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Course Content

MSc International Finance

Benefit from the high level of customization offered by our MIF course. Select your Track according to your academic background (“Business Track” for BBA and Finance Graduates vs “Accelerated Track” for graduates in Engineering, Sciences, Maths, Economics…). Choose your Concentration and numerous electives according to your career goals (Capital Markets or Corporate Finance).

Alexei-Ovtchinnikov
We believe in giving our students not only strong theoretical grounding with courses taught by world class researchers, but also “hands-on“ knowledge with courses taught by top practitioners

Alexei Ovtchinnikov

Academic Director

Program Structure

Frise_MIF_2018

Our program aims to fulfill two objectives within a short period of time: lay the necessary foundations for any career in finance and provide in-depth knowledge in each student’s field of specialization.
We achieve this goal by leveraging on the specific knowledge and experience students have acquired before joining HEC Paris:

  • Business track students: have already taken at least introductory level courses in financial accounting, corporate finance, financial markets, derivatives and statistics in a Tier-1 international business school or university. They frequently have had first internships in banking or consulting and are looking for an advanced set of tools to jump-start their career.
  • Accelerated track students: have received first class education in a highly quantitative field (maths, physics, engineering, econometrics...) and wish to switch their field to finance. They may or may not have taken some courses in finance and they may or may not have had a first internship in banking or consulting.

Business and accelerated tracks mainly differ in courses taught during the Fall term.

Business track students follow the same courses as the “Majeure Finance” students of the HEC Master in Management program, starting all courses at an advanced level and getting a first opportunity to specialize through “block electives”.

Accelerated track students start all finance courses at an introductory level. However, they go through an intensive Fall term where courses are taught making full use of their strong quantitative skills.

Business track and accelerated track students have access to the same pool of electives in the Spring term and have the same career opportunities at the end of the program. In particular, they both have access to either a specialization in Corporate Finance or a specialization in Capital Markets (Spring term).

students-Master-International-Finance

 

While the first semester is dedicated to Core and Advanced Core Courses, the second semester allows students to choose from more than 40 electives: concentration electives related to their chosen specialization, as well as free electives.

Indeed, students are invited to select one specialization as soon as they apply for the MSc International Finance program. Their choice is not binding as they will have the opportunity to confirm or change their specialization in the first semester of the program. 

Two specializations are available:

  • Corporate Finance specialization: designed for students interested in careers in M&A, private equity, consulting, large multinational companies, etc.;
  • Capital Markets specialization: ideal for students interested in careers in trading, structuring, market analysis, but also wealth and asset management.

 

  • Soft skills seminar
  • Ethics seminar
  • Probability and statistics refresher
  • Corporate Finance theory (2)
  • Corporate valuation (2)
  • Securities markets
  • Financial statement analysis (2)
  • Introduction to finance (1)
  • Corporate finance (1)
  • Financial accounting and reporting (1)
  • International macroeconomics (1)
  • Empirical methods in finance
  • Asset management (2)

 

(1) Accelerated Track only
(2) Business Track only

  • International finance (2)
  • Financial regulation
  • Fixed income and MM
  • Capital markets specialization courses:
    • Asset pricing theory
    • Financial engineering (2)
    • Quantitative asset management
  • Corporate finance specialization cources:
    • Financial modeling
    • Corporate restructuring
    • Derivatives (2)

 

(1) Accelerated Track only
(2) Business Track only

Students follow the courses of one of the three following concentrations:

  • Corporate investment & financing policy:
    • Advanced financial accounting
    • Financing decisions of firms
    • Financial solutions for corporates
    • Equity capital markets
    • Entrepreneurial finance
  • Corporate restructuring:
    • Mergers & acquisitions
    • LBO structuring and modelling in practice
    • Real options
    • Private equity
    • Value / distressed investing
  • Corporate strategy:
    • Macroeconomics of crises economies
    • Corporate strategy & financial institutions
    • Behavioral strategy
    • Financial dimensions of strategic decisions
    • International expansion strategies

Students follow the courses of one of the two following concentrations:

  • Financial engineering:
    • Advanced Asset Pricing
    • Stochastic processes
    • Modeling techniques for financial engineering
    • FX derivatives trading
    • Origination of structured products
  • Capital markets:
    • Financial engineering & derivative products
    • Bond portfolio management
    • Sustainable & responsible investment
    • Alternative investments
    • Ethics: Financial analysts and portfolio managers
  • Business taxation
  • Credit crisis: Historical and technical analysis
  • Credit risk & turnaround of distressed companies
  • Économie et Gestion Bancaires (taught in french)
  • Energy and finance
  • Energy markets
  • Financements structurés (taught in french)
  • Financial modeling
  • Infrastructure and real assets
  • Legal and contractual aspects of corporate finance
  • Real estate foundations
  • Topics in valuation
  • Numerical analysis
  • Quantitative asset management
  • Financial dimension of strategic decisions
  • Financing decisions of the firms

At the beginning of September, students have the opportunity to go on a study trip to London. The trip offers students plenty of networking opportunities, conferences and team building exercises. Many networking events are organized with HEC Alumni’s UK branch - one of the largest in the world, with numerous active members working in the City.

The 2017-2018 London study trip included 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...

Discover the 2017 study trip from the inside.

MSc International Finance students must write a professional thesis and fulfill a professional experience requirement in order to graduate.

The professional thesis may either be written while on campus or during the internship under the joint supervision of a professional and an HEC faculty member. It constitutes an important component of the HEC MIF learning experience. The objective of the thesis is to explore how cutting-edge research is being implemented in the daily practice of finance in a highly competitive environment.

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.

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.

MIF students are required to speak at least one language other than English at intermediate level upon graduation. Thus students who speak only English and no other language are strongly encouraged to attend either the Preparatory Intensive French Course in August or French Classes offered during the year.

During 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.


Certificates

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.

Double Degree

 

Tsinghua-UniversityThis 2-year double degree program was created in Fall 2012 in collaboration with the School of Economics and Management of the premier Chinese university, Tsinghua University.

HEC students who want to join the double degree program need to apply during the Spring term of the HEC MIF.

Pre-selection will be made on the basis of academic results in the Fall term and final decisions will be made after an interview with Tsinghua SEM Faculty members. Selected students will join the Tsinghua SEM Master in Finance for a second year of study and receive the two degrees of HEC MIF and Tsinghua SEM Master in Finance.

The double degree program with Tsinghua SEM is the opportunity to combine strong academic training in Finance offered by leading programs with a unique cross-cultural experience. It requires fluency in Chinese.