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Economics & Finance Specialization

Master in Management

This specialization combines rigorous training in quantitative and analytical skills with essential knowledge in economics and finance. Students are prepared perfectly with the essential reflexes for a career in many diverse business sectors, such as in the banking and finance industry, in consulting, as well as in the corporate strategy or corporate finance departments in multinational companies.


The objective of the specialization is not to produce theoreticians but to train students to apply economic concepts and methods in their work and to enhance their understanding of the economic forces shaping the business and financial environments. A solid foundation in economics and its applications will be an invaluable asset for building a successful career in all areas of management and in the increasingly complex financial world.

Throughout M1, students get to know the general functioning of companies in all its dimensions: management, law, marketing, finance, etc. During the Specialization in Economics & Finance, they will develop accurate skills in corporate finance, econometrics, macro and microeconomics, financial markets, monetary and fiscal policies, etc.

An Intensive and Selective Specialization

HEC’s expectations regarding the performance of students are very high and students should expect to put in considerable effort during the curriculum, which is common with HEC’s MFE (MSc Economics & Finance). Both populations of students are grouped within the same promotion and have access to the same courses.

Career Outlook

Graduates from the specialization in Economics & Finance work in a variety of functions and sectors. The majority work in finance and banking, consulting and IT services companies, in France or abroad.

They can occupy job functions like credit or security analysts, loan officers, financial advisors/planners, economists, risk management, ratings analysts, private equity, mergers and acquisitions, consultants in strategy, corporate finance / corporate strategy officers in multinational corporations.

HEC-CEMS Joint Degree  CEMS_logo

The CEMS Master in International Management degree can be earned alongside the HEC Master in Management - Grande Ecole Degree. This program allows you to obtain a diploma from The Global Alliance in Management Education which gathers 32 top academic institutions and over 70 companies and NGOs from all over the world.

The aim of the program is to offer students solid tuition and prepare them for an international career. Students tackle all sorts of international management issues: economics, marketing, finance, strategy, human resources…

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The Specialization in Economics & Finance is based on a perfect balance between core end elective courses. 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 economic problems. The emphasis is on developing analytical skills and reflexes that are applicable beyond the domain of economics and to other areas of management. All core courses are compulsory.

Elective courses provide an in-depth understanding of economic analysis as applied to two fields: business strategy and finance. Courses include both theoretical and practical applications to real world problems. The objective is to develop the ability to handle specific issues most commonly encountered in the formulation of business strategies and in corporate finance and financial markets analysis.

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.

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.

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’
  • ...

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.