Double Degree with University of St. Gallen

HEC Paris’ students following this double degree with St. Gallen will have the opportunity to choose among 4 Master’s degrees. Each one is composed of many core and elective courses, which allows students to tailor their curriculum.

HEC Paris’ students following the double degree with University of St. Gallen will have access to 4 English-taught Masters:

Master’s in Banking and Finance

The Master’s Program in Banking and Finance is made up of compulsory and core elective courses.

Compulsory Courses

Financial Markets

  • Fixed Income
  • Derivatives
  • Portfolio Theory
  • Market Equilibrium
  • Market Efficiency

Financial Institutions

  • Financial intermediation
  • Theory and empirical studies

Quantitative Methods

  • Basics in Statistics and Algebra 
  • Basics in Simulation
  • Basics in Mathematical Optimization
  • Simple and Multiple Linear Regression
  • Maximum‑Likelihood Estimation
  • Discrete‑time Stochastic Processes
  • Continuous‑time Stochastic Processes
  • Introduction to Arbitrage Theory
  • Factor Model/Principal Component Analysis

Core Electives

HEC Paris’ students are free to combine electives from the 4 following tracks:

Markets

  • Alternative Investments
  • Asset Pricing
  • Derivatives
  • International Finance
  • Market Microstructure
  • Monetary Policy And Financial Markets
  • Price Dynamics In Energy Markets And Their Interdependences
  • Asia Compact - Private Equity
  • Europe Compact - Quantitative Portfolio Management
  • Real Estate Economics
  • Real Estate Finance
  • Behavioral Finance
  • Energy Finance

Corporate Finance

  • Corporate Financial Management
  • Corporate Valuation
  • Advanced Corporate Finance
  • Applied Corporate Valuation

Institutions

  • Asset Liability Management for Insurance Companies
  • Financial Institutions Management
  • Insurance Operations
  • Private Banking and Wealth Management
  • Commercial Banking
  • Economics of Central Banking
  • Ethics of Financial Services
  • Public Debt Management
  • Systemic Risk

Specific Requirements

Additionally, HEC Paris’ students must participate in a research seminar in one of the following fields: 

  • Finance
  • Corporate Finance
  • Financial Institutions
  • Insurance
  • Real Estate Finance
  • Quantitative Finance

Finally, HEC Paris’ students will complete a Master's thesis related to banking, finance or insurance.

Strategy and International Management

The Master’s Program in Strategy and International Management is made up of compulsory and and core elective courses. HEC Paris’ students will also choose two following integratives (courses that provide students with specialized knowledge in a specific area.

Compulsory Courses

Financial Management

  • Financial Statement Analysis
  • Business Planning
  • Capital Expenditure Analysis / Valuation
  • Performance Measurement / Management Accounting

Strategic Management

  • Definitions and Layers of Strategy Development
  • Growth Strategies 
  • Resource and Capability based Strategies
  • Industry and Positioning Analysis
  • Competitive Dynamics
  • Competitive Advantage and Business Model Development
  •  Strategic Transactions: Acquisitions and Alliances
  • Strategy Process and Strategy Practices
  • Strategy Execution

International Management

  • International Market Selection
  • Market Entry
  • International Strategy
  • International Organisation
  • Cross­Cultural Management
  • the Role of Emerging Markets
  • ...

Strategic Leadership

  • The Role of Strategic Leadership in the 21st Century 
  • A Personal Perspective on Leadership (Leadership Personality; Emotional Intelligence; Values and Integrity) 
  • A Team Perspective on Leadership (Characteristics of High Performance Teams; Conflict and Collaboration) 
  • An Organization Perspective on Leadership (Strategic Leadership through the lense of Organizational Energy;Leading in Times of Crisis; Inspiration and Growth; Organizational Culture; Current Trends)
  • Practice Day “Consultant for a Day” with guest from practice (project work I) 
  • Organizational Practice Day at partner company (project work II)

Research in Management

  • Designing an Empirical Project: Quantitative & Qualitative Designs
  • Evaluating the Quality of Research: Criteria of Goodness
  • Workshop: Reviewing a Master Thesis
  • Quantitative Research Designs
  • Sampling & Collecting Quantitative Data
  • Deep Dive 1: Factor Analysis
  • Assignment 1: Applied Factor Analysis / Scale Development
  • Analyzing Quantitative Data
  • Deep Dive 2: Regression Analysis
  • Qualitative Research: A Guiding Framework 
  • Deep Dive 3: Comparative Case Study Research
  • Collecting Qualitative Data
  • Workshop: Qualitative Interviewing 
  • Assignment 2: Qualitative Interviewing
  • Deep Dive 4: Grounded Theorizing
  • Workshop: Computer­Aided Qualitative Data Analysis
  • Computer­Aided Qualitative Data Analysis
  • The Art of Scientific Writing: Story­telling & Writing ­by ­template

Core Electives

HEC Paris’ students will choose one of the following advanced management courses:

Marketing and Consumer Behavior Marketing Audit

  • Task‑oriented Marketing
  • Customer Segmentation & Selection
  • Customer Relationship Management
  • Product Innovation & Product Management
  • Marketing Management Control
  • Brand Valuation
  • Marketing Metrics

Organizational Behavior And ChangeIntroduction

  • Machine / Organism metaphor and exercise
  • Culture metaphor / psychic prisons metaphor
  • Brain metaphor / flux metaphor
  • Political systems metaphor / ugly faces metaphor

Marketing for Sustainability

  • Introduction to Sustainable Marketing
  • Sustainable Marketing Strategy
  • Sustainable Marketing and Ethics
  • Sustainable Marketing and the Business Environment
  • Sustainable Marketing and Consumer Behavior
  • Sustainable Marketing Research and Measurement
  • Sustainable Market Segmentation, Targeting and Positioning
  • Sustainable Marketing and Globalization
  • Sustainable Products and Services
  • Sustainable Branding and Packaging
  • Sustainable Distribution and Channels
  • Sustainable Pricing
  • Sustainable Marketing Communication
  • Sustainable Promotion and Customer Relationships
  • Sustainability and Digital Marketing

Corporate Financial Management

This course covers a wide range of issues that financial managers face. It investigates companiesʹ investments and financing decisions. Additionally, it covers other topics such as agency problems, mergers and acquisitions, initial public offerings, and seasoned equity offerings. The overall goal of the course is to provide students with an understanding of the theory and practical applications of corporate finance.

Integratives

HEC Paris’ students have to choose two of the following integratives:

  • Exploring Sustainability as Business Opportunity
  • International Market Entry, Mergers & Acquisitions
  • Managing Growth
  • Professional Service Firms,
  • Alliance & Network Strategy,
  • Current Issues In Customer Centricity
  • Entrepreneurship
  • Strategies for Renewal

Specific Requirements

The SIM curriculum finally includes specific requirements:

  • the SIM International Project (SIM-IP) : this requirement allows students to equip themselves with necessary skills and experience to manage complex problems in international settings prior to graduation. The SIM students independently plan, initiate and successfully conduct the internship. Upon completion, the student must reflect upon the project on the basis of completed SIM course-work
  • the SIMagination Challenge: an essential curricular pillar of the Master of Arts in Strategy and International Management (SIM-HSG). It intends to enable the participants to develop key leadership qualities, competencies and skills. Students are required to independently plan, execute and reflect upon a challenging international project which aims at leaving a positive and sustainable social impact on our society;a selection of independent electives
  • a selection of contextual studies courses, in order to develop leadership skills, critical thinking and cultural awareness
  • a Master's thesis.

Marketing, Services and Communication Management

The Master’s Program in Marketing, Services and Communication Management is made up of compulsory and core elective courses.

Compulsory Courses

  • Customer Value And Communication Management
  • Consumer Behavior And Market Research
  • 3 applied research projects

Core Electives

  • Marketing of Innovations
  • Automotive Marketing
  • Customer Value in Transportation
  • Customer Value in the Media and Communication Industry
  • Customer Value in Tourism and Leasures
  • Family Business
  • Financial Services and Insurance
  • Virtual Communication
  • Clean Energy Marketing
  • Marketing Management in Aviation and Transportation

Specific Requirements

The curriculum also includes specific requirements:

  • a selection of contextual studies courses in order to broaden and apply interdisciplinary knowledge, particularly in the field of sociology, psychology, communication and languages;
  • a Master's thesis.

Quantitative Economics and Finance

Compulsory Courses

Advanced Macroeconomics II: Consumption and Investment

  • Consumption
  • Investment
  • Asset prices
  • Real Business Cycles
  • Unemployment and Labour Markets

Advanced Microeconomics II: Incentive Theory

  • Introduction and preliminaries: basics of principal agent theory
  • Screening Theory: first best, linear/non linear contracts, two/continuous types
  • Screening Applications: workfare and unemployment insurance, investment banking
  • Signaling Theory: basic signaling model, refinements, education as a signal
  • Signaling Applications: corporate finance and investment, dividend behavior
  • Moral Hazard Theory: two outcomes, linear/non linear contracts, first order approach
  • Moral Hazard Applications: optimal social insurance, managerial incentive schemes

Mathematics

  • Optimization and Sensitivity Analysis
  • Optimal Control
  • Measure Theory
  • Probability theory

Econometrics I

  • Causation, correlation and policy analysis
  • Selection on observables:
  • - linear regression model
    - logit and tobit models
  • Selection on unobservables:
    - the concept of instrumental variables
    - IV in the single equation model (2SLS)
    - the difference­in­difference method
    - the regression discontinuity design
    - basic panel data methods
  • Introductory time series analysis

Theory of Finance

  • The Basics of Portfolio Choice
  • Mean‑Variance Frontier
  • Index Models
  • Portfolio Choice
  • Capital Asset Pricing Model
  • Performance Analysis
  • Risk Measures
  • Utility‑Based Portfolio Choice
  • CAPM Extensions
  • Investment for the Long Run
  • Efficient Markets
  • Dynamic Portfolio Choice (not in detail)
  • Forwards and Futures
  • Interest Rate Calculations
  • Bond Portfolios
  • Interest Rate Models
  • Basic Properties of Options
  • The Binomial Option Pricing Model
  • The Black‑Scholes Model
  • FX and Interest Rate Options (not in Detail)
  • Trading Volatility

Statistics

  • Main Probability Distributions Employed in Statistical Modeling: The Discrete Case
  • Main Probability Distributions Employed in Statistical Modeling: The Continuous Case
  • Point Estimation
  • Confidence Sets And Tests of Hypothesis
  • The Likelihood Ratio Test and Alternative ʺLarge Sampleʺ Equivalents of it

Advanced Mathematics and Statistics

  • Probability Spaces and Stochastic Processes
  • Stochastic Integral
  • Itô Calculus
  • Girsanov Theorem and Martingale Representation Theorem
  • Extreme Value Distributions
  • Minimum Variance Unbiased Estimation
  • An introduction to Nonparametric Inference

Econometrics II

  • Introduction to Asymptotic Theory
  • M­Estimation
  • Maximum Likelihood Estimation
  • GMM Estimation
  • Weak Instruments
  • Penalized Regressions

Electives and Specialization

HEC Paris’ students must choose 2 out of 5 field courses from finance/econometrics, 1 out of 3 courses in economics as well as one or two other core electives.

Field Courses Finance / Econometrics

  • Quantitative Risk Management
  • Asset Pricing
  • Microeconomics
  • Time Series Econometrics
  • Financial Volatility

Field Courses Economics

  • Public Economics - The Economics of Taxation
  • Labor Economics: Theory and Applications
  • Industrial Organization
  • Political Economics

Other Core Electives

  • Advanced Macroeconomics I: Growth and Fluctuations
  • Advanced Macroeconomics III
  • Advanced Microeconomics I: Firms, Households & Markets
  • Advanced Microeconomics III
  • Asset Liability Management for Insurance Companies
  • Behavioural Game Theory
  • Computational Finance
  • Debt and Fiscal Policy
  • Democracy and Globalization
  • Derivatives
  • Econometric Methods for Derivative Instruments
  • Economics of Information

Specific Requirements

The MiQE/F curriculum also includes specific requirements:

  • a Master's thesis
  • contextual studies, in order to develop leadership skills, critical thinking and cultural awareness.