into the meaning and importance of values and norms in the functioning of financial markets. Capability to analyse cases in financial ethics in an autonomous manner. Developing an attitude of a responsible actor in financial markets.

MATLAB This is an introductory course to MATLAB, a powerful tool for data analysis and visualisation, and modelisation. We first describe the working environment in MATLAB and we present the basic elements of syntax. We then describe how to import data, how to handle them using pre-programmed functions of MATLAB, and how to export the results to use them in a presentation or in a report. We will also study the Financial, Statistics and Econometrics Toolboxes in more detail, which extend MATLAB capabilities in finance, statistics and model calibration.

Research Methodologies The aim of this course is to provide students with a format on how to write an academic paper. The whole process from identifying a topic, reviewing the literature, structuring a thesis, collecting the data, programming a statistical procedure to writing in a clear and concise style will be covered.

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MSc IN MANAGEMENT CONTROL

In partnership with

These courses have been designed in partnership with our Corporate Programme Sponsor, PwC who is involved in sharing its expertise and know-how with students. The programme responds to today’s needs for financial controllers capable of managing reporting procedures and implementing innovative financial and management accounting solutions. It also develops additional skills such as communication, strategy, project management and human capital management.

Core modules Advanced Finance The course aims to develop an understanding of the corporate capital structure, strategy and business planning process. Topics include equity, capitalisation and dividend management; IPO, leverage; gearing and debt management; mergers & acquisitions; restructuring & spinoffs; time value of money; enterprise valuation; working capital and cost of capital.

Organisational Controls This course provides a clarification on control in organisation. As a transversal function, control is closely related to other functions: strategy, structure, human resources, information systems, etc. In this course, the link between control and strategy on the one hand and between control and performance on the other hand will be specifically discussed. How does the strategy influence the control system? How is the implementation of a specific strategy controlled? What are the different kinds of performances pursued? Are the controls similar?

Strategic Planning & Control This course is about cost and management accounting. Cost accounting is concerned with information on the acquisition and consumption of resources. Whereas the central focus of management accounting is on the management of organisational performance. Then, with the measurement and reporting of financial (and other types) information, cost accounting provides a useful input into management accounting. Our concern is to encompass both management accounting and cost accounting, particularly stressing the management decision making process. Management control systems (such as budgets, balanced scorecard) provide information that is intended to be useful to managers in performing their jobs.

Measuring & Managing Information System Performance The course focuses on the importance and characteristics of information for organisations and the use of cost/benefit analysis to assess its value. The course will also address how to align information systems with business strategy.

Project Management This course proposes a process-based approach for project management providing an easilytailored and scalable method for the management of all types of projects. The method is the defacto standard for project management and is practised worldwide. It is a structured approach to project management and provides a method for managing projects within a clearly defined framework. Divided into manageable stages, the method enables an efficient control of resources. The course provides a common language for all participants in the project.

MSc IN MANAGEMENT CONTROL

Auditing & Internal Control The course aims to develop an understanding of the general nature of an audit, the objectives of an independent audit of the financial statements, the audit planning and methodologies, audit risks and types of audit tests.

International Accounting In 2005, International Financial Reporting Standards (IFRS) were adopted for the first time in many countries around the world. The IASB and the Financial Accounting Standards Board (FASB) in the US have been committed to working towards converging the two frameworks. Despite convergence initiatives, there are still many differences between these two standards. In this context, it is very important to understand main characteristics and differences of the international accounting principles (US GAAP and IAS/IFRS) with a specific focus on the IFRS framework.

Information Systems & Management Control This course examines the basic framework for integrated management information systems (ERP). The emphasis is on information systems for operations support including the impact of information and communication technology on management control systems.

Management Control Systems The primary objectives of our sessions will be on process and structure of an efficient management control and systems designed to achieve results control. This type of management control is largely dominant in the vast majority of organisations - it has a decidedly behavioural focus and requires performance measures, evaluations as well as the provision of incentives.

Operations Management The course focuses on the relationships between operations and cost control management in an industry perspective. The course will also address how to improve global performance in inventory management through supply chain and manufacturing, with the implementation of total quality management tools.

Principles of Business Taxation In an open and competitive world operations are international, tax is a permanent issue to deal with as it is fully part of the economic performance of companies.

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MSc IN MANAGEMENT CONTROL

Seminars Advanced Excel & VBA Programming The course is designed to give the students knowledge of how to use spreadsheets to solve problems and how to program in Visual Basic for Applications (VBA) for management control.

Ethics & Corporate Governance The course covers the basic insight into the meaning and importance of values and norms in the functioning of financial markets and the capability to analyse cases in financial ethics in an autonomous manner. It help students to develop the attitude of a responsible actor in financial markets.

Introduction to Accounting Students will be introduced to accounting principles. Upon successful completion of the course, students will be able to: understand “the accounting cycle", define accounting vocabulary, identify the different types of business organisations, define and use the accounting equation and explain and prepare financial statements.

Research Methodologies The aim of this course is to discuss the various methods of undertaking empirical research in accounting and the presentation of the analysis. The course starts by defining accounting research and the different steps involved in setting up the various research questions. The course then presents the historical developments in research in accounting and develops qualitative and quantitative research methods, including event studies and cross-sectional analysis of stock returns. The course includes a discussion of upcoming effects of major institutional changes on capital markets and firms’ behaviour as well as training in data collection from various sources and in project writing and presentation skills. The course puts significant emphasis on the interaction between the development of research questions and the testing of such questions.

MSc IN MANAGEMENT CONTROL

Corporate Programme Sponsor Corporate Programme Sponsor and member of the International Advisory Board of the Financial Economics Track since 2009, PwC is a very active player to be engaged with. As one of the leading audit and consulting companies, PwC aims to become the benchmark company for EDHEC students. PWC's involvement includes delivering and animating high-quality modules and seminars on campus. Thus, offering a unique opportunity for the company to recruit EDHEC's top talents at an early stage. PwC also plays an active role in the EDHEC Entrepreneurship Centre. The EDHEC incubator has been specifically designed to assist students and graduates who have chosen the exciting path of setting up their own business venture. PwC's commitment to EDHEC goes beyond education. For instance, every year the company sponsors events such as the renowned EDHEC Sailing Cup. PwC already includes over 100 EDHEC alumni and since July 2010, EDHEC students have secured 16 internships and 18 job offers.

Within the framework of the partnership signed with EDHEC Business School, PWC can build a long-term relationship and engage with both students and faculty members. By listening to EDHEC students’ needs and aspirations, we are in the best position to advise and orientate them to achieve their career goals. Hervé Demoy (EDHEC 1992) & Olivier Marion (EDHEC 1994), PwC Associates - PWC

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London or Singapore MSc IN RISK & Part-time INVESTMENT MANAGEMENT programme This 13-month part-time programme, taught in London or Singapore, trains participants to appreciate recent and forthcoming paradigm shifts in investment management. Equipping them with the conceptual and practical tools required to optimise risk and investment management, this programme also helps them to design novel investment solutions for institutional, private and retail investors that span traditional, alternative, and structured forms of investments.

Core modules

Alternative Investments This course looks at alternative investments from an asset allocation perspective. It begins with a presentation of assets from private equity and real estate, to hedge funds, commodities and managed futures, and alternatives (infrastructure assets, timber, etc). The emphasis is on investment characteristics, risk and return drivers and statistical properties of alternative classes and investments. The course then looks at the benefits and challenges of integrating alternative assets in asset allocation and discusses alternative integration models.

Advanced Financial Analysis This course imparts a thorough understanding of how financial statements are established and trains participants in financial analysis. After examining specific accounting issues, the course explores conceptual and technical problems in measuring value creation, investments in either working capital or capital expenditure, margin analysis, a company’s financing, leverage effect and profitability. It deals with the role of financial statement analysis in historical performance evaluation, financial forecasting, equity analysis and valuation of companies. It provides a comparative approach to equity analysts’ techniques and methodologies, and specifically trains participants in fundamental analysis methods.

Empirical Finance This course focuses on the empirical aspects of asset pricing and portfolio management and on the econometrics of financial markets. Applications span primitive and derivative asset pricing, strategic and tactical asset allocation, and trading strategies. Topics covered include asset return modelling and predictability, volatility modelling and forecasting, treatment of non-linearity in data, simulation methods, calibration and testing of pricing models and trading strategies, correlation and co-integration analysis, econometrics of derivatives pricing, and econometrics of fixed income markets.

MSc IN RISK & INVESTMENT MANAGEMENT

Foundations of Asset Pricing & Portfolio Management This course introduces the economic and mathematical foundations of asset pricing and portfolio management. It opens with a review of the mathematical tools required for continuous-time models of security prices and interest rates and of the economic fundamentals for the study of individual decisions and market equilibrium. It looks at consumption and investment under uncertainty, mean variance theory and alternative risk measures, capital market equilibrium, arbitrage pricing theory, derivatives pricing, interest rate models and the pricing of interest rate sensitive claims and hedging.

Performance Measurement, Analysis & Reporting This course introduces participants to the metrics, models, and rules used to measure the performance of investment management, to attribute it to investment process decisions and managers, and to report it according to global standards. The course presents standard metrics for performance measurement and advanced models for risk-adjusted performance analysis of asset management and asset-liability management. It addresses issues such as data biases, style biases and dynamic trading to provide for reliable performance measurement and analysis in a multi-style, multi-class, dynamic framework. It deals with the specific characteristics of performance analysis for equity, fixed income, derivatives and alternative investments.

Portfolio Construction & Risk Budgeting in Practice This course is devoted to bridging the gap between portfolio theory and practical portfolio construction and building viable, stable and realistic portfolio models. It looks at feasibility and relevance issues with traditional portfolio models, introduces techniques to redefine the investment universe and make covariance matrix estimation feasible, improve parameter estimates, address data limitations, and deal with illiquid asset classes. It presents methods to implement alternative portfolio models that account for non-normality risks, estimation error and parameter uncertainty, prior knowledge, realistic risk preferences and transaction costs. In addition to discussing scenario optimisation, it reviews risk budgeting in the coresatellite investing model, benchmark-relative optimisation and concludes with a survey of the limitations of traditional indices and benchmarks and a discussion on alternative weighting schemes.

25

MSC IN RISK & INVESTMENT MANAGEMENT

Risk Measurement & Management The course presents the tools used to identify, measure and manage market risks, credit risk, operational risk and liquidity and execution risks. It deals with the whole range of assets and devotes specific attention to the risks associated with derivatives and complex strategies. Its coverage of market risk includes alternative risk metrics, the Value-at-Risk framework and extensions, risk factor mapping, modelling of time-varying volatility and volatility clustering, and approaches to modelling extreme values. The course’s review of liquidity risk focuses on identifying its sources, presenting mitigation techniques and designing liquidity provision plans and execution strategies. The course concludes with a survey of stress tests, looking at their objectives and presenting steps and tools for designing and performing them.

State-of-the-Art Investment Management The course covers the organisation of the investment management process by reviewing competing investment models and examining the paradigm shifts in investment management and their impact on the organisation of the investment process. It introduces participants to the various methods for empirical research in finance and imparts advice to them on how to present research results. The course starts by defining research and the different steps involved in identifying research questions.

Strategic Asset Allocation & Asset-Liability Management This course deals with strategic asset allocation for mass-affluent, high-net-worth and institutional investors and introduces the asset-liability management framework. The first part of the course reviews the steps in developing an investment policy statement, highlighting major considerations for the different types of investors. The course then discusses asset class specification and selection, and looks at the various methods used to estimate and model long-term returns, risks, and relationships between classes. It concludes with a review of the various approaches to combining investor objectives, constraints and asset class forecasts. The second part focuses on the asset and liability management approach to strategic asset allocation. It covers basic ALM approaches, surplus optimisation techniques, liability-driven investing, and stochastic ALM models, whilst looking at the limitations, costs and benefits of each approach. It reviews the practical issues of hedgeable and imperfectly hedgeable risks with cash and derivatives and discusses short-term constraints on optimal asset-liability management. It covers liability identification and concludes with a series of case studies highlighting the salient features of implementing ALM in banks, insurance companies and pension funds and introducing extensions of the ALM approach into private banking and sovereign investment management.

MSc IN RISK & INVESTMENT MANAGEMENT

Tactical Asset Allocation This course explores the models, techniques and applications of tactical asset allocation. The course begins with a review of the various approaches to tactical asset allocation, introduces commonly used signals and their corresponding horizons, looks at the different types of parametric and nonparametric models used to generate and filter signals and it discusses portfolio construction issues. It then focuses on the econometrics of tactical asset allocation, addressing practical issues such as variable identification and model calibration, out-of-sample performance testing and model training. It examines the specific characteristics of tactical asset allocation in a high-frequency context. The course concludes with case studies of momentum-based tactical asset allocation in the commodity futures markets, business cycle analysis-based timing between traditional classes and quantitativelydriven multi-style, multi-class tactical asset allocation.

Research Methodologies The aim of this course is to equip participants with the basic research skills required to author a master’s thesis. The course also discusses the various methods of undertaking empirical research in finance. It starts by defining research before developing qualitative and quantitative research methods, including event studies and cross-sectional analysis of stock returns.

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MSc IN FINANCE The MSc in Finance, based on the CFA curriculum, is a one-year full-time comprehensive programme designed to prepare participants for a wide variety of international careers in corporate financial management, investment banking and private equity, commercial banking and financial services. Programme graduates work as business analysts, credit analysts, corporate treasurers, brokers, security analysts and financial controllers. The CFA Institute, the world's largest association of investment professionals, is globally recognised as the definitive standard within the financial industry. This partnership gives a strong indication of the close ties between EDHEC and the industry and it emphasises the quality of EDHEC programmes and their relevance to business.

Core Modules Corporate Finance (part I & II) Part I of the course is geared towards expanding students' knowledge of the role of financial managers in today's corporate environment by providing and developing the understanding of some of the tools necessary to make good financial decisions. The course focuses on financial decisions that affect the long-term performance and value of an enterprise. The course provides a framework for formulating these decisions, building on the principle of value maximisation and offering explanations for observed behaviour on the part of financial decision makers. Part II focuses on advanced aspects of corporate finance. The course reviews strategic financial decisions, adverse selection and agency problems that are associated with dividend policy, debt and equity financing, initial public offerings, corporate governance and corporate restructuring.

Financial Analysis & Management of International Groups The aim of this course is: i) to introduce students to the theory behind application of consolidated financial statements and ii) to introduce and analyse important concepts of financial analysis and management of international groups.

Financial Accounting & Analysis This is a foundation course designed to ensure an understanding of how financial statements are established in order to enable participants to undertake courses in financial analysis, M&A and financial management. After examining specific accounting issues such as inventories, receivables, liabilities, long-term assets and cash flows, the course covers conceptual and technical problems in measuring wealth creation, investments in either working capital or capital expenditure, margin analysis, a company’s financing, leverage effect and profitability. It concludes with a discussion through a case study of the role of financial statement analysis in historical performance evaluation, financial forecasting and valuation of companies.

Fixed Income Analysis This course gives students the skills necessary to understand the pricing and managing of fixed income securities. It is about interest rates and risk management in bond markets. It develops insights into different bond portfolio strategies and provides extensive coverage on the techniques for valuing bonds and provides a practical presentation of state-of-the-art techniques allowing investors to deal with interest rate risk in the best possible conditions.

MSc IN FINANCE

International Economics The objective of the course is to understand the fundamental mechanisms by why economies move the way they do within an international context. It is intended to allow managers to interpret what they hear and read about the global economic context of business with particular emphasis on the implications for financial markets. The final goal is to train participants to use the “scientific equipment” derived in studying “theory” to analyse actual business problems. A close look will be taken at theoretical models (i.e. Causal chains) economists propose to explain the way these quantities evolve, how they relate to each other and how economic policy may influence them.

Money & Capital Markets The aim of this course is to give students a global understanding of the financial markets industry of the players and their roles. It aims to develop a mastery in the techniques and skills necessary for operating at practitioner level in several areas in the financial markets, including origination, research, buy or sell side, and thus enhance investment, financing or strategic performance.

Options, Futures & Other Derivatives The course offers an introduction to derivative securities. The objective is to provide a broad understanding of how these instruments trade, how they can be evaluated and how they should be used. Emphasis will be put on conceptual issues such as arbitrage relations, valuation and hedging as opposed to the institutional aspects of derivatives markets and contracts. 29

MSc IN FINANCE

Portfolio Management Drawing upon the expertise developed at the EDHEC-Risk Institute, this course equips participants with both the technical and conceptual tools that will allow them to take an active role in this fastevolving environment. In particular, it provides a detailed introduction to the modern approach to portfolio management. More specifically, the course first focuses on the technical challenges involved in portfolio optimisation with specific emphasis on the need for enhanced estimates of risk and expected returns. After this presentation on state-of-the-art techniques for optimal beta management, several key extensions of portfolio selection methods, which are particularly suitable in the context of tail risk management, will be introduced. The course then reviews recent academic research and practical industry examples of these latest techniques used in the design of investor portfolios.

Quantitative Methods in Finance The course teaches the econometric methods used in modern finance and is particularly geared towards asset management. This course begins with a discussion of time series analysis and of regression methods. The course then explores more advanced subjects, including ARCH/GARCH models, Vector Autoregressive Models, co-integration, principal components analysis and factor models. Each topic includes a presentation of the underlying probabilistic models as well as the statistical methods for estimation and testing. Special MATLAB sessions show how to use MATLAB functions to implement real-world programs. A qualifying aspect of this course is its close link with the CFA program. The syllabus covers over 70% of quantitative analysis required to pass the CFA Level I exam.

MSc IN FINANCE

Seminars Advanced Excel & VBA Programming The course is designed to give students knowledge of how to use Excel and Visual Basic for Applications (VBA) to financial modelling problems. Real-life problem examples will be extensively used in the learning process. This course is designed to be essentially practical.

Ethics & Corporate Governance This course, to some extent, addresses the ethical challenges in finance, which includes financial markets, financial services and financial management. The main objective is to make students aware of the relevance of ethical norms for professionals in finance. A second objective is to deliver helpful background knowledge for people preparing to take the CFA exam.

MATLAB This is an introductory course to MATLAB, a powerful tool for data analysis and visualisation as well as modelisation. We first describe the working environment in MATLAB and present the basic elements of syntax. We then describe how to import data, how to handle them using pre-programmed functions of MATLAB, and how to export the results to use them in a presentation or in a report. We will also study the Financial, Statistics and Econometrics Toolboxes in more detail, which extend MATLAB capabilities in finance, statistics and model calibration.

Research Methodologies The aim of the course is to provide students with a format on how to write an academic paper. We will cover the whole process from identifying a topic, reviewing the literature, structuring a thesis, collecting the data, programming a statistical procedure to writing in a clear and concise style.

EDHEC Business School is highly respected in the area of financial risk education and research. I strongly recommend anyone who wants to master practical industrial knowledge in this area to study at EDHEC. Alex Chee Kin (Singapore), EDHEC 2010, Quantitative Business Analyst - HedgeSPA - Singapore

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A WORLD-CLASS FACULTY The programme faculty is an exceptional team of international experts who blend academic excellence and industry experience. Faculty members are renowned specialists with expertise across the whole spectrum of finance. Faculty members have an outstanding track record of publication in leading academic and practitioner journals, authoring and contributing to innumerable professional books for prestigious finance and investments series with a rich experience of executive education, the faculty also has a history of senior level engagements within the investment management industry.

Jean-Christophe Meyfredi

Professor of Finance Financial Economics Track Programme Director Member of the EDHEC-Risk Institute PhD in Management Science, University of Aix Marseille III

Giuseppe Bertola

Professor of Economics PhD in Economics, Massachusetts Institute of Technology (MIT)

Björn Fasterling

Professor of Law Member of the LegalEdhec Research Centre PhD in Law, University of Osnabrück

Noël Amenc

Professor of Finance Director of the EDHEC-Risk Institute PhD in Management Science, University of Nice

Ekkehart Boehmer

Professor of Finance Member of the EDHEC-Risk Institute PhD in Finance , University of Georgia

Sergio Focardi

Professor of Finance Member of the EDHEC-Risk Institute PhD in Mathematical Finance, University of Karlsruhe

Philippe Foulquier

René Garcia

Daniel Haguet

Bob Kimmel

Paul Klumpes

Abraham Lioui

Professor of Finance & Accounting Member of the EDHEC-Risk Institute PhD in Economics, Paris X

Professor of Finance Master in Finance, University of Grenoble

Professor of Accounting PhD in Accounting, University of New South Wales

Professor of Finance Financial Economics Track Scientific Director Member of the EDHEC-Risk Institute PhD in Economics, Princeton University

Professor of Finance Assistant Academic Director for Asia Member of the EDHEC-Risk Institute PhD in Finance University of Chicago

Professor of Finance Member of the EDHEC-Risk Institute PhD in Management Science, ESSEC & University of Paris II

A world-cLass faculty

Florencio Lopez-de-Silanes

Professor of Finance Member of the EDHEC-Risk Institute PhD in Economics, Harvard University

Lionel Martellini, PhD

Professor of Finance Scientific Director of EDHEC-Risk Institute PhD in Finance, University of California - Berkeley

Joëlle Miffre

Professor of Finance Member of the EDHEC-Risk Institute PhD in Finance, Brunel University

Stoyan Stoyanov

Professor of Finance Programme Director Asia MSc in Risk & Investment Management Member of the EDHEC-Risk Institute PhD in Mathematical Finance, Karlsruhe University

Charles Lumbers

Professor of Strategy PhD (ABD) in Public Administration Public Affairs, Virginia Polytechnic Institute and State University

Pierre Mella-Barral Professor of Finance PhD in Economics, Cambridge University

Dominic O’Kane

Affiliated Professor of Finance Member of the EDHEC-Risk Institute PhD in Theoretical Physics, Oxford University

Raman Uppal

Professor of Finance Member of the EDHEC-Risk Institute PhD in Finance, University of Pennsylvania, Wharton School of Business

Adjunct Faculty Marie Briere, PhD, Head of Fixed Income, Forex & Volatility Strategy - Amundi Franck Ciosi, Treasurer - CFM Monaco Paul Darbyshire, PhD, Professor - London University Alfred Davis, PhD, Associate Professor of Finance - Queen's School of Businesss, Kingston, Ontario Mélanie Delvaux, Assistant Manager, Cross Border Tax/M&A - Deloitte SA Luxembourg Maggie Gorse, MBA - Gorse Analysts Georges Hübner, PhD, CEO - Gambit Financial Solutions Georges Iatridis, PhD, Assistant Professor of Accounting & Finance - University of Thessaly Marc Kitten, MBA, Partner - Candesic François-Serge Lhabitant, PhD, CIO - Kedge Capital Michael Payte, MBA, Former Senior Managing - Bear Stearns International Ltd, London Pascale Viala, PhD, President - Ysavie

33

RESEARCH IMPACT Our core strategy ‘EDHEC for Business’ reflects our commitment to businesses that is strongly embedded in the development of our programmes. The school’s ambitious research policy has lead to the creation of four research centres. Drawn upon the expertise of these research centres, our programmes aim to offer students a unique opportunity to foster their leadership and excellence by providing training and education required by today’s companies. By fostering a global mindset, EDHEC Business School is always one step ahead with a programme portfolio flexible enough to be quickly adapted to a company's needs. This proactive approach is crucial for maintaining a leading role in promulgating innovative knowledge and expertise that will fit in contemporary business issues.

4

Research Centres

LegalEdhec EDHEC-Risk Institute Financial Analysis & Accounting Research Centre Economics Research Centre

EDHEC-Risk Institute EDHEC Business School has an ambitious international research policy: to become the benchmark academic institution for the industry in a number of areas in which it has reached critical mass in terms of expertise and research results. Spearheading the school’s ‘EDHEC for Business’ philosophy, EDHEC-Risk Institute conducts world-class academic research and highlights its application to the industry. EDHECRisk Institute has established itself as Europe's most influential centre for applied financial research.

EDHEC-Risk Institute Position Papers, Publications & Industry Surveys EDHEC-Risk Institute has innovated with the concept of the EDHEC-Risk Position Paper. EDHEC-Risk Institute’s publication strategy is to break away from a purely academic vision of research (whereby any research carried out has only been evaluated by academics and disseminated primarily to other scholars) to favour an approach where business is at the heart of the researcher’s concerns.

research impact

EDHEC-Risk Institute has taken a position on, amongst many other issues, the inadequacies of the MiFID financial services directive, the lessons to be drawn from the subprime lending crisis, the undesirable effects of banning short sales, the absence of excessive speculation on the US oil futures markets and the performance of socially responsible investing. EDHECRisk Institute also regularly conducts surveys on the state of the international institutional investment and asset management industry. These surveys specifically look at the application of recent research advances within investment management companies and at best practices in the industry.

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In the context of six industry-sponsored programmes and twelve corporate-endowed chairs, its team of ninety researchers, permanent professors and support staff carries out a wealth of projects focusing on asset allocation and risk management in the traditional and alternative investment universes. The EDHECRisk Institute stance on issues of relevance to the financial industry.

Research Chairs

Regulation & Institutional Investments in partnership with AXA IM ALM & Institutional Investment Management in partnership with BNP Paribas Investment Partners Structured Products & Derivatives Instruments in partnership with the French Banking Federation Private Asset-Liability Management in partnership with Ortec Finance ALM & Sovereign Wealth Fund Management in partnership with Deutsche Bank Core-Satellite & ETF Investment in partnership with Amundi ETF

Dynamic Allocation Models & New Forms of Target Funds for Private & Institutional Investors in partnership with UFG-LFP Advanced Modelling for Alternative Investments in partnership with Newedge Prime Brokerage Risk & Regulation in the European Fund Management Industry in partnership with CACEIS The Case for Inflation-linked Corporate Bonds in partnership with Rothschild & Cie Advanced Investment Solutions for Liability Hedging for Inflation Risk in partnership with Ontario Teachers's Pension Plan

Solvency II Benchmarks in partnership Russell Investments 35

EDHEC GOVERNANCE As business relevance is at the core of our strategy, EDHEC has established numerous partnerships with leading companies. Business input is achieved through corporate programme sponsorships, research chairs, companies’ presentations and involvement in the training of our students. Furthermore, three boards have been created to guide EDHEC’s international strategy and to ensure that activities dovetail the needs of the global business community. Pierre Coll, Global Risk & Quality leader - PwC Jean Deitchmann, President - Thomson Reuters (Markets) France SAS

EDHEC Financial Economics Advisory Board

René Garcia, Professor of Finance - EDHEC Business School Olivier Gourragne, President - Fidelity Investments France Emmanuel Guéroult, Managing Director EMEA - Morgan Stanley Jean-Jacques Guiony, Financial Director - LVMH Sofiène Haj-Taieb, Global Head of Finance Engineering & Equities - Société Générale Corporate Investment Banking Thierry Maraud, Financial Director - Bolloré Frédérick Martin, Finance, Accounting and Management Director - Hudson Jean-Christophe Meyfredi, Professor of Finance, Director of the Financial Economics Track - EDHEC Business School Ariane Obolensky, General Manager - Fédération Bancaire Française Emmanuel Rondeau, Global Head of Credit Quality Assurance - RBS Group Anne Zuccarelli, Associate Dean for Academic Programmes - EDHEC Business School

EDHEC International Advisory Board

Bruno Bich, Chairman - BIC Group, USA Christian Fadier, Global Health Care Policies & Public Affairs - Hollister Incorporated, UK Bernard Fournier, President - EDHEC Business School William K. Fung, CEO - Li & Fung Limited, Hong Kong Candace Johnson, Vice President, NeuStar, Inc., Co-initiator - Astra satellite system and SES Global Abdullah M. Mazrui, Chairman - MAZRUI Holding Company L.L.C., United Arab Emirates Franck Moison, COO - Colgate Palmolive Richard Simonin, CEO - Limoni - Chairman - EDHEC Business School International Advisory Board José de la Torre, Professor of Management, School of Business, Florida International University, USA Composed of executives and academics, the Ethics Board aims at pushing beyond the traditional academic analysis of ethics to confront companies with values at stake in terms of ethics, governance, and social and corporate responsibility. Claude Bébéar, Honorary Chairman - AXA Eric Bourdais de Charbonnière, Chairman of the Supervisory Board - Michelin SAR Jean de Nassau, Prince of Luxembourg, Chairman - WSSA (Water Solution South Africa)

EDHEC Ethics Board

Vincent Montagne, CEO - Media Participations Vianney Mulliez, CEO - Auchan Marc Odendall, Chairman - International Ethics Board and President - Odendall Foundation - Switzerland Bruno de Pampelonne, CEO - Tikehau Philippe Vasseur, Chairman - Crédit Mutuel Nord Europe Olivier Oger, Dean - EDHEC Business School Benoit Arnaud, Associate Dean - EDHEC Executive Education Stéphane Gregoir, Professor of Economics, Associate Dean of Faculty & Research - EDHEC Business School Geert Demuijnck, Professor of Ethics - EDHEC Business School

CAREER IMPACT What can the EDHEC Student Career Centre do for you?

90

%

found employment within 4 months

The Centre will assist you in finding your dream job and internship. Not only does the Centre publish over 21,000 job and internship offers every year, but it also provides career assessment and guidance. MIM Students (year 1) will be assisted by the Career Centre in setting up their career plan and mastering international recruitment tools. Within a month of their arrivals, MSc students' potential will be assessed during the TI&CD programme (Talent Identification & Career Development) and your first recruitment fair with leading companies will be held on the Nice campus.   Unique among European business schools, the TI&CD programme has been developed to offer students valuable insights and tailored career guidance. Inspired by corporate best practices, the programme is designed to accompany and prepare students for the international recruitment process run by major companies. In 2010, the TI&CD programme was recognised as one of our best practices by AACSB and EQUIS.

21,000

Events organised by the Career Centre  DHEC Job Forum with over 120 E participating companies Career Days On-campus recruitment sessions On-campus company presentations  ound Table Events - Careers guidance on R specific career paths. Panels composed of alumni and professionals. Podcasts and chats  egotiation seminars/open innovations N seminars Business games

Job & Internship Offers

Top Recruiters

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STUDENT LIFE AND SOCIETIES

At EDHEC, there is a society for everyone ranging from sports and charities to fashion and media. Over 50 societies mobilise our students who join forces to carry out their projects including entrepreneurial ones. Particularly appreciated by our students, they are a unique opportunity to mix hard work with pleasure and it is quite frequent to see our students winning competitions and prizes such as “EDHEC United Nations”. Some of these societies such as the "Raid EDHEC" as well as the “EDHEC Sailing Cup”, with over 200 international boats involved including crews from Oxford, Princeton and UCLA, among others, have become internationally renowned.

50 Student Societies

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EDHEC Alumni Association

24,000 110 Alumni

countries

Join Us! Delphine Arnault Deputy General Manager – Christian Dior Christophe Bonduelle CEO - Bonduelle Thierry Boulfroy Managing Director - Total Singapore Delphine Bresson General Manager - Lancôme France Laurent Freixe CEO Europe - Nestlé Wissam Farah Managing Director, head of Sales - Citigroup Jacques Guers President - Xerox Limited Europe Marc Hämel Managing Director - Rexam Healthcare

Join EDHEC for Life! With over 24,000 alumni in 110 countries, the EDHEC Alumni association is an amazing platform where exchanges of all sorts take place. Solidarity and sharing define the values of EDHEC Alumni. As such, the association is dedicated to networking with alumni and companies. Also acting as a career booster, the association has introduced new entrepreneur-oriented services, including an Entrepreneur Club and the EDHEC Business Angels that best serve the increasing number of alumni creating their own companies.

200

events/year

Think Locally, Act Globally! Numerous international clubs are scattered around the world in which you will find EDHEC Alumni who will assist you in many ways. Coordinated by EDHEC Ambassadors, these clubs aim to assist newcomers to settling down in the country, boosting the EDHEC network locally and enhancing its relationship with the global business community.

Hugo Kunetz Managing Director Denmark - L’Oréal Stéphane Lagut Partner - Ernst & Young Japan Yves Le Goff Executive Director, fixed income, currency & commodities - Goldman Sachs Sanjeev Manrakhan Managing Director - Anglo-African Enterprises Albert Mathieu President Food Western Europe – Mars Mohamed Mejai CEO – Oryx Capital Xavier Mufraggi President and CEO – Club Med North America Philippe Leopold Metzger CEO – Piaget Franck Moison COO - Colgate Palmolive Gilles Normand Corporate Vice President - Nissan Motor Company Christian Polge COO Europe – Coca-Cola Benoit Testard Group Chief Executive - United Biscuits Industries Hui Yi General Manager – Beijing Pengifly Trade co Ltd

www.edhecalumni.com

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PROUDLY INTERNATIONAL

1 1

Nice

Nice

5 campuses Paris

London Singapore

Lille

NICE CAMPUS

13 1

Lecture theatres

Trading Room

Leisure

&

Business

Nice, capital city of the French Riviera, boasts a wonderful climate all year around and is minutes away from Monaco, Cannes and Sophia Antipolis - the largest cluster of ICT companies in Europe. Home to the second largest airport in the country, direct flights connect Nice to major cities around the world. Situated by the seaside, Nice - France's fifth largest city - offers a variety of sports, cultural and extra-curricular activities.

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ADMISSION REQUIREMENTS, FEES AND FINANCIAL AID Requirements

Master in Management: 3-year bachelor degree Masters of Science: 4-year bachelor degree (or equivalent) Academic excellence GMAT score of minimum 550 and higher depending on programme (GRE accepted) English Proficiency Test (TOEFL, TOEIC or IELTS). Waivers for native English speakers.

How to apply?

Application Checklist

1

Online at www.edhec.edu

Completed application form

2

 y post. Application pack can be downloaded B on www.edhec.edu

Motivation letter/essay

European Union Non-European students Union students

Tuition Fees Master in Management

€24 500

€28 000

MSc in Finance

€ 19 000

MSc in Corporate Finance

€ 19 000

MSc in Financial Markets

€ 19 000

MSc in Management Control MSc in Risk & Investment Management

€ 19 000 London: € 19 000 Singapore: SGD 33 000

€ 60

Application Fees

CV A recent photograph Certified copy of passport GMAT or GRE report English Proficiency Test report  ertified copies of official transcripts C and diplomas 2 signed and sealed recommendation letters

Scholarships & Financial Aid EDHEC Business School offers various scholarships to support candidates according to their profile, merits and financial situation. The Excellence Scholarship for outstanding profile candidates applying before March 31st, 2012 (up to 40% off tuition fees). The Distinction Scholarship and the Foundation Scholarship, respectively 30% and 20% off tuition fees, for high-profile candidates applying before June 30th, 2012. External scholarships and financial aid are also available to applicants. The full list can be found by country in the admission section on the website: French Embassies, Financial Aid per country, FAFSA Direct Loan, etc.

EIFFEL Scholarship Only available for applicants with a minimum GMAT score (or GRE equivalent) of 700 who have applied before December 1st, 2011. If granted, the EIFFEL scholarship offers close to €1 200 per month for the duration of the programme.

Housing & Living Costs: approx. €1 000 per month Accommodation Our dedicated Housing Department assists students in finding suitable accommodation either off campus or in our student residence.

Application Deadline: June 30th for the 2012 September intake.

[email protected]

This is a non-binding document. The information provided herein is subject to change without notice. EDHEC Business School reserves the right to make changes at any time.

EDHEC BUSINESS SCHOOL PROGRAMME PORTFOLIO Programmes

Lille

Nice

Paris

London

Singapore

Full-time

Part-time

Master in Management - Business Management

Apprenticeship

2 years + gap year (optional)

MSc in Arts and NGO Management

10 months + minimum 3-month internship

MSc in Entrepreneurship

10 months + minimum 3-month internship

MSc in Global Business

10 months + minimum 3-month internship

MSc in Law and Tax Management

10 months + minimum 3-month internship

MSc in Marketing Management(1)

10 months + minimum 3-month internship

MSc in Strategy and Organisation Consultancy(2) 10 months + minimum 3-month internship

Master in Management - Financial Economics 2 years + gap year

MSc in Corporate Finance(3)

10 months + minimum 3-month internship

MSc in Finance(4)

10 months + minimum 3-month internship

MSc in Financial Markets

10 months + minimum 3-month internship

MSc in Management Control(5)

10 months + minimum 3-month internship

MSc in Risk & Investment Management 13 months

Executive MBA 18 months

Global MBA 10 months

Advanced Management Program 12 months

PhD in Finance

Residential or Executive Track

Executive Education Corporate Programme Sponsors and Programme Partner: Found from website recreated PMS

(1)

(2)

(3)

(4)

(5)

Wisdom means to have sufficiently big dreams so as not to lose sight of them while pursuing them. Oscar Wilde 43

www.edhec.edu