Economics & Finance Specialization

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 MEF (Master in 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  

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 33 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…

Learn more

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 5 mandatory core courses:

• Behavioral economics
• Econometrics
• Globalization and financial markets
• Industrial organization
• Seminars in macroeconomics

Elective Courses

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

Business Economics

• Cases in economic consulting  
• Business cases in behavioral economics  
• Decision analysis for smart choices in business and beyond  
• Game theory  
• Strategic consulting

International Macroeconomics

• Country and sovereign risk analysis
• Macroeconomics of large public debts
• Macroeconomic analysis applied to financial markets
• Money, interest rate and monetary

Economics of Sustainable Development

• Economics of climate change
• Sustainable and responsible investing

Finance

• Climate change and bank risk management
• Economics and management of banks (taught in French)
• Financial cycles and crisis (taught in French)
• Financing decisions of firms
• Financial statement analysis
• Mergers and acquisitions
• Non-bank financial institutions . business practice, financial innovation, systemic risks
• Structured financing
• The Quantitative revolution in asset management

Data Analytics

• Business analytics using Python
• Data and decisions: applied analytics
• Econometric tools for data analysis
• Introduction to data analytics using Python

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

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:

• Philippe Aghion : ‘The Theory of Growth’/‘Rethinking capitalism: The power of creative destruction’
• Patrick Artus (Global Chief economist at Natixis): ‘Deflation in the Euro Zone and Application to Monetary Policy’ / All that should be forgotten from traditional Macroeconomics’
• Corso Bavagnoli (Lazars) : ‘Investment banking: market and opportunities’
• Thierry Déau (CEO Meridiam) : ‘Infrastructure Financing and Current Trends’
• Jean-Christophe Mieszala (Director at McKinsey & Company) : ‘The economic and social cost of the energy transition‘ / The rapid growth of global balance sheet’
• M. Sami Rahal : 'Global Consulting Market Landscape'

Research Paper

Students are required to write a research paper during the program.