foreword

Jacques Olivier, PhD, Professor of Finance and Program Director

Alexei Ovtchinnikov, PhD, Associate Professor of Finance and Program Director (from June 2015)

The financial crisis has taught us many lessons. Now more than ever, finance is a field which requires passion and commitment, but also strong ethics and advanced technical skills. If you are looking at our program, there is a fair chance that you have a first training in either finance (business track) or math, economics, physics or engineering (accelerated track) and are now looking to acquire the extra set of skills that will provide a pathway to a successful career in finance. You may also be a young professional who is looking at our new MIF-MBA dual Degree. Many high-quality programs exist in Europe, so you are debating which one to choose. Finance and economics have always been essential components of HEC Paris’ DNA. Over the years, the MIF (MSc in International Finance) and the “Finance Major“ of our Master in Management have supplied major international investment banks with their largest contingent of European graduates. They also irrigated the French and European economies beyond the boundaries of Finance: our alumni have a strong toehold in fields as diverse as strategic consulting, top management of industrial firms or public policy making. There are many ways in which education at HEC Paris is different. Our approach is deeply rooted in the French tradition of strong analytics. We are looking for candidates who are strong quantitatively and we do our best to challenge them during the program. Another feature is our obsession with “tailor designing“ our programs to our students. The two different tracks, business and accelerated, allow us to leverage on pre-existing skills and knowledge to design the curriculum in a way that would be impossible in a “one size fits all“ regime. Finally, not only do we believe in giving our students strong theoretical grounding with courses taught by world class researchers, but also “hands on“ knowledge with courses taught by top practitioners working for, or at the head of, international banks, corporations and consulting firms. This unique combination is at the heart of the attractiveness of HEC Paris graduates for international recruiters. As we write this message, we have just finished recruiting students for the Class of 2015. We must say that we are quite excited by the profiles of the men and women that we met throughout the year, coming from all five continents. We have been deeply impressed by their academic, personal and often even professional achievements. We are proud that they chose HEC Paris as the next step in their successful career. We hope that you will want to come and join them: we are looking forward to meeting you soon!

a comprehensive curriculum general overview Our program aims to fulfill two objectives within a short period of time: lay the necessary foundations for any career in finance and provide in-depth knowledge in each student’s field of specialization. We achieve this goal by leveraging on the specific knowledge and experience students have acquired before joining HEC Paris:  Business track students: have already taken at least introductory level courses in financial accounting, corporate finance, financial markets, derivatives and statistics in a Tier-1 international business school or university. They frequently have had first internships in banking or consulting and are looking for an advanced set of tools to jump-start their career.  Accelerated track students: have received first class education in a highly quantitative field (maths, physics, engineering, econometrics...) and wish to switch their field to finance. They may or may not have taken some courses in finance and they may or may not have had a first internship in banking or consulting. Business and accelerated tracks mainly differ in courses taught during the Fall term. Business track students follow the same courses as the “Majeure Finance” students of the HEC Master in Management program, starting all courses at an advanced level and getting a first opportunity to specialize through “block electives”. Accelerated track students start all finance courses at an introductory level. However, they go through an intensive Fall term where courses are taught making full use of their strong quantitative skills. Business track and accelerated track students have access to the same pool of electives in the Spring term and have the same career opportunities at the end of the program.

program structure  HEC MIF courses take place from September to April. 





Students then continue courses until June within one of the HEC certificates. An HEC certificate corresponds to a group of courses with a sectorial focus on a specific area such as Energy and Finance or Social Business.  inally, MIF students must write a professional thesis and fulfill a F professional experience requirement in order to graduate. The professional thesis may either be written while on campus or during the internship under the joint supervision of a professional and an HEC faculty member. It constitutes an important component of the HEC MIF learning experience. The objective of the thesis is to explore how cutting-edge research is being implemented in the daily practice of finance in a highly competitive environment.  he professional experience requirement is satisfied when the student T completes a professional experience of at least 4 months in finance or related fields subsequent to his or her coursework at HEC Paris. It is, however, important to stress that this professional experience may not be an internship per se. Our policy at HEC Paris is that the best type of internship is a full-time job! The MSc in International Finance is granted when coursework, professional thesis and “internship” requirements are fulfilled.

The French language MIF students do not need to speak French to enroll in the program as all core courses and most electives are offered in English. However, some knowledge of French can be useful to enjoy the full HEC experience: becoming professionally bicultural and optimizing networking with French students and alumni. This is why HEC Paris offers optional French language classes free of charge to its international students. Students may also register for a French language course (TEF certificate – all levels) in August. This is an exceptional opportunity to learn French and to live in the very heart of Paris before joining the Campus. MIF students are required to speak at least one language other than English at intermediate level upon graduation. Thus students who speak only English and no other language are strongly encouraged to attend either the Preparatory Intensive French Course in August or French Classes offered during the year.

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September 2015

Business track Core Courses + Block electives 210 hours

Accelerated track Core Courses + Block electives 250 hours

January 2016

core courses 30 hours

electives (common to the two tracks) 130 - 160 hours

conferences, meetings with alumni, networking master Thesis

10

month program

100% in english

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Core courses and block electives In business track: In accelerated track:  Asset Management  Accounts and Financial Statement Analysis  Asset Pricing Theory  Asset Pricing Theory  Corporate Finance Theory  Corporate Finance  Derivatives  Empirical Methods for Finance  Empirical Methods for Finance  Ethics Seminar  Ethics Seminar  Financial Regulation  Financial Dimensions of Strategic Decisions  Fixed income and derivatives  Financial Modeling  FX Derivatives trading  Financial Regulation  International Macroeconomics  Financial Statement Analysis  Introduction to Finance Refresher  Mergers and Acquisitions  Fixed Income  Security Markets:  FX Derivatives Trading Mechanisms, Liquidity and Investment Decisions  International Finance  Soft Skills Seminar  Mergers and Acquisitions  Structured Finance  Security Markets: Mechanisms, Liquidity and Investment  Taxation. Decisions  Soft Skills Seminar  Valuation Refresher.

June 2016

Certificates ~100 hours

Professional experience Some employers of the class of 2014: C  rédit

Suisse & Company B  arclays D  eutsche Bank B  ain

 Goldman

Sachs Morgan  Mc Kinsey   ...  J.P.

events, career fairs...

Electives*  Advanced Asset Pricing  Advanced Financial Statement Analysis  Alternative Investments  Bond Portfolio Management  Credit Crisis: Historical and Technical Analysis  Debt Restructuring  Distressed Firms and Credit Risk  Due Diligence  Energy and Finance  Energy Trading  Equity Capital Markets  Ethics: Financial Analysts and Portfolio Managers  Financial Dimensions of Strategic Decisions (accelerated track)  Financial Engineering and Derivatives  Financial Institutions and Corporate Strategy  Financial Modeling (accelerated track)  Financing Decisions of Firms

 ixed Income - Emerging F Markets  LBO Structuring and Modeling  Legal and Contractual Issues in Corporate Finance  Macroeconomics of Crisis Economics  Modeling Techniques for Financial Engineering  Models of Volatility  Numerical Analysis  Origination of Structured Products  Probability and Stochastic Processes  Quantitative Asset Management  Quantitative Strategic Management  Strategies for International Expansion  Structured Finance (business track)  Sustainable and Responsible Investing  Topics in Valuation. 

certificates Sponsored by a company, Certificates are a set of interdisciplinary courses corresponding to approximately 100 contact hours as well as business projects and other types of field work related to a given sector. Each student joins one certificate and will be awarded an additional HEC certificate if he/she validates all the requirements of the course. HEC MIF students are guaranteed admission in:  Energy & Finance (chaired by Deloitte and Société Générale)  Merger & Acquisition  Social Business (chaired by Danone, Schneider Electric and Renault) They are eligible for all other certificates:  Digital Innovation for Business (chaired by Free, PriceMinister and venteprivee.com)  Innovation Management in Aviation & Aerospace (chaired by Safran)  Luxury Strategies (chaired by Kering)  Leadership (chaired by Pernod Ricard)  Digital Transformation (chaired by Axa)  Advanced Management (from the MiM list of courses - provided no timetable conflict). New certificates are expected in 2015/16, check out the website regularly.

* All electives listed beside are taught in English. A few additional electives taught in French are also available. 10-15% of electives are renewed every year.

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double and dual degree programs Global Real Estate Master (GREM) The Global Real Estate Master (GREM) is designed for students seeking a career in the high-risk and high-reward field of international real estate. HEC students who want to join the double degree program need to apply during the Spring term of the HEC MIF. GREM students spend a third semester at the University of Wisconsin (GREM semester) after having attended the "regular" MIF curriculum and done a summer internship. GREM Partner programs are:  HEC Paris in Europe  Hong Kong University of Science and Technology in Asia  INCAE in South America University of Wisconsin in North America. Students still need to complete the same thesis requirements as "regular" MIF students to graduate. The two-phase GREM program thus combines the best-in-class instruction in finance at HEC Paris with training in the principles of international real estate during a capstone semester at Wisconsin. The GREM semester includes:  16 weeks of intensive instruction in real estate valuation, development and investment  One or more field trips to a major U.S. real estate market  Interactive professional development opportunities both in and out of the classroom. The University of Wisconsin’s Department of Real Estate and Urban Land Economics is consistently ranked as one of the top three real estate programs in the United States by U.S. News & World Report. At the end of the program, students receive two master degrees, HEC MIF and GREM, and join the alumni networks of HEC Paris and the University of Wisconsin. Tsinghua SEM Master in Finance This 2-year double degree program was created in Fall 2012 in collaboration with the School of Economics and Management of the premier Chinese university, Tsinghua University. HEC students who want to join the double degree program need to apply during the Spring term of the HEC MIF. Pre-selection will be made on the basis of academic results in the Fall term and final decisions will be made on the basis of an interview with Tsinghua SEM Faculty members. Selected students will join the Tsinghua SEM Master in Finance for a second year of study and receive the two degrees of HEC MIF and Tsinghua SEM Master in Finance. The double degree program with Tsinghua SEM is the opportunity to combine strong academic training in Finance offered by leading programs with an unique cross-cultural experience. 8

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HEC MBA-MIF DUAl DEGREE The Dual Degree program has been designed to maximize synergies between MBA and MIF. Over the course of the 20-month Dual Degree program, students will attend both MBA and MIF courses; the exact courses will differ from student to student as they tailor their program to fit their professional aspirations and experience. The key features of the MBA/MIF dual degree are:  A core courses phase runs from September to April of the first year, with the first semester of courses focusing on Finance so as to optimize students’ preparation for job interviews and the second semester covering MBA core courses in other fields of management.  The first semester of the second year allows students to specialize in Strategy, Entrepreneurship or Leadership with the HEC Paris MBA or one of our international partners.  The last semester of the program gives dual degree students full access to the HEC MIF electives.

Ioanid Rosu, Associate Professor, HEC Paris

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meet some professors The quality of education is driven by the quality of professors. A distinguisting feature of education at HEC Paris is that half of course work is taught by researchers who are world experts in their field and the other half by practitioners. Meet two of them on this brochure and many more on our website. David Thesmar, Professor of Finance

« 

Can you tell us a little about your background? After studying at the Ecole Polytechnique and ENSAE, I joined the French National Statistics Institute as a researcher and teacher, and worked on macroeconomic forecasts as well. I joined HEC Paris in September 2005, working for the Economics and Finance Department where I teach mainly corporate finance.

David Thesmar, Professor of Finance, teaches corporate Finance in the MIF, is a member of the French Council of Economic Advisors and Associate Editor for the Journal of Finance.

Another way to assess the academic quality of a school is to look at the placement of Ph.D. students trained there. Recent placement of Ph.D. students trained in Finance Department of HEC Paris includes:  J  ean-Noël Barrot (2013, Assistant Professor, Finance Department, MIT Sloan)  Boris Vallée (2014, Assistant Professor, Finance Department, Harvard Business School).

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

HEGE Ulrich, Professor, HEC Paris, teaches core finance courses

Arnaud Apffel, founder and Managing Director of Perennium Arnaud Apffel is the founder and Managing Director of Perennium, an investment management advisory firm dedicated to the non-profit world. An HEC graduate (1991), he has a previous career in investment banking, asset management and wealth management. His past roles include Head of Strategic Equity for Goldman Sachs in Europe (ECM), and head of Global Investments for Deutsche Bank Asset & Wealth Management EMEA. In 2014, Arnaud started teaching Sustainable & Responsible Investing in the MIF.

«

How is the course structured? There is an alternance of sessions providing the framework (history, methodology, theory and practical cases...) with sessions focused on the experience of leading practitioners. The academic framework is key because the way SRI is usually addressed lacks depth and rigor. But the experience part is an indispensable complement: it broadens the horizon of students, allows for rich discussions, as well as giving ideas of possible careers types. This year, I have invited the CEOs of an ESG research agency, an impact investing firm, and a sustainable asset manager.

Arnaud Apffel (H91), Founder and Managing Director of Perennium, Adjunct Professor, teaches Sustainable and Responsible Investing course.

What are you views about the future of SRI (Sustainable & Responsible Investing)? We need to counter a lack of understanding: some people still think SRI is about excluding a few sectors from a portfolio, based on ethical considerations, and leaving some money on the table in the process. That was 30 years ago... today 1 out of 10 US$ invested globally follows broad SRI principles. Sustainable & Responsible Investing is now at the crossroads of many fields: capital markets, asset management, legislation & regulation, technology innovation, venture capital, corporate governance... This is what makes it fascinating and challenging. We need more academic researchers, entrepreneurs, investors, scientists and we need them to be acting together. Only then will we be able to successfully address the challenges our planet and society face up to. »

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Some MIF Class of 2014 students gathered before commencement.

home universities of MIF class of 2014 students

median age:

23

(youngest:19, oldest: 39)

28% 29 of women

nationalities median GMAT score:

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Europe/Middle East:  American University of Beirut, Lebanon  Bocconi University, Italy  école Polytechnique, France  écoles Centrales de Lille et Nantes, France  Imperial College London, UK America:  Northwestern University, USA  University of British Columbia, Canada Asia:  Indian Institute of Technology, Bombay, India  National University of Singapore (NUS), Singapore

Lomonosov Moscow State University, Russia  London School of Economics, UK  University of Cambridge, UK  University of Mannheim, Germany  U  niversity of St.Gallen, Switzerland  ...  



University of Pennsylvania, USA Yale University, USA ...

  

Peking University, China Tsinghua University, China ...

    

MSc in International Finance class of 2014 testimonial You studied and worked in the USA, Asia and Europe. How would you compare HEC Paris culture with your previous experiences? Before coming to HEC Paris, I had the opportunity to live in Hong Kong for a year (where I did an exchange program in The Hong Kong University of Science and Technology as well as an internship for 6 months) and to work in New York during a summer. All of these proved to be very enriching -while at the same time significantly different- experiences; and, even though they are all very international cities full of foreigners, each one is unique in terms of professional and academic growth, culture and day-to-day life. Hong Kong, being par excellence the perfect stepping stone to China, was buzzing with energy and willingness to serve as a door for the rest of Asia. New York, with its usual hectic and sense of accomplishment, remains a land of great opportunities. And, finally, in HEC, I got to experience a more European environment by living within the walls of a legendary institution where high-level education, exposure to top companies and the building of a strong network all come together.

«  Anna Brossa Xicoy (Class of 2014), from ESADE Business School

Did you know it? The MIF class of 2014 comprises:  Junior world champion in wind surfing  Junior national champions in basketball, fencing and mountain bike  Air Force officer  . ..

What were some of the highlights of your Master program? I think that choosing to go into this Master program has been one of the best decisions I have ever made. I look back on this year and I realize just how much I have grown, not only in a professional and academic level, but also personally. The program is very well organized so to ensure that you receive valuable insights into the world of finance, by the hand of excellent professors and practitioners while being surrounded by top-level students. Another of the highlights of the program is the exposure you get to companies and the exit opportunities MIF has to offer are beyond compare. The fact to live on campus, did you find it important for personal networking with other students? Definitely!! The fact that everyone lives on campus makes you spend all your time with other students and so the coherence of the group inevitably becomes extremely strong. For me, one of the most valuable things that I will walk away from HEC with is for sure, the relationships I have made this year. »

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career opportunities

58%

received between 2 and 5 job offers after their graduation1

aims achieved2:

#2

worldwide

salary after 3 years2:

›90K$

(1) Annual employment surveys carried out 2013 graduates. 98% placement rate 3 months after graduation. (2) Results of the 2014 Financial Times independent survey of pre-experience HEC MIF alumni 3 years after graduation

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the Career department at your service Located at the heart of the school, the career department aims at providing the best possible placement and business opportunities to all of our students. The resources available are The Career and Corporate Information Center which provides students with up-to-date job & internship opportunities and The Career Services, which organize company presentations, seminars,conferences, round tables, mock interviews with recruiters, meetings with alumni and job/internship events throughout the year: International Finance Career Fair (in October) with leading international financial institutions such as:  Accuracy  Exane  Morgan Stanley  A  MF (Autorité des  G.E.  Nomura International Marchés Financiers)  Goldman Sachs  Oddo & Cie  Axa  HSBC  Oliver Wyman  Barclays Capital  JP Morgan  PwC  Blackstone  Jefferies  Roland Berger  BNP Paribas  Lazard Strategy Consultants  Citi  Leonardo & Co  Rothschild  Crédit Agricole  Bank of america  Société Générale  Crédit Suisse Merril Lynch  UBS  Deutsche Bank  Messier Maris &  ...  Duff & Phelps Associes Consulting Career Fair (in November) with leading consulting firms such as: Accenture  Deloitte  OC&C Stratégy  Arthur D. Little  Deutsche Post DHL Consultants  AT Kearney Inhouse Consulting  Oliver Wyman  Bain & Company  Ernst & Young  PwC  Bearingpoint  Estin & Co  Schlumberger  Beijaflore  Eurogroup Consulting Business Consulting  Corporate Value France  Solucom Associates  Kea&Partners  Sopra Consulting  Capco  KPMG  The Boston  Capgemini  Lek Consulting Consulting Group Consulting  Mazars  Weave  CSC  McKinsey & Company  ... 

Makram Abou Fakhreddin (2013 graduate), Trading, Merrill Lynch, UK (London) Mihaela-Ruxandra Albu (2013 graduate), Trading, Barclays, UK (London)

Philipp Eska (2013 graduate), Consultant bei McKinsey & Company, Germany

Andre Hillenbrand (2013 graduate), Investment Banking Analyst, Deutsche Bank, UK (London) Ankit Kankaria (2013 graduate), Trading Analyst (Structured Credit), Deutsche Bank, UK Jing Qian (2013 graduate) Finance Global Trainee, Bombardier, USA

MIF specific career events  First week of classes solely devoted to job market training classes (CV workshop, assessment center workshop, case study workshop, ...) rd  London study trip the 3 week of September with company visits and networking events with HEC Alumni in London  Bank presentations on campus throughout September and October (twice a week). The most popular job opportunities for young MIF graduates  Asset Management  Equity Research  M&A and Private Equity  Sales  Strategic Consulting  Structured Finance  Structuring  Trading. Class of 2014 Placement survey As of April 9th, 2014 employers of Class of 2014 students included:  Axa  JP Morgan  Bain  Mc Kinsey  Bank of America Merrill Lynch  Morgan Stanley  Barclays  Nomura  BCG  PWC  Blackrock  RBC  BNP Paribas  RBS  Crédit Suisse  Roland Berger  Deutsche Bank  Rothschild  Fidelity  Société Générale  Goldman Sachs  UBS  HSBC  Unicredit  Jefferies  ... Job/Internship Location:  UK (London): 61%  France: 14%  Others (Germany, Switzerland, US, Dubai, Asia...): 20%  No answer: 5%.

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testimonials

«  Jessyn Katchera (Class of 2010), Consultant, The Boston Consulting Group, Paris

What is your career path so far? I started my career in financial markets, working as a structurer and sales on structured products for a range of leading financial institutions (Exane BNP Paribas, Credit Suisse and HSBC) in Paris and London. It has been a fantastic opportunity to build an in-depth knowledge of the Corporate and Investment Banking industry from a technical and operational angle. Though sometimes challenging, it was a unique experience to get an insider view of how the global financial crisis unfolded, while building adaptive capacity. After these experiences, I wanted to build a broader understanding of the financial industry, while keeping on developing a strong business and operational knowledge. Following discussions with a number of HEC Alumni, I joined Oliver Wyman Financial Services in 2010 to help leading companies to adapt to their upcoming challenges (e.g. scarce resources environment, paradigm shift following the GFC, Basel III regulation…) and decided to move to the Boston Consulting Group in 2012 to build a broader skills set while interacting more frequently with senior client members including C-suites. Why did you decide to get involved in HEC alumni? When I was a student and was trying to find out how to best shape my professional career, I was impressed by the quality of our alumni network. Most people were highly reactive, willing to share their insights, trying to help me the best they could… Now it is my time to give back and try to help the new generation. That is why I am actively working with the JDH (Jeunes Diplômés HEC – a sub-group of HEC Alumni targeting students that graduated in the past 5 years) and I often engage with the school to discuss how the program can be improved over time. »

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How did a degree from HEC Paris help you achieve your career goals? HEC Paris is well-reputed for being one of the leading business schools focused in Finance. One of the greatest strength of the degree was the opportunity to meet many like-minded and ambitious individuals all at once. When I first entered HEC Paris, I had a vague idea that I wanted to work in investment banking but I was unsure of which division I wanted to work in. However, through exchanging experiences with other students who had done internships in various divisions and attending career forums, I was constantly motivated to discover the career path that suited my strengths.

« 

Are you in touch with MIF alumni in London? Yes, there are many of us from the 2012 MIF class who still meet up on a monthly basis. Most of us are working in a spread of banks in London. Last year we organized a class reunion in London with classmates flying in from all over Europe to meet in London. Some even flew from as far away as Toronto!

Veralene Tan, (Class of 2012), Investment Banking Analyst, RBC Capital Markets

What advice would you give to students who aspire to subscribe to HEC MSc? Make the best use of your time there to figure out your career’s game plan! »

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THE CAMPUS: A PLAce to live and learn

340 acre wooded campus

130 clubs and associations

95

nationalities on campus

Located close to Paris and Versailles, the campus is one of the largest in Europe. MIF students are all housed in the same buildings so as improve group cohesion and cooperation. Community Life HEC Paris considers community life as one of the cornerstones of its education. It develops a sense of responsibility, boldness and an enterprising mind. The ‘Campus Life Office’ allows all students to create their own association within one week. Since its creation in January 2014, it has already enabled the launch of the International Entrepreneurship Club and the Model UN Club, which complement the 130 clubs and associations on campus (sports, culture, professional activities, humanitarian aid, public affairs…). Students plan social events, sports tournaments, concerts and plays; they invite politicians and business VIPs to speak and debate on current affairs; they help people in need throughout the world; they welcome foreign students… International Society HEC IS is a student-run association aimed at bringing all students together through events such as the welcome week, ‘Discover France’ weekends and various on-campus activities. HEC Students’ Union The union is run by a team of students who are elected annually. Its many responsibilities include welcoming incoming students, organizing concerts, theater productions and other social events such as the famous HEC Paris parties and the annual HEC Gala. It also publishes the campus magazine and coordinates the activities of the other clubs. HEC Paris Sports Clubs and Competitions HEC Paris has excellent indoor and outdoor facilities on campus, including:  a multipurpose gymnasium, an indoor mountain climbing wall, a weight training room and facilities for aerobics, fencing and martial arts 2  10,000 m of outdoor fields including tennis courts, an athletics track and two rugby/football pitches. The Sports Office is managed by a permanent staff of 25 qualified professionals and coaches who teach the various sports offered. Each sport has its own club, run by students in collaboration with the Sports Office. The HEC Paris teams compete with other universities in all sports, such as the Business School ‘Coupe de France’ competition, the World Business School Rugby Tournament, and ‘Les Mercuriales’. INTERNATIONAL FINANCE 19

JOIN a leading business school in Europe

#1

business school in Europe

(All programs 2013 Financial Times general ranking of European business schools http://rankings.ft.com)

#5

accreditations and achievements Recognized as one of the leading European institutions of international standards, HEC Paris is the first French management school to have received – as early as 2000 -the prestigious Triple Crown international academic accreditation – AMBA - EQUIS - AACSB. The HEC MIF is a partner program of the CFA.

business school worldwide

(For training CEOs Alma Mater of Fortune 500 CEO’s by 2013 Times Higher Education www.timeshighereducation.co.uk)

#1

Pre-experience Global Masters in Finance

(2014 Financial Times”Pre-experience Global Masters in Finance” ranking http://rankings.ft.com)

HEC Community Alumni Association Founded in 1883, the HEC Alumni Association is one of the largest in France with more than 50,000 members in 127 countries. It provides a platform for the exchange of experiences, ideas and information, as well as facilitating entry into the professional world and accompanying career advancement. Services and events include career guidance, personal coaching, career fairs and seminars, monthly meetings with business leaders and an annual international management forum drawing together major senior business executives, experts and international business personalities. In order to ensure HEC Paris’ international reputation and to maintain an active network, professional groups are organized in 69 countries, of which the largest chapters are in Paris, New York, London, Shanghai and Hong-Kong. HEC Foundation The HEC Foundation, a non-profit organization of select corporate members, contributes to the development policy of HEC in the fields of:  Research  Establishing professional Chairs  Financial assistance to students and campus institutions  Visiting Professors Program  Development of teaching material  Innovation in the use of new learning technologies.

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HEC Paris Program Portfolio:   Grande école Master’s Programs: Master in Management (MiM), Master in Management & Public Affairs (MPA), Master in Management & Business Law (MBL)  One year Specialized Masters /  MSc Programs  MBA Program (including a MIF-MBA dual Degree)  PhD Program  Executive Education Programs: TRIUM Global Executive MBA, Executive MBA, Executive Masters Programs, Open-Enrollment Programs, Custom Programs and Coaching.

how to join the program Fees and Living Costs Annual tuition (2015-2016):  €22,400 for European Union students  €26,400 for Non-European Union students. Tuition is paid in two installments, the first upon confirmation of enrollment and the second in September 2015. Remaining costs (approximately €1,000 per month in 2014) include housing and food, compulsory insurance (health and civil liability), sports and leisure, phone and IT access… Funding your studies The French Ministry of Foreign and European Affairs allocates a large number of grants to international students. Use Campus France Grants Search Engine (www.campusfrance.org/fria/bourse) to learn about scholarships fitting your nationality and background. The main French Government Eiffel Scholarship is open exclusively to November session candidates, as the application deadline is fixed to the beginning of January. For more information: www.campusfrance.org/en Admitted students may apply for the HEC Merit based Scholarship. Special attention will be given to applicants from non-EU countries. Students may also finance the cost of their education with student loans, which typically carry low interest rates and can be paid back following graduation. However, French banks generally require a guarantor living in France. 22

INTERNATIONAL FINANCE

The Profile We Value HEC welcomes applications from candidates of all nationalities, who are fluent in English and who have a strong quantitative background. For the Business track, they must also:  hold a Bachelor or Master’s degree from a Tier-1 international institution - 2:1 honors or above (or equivalent: Dean’s list...)  have prior training (at least introductory level) in financial accounting, corporate finance, investments, derivatives. For the Accelerated track, they must also hold a Bachelor or Master’s degree from a Tier-1 international institution, or a master degree from a French university or engineering school (‘Grande Ecole’) - 2:1 honors or above (or equivalent: Dean’s list...) HOW TO APPLY The selection is a 2 phase process:  A first selection is made based on the evaluation of your application and supporting documents.  The pre-selected candidates will then be invited for a face-to-face or Skype interview. Session periods

Application deadlines

invitation to interviews

Final results

November January March April

November 5, 2014 January 15, 2015 March 5, 2015 April 15, 2015

2 to 3 weeks after application deadlines

3 to 6 weeks after application deadlines

Enrollment must be confirmed 3 weeks after final results are announced. Apply online: https://admissions.hec.fr/en. Supporting documents to be up-loaded:  Degree certificate(s) or current enrollment certificate  All official academic transcripts obtained in a higher education institution (exchange programs included) with official GPA  Résumé (CV)  GMAT or GRE or TAGE MAGE official test score report  English language proficiency test score report (see our website for more details and exemptions)  2 online letters of recommendation (at least one letter should be from a professor)  Non-refundable application fee of €100 (see website for waivers).

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

This Brochure is not binding. This program is indicative and may evolve over time. Photograph: Jean-Marc Blais and Carina Ferreira /HEC Paris Printed by PDI PDI Productions Diffusions, labeled Imprim’Vert on a PEFC certified paper.

Contacts:

Tel.: +33 (0) 1 39 67 73 52 / 95 40 / 96 95 Fax: +33 (0) 1 39 67 73 04 [email protected] www.hec.edu/Masters-programs