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2013 MSc/MS
The financial crisis has taught us many lessons. Now
more than ever, finance is a field which requires
passion and commitment but also strong ethics and
advanced technical skills. If you are looking at our
program, there is a fair chance that you have either a
first training in finance (business track) or in maths,
physics or engineering (accelerated track) and are now
looking to acquire the extra set of skills that will provide
a pathway to a successful career in finance. Many high-
quality programs exist in Europe, so you are debating
which one to choose.
Finance and economics have always been essential
components of HEC Paris DNA. Over the years, the MIF
(Masters in International Finance) and the "Finance
Major" of our MSc in Management have supplied major
international investment banks with their largest
contingent of European graduates. They also irrigated
the French and European economies beyond the boundaries of Finance: our
alumni have a strong toehold in fields as diverse as strategic consulting, top
management of industrial firms or public policy making.
There are many ways in which education at HEC Paris is different. Our approach
is deeply rooted in the French tradition of strong analytics. We are looking for
candidates who are strong quantitatively and we will do our best to challenge them
during the program. Another feature is our obsession with tailor designing our
programs to our students. The two different tracks, business and accelerated,
allow us to leverage on pre-existing skills and knowledge to design the curriculum
in a way that would be impossible in a one size fits all regime. Finally, not only
do we believe in giving our students strong theoretical grounding with courses
taught by world class researchers, but also hands on knowledge with courses
taught by top practitioners working for, or at the head of, international banks,
corporations and consulting firms. This unique combination is at the heart of the
attractiveness of HEC Paris graduates for international recruiters.
As I write this message, I have just finished recruiting students for the Class of
2013. I must say that I am quite excited by the profiles of the men and women
that I met throughout the year, coming from all five continents. I have been
deeply impressed by their academic, personal and sometimes even professional
achievements. I am also proud that they chose HEC Paris as the next step in their
successful career. I hope that you will want to come and join them: we are looking
forward to meeting you soon!
Jacques Olivier, PhD, Professor of Finance and Program Director.
HEC Paris Campus
Jacques Olivier, PhD
Professor of Finance and
Program Director
Our program aims to fulfill two objectives within a short period of time: lay the
necessary foundations for any career in finance and provide in-depth knowledge
in each students field of specialization. We achieve this goal by leveraging on the
specific knowledge and experience students have acquired before joining HEC Paris:
Business track students: already have taken at least introductory level courses in
financial accounting, corporate finance, financial markets, derivatives and statistics
in a Tier-A international business school or university. They frequently have had a
first internship in banking or consulting and are looking for an advanced set of tools
to jump-start their career.
Accelerated track students: have received first class education in a highly
quantitative field (maths, physics, engineering, econometrics...) and wish to switch
their field to finance. They may or may not have taken some courses in finance and
they may or may not have had a first internship in banking or consulting.
Business and accelerated tracks mainly differ in courses taught during the Fall term.
Business track students follow the same courses as the Majeure Finance students
of the HEC MSc in Management program, starting all courses at an advanced level
and getting a first opportunity to specialize through block electives. Accelerated
track students start all finance courses at an introductory level. However, they go
through an intensive Fall term where courses are taught making full use of their
strong quantitative skills. Business track and accelerated track students have
access to the same pool of electives in the Spring term and have the same career
opportunities at the end of the program.
MIF students do not need
to speak French to enroll
in the program as all
core courses and most
electives are offered in
English. However, some
knowledge of French can
be useful to enjoy the full
HEC experience : become
professionally bicultural
and optimize networking
with French students
and alumni. This is why
HEC Paris offers optional
French language classes
free of charge to its
international students.
Students may also register
for a French language
course (TEF certificate
all levels) in August.
This is an exceptional
opportunity to learn
French and to live in the
very heart of Paris before
joining the Campus (www.
Core Courses
30 hours
+ Electives
(common to the two tracks)
150 hours
Semester 1
Semester 2
Core courses
250 hours
Core Courses + Block electives
210 hours
MS (Mastre Spcialis)
and MSc are two degrees
accredited by the French
Confrence des Grandes
Ecoles. They differ in two
main aspects: eligibility
requirements and length
of study.
An MS is a postgraduate
degree which requires
having obtained a master
degree prior to joining
HEC with a tolerance for
students with 4 years
of education after high
school (up to 30% of the
Class). It corresponds to
75 ECTS credits.
An MSc is a graduate
degree open to students
having obtained a
Bachelor degree outside
France or having obtained
an M1 degree in France.
It corresponds to 90 ECTS
The main implication
for the HEC MIF is that
students pursuing an
MS degree need not take
courses from a HEC
certificate to graduate.
They are thus available
to start a full-time job as
early as mid-April.
All students accepted for
the HEC MIF program are
considered by default to
pursue an MSc degree.
However, any eligible
student may ask during
the year to switch to the
MS curriculum instead.
The two main reasons to
do so are if you are being
offered a job starting
in April or May or if you
are not interested in
any of the HEC Paris
HEC MIF courses take place from September to April. Students pursuing a MSc
degree continue courses until June within one of the HEC certificates. A HEC
certificate corresponds to a group of courses with a sectorial focus on a specific
area such as Energy and Finance, Real Estate or Social Business. HEC certificates
are optional for students pursuing a MS degree. Finally, MIF students must write a
professional thesis and fulfill a 4 to 6 months internship requirement in order to
The professional thesis is written during the internship under the joint supervision of
a professional and of an HEC faculty member. It constitutes an important component
of the HEC MIF learning experience. The objective of the thesis is to explore how
cutting-edge research is being implemented in the daily practice of finance in a
highly competitive environment.
The internship requirement is satisfied when the student completes a professional
experience of at least 4 months in finance or related fields subsequent to his or her
coursework at HEC Paris. It is however important to stress that this professional
experience may not be an internship per se. Our policy at HEC Paris is that the best
type of internship is a full-time job! We strongly encourage our students to look for
permanent hiring starting as soon as the coursework period is over.
The MS or M.Sc. in International Finance is granted when coursework, professional
thesis and internship requirements are fulfilled.
Certificates or
Advanced Electives
(optional for MS students)
Internship and Thesis
Some employers of the class of 2012 :
Barclays Capital ,
Goldman Sachs,
Mc Kinsey,
JP Morgan ,
( A full-time job satisfies the Internship requirement)
Core courses and block electives (business track)
Advanced Financial Statement Analysis
Asset Management
Asset Pricing Theory
Corporate Finance Theory
Empirical Methods for Finance
Ethics Seminar
Financial Dimensions of Strategic Decisions
Financial Modeling
Financial Statement Analysis Refresher
Fixed income
FX Derivatives Trading
International Finance
Mergers and Acquisitions
Quantitative Asset Allocation
Security Markets: Mechanisms, Liquidity and Investment Decisions
Soft Skills Seminar
Valuation Refresher
Core courses (accelerated track)
Accounts and Financial Statement Analysis
Asset Pricing Theory
Corporate Finance (I and II)
Empirical Methods for Finance
Ethics Seminar
Fixed income and derivatives
FX Derivatives trading
International Macroeconomics
Introduction to Finance
Quantitative Asset Allocation
Soft Skills Seminar
Structured Finance
Electives (both tracks)
Advanced Asset Pricing
Advanced Fixed Income
Alternative Investments
Asset Management - fixed income
Catastrophe Risks
Credit Crisis: historical and technical analysis
Debt Restructuring
Distressed Firms and credit risk
Due Diligence
Energy and Finance - geopolitical aspects
Energy Trading
Equity Capital Markets
Ethics : Financial analysts and Portfolio managers
Financial Dimensions of Strategic Decisions (accelerated track)
Financial Engineering and Derivatives
Financial Institutions and Corporate Strategy
Financial Modeling (accelerated track)
Financing decisions of Firms
Fixed Income - Emerging Markets
Islamic Finance
LBO Structuring and Modeling
Legal and Contractual Issues in Corporate Finance
Models of Volatility
Numerical Analysis
Origination of Structured Products
Probability and Stochastic Processes
Risk Management
Security Markets: Mechanisms, Liquidity and Investment Decisions (accelerated track)
Strategies for International Expansion
Structured Finance (business track)
Topics in Valuation.
All electives listed above are taught in English. Half a dozen additional electives
taught in French are also available.
The Certificates
Sponsored by a company, The Certificates are a set of interdisciplinary courses
corresponding to approximately 100 contact hours as well as business projects and
other types of field work related to a given sector. Each student joins one certificate
and will be awarded an additional HEC certificate if he/she validates all the require-
ments of the course.
HEC MIF students are guaranted admission in Energy & Finance (with Deloitte and
Socit Gnrale) :
Investment decisions have become more and more complex with the discovery that
most current forms of energy have a negative climatic impact. This reality requires
corporations to deeply rethink their business models, individuals to change their
behavior, and governments to adopt visionary policies. The Energy & Finance Certifi-
cate is an exceptional opportunity for participants to confront the issues in the sector
and acquire the knowledge and analytical skills that will help them make informed
decisions as important contributors to the current industrial revolution.
HEC MIF students are also eligible to the following four certificates:
Digital Innovation for Business (with Free, Meetic, Pixmania, PriceMinister and
Innovation Management in Aviation & Aerospace (with Safran)
Luxury Strategies (with PPR) :
Social Business (with Danone, Schneider Electric and la Direction Gnrale de la
Cohsion Sociale and privates donators)
New certificates are expected in 2013/14: check out regulary HEC website for more
informations !
The Advanced Electives Courses
Students enrolled in our MSc programs also have the opportunity not to follow a
Certificate and instead compose their own portfolio of Advanced electives courses
according to their area of interest and professional goals among the following
Communication, Culture and Leadership
Country Risk Analysis: Emerging Asia
Geopolitical Analysis
Global Financial Services
Intellectual Capital, Intangible Assets
and Link With Sustainable Development
International Financial Management
Performing in Organizations
Strategy and Sustainable Development
Sustainable Procurement
Value Proposition, Business Models &
Business Plan
Global Real Estate Master (GREM)
The Global Real Estate Master (GREM) is designed for students seeking a career in
the high-risk and high-reward field of international real estate.
The first semester of the GREM is common with the MIF (business track or accelerated
track, depending on the students profile and choice). The second semester is spent
at the University of Wisconsin (GREM semester) where students join participants of
the GREM partner programs:
HEC Paris in Europe
Hong Kong University of Science and Technology in Asia
INCAE in South America
University of Wisconsin in North America.
Students finally need to complete the same "internship" and thesis requirements as
"regular" MIF students to graduate.
The two-phase GREM program thus combines 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
One or more field trips to a major U.S. real estate market
Interactive professional development opportunities both in and out of the classroom.
Wisconsin has one of the oldest academic real estate programs in the world and the
University of Wisconsins 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 will 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
A new 2-year double degree program is being created in Fall 2012 collaboration
with the School of Economics and Management of the premier Chinese university,
Tsinghua University.
HEC students who want to join the double degree program need to apply during the
Spring term of the HEC MIF.
Pre-selection will be made on the basis of academic results in the Fall term and final
decision 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
at the end of the two years.
The double degree program with Tsinghua SEM is the opportunity to combine strong
academic training in Finance offered by leading programs with an unique cross-
cultural experience.
The quality of an academic program no doubt depends on the quality of the professors.
The team teaching the MIF program is made up of researchers and professional
finance experts or managers who are among the best in their field of expertise.
Thierry Foucault
Professor of Finance, teaches an elective on market liquidity
in the HEC MIF. Thierry won the Europlace prize for Best
French Researcher in Finance under the age of 40 in 2005
and more recently the award for best research paper on
financial markets and institutions by the Western Finance
Association. He is an associate editor for the Journal of
Can you tell us a little about the work that led to your winning
the Europlace prize?
It was research about the impact of market organization on
its liquidity and volatility. Among other things, I established, along with various coauthors,
that the orders placed on the Paris Stock Exchange contain information about future
volatility. This is an important result for valuation of financial products such as options,
not yet established for the American markets due to lack of adequate data.
What courses do you teach in the HEC MIF?
I give a course on the causes of financial market illiquidity and the strategies devised
by traders and portfolio managers to minimize the impact of illiquidity on their
performance. This is a subject of utmost importance for brokers, traders and portfolio
managers. It is right at the heart of current debates in the financial industry.
What advice would you give a student who wants to work in the world of finance?
Choose a finance program that gives a broad view of the conceptual and technical
knowledge required to work in finance. The training must deal with the techniques
of financial asset valuation, but must also cover those of corporate finance (issues,
mergers and acquisitions), the economics of the banking and insurance sector, etc. It
is precisely this overview that the MIF offers.
Loc Henry
Head FX Structuring Paris, Crdit Agricole CIB:
Can you give us a brief summary of your career so far and your
current position with Calyon?
After an engineering diploma (HEI) in 1994 and the HEC
MIF in 1995, I started my career at Crdit Agricole Indosuez
as a foreign exchange options trader in Hong Kong, then as a
fixed income trader in Paris. In 1999, I joined Hiram Finance as
a capital markets consultant. From 2001 to 2005, I worked at
Barep Asset Management, where I was Head of Interest Rates/
Foreign Exchange alternative funds. Then, I joined Robeco as
Head of money market and dynamic money market funds. And,
since 2006, I have been working at Crdit Agricole CIB, as Head of Foreign-Exchange
Structuring in Paris.
Blaise Allaz,
According to you, what are the strong points of HEC MIF students?
The MIF students offer excellent skills in mathematics with an in-depth financial
knowledge. And since the program places as much emphasis on capital markets
as on corporate finance, alumni can be found in all the top added-value financial
careers: trading, structuring, sales, risk management, research, quantitative, fund
management, mergers and acquisitions, equity capital market, structured financing,
project management.
What advice would you give to a student who wants to work in the world of finance?
The students who wish to make a career in finance have varied profiles and ambitions,
but I would stress the following two points: choose the best possible school (or
curriculum) so that you get your career off to a good start and try to take on jobs that
will allow you to continue to learn, even after several years experience.
David Thesmar
Professor of Finance, teaches corporate Finance in the
MIF. David is a member of the French Council of Economic
Advisors. He is also an associate editor for the Journal of
Can you tell us a little about your background?
After studying at the Ecole Polytechnique and ENSAE,
I joined the French National Statistics Institute as a researcher
and teacher, and worked on macroeconomic forecasts as
well. I joined HEC Paris in September 2005, working for the
Economics and Finance Department where I teach mainly
corporate finance.
In 2007, the Cercle des Economistes and Le Monde awarded you the prize for the best
young French economist. Can you give us a brief insight on the work that led to the award?
Since my thesis, I have focused on corporate organization. Why are hierarchies
flatter in modern companies? Why do tasks tend to be less clearly defined? Why have
employees been given greater autonomy? Why the upsurge in outsourcing? Gradually,
my research has turned towards the financial determinants of work organization: how
does organization in a company belonging to an investment fund differ from that in a
family firm? In what ways does shareholder pressure modify corporate governance?
All MIF students go through two core courses in corporate finance. Why do you feel
it is important for a future trader or asset manager to have sound knowledge of
corporate finance?
Securities traded on markets are issued by firms. Without a clear view of the tradeoff
faced by firms in their financing decision, it is hard to have a sense of their actual value.
For instance, when a firm borrows from a bank, its stock price may increase, because
of tax savings, or decrease, because of risk. When a firm spins off a major asset, it
may be good or bad news for stockholders. When a firm announces an equity issue or
a hostile takeover, you need to know if you should buy or sell its stock. Whether you
invest for the short run or for the long term, you need to be comfortable with this type
of reasoning. This is exactly what a first course in Corporate Finance focuses on: the
impact of a firms financing choices on market value.
Ulrich Hege, Professor
Christophe Prignon,
Associate Professor
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Why did you choose HEC?
I chose HEC for three reasons. First: I wanted to attend a school which was reputed
for its quantitative finance program and HEC was a perfect fit. I found the quality of the
courses and the intellectual prowess of the faculty extremely impressive. The focus
on developing modelling and statistical skills has helped me a great deal already. The
excellent placement record of the Finance class in Trading and Structuring desks is a
case in point.
Second: I was looking for a shift in my career path from Engineering to Finance. HECs
Finance curriculum is designed in a way which makes it easy for someone with no prior
knowledge in Finance to easily comprehend and assimilate this new body of knowledge.
Of course, it helped that I had studied calculus and statistics in Engineering school;
nevertheless there are very few top ranked schools which accept engineering students
into the masters programs in Finance.
And finally, as the third reason: I wanted to spend some time in this beautiful country,
experience a non-anglican culture and learn a new language. Ergo, HEC.
Courses, conferences, meetings, outings What are the most significant memo-
ries of your year at HEC?
Let me share a couple of experiences. I especially enjoyed my course on Quantitative
Methods for Asset Management. During this course, we were provided with a chal-
lenging set of assignments that helped strengthen my skills in statistical analysis and
optimisation methods. This was very interesting since I had already used these tools
in Engineering analysis, but it was great to know how financial theories like CAPM and
Factor models use a very similar kind of math to analyse securities and portfolios.
During this course, we had guest lectures by the Head of Risk Management at a Hedge
Fund and by the Head of Asset Management of BNP Paribas. I deeply appreciated the
fact that courses were often taught jointly by professors and practitioners. This helps
one develop a very balanced perspective about how markets work.
In terms of outings and social events, I dont think theres another school in Europe
which has as vibrant a social life on campus as does HEC. There are weekend outings
to explore the museums, to the French countryside, trips to Disneyland, to Brussels
and so on. And if you enjoy partying, then ones organised on campus are the perfect
way to unwind after a weeks worth of regressing, back testing, data fitting, forecasting,
simulating and modeling!
What advice would you give to students who aspire to subscribe to HEC MIF?
15 years from now, when you are invited to speak at a conference on Investment
Management, you will perhaps be asked the question What is the smartest investment
you have ever made ? For me, the answer would be simple enrolling in the HECs
Finance Master! It is by far the best investment of my time and money. You will study at
the best business school in Europe, have access to the best jobs, make friends with the
smartest people across the globe and to top it all, you will enjoy every moment of your
life here.
Shatajit Basu
(Class of 2011),
Financial Consultant,
Oliver Wyman,
Some Students:
Christian Haehl,
University of St Gallen,
Siguo Aoi Chen,
Beijing University
of Aeronautics &
Astronautics, China
Jean-Franois Baillet,
Ecole Centrale Lille,
Alberto Ricci,
Bocconi university,
Basak Barcin,
Galatasaray University,
Gino Kanaan,
American University of
Marc-Antoine Einsetler,
Ecole Polytechnique,
Benjamin Laufer,
Rotterdam School of
The Netherlands
Veralene Tan
National University of
Sandeep Nair Sivaram,
Indian Institute of
Technology Madras,
Average age: 23
Average GMAT: 705
Experience/internship before HEC: Alstom, CEA (French atomic energy agency),
Credit Suisse, Deloitte, Ernst and Young, GE, Goldman Sachs, HSBC, Mc Kinsey...
Miscellaneous: national champions (junior level) in tennis and swimming,
entrepreneurs, student leaders...
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The HEC Corporate Relations Department aims at facilitating the professional
integration of students. The resources available are:
The Career and Corporate Information Center which provides students with
files on current job & internship opportunities, online international directories,
business reviews and guides on job search strategy, information on companies in
France and abroad, information on jobs and sectors
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
Major Career Fairs. Several career fairs are organized on campus throughout the year:
International Finance Career Fair (Accuracy, Axa, Barclays, Blackstone, BNP
Paribas, Citi, Crdit agricole, Crdit suisse, Deloitte, Deutsche bank, Ernst &
young, Exane, GE, Goldman Sachs, BPCE , HSBC, Jefferies, JP Morgan, Lazard,
Mazars, Merrill Lynch, Messiers Maris & Associs, Morgan Stanley, Nomura
International, Oddo, Oliver Wyman, PricewaterhouseCoopers, RBS, Rothschild,
Socite Gnrale, Thomson Reuters, UBS...)
Consulting Career Fair (Accenture, Arthur D. Little, AT Kearney, Atos, Bain &
Co, Bearingpoint, Beijaflore, Capgemini Consulting, Colombus Consulting, CSC,
Corporate Value Associates, Deloitte, Ernst & Young, Estin & Co, Eurogroup,
Kea Partners, KPMG, Kurt Salmon, L.E.K., Mazars, Mckinsey & Co, Monitor,
OC&C, Oliver Wyman, PricewaterhouseCoopers, Roland Berger, Schlumberger
BC, Solucom, Sopraconsulting, The BCG, Weave...)
The most popular job opportunities for young MIF graduates are:
asset management /M&A and private equity / structured finance / strategic
consulting / sales / trading / structuring.
Since 2011, The Financial Times surveys alumni of masters in finance worldwide
3 years after graduation. The results of the survey for the HEC MIF are:
Average salary: $93.000 ($98.000 in 2011)
Placement success: #1 worldwide (pre-experience masters, #2 in 2011)
Career rank: #2 worldwide (pre-experience masters, #1 in 2011).
Every year, a ranking of universities is done based on the number of alumni who
become CEO of Fortune Top 500 companies. HEC Paris is ranked #4 in the world
and #1 in Europe. The ranking's methodology, data and results can be found at:
Mickael Roger
(Class of 2011),
M&A Analyst,
UBS Investment Bank,
Alexandre C. Nogueira
(Class of 2011),
Wealth Management,
Goldman Sachs,
So Paulo
Badr Ababou
(Class of 2011),
FX Sales,
Bank of America
Merrill Lynch,
Victoire David-Poinsier
(Class of 2011),
M&A Analyst,
Delia Zanoschi
(Class of 2011),
Business Analyst,
McKinsey & Company,
Francois Crucifix
(Class of 2011),
UBS Investment Bank,
Kris Bjrn Jeppesen
(Class of 2011),
Private Equity / PIA,
Goldman Sachs,
Iulia Zanoschi
(Class of 2011),
Financial Analyst,
UBS Investment Bank,
Kenza Zouari
(Class of 2010)
Emerging Markets Sales,
Barclays Capital,
Davy Ngy
(Class of 2010),
Goldman Sachs,
Jean Benot Michel
(Class of 2010),
IBD Analyst,
Barclays Capital,
Aurlien Roelens
(Class of 2010),
Private Equity Associate,
Cube Infrastructure,
Located close to Paris and Versailles, the 300-acre wooded HEC Paris campus is
one of the largest in Europe. The campus is also close to La Dfense, one of the
largest European business districts housing the headquarters of many multinational
companies. These companies interact with HEC Paris both as partners and as
potential recruiters.
Students can be housed in one of the 1,550 individual rooms or 70 apartments on
Community Life
HEC Paris considers community life as one of the cornerstones of its education. It
develops a sense of responsibility, audacity and an enterprising mind. Belonging to
one or more clubs and associations is an absolute must on the campus! It is the best
way to make friends, meet company representatives, share ideals or hobbies with
others, have fun and take part in an activity.
Over the years, HEC Paris students have founded and today manage over 120 clubs
and associations (sports, culture, professional activities, humanitarian aid, public
Students plan social events, sports tournaments, concerts and plays; they invite
politicians and business VIPs to speak and debate on current affairs; they help people
in need throughout the world; they welcome foreign students
International Student Association
HEC IS is a student-run association aimed at bringing French and international
students together through events such as the welcome week, Discover France
weekends and various on-campus activities.
HEC Students Union
Known as the BDE (Bureau des lves), the union is run by a team of students who
are elected annually. Its many responsibilities include welcoming incoming students,
organizing concerts, theater productions and other social events such as the famous
HEC Paris parties and the annual HEC Gala. It also publishes the campus magazine
and coordinates the activities of the other clubs.
HEC Paris Sports Clubs and Competitions
HEC Paris has excellent indoor and outdoor facilities on campus. These include a
multi-purpose gymnasium, an indoor mountain climbing wall, a weight training
room and facilities for aerobics, fencing and martial arts.
8,000 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 and the World Business School Rugby
Tournament and Les Mercuriales.
Alumni Association
Founded in 1883, the HEC Alumni Association is one of the largest in France with
more than 45,000 members in 113 countries. It provides a platform for the exchange
of experience, ideas and information, facilitates entry into the professional world
and accompanies career advancement. Services and events include career guidance,
personal coaching, career fairs and seminars, monthly meetings with business
leaders and an annual international management forum drawing together major
senior business executives, experts and international business personalities.
In order to ensure HEC Paris international reputation and to maintain an active
network, professional groups are organized in 63 countries of which the largest
chapters are Paris, New York, London, Shanghai and Hong-Kong.
HEC Foundation
The HEC Foundation, a non-profit organization of select corporate members,
contributes to the development policy of HEC in the fields of:
Establishing professional Chairs
Financial assistance to students and campus institutions
Visiting Professors Program
Development of teaching material
Innovation in the use of new learning technologies.
HEC Paris teams compete with other universities in all sports, such as the Business
School Coupe de France competition and the World Business School Rugby
Tournament and Les Mercuriales.
Recognized as one one the leading European institutions of international standards,
HEC Paris is the first French management school to have received as early as 2000
- the prestigious Triple Crown international academic accreditation AMBA - EQUIS
HEC Paris has held the number 1 spot in the Financial Times general ranking of
European business schools since 2006.
The HEC MIF has been ranked number 1 worldwide in the Financial Times
Pre-experience Global Masters in Finance ranking (2012) for the last two years.
Other programs offered by HEC Paris regulary appear in top positions of rankings in
the national and international press, such as Business Week, The Economist, America
Economia, Forbes...
Master in Management - Grande cole program
One year full time Masters Programs
MBA program
Ph.D. program
Executive education programs:
TRIUM Global Executive MBA
Executive MBA
Executive Masters programs
Open-Enrollment programs
Custom programs and coaching.
The French Ministry of
Foreign and European
Affairs allocates a large
number of grants to
international students.
Use Campus France -
Grants Search Engine
fria/bourse) to learn about
scholarships fitting your
nationality and background.
The main French
Government Eiffel
Scholarship is open
exclusively to November
session candidates.
For more information:
Admitted students may
apply for the HEC Merit
based Scholarship. Special
attention will be given to
applicants from non-EU
Students having studied in
France the year before and
having obtained a "Bourse
CROUS pour raison sociale"
may apply for the HEC Need
based Scholarship.
Students may also finance
the cost of their education
with student loans, which
typically carry low interest
rates and can be paid
back following graduation.
However, French banks
generally require a
guarantor living in France.
HEC welcomes applications from candidates of all nationalities, who are fluent in
English. They must also:
Business track
Hold a Bachelor or Master's degree from a Tier-A international institution
2:1 honors or above (or equivalent: Deans list...)
Have prior training (at least introductory level) in financial accounting,
corporate finance, investments, derivatives, business statistics and calculus.
Accelerated track
Hold a Bachelor or Master's degree from a Tier-A international institution, or a
master degree from a French university or engineering school (Grande Ecole)
2:1 honors or above (or equivalent: Deans list...)
Have a highly quantitative training: maths, physics, engineering,
All applications are made online:
The following supporting documents must be attached electronically to your
application before the appropriate deadline:
Degree certificate(s) or current enrollment certificate
All official academic transcripts obtained in a higher education institution,
exchange programs included
Rsum (CV)
GMAT or GRE or TAGE MAGE official test score report
IELTS or TOEFL or TOEIC test score report except for native speakers of English
or students who have earned a university degree fully taught in English language
2 Reference Letters to be filled out online by your referees. At least one letter
should be from a professor.
The program requires payment of a non refundable 100 application fees
(exemption for applicants from ParisTech schools, ISAE, ENS Ulm or CROUS
scholarship holders).
Incomplete applications will not be processed.
The selection is a 2 phase process:
A first selection is made based on evaluation of your application and supporting
The pre-selected candidates will be then invited for a personal or web-based
The interview takes place 2 to 4 weeks after the application deadline. Final results
are announced 4 to 6 weeks after the application deadline.
Application Deadlines
We hold 4 selection sessions for one intake in September 2013:
November 4
January 13
March 10
April 14
Annual tuition (2013-2014): 20,900 for European Union students, 24,600 for
Non-European Union students. Tuition is paid in two installments, the first upon
confirmation of enrollment and the second in September 2013.
Remaining costs (approximately 1,000 per month in 2012) include housing and food,
compulsory insurance (health and civil liability), sports and leisure, phone and IT access
HEC Paris
1, rue de la Libration
F 78351 Jouy-en-Josas Cedex
Tel: +33 (0) 1 39 67 70 00
Fax: +33 (0) 1 39 67 94 36
Tl. : +33 (0) 1 39 67 73 52 / 95 40 / 96 95
Fax : +33 (0) 1 39 67 73 04