Mohamed Larbi Alami

Some programs teach concepts; others change the way you think. The HEC Paris Summer School did the latter.

During my first year as an undergraduate, I had the opportunity to attend the HEC Paris Summer School in Corporate Finance. It was an experience that reshaped the way I approached my governance studies. To be in HEC Paris Summer school allowed me to be immersed in an international environment, pushed me to become more organized in my learning, and concretely it has permitted me to acquire a real methodology of financial analysis.

Beyond formal education, the program was highly collaborative, allowing me to build a strong international network. I formed friendships with students from different countries with whom I still regularly stay in touch today. The balance between coursework and social activities was particularly valuable. Between group projects, and events, I learned how to combine rigor with enjoyment, a balance that still applies in my academic life today.

During the two intensive weeks, I learned how to read a company’s financial statements in a concrete way. For example, using the DuPont framework helped me understand that a company’s performance does not come only from profit, but from three drivers: margins, how efficiently assets are used, and how much debt is involved. It completely changed how I look at firms, instead of asking if the company is profitable. I now ask why is it profitable?

During this program, I learned how to evaluate projects using NPV and IRR, which made corporate finance much more concrete. Instead of guessing if a project is good, you compare today’s value of future cash flows to see if it truly creates value. Understanding WACC and CAPM also showed me that investors required returns depending on risk, not on intuition!

In other words, this course gave me the opportunity to acquire the fundamental tools to value companies. What impressed me most during these two weeks was the opportunity to welcome specialists at HEC to conduct real company case studies, allowing us to develop a realistic approach to business. Notably the CEO of Decathlon France, as well as professionals from Société Générale Private Banking.

Overall, the program helped me transition from learning finance and economics as formulas to understanding finance as decision-making. Through this program, I developed company valuation skills that ultimately enabled me to begin trading in the stock market. Indeed, it marked my first real step into finance.

Thank you, HEC Paris, for this opportunity.

For more information on this Summer Program