Master in Management Fees and Financing

Fees and Living Costs

Total tuition fees

  • European Union students: €33,800 (see FAQ to find out which countries are concerned by this fee).
  • Non-European Union students: €37,800

The academic years are invoiced over the first two consecutive years (+ €750 in case of a gap-year).

Admitted students will be asked to confirm their seats within 3 weeks after final results are announced with a non-refundable deposit of €4,000 for European Union students and €6,100 for Non-European Union students, deducted from their total tuition fees.

Living Costs

Approximately €1,000/month in 2016, covering housing, food, compulsory insurances (health and civil liability), sports and leisure.


“The help that I receive from the HEC Foundation allows me to carry out my studies with serenity, knowing that I don’t represent a financial burden for my family” – Iliana, H.19

Actively involved in the promotion of diversity and equal opportunities, HEC Paris offers a wide range of financial support for its students. Convinced that student potential is not measured by financial wealth, the school awards hundreds of students bursaries based on social criteria, with the support of the HEC foundation, created in 1972. The amount of recipients has increased from 7% to 20% between 2008 and 2016 and the target is to reach 25% as soon as possible.

HEC Paris intends to maintain its efforts because “the bursaries constitute an element of strong, intergenerational solidarity”, states Eloïc Peyrache, Deputy Director of the Grande Ecole, and Peter Todd, CEO of HEC Paris, who concurs: “HEC must strengthen its social mission so that all those who have talent can access them based on their merits, without financial constraints.”

Social criteria bursaries

The HEC Foundation invests more than 2 million euros each year to finance total or partial free tuition fees for state bursaries on social criteria. 

Bursaries based on social criteria are deducted from tuition fees.

Students who are eligible for CROUS bursaries based on social criteria are guaranteed a bursary from the HEC Foundation, except in special cases. The percentages of exemption students are entitled to according to the levels of CROUS are as follows:

  • Level 0 bis: 25%
  • Level 1:  40%
  • Level 2: 50%
  • Level 3: 60%
  • Level 4: 75%
  • Level 5: 75%
  • Level 6: 100%
  • Level 7: 100%

These bursaries can be supplemented by a 0% collateral loan. 

Find the grant conditions and the scholarship simulator on the CROUS website.

Attention: a preliminary registration on this site must be made (between January and April) for the academic year beginning in September at HEC (reminder: HEC Paris reports to the Academy of Versailles).

Students who are not eligible for CROUS bursaries on social criteria can apply for partial exemption from tuition fees by completing a file provided by the School.

HEC Foundation Excellence Scholarships

Scholarships are deducted from tuition fees. They are reserved for students with a non-French diploma (Bachelor’s Degree) who join HEC in the first year of their Master’s Degree. These scholarships replace the social criteria bursaries for this category of student. They are only awarded after admission.

Information on funding is sent to students at the beginning of the academic year.

Erasmus+ program


A Business School pioneer of international cooperation, HEC Paris is committed to the Erasmus+ program, which has been promoting academic exchanges in Europe for 40 years. Every year, nearly 100 students from HEC Paris benefit from Erasmus + mobility grants.
Within the limits of the funds allocated to our institution by the Erasmus + France agency and subject to selection by HEC, students staying in a partner institution can benefit from an Erasmus + study grant. Specific bursaries are also available to students with disabilities.
In addition, the European Commission has awarded HEC Paris the Erasmus Charter for Higher Education 2014-2020. This document presents the framework governing European and international exchanges implemented by the academic institutions that are members of the Erasmus+ program.
HEC Paris provides the best conditions for its students to carry out their outgoing mobility and to welcome international students on its campus.

The Eiffel Excellence Scholarship

The Eiffel Excellence Scholarship was established to enable French higher education establishments to attract top foreign students to enroll in their master’s and PhD courses.

It helps to shape the future foreign decision-makers of the private and public sectors, in priority areas of study, and encourages applications from emerging countries at master’s level, and from emerging and industrialized countries at PhD level.

The Eiffel Scholarship is open exclusively to Fall session candidates.

Are eligible:

  • Candidates aged 30 years old or less
  • Non-French nationality candidates only (applicants with dual nationality, one of which is French, are not eligible).

Are excluded:

  • Candidates who have already been awarded the Eiffel scholarship at master’s level (not eligible at the same level, but can nevertheless reapply at a doctoral level)
  • Candidates who have applied previously and been rejected, even if their application is submitted by a different establishment or in another field of study.

N.B.: The Eiffel scholarship is not cumulative with any other French government scholarship or award.

Amount: Monthly allowance of €1181. The scholarship also covers: one international return journey, social security cover and cultural activities.

Application deadline: December 9, 2017.

Publication of results: The list of laureates will be published on the Campus France website during the week of March 20, 2018.

Read testimonials from Eiffel Excellence Scholarship recipients

Grants from The French Ministry of Foreign and European Affairs

The French Ministry of Foreign and European Affairs allocates a large number of grants to international students.

Use Campus France Grants Search Engine to learn about grants and scholarships fitting your nationality and background.

Bank Loans

Most banks will provide loans for study at HEC Paris to French nationals or residents with pre-established banking credentials at very low interest rate (around 1% in 2016). We have excellent relationships with local branches of national banks (see contact list). 

Furthermore, information sessions with bank representatives are organized on campus every year during the first 3 weeks of September.

Finally, the European Commission Erasmus+ Program allows students following a master abroad to benefit from soft loans until 18.000€ (2-year programs). To be eligible students must live in a programme country and their study destination cannot be in their country of residence or the country where they received their first qualification. More information on the European Commission website.

Prodigy Finance – New Loan Scheme

Prodigy Finance offers community-funded tuition covering loans to students from over 150 nationalities (under certain conditions).

The loan is transferred directly to HEC Paris at the start of the program. This loan will not cover living expenses and the deposit to secure the seat in the program.

Eligibility to apply

  • Be admitted to one of this Master’s programs: Master in Management - Grande Ecole, MSc Strategic Management, MSc International Finance, MSc Managerial and Financial Economics, MSc Marketing, MSc Sustainability and Social Innovation
  • Be of non-French nationality. French citizens and permanent residents may search for student loans with French banks (see above).

Preliminary lending conditions

  • A full credit and background check
  • Your acceptance into the program at HEC Paris specified in your loan application

To learn more and contact for any question, Prodigy Finance