International Finance Specialization

The approach to this specialization is deeply rooted in the French tradition of strong analytics and theoretical grounding with courses taught by world class researchers, but also in “hands-on” knowledge with classes taught by leading practitioners working for, or at the head, of asset management firms, international banks, private equity firms, and consulting firms. The unique combination finance theory and intuition is at the heart of the attractiveness of HEC Paris graduates for international recruiters.

The curriculum has a strong analytical focus and is common with HEC’s MIF (Master in International Finance), ranked among the top-2 worldwide by the Financial Times and QS. Both populations of students are grouped within the same cohort and have access to the same courses (but their ECTS requirements differ, with the Major in International Finance students having to validate 60 ECTS credits for their M2-year). 

By choosing the Major in International Finance, students will be able to build on the fundamental knowledge acquired during the M1-year in the fields of finance, economics, and accounting. In their M2-year, they will follow Core Courses, go through either the Capital Markets or Corporate Finance Specializationgiven the choice they made when applying for the major (which is binding and cannot be changed ex post), take Advanced Core Courses, and attend four elective courses: two of the latter have to be in their chosen specialization, one in the area of “AI & Finance”, and one other unrestricted elective. The program offers roughly 30 electives to choose from each year. 

Balance Between Theory and Practice

Around half of the number of hours spent in the classroom will be spent in front of world renowned academics in finance, who belong to one of the top-three finance departments in Europe in terms of research output and PhD student placement. They will provide students with state-of-the-art knowledge and help them develop a critical eye. The other half will be taught by top-notch practitioners. This combination of very strong academics and latest methods used in practice is one of many ways in which the learning experience at HEC Paris is different.

Career Outlook

Between practical course work, networking events and specific career fairs, the Major in International Finance paves the way to a successful career in finance or consulting. With the early start of the internship application processes in August (especially for the summer internships in London), the first week of September entry is dedicated to job market training classes, CV and cover letter workshops. During the second week of September, the Major in International Finance students join the MIF participants for the four-day London Study Trip, during which they visit three to four financial services firms per day and take part in networking-with-alumni events. This career-oriented approach sets our curriculum apart and leads to a 90+% employment success rate within the first 3 months of graduation in sectors such as Asset Management, M&A, Private Equity, Financial Consulting, Trading and Structuring in top financial and consulting firms worldwide

The coursework (worth 40 of the 60 ECTS needed for the M2-year) is taken during the period of September to April. It consists of Core Courses in either Capital Markets or Corporate Finance (during the Fall 1 half-semester), Specialization courses (in the Fall 2 half-semester), Advanced Core and four elective course in the Spring 1 and 2 half-semesters. The Major in International Finance also offers many workshops prior to the start of and during the program:

Seminars & Workshops

• Corporate Finance 2
• Securities Markets 2
• Financial Statement Analysis
• International Finance

Fall 2: Specializations*

Based on choices indicated during the Major application process (the expressed choice is binding and cannot be changed afterwards):

Capital Markets:

• Securities Markets 3
• Financial Engineering
• Quantitative Asset Management
• Empirical Methods for Capital Markets
• Fixed income and Money Markets
• Bond Portfolio Management (taught in the Spring)

Corporate Finance:

• Corporate Finance 3
• Corporate Restructuring
• Financial modeling 1 and 2
• Empirical Methods for Corporate Finance
• Fixed income and Money Markets
• Derivatives (taught in the Spring)

SPRING 1 & 2 TERMS

The availability and the timing of the courses listed below are subject to change at the discretion of the academic directors of the program without prior notice.

Advanced Core Courses: **

•    Behavioral and Sustainable Finance
•    Economics of Financial Regulation

** Mandatory for all students

Capital Markets Electives:

•    Algorithms, Data & Trading
•    Blockchain
•    Data Analysis in Finance
•    Exotic Products & Structuring 1 or 2
•    Foreign Exchange Derivatives Trading
•    Modeling Techniques for Financial Engineering
•    Numerical Analysis

Corporate Finance Electives:

•    Advanced Mergers & Acquisitions
•    Advanced Venture Capital
•    Behavioral Strategy
•    Corporate Finance Live: Legal & Contractual Processes
•    Corporate Strategy & Financial Institutions
•    Enterpreneurial Finance & Venture Capital
•    Equity Capital Markets
•    Financial Dimension of Strategic Decisions
•    Impact Investing PE
•    Investor Relations
•    Private Equity & LBO 
•    Structured Finance

AI & Finance Electives:

•    Introduction to Data Science & AI for Managers 
•    AI & Decision Making
•    AI & Investment Management
•    AI for Quantative Trading Strategies
•    GenAI & Finance
•    ML Techniques for Finance

Other Electives:

•    Alternative Investments
•    Energy Markets
•    ESG Measurement & Reporting
•    Equity Research
•    Exotic Products & Structuring 2
•    Intrastructure and Real Assets' PE
•    Sustainable & Responsible Investing
 

*Please note that the coursework listed above is subject to change without prior notice upon the Academic Director’s discretion.

London Study Trip

During the second week of September, all MIF students have the opportunity to participate to the London Study Trip. The trip offers students plenty of conferences, case studies, and presentations given by various financial institutions in the City. Organized by the HEC Paris’s UK House in London, this study trip also provides networking opportunities with the MIF alumni in London.

The London Study Trip can include company events with:

• Bank of America - Merrill Lynch
• Barclays
• BNP Paribas
• Blackstone
• Boussard & Gavaudan
• Commerzbank
• Crédit Agricole
• Exane
• Goldman Sachs
• HSBC
• Morgan Stanley
• Société Générale CIB
• Thomson Reuters
• Unicredit
• ...

Research Paper

• The Major in International Finance students must write a research paper (that generates 20 of the 60 ECTS needed for the M2-year) under the supervision of an HEC Paris faculty in finance (supervisors other than those designated by the Academic Director must be approved by the latter).
• The objective of the Research Paper is to explore how the knowledge accumulated during the coursework of the program can be used to examine an interesting research question and generate a well-structured piece of writing
• The research paper is written by pairs of students on a topic agreed upon by academic supervisor and the Academic Director of the MIF program.
• The Research Paper must have a clearly-defined research question, a review of the related literature, a part that involves conjecture/hypothesis formulation, data collection, empirical testing of one or more the hypotheses, and an interpretation of the findings’ economic as well as statistical significance.
• The Research Paper must be defended in front of a Finance Department faculty member.
• The Research Paper can involve an original idea that was never tested before, or can replicate an existing paper (in part or in full) using new data. The writing must be original (i.e., must be the student-pair authors’ own text).

Professional Experience

The professional experience requirement is satisfied when the student completes a professional experience of at least 4 months in an area related to their coursework in their M2-year at HEC Paris. The “Gap Year” internships (that many of our MiM students do between M1 and M2 years) would count towards the fulfillment of this requirement so long as it was at least four months long.