Specialization in Quantitative Economics and Finance

This specialization allows students to acquire a high level in economics in either a one or two year program. The curriculum is jointly organized by Ecole Polytechnique, ENSAE, ENS Cachan, Université Paris Sud (Orsay) and HEC Paris within the Paris-Saclay Campus, thus capitalizing on the academic strengths of all the institutions offering the courses.

Specialization in Economics – Paris Saclay Master in Economics key features

Key Features

The curriculum of this specialization is jointly organized by Ecole Polytechnique, ENSAE, ENS Cachan, Université Paris Sud (Orsay) and HEC Paris within the Paris-Saclay Campus.

The curriculum of this specialization is jointly organized by Ecole Polytechnique, ENSAE, ENS Cachan, Université Paris Sud (Orsay) and HEC Paris within the Paris-Saclay Campus.

A Flexible and Comprehensive Curriculum

Two options are offered to HEC students.

A one-year option

Students may join the program as in the tradition of other majors and only complete the first year of the Paris-Saclay Master in Economics. In that case, students will earn their HEC diploma and a certificate proving they have followed the first year of the Paris-Saclay Master in Economics (provided all other graduation requirements are fulfilled and the first year of the master is completed successfully). 

Main courses: microeconomics, macroeconomics and econometrics.

A two-year option

Students willing to pursue a career in research in economics at the highest level may choose to follow the complete curriculum. They will then earn their Master in Economics as well as their HEC Master in Management.

First year main courses: microeconomics, macroeconomics and econometrics.

Second year main courses: financial economics, economic theory, markets and organizations, international trade and spatial economics, macroeconomics, public policy, economics of sustainable development.                                                                                                                   

Career Outlook

The one-year option of this specialization will be a valuable asset for a career in investment banking and consulting firms, as quantitative economics is a very popular expertise in these business sectors.

100% of our annual graduates in Economics find employment within 3 months, especially in the financial sector.

The two-year option will be a natural choice for students willing to do a PhD in Economics or Finance after their Master’s degree.

The Curriculum

The first year curriculum

The first year of the program emphasizes microeconomics, macroeconomics and econometrics. Students also have access to a large number of electives. Towards the end of the year, students do a research-oriented internship in a laboratory or in the private or public sector. Most courses take place on the Ecole Polytechnique campus (after an intensive maths course at the beginning of the year on the HEC campus).

The first year curriculum includes:

Preparatory course

  • Mathematics
  • Probability
  • Optimization.

Mandatory courses (Ecole Polytechnique)

Term 1 (S1):

  • Microeconomics 1 - Individual Decision-making and Market Equilibrium
  • Macroeconomics 1 - Economic Growth
  • Econometrics 1 - The Linear Regression Model and Extensions.

Term 2 (S2):

  • Microeconomics 2 - Strategic Interactions and Information
  • Macroeconomics 2 - Business Cycles
  • Econometrics 2.

Elective courses (Ecole Polytechnique and ENS Cachan)

Term 1 and Term 2 are combined.

Students are required to choose at least 2 elective courses among:

ENS Cachan:

  • History of Economic Thought
  • Law and Economics
  • Economic History
  • European Economics
  • Experiments in Economics and Decision-making
  • Microeconomics for Public Economics
  • Development Economics
  • Macroeconomic Policy.

Ecole Polytechnique:

  • Corporate Finance
  • Competition Policy
  • Financial Markets
  • Environmental Economics
  • Current Macroeconomic Issues
  • Economics of Innovation
  • Labor Economics and Human Resources.

Project in applied economics

Over the whole year, students should apply standard econometrics methods to a dataset using common statistical software (such as STATA, R, or SAS), and present the results in the form of a short dissertation.

Research internship

During the third term, students must complete a research internship of at least 3 months (short internship) or 5 months (long internship). If choosing to do a short internship, students need to complete two additional elective courses.

The second year curriculum

The second year offers elective courses for specialization in the following fields: financial economics, economic theory, markets and organizations, international trade and spatial economics, macroeconomics, public policy, economics of sustainable development, econometrics. Courses take place mainly at ENSAE and at HEC Paris.

Students need to choose 12 courses from the following list of courses. This choice will be subject to the following restrictions:

  • At least 4 core field courses
  • At least 4 specialized courses.

Financial Economics

Core Field Courses:

  • Corporate Finance (HEC Paris)
  • Asset Pricing (HEC Paris)
  • Financial Econometrics (HEC Paris)

Specialized Courses:

  • Empirical Corporate Finance (HEC Paris)
  • Entrepreneurship and Financial Intermediation (HEC Paris)
  • Market Microstructure (HEC Paris)
  • Asset Pricing, Liquidity and Market Imperfections (HEC Paris)
  • Credit Risk (ENSAE)

Economic Theory, Decision Theory and Games

Core Field Courses:

  • Market Design (ENSAE)
  • Game Theory (Strategic Information Transmission, Repeated Games, Reputation, Correlated and Communication Equilibria) (HEC Paris)
  • Decision Theory (HEC Paris)
  • Experiments in Economics and Social Sciences (ENSAE)

Specialized Courses:

  • Advanced Game Theory (HEC Paris)
  • Advanced Decision Sciences (HEC Paris)
  • Information Transmission, Communication in Games (ENSAE)
  • Bridging Theory and Empirics: Review of Methods (ENSAE)

Industrial Economics, Markets and Organizations

Core Field Courses: 

  • Industrial Organization (ENSAE)
  • Advanced Contract Theory (ENSAE)

Specialized Courses:

  • Competition Policy in Practice: Cases (ENSAE)
  • Topics in Empirical Industrial Organization (ENSAE)
  • Advanced Theory of Industrial Organization (ENSAE)
  • Topics in Insurance Economics (ENSAE)

International Trade and Spatial Economics

Core Field Courses:

  • International Trade (ENSAE)
  • Economic Geography and Urban Economics (ENSAE)

Specialized Courses:

  • Factor Mobility in a Global Economy (ENSAE)
  • Issues in Globalization (ENSAE)
  • Transport, Location Theory and Urban Economics (ENSAE)


Core Field Courses:

  • Macro-finance (ENSAE)
  • International Macroeconomics (HEC Paris)
  • Monetary Economics (ENSAE)

Specialized Courses:

  • Intertemporal Choice: Theory and Applications (ENS Cachan)
  • Dynamic Stochastic General Equilibrium: Formulation and Estimation (ENSAE)

Public Economics and Public Finance

Core Field Courses:

  • Public Economics (ENSAE)
  • Public Finance (ENSAE)
  • Political Economy (ENSAE)

Specialized Courses:

  • Catastrophic Risks and Insurance Markets (Ecole Polytechnique)
  • Development Economics (ENSAE)
  • Economics of Sustainable Development (ENSAE)

Labor Economics and Public Policy Evaluations

Core Field Courses:

  • Labor Economics (ENSAE)
  • Microeconometric Evaluation of Public Policies (ENSAE)

Specialized Courses:

  • Randomized Methods and Policy Evaluation (ENSAE)
  • Economics of Education and Human Capital (ENSAE)


Core Field Courses:

  • Macroeconometrics (ENSAE)
  • Semi and Non-Parametric Econometrics (ENSAE)
  • Structural Econometrics (ENSAE)

Specialized Courses:

  • Advanced Econometrics of Qualitative Data (ENSAE)
  • Dynamic Statistical Models with Hidden Variables (ENSAE)
  • Stochastic Volatility: GARCH Models (ENSAE)


Completed over the course of the year.

Academic Team

The courses are taught by academic professors from HEC and professors from the other partners involved in this specialization, but also by professionals working in leading firms.


  • Tristan Tomala, Professor, HEC Paris
  • Robert Gary-Bobo, Professor, ENSAE
  • Jean-Baptiste Michau, Associate Professor, Ecole Polytechnique


  • Mohammed Abdellaoui, Affiliate Professor, Research Director CNRS, HEC Paris
  • Marie-Laure Allain, Researcher CNRS, Ecole Polytechnique
  • Lisa Anoulies, Assistant Professor, Université Paris-Sud
  • Christian Belzil, Research Director CNRS, Ecole Polytechnique
  • Christian Bessy, Research Director CNRS, ENS Cachan
  • Raicho Bojilov, Assistant Professor, Ecole Polytechnique
  • Jean-Marc Bourgeon, Assistant Professor, Ecole Polytechnique
  • Pierre Boyer, Assistant Professor, Ecole Polytechnique
  • Pierre Cahuc, Professor, ENSAE
  • Laurent Calvet, Professor, HEC Paris
  • Edouard Challe, Associate Professor, Ecole Polytechnique
  • Claire Chambolle, Researcher INRA, Ecole Polytechnique
  • Philippe Chone, Professor, ENSAE
  • Grégory Corcos, Associate Professor, Ecole Polytechnique
  • Bruno Crepon, Professor, ENSAE
  • Matthieu Crozet, Professor, Université Paris-Sud
  • André de Palma, Professor, ENS Cachan
  • José de Sousa, Professor, Université Paris-Sud
  • François Derrien, Professor, HEC Paris
  • Xavier d'Haultfoeuille, Professor, ENSAE
  • Nicolas Drouhin, Associate Professor, ENS Cachan
  • Nathalie Etchart-Vincent, Researcher CNRS, ENS Cachan
  • Philippe Fevrier, Professor, ENSAE
  • Philippe Fontaine, Professor, ENS Cachan
  • Thierry Foucault, Professor, HEC Paris
  • Christian Francq, Professor, ENSAE
  • Itzhak Gilboa, Professor, HEC Paris
  • Pauline Givord, Adjunct Professor, ENS Cachan
  • Olivier Gossner, Research Director CNRS, Ecole Polytechnique
  • Christian Gourieroux, Professor, ENSAE
  • Denis Gromb, Professor, ENS Cachan
  • Jeanne Hagenbach, Researcher CNRS, Ecole Polytechnique
  • Guillaume Hollard, Research Director CNRS, Ecole Polytechnique
  • Johan Hombert, Assistant Professor, HEC Paris
  • Alessandro Iaria, Assistant Professor, ENSAE
  • Anett John, Assistant Professor, ENSAE
  • Thierry Kamionka, Research Director CNRS, ENSAE
  • Hubert Kempf, Professor, ENS Cachan
  • Yukio Koriyama, Associate Professor, Ecole Polytechnique
  • Francis Kramarz, Professor, ENSAE
  • Miren Lafourcade, Professor, Université Paris-Sud
  • Laurent Linnemer, Professor, ENSAE
  • Olivier Loisel, Assistant Professor, ENSAE
  • Jose Ignacio Lopez, Assistant Professor, HEC Paris
  • Stefano Lovo, Professor, HEC Paris
  • Eric Mengus, Assistant Professor, HEC Paris
  • Tomasz Michalski, Associate Professor, HEC Paris
  • Jean-Baptiste Michau, Assistant Professor, Ecole Polytechnique
  • François Pannequin, Associate Professor, ENS Cachan
  • Manasa Patnam, Assistant Professor, ENSAE
  • Eduardo Perez, Associate Professor, Ecole Polytechnique
  • Pierre Picard, Professor, Ecole Polytechnique
  • Julien Prat, Researcher CNRS, ENSAE
  • Alessandro Riboni, Associate Professor, Ecole Polytechnique
  • Dinah Rosenberg, Associate Professor, HEC Paris
  • Francisco Ruiz-Aliseda, Associate Professor, Ecole Polytechnique
  • Jean-Noël Senne, Assistant Professor, Université Paris-Sud
  • Felipe Starosta de Waldemar, Assistant Professor, Université Paris-Sud
  • Eric Strobl, Professor, Ecole Polytechnique
  • Emmanuelle Taugourdeau, Researcher CNRS, ENS Cachan
  • David Thesmar, Professor, HEC Paris
  • Philippe Tibi, Adjunct Professor, Ecole Polytechnique
  • Tristan Tomala, Associate Professor, HEC Paris
  • Farid Toubal, Professor, ENS Cachan
  • Thomas Vendryes, Assistant Professor, ENS Cachan
  • Thibaud Verge, Professor, ENSAE
  • Caroline Vincensini, Assistant Professor, ENS Cachan
  • Jean Michel Zakoian, Professor, ENSAE.


  • Benoît Mojon, Chief Economist, Banque de France
  • David Sevy, Adjunct Professor, Compass Lexecon