MSc International Finance
Please read our FAQ sections for further information regarding the admission process, the curriculum or student life at HEC Paris.
MS ("Mastère Spécialisé" or "Specialized Master") and MSc are two degrees accredited by the French "Conférence des Grandes Ecoles". They differ in two main aspects: eligibility requirements and length of study. A MS is a postgraduate degree which requires having obtained a master degree prior to joining HEC with a tolerance for students with 4 years of education after high school (up to 30% of the class). It corresponds to 75 ECTS credits.
MSc is a graduate degree open to students having obtained a Bachelor degree outside France or having obtained a M1 degree in France. It corresponds to 90 ECTS credits. The main implication is that students pursuing a MS degree need not take courses from a HEC certificate to graduate in June. They are thus available to start a full-time job as early as mid-April.
One difference concerns the requirements to get admitted in the program:
- MIF business track students already have 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 often have had a first internship in banking or consulting and are looking for an advanced set of tools to jump-start their career.
- MIF 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 have already taken some courses in finance or had a first internship in banking or consulting but this is not necessary.
- MFE students have a degree from a Tier-1 international business school or university, have a good quantitative background with preferably some initial training in economics and finance. Business statistics is a pre-requisite for the program.
Another difference concerns the career paths of students after graduating from HEC:
- MIF business track and MIF accelerated track alumni mostly work for the banking industry and strategic consulting firms. M&A, ECM/DCM, structured finance, consulting, asset management, sales, trading and structuring are all popular career paths for MIF graduates.
- MFE alumni have more diversified career paths with alumni working not only in banks and consulting firms but also in international organizations and public service.
Not necessarily! Every year, we have students joining the program with a few years of professional experience. You should however be aware that this is not the case for the majority of our students (medium age: 23) and that the MIF curriculum is quite technical, which is better suited for people at early stages of their career.
Students in the Finance Major of our Master in Management Grande Ecole program and students in the MSc International Finance program take the same classes and participate in the same events (e.g. London study trip in September). There is therefore no need for a double degree.
Yes. You should however be aware that there is no program which is "easier to get into" than others. The two main determinants of your choice should thus be your interest for the curriculum and the fit between the program and your career objectives.
As part of an agreement between Ecole Polytechnique and HEC Paris, all students from the Ecole Polytechnique who have followed the Year 3 of the Ingénieur Polytechnicien Program can apply to one of programs below:
(do link / Q6)
- MS Entrepreneurs
- MSc International Finance
- MSc Strategic Management
- Grande Ecole program (double degree)
To apply for one of these programs, please contact Anne-Marie Le Gall at Polytechnique. Then fill in the online application.
Students have to take all core courses but are free to choose their electives (approximately 150 hours) as they wish.
No, speaking French is neither an entry nor an exit requirement for the Program. Acquiring an intermediate level of French can however be helpful to benefit from the full HEC Paris experience: access to the full menu of electives and networking with local firms and the HEC community. This is why optional French language courses are offered free of charge during the course of the program.
Please also note that graduation requirements for the HEC MIF include speaking at least one other language (apart from English) at least at intermediate level (that language may be your native language).
All core courses and most electives are taught in English. A few electives are available in French.
In all our Programs, students with a good level in French are offered the possibility to take some electives in French.
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 HEC Paris French School before the start of the courses at HEC or French Classes offered during the year.
Students may register to take courses in other languages such as Spanish, German, Italian, Japanese, Chinese, Russian and Arabic under the condition that it does not overlap with courses from the Program.
Yes. There are a few distinctive features of education at HEC Paris. Most notably:
- "Tailor-designed" curriculum. First, through the differentiated curriculum in the Fall depending on what you did prior to joining HEC (business vs. accelerated track). Second, through the more than 30 electives available in the Spring, covering the entire spectrum from broad courses offering a "macro" perspective (energy markets - macroeconomics of crisis economics, economics of banking, financial elements of strategic decisions...) to "high-tech" quantitative courses (advanced asset pricing, advanced fixed income, financial engineering...). Students may choose to completely specialize in a field (corporate finance or capital markets) or to choose a mix of electives from both fields.
- Curriculum comprised in equal parts of theory courses taught by world class researchers and "hands on" courses taught by practitioners. We believe that this unique combination explains why HEC graduates are often perceived by the industry to be "one shot ahead" of their peers. Note that this comes at the "cost" of more class hours in the MIF than in many other programs.
- Small class sizes: more than 90% of HEC MIF classes are planned for 30 to 50 students in the classroom. You will have the main instructor of the course in front of you at all times (not just a TA for recitations). This allows for closer contact between students and instructors, which sometimes has interesting outcomes: two students of the Class of 2011 have thus been directly hired by one of their HEC MIF instructors! It also helps create strong ties among classmates, which is something we care a lot about.
First and foremost, you should not hesitate to contact our past and current students directly to ask them that question! We take pride in the fact that our students and alumni are our best ambassadors!
Three common answers to that question though, are:
- "We did not expect to have to work that much!" (Especially for accelerated track students who feel the "acceleration" part of the curriculum quite vividly!)
- "We are impressed at the level of solidarity which exists within the group" (this is something we work hard at creating, and actually you should know that "over-competitive" students may not feel at ease with the HEC Paris culture)
- "We are impressed at the level of support we get from alumni" (this is the consequence of the previous point: by establishing strong ties within the group when students are at HEC, we also create strong ties across generations of HEC students)
This is possible if you already obtained a master-level degree before joining HEC.
Yes. HEC Paris is a partner school of the CFA Institute. Five CFA grants are available for students taking the CFA exam for the first time while enrolled at HEC. Courses on ethics are given by the VP of the CFA Society in France, with one elective tailor designed to prepare for the CFA exam.
We do make exceptions for exceptional profiles. If you have not taken the pre-requisite courses for the business track, you need to apply for the accelerated track. The program director will then assess your ability to take MIF accelerated track classes.
There is no difference between the round’s application criteria. However, the numbers of places are limited and admission is highly competitive. That is why we encourage you to apply early.
Yes. You should however be aware that there is no program which is "easier to get into" than others. The two main determinants of your choice should thus be your interest for the curriculum and the fit between the program and your career objectives.
Deferrals are only granted in exceptional cases and are offered on a case‐by‐case basis at the discretion of both Academic Director and the Director of Admissions. Please note that the financial confirmation of your place is mandatory to defer an admission. Approval of deferral requests may be granted up to a maximum of one year.
A deferral of admission will not include automatically a deferral of merit‐based scholarship. Your application will be reconsidered along with the new applications received.
Yes. If you decide to reapply for the intake of the year after your original application, you have to resubmit an entirely new application.
You must submit official transcripts of any academic work accomplished since the date of the last application, new recommendation forms and application fee.
According to the HEC Paris Admission rules, the admission decisions are final and there is no process for appeal.
After being processed by the Admissions Office, the application is reviewed and evaluated by the Academic Director of your Master. Finally, the applications are reviewed by the Admission Committee set up by the Dean of HEC Paris, the Associate Dean, the Admissions Director and Academic Directors of HEC Paris Master's Programs.
You are able to transfer your application from one round to another, if you missed the deadline. For this, please log in to your applicant space, click on “Edit choice” and choose an alternative round if there are any available: the 4th round is the last one available.
You will be contacted by admission people who will suggest that you switch tracks. You will not be at a disadvantage in any way during the process.
An email notification is sent to you to confirm your application has been successfully submitted. If you do not receive an email receipt from us this means that we have not received your application. If any items are missing or if we have any questions or need further information, we will let you know at this stage.
You should login to your online application twice:
- on the admissibility results date to know if you have been shortlisted for an interview and if so book an interview slot
- on the admission results date to know if you have been offered admission
Please note that if MSc International Finance is your second choice, the Admissions Office contacts applicants individually for the calendar.
Yes, candidates are required to provide an official test score report (one of these three tests). There are no waivers.
There is no minimum score required to apply. The median GMAT score of the incoming Class is 710. Similar performance is expected from candidates submitting GRE scores. While we definitely look at GMAT/GRE/TAGE MAGE scores quite closely, applicants should be aware that our two main criteria to screen applicants are transcripts and CV.
GMAT, GRE and TAGE MAGE scores are valid for 5 years and must be taken before submitting the application.
- School code: 3623
- Department code: Any department code is valid for HEC Paris
We recommend that you take the GMAT/GRE/TAGE MAGE test at least 2 weeks in advance of submitting your application.
Some GMAT/GRE test centers deliver a provisional score immediately after the test. In this case you can take the test the day before the deadline in order that you can upload at least the provisional score in your application and submit it before the deadline.
- For the GMAT, instruct Pearson VUE to send your official GMAT scores directly to the HEC Paris
- For the GRE, instruct Educational Testing Service (ETS) to send your official scores directly to HEC Paris
- For the TAGE MAGE, HEC Paris will verify your score directly with FNEGE. The applicant must still submit official scores of the TAGE MAGE before the application deadline. Please ensure your TAGE MAGE test is taken around 3 weeks before the application deadline to allow time for correction.
You will not be able to submit your application, as it must be complete by the application deadline. By consequence, we encourage you to transfer your application to the next session if another is available. The April session is the last one available in a selection year.
All applicants are required to take one of the following English tests: TOEFL or TOEIC (Bridge or Listening and Reading or Speaking and Writing) or IELTS or Cambridge.
This test is waived only for the following:
- English natives
- Students who have earned a degree from an institution in which ALL instruction is conducted in English. The official language of the degree program has to be stated in the degree certificate or its supplement, or in the transcript of records.
All English test results are valid for 5 years, except Cambridge certificates which have unlimited validity. Tests must be valid on the deadline of the program you are applying for.
For the TOEFL: your local center might ask you for the HEC Paris institutional code in order to transfer your test results confidentially to us. This code number is 0718.
For the TOEIC: send to firstname.lastname@example.org
For the Cambridge tests: send to email@example.com your unique ID number and your secret number. By sharing this information, you give us permission to verify the result. For more information: www.cambridgeenglish.org
For the IELTS you have 2 options:
- Before taking the test you should nominate on the IELTS Application form HEC Paris School of Management as your score test recipient institution. Please fill in the next information:
Name of person/department: Masters Programs/Admissions Office
Name of institution/agency/body/employer: HEC Paris School of Management
Address : 1, rue de la Libération, 78351 Jouy en Josas CEDEX, France
- after the issue of IELTS results, please send to your personal Test Report Form number (TRF) to firstname.lastname@example.org. By sharing this information, you give us the permission to verify the result. For more information: www.ielts.org
We require 2 reference forms to be completed via your online application. A maximum of 3 may be filled in.
Recommenders should be professors who know the applicant well. However, if 2 academics are unable to complete the forms, one may be from an employer. A third from a professional is welcome if you have completed an internship or if you have more than 2 years of work experience and your employer knows you better than your professors.
The reference forms in your first choice application will be used automatically for your second choice application.
No. There is no minimum GPA requirement to apply for variances in grading systems around the world.
If your university/college does not evaluate academic performance on a 4.0 GPA scale, you should not convert your score to a GPA/4. Report your average grade as your university lists it in your official transcripts.
There are 8 required short essay questions that must be submitted:
- Describe, in descending order, your 3 most important interests (be they academic, professional or personal)? Justify your answer
- Which personal achievement are you most proud of (studies, professional life, sports etc.)?
- Please describe a situation where you failed and what you have learned from it?
- Please, give us an account of your last work/internship experience (accomplishments, what you have learned)?
- What are your reasons for choosing this program?
- Please describe your short term career goals after completing the Master course?
- Are you applying to other programs than those of HEC Paris? If yes, please state to which programs other than those of HEC Paris you are applying and why?
- Is there any additional information you would like to share with us?
While we recognize the value of internships, they are not considered to be professional work experience. The internships information must be detailed on your CV (Resumé).
However, a part time job is considered as work experience.
Only admissible (shortlisted) applicants are invited to take the interview.
To know if you are admissible and invited to take the interview, you have to connect to your applicant space by the admissibility results date (see calendar).
The day the admissible results are made available, you are invited to choose via your applicant space page your interview date, time and type (on campus or by Skype). Once you are offered an interview, it becomes a required part of the application process. Please register for an interview slot online as soon as possible as the slots are offered on a first come first served basis.
For students residing in France, the effort to come to meet us will be appreciated. For international students, we understand that Skype is more convenient in most cases.
The interview is fully held in English even if you are a native French speaker.
The main objective of the interview is to explore the quality of the match between the objectives of the applicant and what the program has to offer. We not only want to select the best candidates but also make sure that HEC Paris is the best next step for them. You should thus definitely expect career-related questions. We are keen on getting students who are passionate which implies we also frequently ask questions about recent business news. Other questions may depend on your profile: as we want to get to know you better, we will certainly ask about the most striking experiences on your CV, be they professional or extra-curricular. Finally, you will be given the opportunity to ask questions about the program.
There is no specific preparation required for the interview. The qualities we are looking for are integrity, curiosity and strong academics. If you prepare “standard answers” to interview questions, we will automatically change topics so as to be able to tell whether you display the qualities we are looking for.
The admission decisions are released via the applicant space. Please note that if you have applied to multiple programs, you will have a separate decision shown in each application you have submitted.
When reviewing an application, the Final Admission Jury may the following types of decisions:
- Admission: we offer clear admission to highly qualified applicants pending confirmation of their official academic degree/transcripts and test scores.
- Conditional admission: we offer conditional admission to applicants who clearly demonstrate significant potential for success but who feel need additional improvement of the application. The Admissions office informs individually each applicant of the requirements or conditions that must be met before the student will be offered full admission.
- Waitlist: applicants can expect to remain on the waitlist until the following rounds of decisions are released. There is no rank order to the waitlist. This policy is designed to create an admission process that is fair and equitable for all selection sessions applicants.
- Non admission
The application fee is 110€, and must be paid by Credit card when you submit your application. The application fee is required and non-refundable.
No. You pay once whether you apply for one or 2 masters in the same application session.
No. We will waive the application fee only for:
- Students from French ParisTech Schools: Agro ParisTech, Arts et Métiers ParisTech, Chimie ParisTech, Ecole des Ponts ParisTech, Ecole Polytechnique, ENSAE ParisTech, ENSTA ParisTech, ESPCI ParisTech, Institut d’Optique Graduate School, Mines ParisTech, Telecom ParisTech), ENS Ulm and the ISAE schools.
- The winners of « Nos quartiers ont des talents »
- The holders of CROUS scholarship for social reasons
Admitted students will be asked to confirm their seats within 3 weeks after the final results are announced with a non-refundable enrolment deposit of €5,000, which will be deducted from their total tuition fees.
Students admitted into a program must pay the tuition fees corresponding to the year of integration at HEC Paris (not the year of admission). This is applicable to all courses without exception.The procedure is as follows: a deposit must be paid after the admission offer and the balance is paid upon your arrival at HEC.
The selection for HEC Paris is competitive and we receive many more applications than there are places available. Therefore, we will ask you to pay an enrollment deposit. By paying an enrollment deposit, you will indicate that you are definitely going to take up your place.
We will ask you for an enrollment deposit of €5,000 if you are admitted.
No. There is no waiver for the enrollment deposit.
HEC Paris send receipts for deposit payments made along with your enrollment certificate 2 weeks after the receipt of the non‐refundable deposit.
Yes. The merit-based scholarship covers partial tuition award and its supply is limited. All admitted students to MSc programs may apply. Special attention will be given to excellent applicants from non-EU countries.
HEC need-based scholarships are available for students having studied in France and having obtained a "Bourse CROUS pour raison sociale" .
Applications to the Eiffel Scholarship are submitted by HEC Paris directly. For this, the applicant must :
- have been admitted to the round 1
- have accepted the offer of admission
- have paid the enrollment deposit.
Students may also finance the cost of their education with student loans, which typically carry low interest rates and can be paid back following graduation. However, French banks require a guarantor living in France. We suggest that you contact your local bank in your home country. They often have close links to certain banks in France.
At the beginning of each semester for three weeks, various banks come to take part in the Bank Forum organized by HEC Paris to allow you to learn about bank loans, open a French bank account, and compare the exclusive financial benefits offered to HEC students. Over the course of the academic year, BNP Paribas, la Société Générale and LCL have a permanent stand in the RU twice a week; this means you will always be able to get support and information from people who are used to helping international students. You can open a bank account and pick up your card in the same place. Please note that it is compulsory to open a French bank account to get a residence permit and for receiving housing aid.
Yes, HEC Paris offers all international students the possibility to live on campus. We do not offer kitchen facilities in the individual rooms.
Living expenses vary depending on where you live (on campus or not). You should count on approximately 1000 € per month including housing, food, off-campus sports activities and leisure.
Mandatory Additional fees:
- Participation in on-campus sports activities: €60 payable together with the second instalment.
- Health insurance: Non-European students are required to purchase the French Health Insurance (annual fee: €213 in 2014/2015). In addition all students are required to bring local travel insurance or to purchase the Insurance from the CCIP (Chamber of Commerce and Industry) of €14 (annual fee).
- Civil liability and housing insurance: Students will either have to prove that they have civil liability insurance included in their travel insurance, or purchase the CCIP insurance.
Students must also provide the housing office with proof of housing insurance. This insurance is often sold together with the Credit Card pack when opening a bank account.
HEC Paris has launched a new social network for accommodations: Studapart.
On the platform, you will be able to:
- Find/Offer a rental in France or abroad
- Find your roommate(s) and form shared rentals in France or abroad
- Find/Offer a subletting in France or abroad
- Find/Offer a temporary room in France or abroad
Log into the platform http://hec.studapart.com using the following enrollment key: HECHOUSING
Useful web-sites for accommodation close to campus (in French):
HEC has a 1600 m² sports hall (tennis, basketball, handball, volleyball, badminton and climbing wall) and 8000 m² of outdoor fields including 2 soccer fields (1 hard surface and 1 turf) a rugby field, tracks and fields, and a 9-hole golf course. All students are invited to take part whether at competitive or beginner's level (provided that matches do not interfere with the course requirements).
Yes, over 100 clubs exist in different categories: sports, professional activities, culture, humanitarian aid, finance, public affairs and more. We encourage all students participate in at least two associations.
Students from a country within the EU will not need a visa to study in France. All other international students will require a visa to study.
If you live in one of these 33 countries, a convenient online process is in place (CEF procedure) to obtain a student visa. If there is no CEF in your country, you need to contact the French Consulate or the French Embassy to obtain specific requirements for the visa application.
For more information about the visa application procedure please refer to Campus France
The HEC Paris campus is situated about 18km from Paris and 5km from Versailles. The town of Jouy-en-Josas is served by public transport (SNCF, RER, bus) from Paris, via Versailles or Massy. Free shuttle buses are also available from campus which run to and from Paris several times a week.
The campus’ location offers an exceptional environment in which to live, learn and practice sport:
- 130 hectares of tree-filled land
- Numerous and varied academic and sport facilities
- A large student residence