MSc Managerial and Financial Economics Program Details

HEC Paris MSc Managerial and Financial Economics (MFE) program details

Program Structure

During the year students must take 3 mandatory core courses + 2 other core courses to choose among 4, and have access to a range of elective courses.

Core Courses

Compulsory Core Courses provide the fundamental building blocks in economic analysis and empirical methods essential for understanding how to go about formulating, analyzing, solving and testing an economic problem. They also provide a thorough understanding of global macroeconomic issues.

Students follow the 3 mandatory core courses:

  • Behavioral Economics
  • Econometrics
  • Globalization and Financial Markets.

+ 2 of the following courses:

  • Game Theory
  • Industrial Organisation
  • Limits to Market Efficiency: Origins and Consequences
  • Mergers and Acquisitions.

Elective Courses

Electives allow students to design their own personal curriculum to suit their career objectives.

Managerial Economics:

  • Cases in economic consulting
  • Corporate Strategy
  • Data and Decisions: Applied Analytics
  • Forecasting
  • Strategic Consulting

Financial Economics:

  • Country and Sovereign Risk Analysis
  • Economie et gestion bancaires (taught in French)
  • Financial Cycles and Crisis
  • Financing Decisions of Firms
  • Financial Statement Analysis
  • Monetary Policy.

Principles of Economics

‘Principles of Economics’ is a 24 hour course offered to students who have no previous background in economics:

  • Microeconomics
  • Macroeconomics
  • Financial Economics.

Experts Conferences

Nobel Prize winners in economics, professional economists, top bank managers and consultancy firms are invited to give lectures on important current economic issues throughout the academic year.

Examples of conferences:

  • Joseph E. Stiglitz (2001 Nobel Prize in Economics, Columbia University Professor): ‘Creating a Learning Society. A New Approach to Growth, Development, and Social Progress
  • Lars Peter Hansen (2013 Nobel Prize in Economics, University of Chicago Professor): ‘Sets of Models and  Prices of Uncertainty’
  • Thomas J. Sargent (2011 Nobel Prize in Economics): ‘Macroeconomic Theory and the Crisis’
  • Patrick Artus (Global Chief economist at Natixis): ‘Deflation in the Euro Zone and Application to Monetary Policy’
  • Jean-Christophe Mieszala (Director at McKinsey & Company): ‘The Strategic Stakes in the Banking Industry’
  • Robert Ophele (Second Director of French Central Bank): ‘Monetary Policy at a Time of Market Fragmentation, Regulatory Repression and Global Economic Desynchronisation’
  • Michel Crouhy (Head of research & development at Natixis): ‘Measuring Market Risk: From Value-at-Risk to Stress Testing and Scenario Analysis’
  • ...


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 selected (in the 1st semester) for a certificate will be awarded an additional HEC certificate if he/she validates all the requirements of the course.

Study Trip

Students have the opportunity to go on a study trip during the program, which includes company visits and networking events organized with HEC Alumni’s support.

Job market workshops

Job market workshops aim to better prepare students for their job search and cover critical topics like CV presentation, assessment centers and interviews preparation.

Master's Thesis

Students are required to write a research-oriented master's thesis during the program. They will discuss their areas of interest with the academic directors who will orientate them towards the appropriate tutors to supervise their work.

Professional Experience

The professional experience requirement is satisfied when the student completes a professional experience of at least 4 months in fields related to their 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 as soon as the academic year starts.

Learn Languages at HEC Paris

As an international business school, HEC Paris welcomes students from all over the world. Almost one hundred nationalities live on the campus. It's a fantastic opportunity to discover other cultures and to share exceptional moments, and it's important that students can communicate as much as they wish.

HEC Paris Learning Center of Languages aims at helping students to learn or strengthen any language they would like, providing a wide range of I.T. and print resources.

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.

Prior to their studies, students may also register for a two week French language course (TEF certificate – all levels) in August. This is an exceptional opportunity to learn French before joining the Campus (extra fees are applicable).

Academic Team

Message from the Directors

The MFE program at HEC Paris is a unique Master’s program that combines rigorous training in quantitative and analytical skills, with essential knowledge in economics, finance and strategic management. We are convinced that strong quantitative skills are crucial to a successful career start, while a well rounded knowledge in key aspects of business is essential for your career development in any organization.

The program aims to impart not only frontier knowledge in economic theories, but also their applications by professionals in their work. The emphasis is on developing economic reflexes that are hard to learn on the job and also on understanding global macroeconomic and financial trends. Our diversified course portfolio allows you to tailor the curriculum to your career needs. This flexibility and the focus on quantitative skills have enabled our graduates to begin their careers in diverse areas such as investment banking, asset management, strategic consulting, corporate finance, etc.

The MFE courses are taught either by recognized faculty publishing in top academic journals or by top professional economists and managers working in financial institutions, consulting firms and government agencies.

In a nutshell, we believe that the content of the program, its international student body and the network of 50,000 alumni will make your experience with MFE at HEC Paris a unique and most rewarding one.

Ai-Ting Goh, HEC Paris MSc Managerial and Financial Economics (MFE) academic director
Olivier Klein, CEO, Bred Group and HEC Paris MSc Managerial and Financial Economics academic director

Ai-Ting Goh, Academic Director, Associate professor, HEC Paris

Olivier Klein, Academic Director, CEO BPCE Group, Affiliate Professor, HEC Paris

Program Faculty

Itzhak Gilboa, HEC Paris Professor

Around 57% of courses are taught by academic professors and researchers from HEC and other universities. Around 43% are taught by professionals holding key positions in the private or public sector:

  • Tomasz Michalski, Academic Director, Associate Professor, HEC Paris
  • Ai-Ting Goh, Academic Director, Associate Professor, HEC Paris
  • Olivier Klein, Academic Director, CEO, Bred and Affiliate Professor, HEC Paris
  • Thierry Foucault, Professor
  • Itzhak Gilboa, Professor
  • Stefania Minardi, Assistant Professor
  • Anup Nandialath, Visiting Professor, Zayed University (UAE)
  • Patrick Legland, Global Head of Research, Société Générale, Cross Asset Research
  • Olivier Levyne, Adjunct Professor, Director, Crédit Agricole CIB
  • Nicolas Lioliakis, Partner, AT Kearney
  • Michala Marcussen, Global Head of Economics, Société Générale Corporate and Investment Banking
  • Thomas Mirman, McKinsey
  • Thibaut Roques, Economic Analyst, Nera Economic Consulting
  • Amélie Roux, Sovereign & Supranational Rating Analyst, FitchRatings
  • Ludovic Subran, Chief Economist, Euler Hermes
  • Gonçalo Volaça, Principal, Nera Economic Consulting
  • ...