MASTERs of SCIENCE Financial ECONOMICS one-year PROGRAMMES PROGRAMMEs 2014 2015
Why EdhEC? At EDHEC Business School, you receive not only a top education in financial economics, but also real-world business and forward-thinking skills that set you apart from other graduates. You learn from renowned finance specialists and have the opportunity to put this new knowledge to work in some of the most prestigious and exciting companies in the world. A global business education EDHEC Business School is recognised as one of the top institutions in the world for its international programmes, its partnerships with leading universities and business schools, and the diversity of its faculty and student bodies. An ELITE TEAChING AND RESEARCh faculty EDHEC s teaching staff is made up of leading experts from around the world and includes some of the brightest researchers in the fields of finance, economics, financial analysis and accounting, and business law. unparalleled business RELEvANCE EDHEC s close ties to business translate into exciting education, internship and career opportunities for students, in France and abroad. Top executive partners are involved in programmes and research projects to ensure real-world relevance. #14 Master in Management in the world #3 Master in Finance in the world 1/3 of students start their careers abroad The Financial Times, 2013 The Financial Times, 2014 EDHEC Placement Report, 2013 EDHEC holds the Triple Crown of international accreditations (AACSB, AMBA and EQUIS) for its outstanding academic programmes, its strong links with the corporate community, its impressive global reach and its commitment to ongoing quality improvement. contents Message from the Director... 01 EDHEC Spirit... 02 EDHEC Master s Programmes... 06 International Accounting & Finance.. 09 Corporate Finance & Banking... 13 Finance... 17 Financial Markets... 21 Risk & Finance... 25 A world-class Faculty... 28 EDHEC Career Centre... 30 Practical Information... 32 Admission Requirements & Fees... 33
142 permanent teaching FACULTY (49% international) 91 Nationalities ON CAMPUS 1/3 INTERNATIONAL STUDENTS 5 campuses Lille Nice Paris London Singapore 13 M A year DEVOTED to ACADEMIC RESEARCH 6 200 Students 25 000 Alumni IN 120 countries
OLIVIER OGER Dean of EDHEC Business School EDHEC is recognised internationally for the strong values underpinning its commitment to serve businesses and the economy and thereby to improve the world at large. For more than a century, we have shaped future decisionmakers through unique academic programmes and challenging research that have made EDHEC a true contributor to today s society. This approach is encapsulated in our EDHEC for Business strategy. Lille London PARIS 5 CAMPUSES SINGAPORE Nice london paris LILLE NICE SINGAPOre
MESSAGE FROM THE Director EDHEC Business School, founded in 1906, is among the leading business schools in Europe. It is widely recognised for its academic excellence, for the international impact of its research and for its unique syner- gies with the global business world. All of the School s academic programmes draw heavily on these three strengths. The School, drawing on the expertise of internationally renowned faculty members and the research done by EDHEC-Risk Institute, offers a rich array of five Masters of Science. The programmes, taught entirely in English, are designed specifically to prepare students for careers in such fields as asset and risk management, trading, corporate finance, banking, and auditing and management control. For the rest, the yearly conferences organised by EDHEC-Risk Institute and held in London, Singapore and New York promote the EDHEC name to thousands of professionals in the finance industry. As a result of this international renown, EDHEC has initiated and entered into partnerships with leading academic institutions, as well as with the largest employers in the industry. Société Générale, for instance, is Corporate Sponsor for the Corporate Finance & Banking, PwC for the International Accounting & Finance and SwissLife AM for the Risk & Finance. Corporate Programme Sponsors and other partner companies play active roles in classroom instruction. Their commitment ensures that the curriculum is always relevant to business. In a business world undergoing constant change, posing different challenges by the day, such assurances can only improve the professional preparation afforded students. In other words, EDHEC Business School offers its students an unrivalled opportunity to acquire the knowledge and experience to become leaders in their fields. In addition to being a touchstone for academic excellence, EDHEC aims to connect students and alumni with recruiters by creating synergies through a wide range of services provided by the EDHEC Career Centre; these synergies make the School a genuine recruitment partner. Pascale Viala Director, Financial Economics Studies 01
the Edhec AGILity AND PURPOSE Founded by a group of entrepreneurs 100 years ago, EDHEC's heritage is rich in business innovation and impact. EDHEC has always been quick to seize new opportunities and to turn up where it's least expected a spirit that thrives in our students as well. 02
ut of the box thinking &teaching At EDHEC, we don't play Follow the Leader. More often than not, it's our researchers, professors, students and graduates who blaze new trails and shake up the status quo. co munity SPIRIT A team spirit that celebrates engagement in community projects and student organisations; one that nurtures lasting friendships within a network of over 25 000 alumni worldwide. BEYOnd B RDERS EDHEC students don t just discover the world; they discover a world of opportunity. There is no limit to what we can do when we embrace diversity and think globally. 03
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EDHEC F R BUSINESS EDHEC is dedicated to serving the business community and society at large through the formation of future business leaders and the creation of compelling business research. Our commitment to public service and intellectual excellence fuels the imagination of our students and strengthens the global economy. 4 fields of expertise FINANCE economics BUSINESS LAW FINANCIAL ANALYSIS & ACCOUNTING 05
EDHEC Master s ProgrAMMES The one-year programmes, entirely taught in English, deliver specialised knowledge in the fields of corporate finance, financial markets, risk and investment management, or international accounting. International Accounting & Finance Risk & Finance (part-time in London or Singapore) Corporate Finance & Banking MASTERS OF SCIENCE Financial Markets MSc in Finance My years at EDHEC were critical in helping me acquire the basic tools for my career in finance. Sometimes, a lot of what I learnt became relevant only years later. As a business school student, lots of the content can seem obvious or conversely too detailed, while it takes genuine professional experience to fully understand and leverage the concepts. EDHEC has contributed to developing the skill set necessary to my career path, both from an academic and personal point of view. Wissam Farah (UK) EDHEC 1996 MANAGING DIRECTor AND HEAD of SALES, CITIGRoup UK 06
International Accounting & Finance The Programme is designed to prepare students for careers as auditors, financial controllers and for other roles in the finance departments of financial institutions and non-financial companies, as well as for careers in advisory services. With PwC as Corporate Programme Sponsor. Corporate Finance & Banking The Corporate Finance & Banking is designed to prepare students for international careers in corporate finance and financial markets, in particular careers in large corporations and multinationals, in banking, sales, financial advisory services, transaction services and the investment industry. With Société Générale as Corporate Programme Sponsor. Finance The Finance prepares students for international careers in finance. Based on the CFA curriculum, it covers both corporate finance and financial markets. The programme provides students with the tools and knowhow to assess investments and companies, and to perform fundamental analyses. It also prepares students for decisions in financial markets. Financial Markets The Financial Markets prepares students for careers in financial markets on the buy side (asset managers, insurance companies and pension funds, hedge funds) and on the sell side (investment banks, private banking, brokerage firms or financial advisors). The programme gives students the opportunity to prepare for Part I of the Financial Risk Manager professional designation offered by GARP. Risk & Finance (part-time) The Risk & Finance is an advanced programme designed to prepare students for international careers in finance. It is a parttime programme offered in London and Singapore over a 13-month period. It focuses on financial markets and advanced corporate finance and equips students with the knowledge of the issues surrounding risk management. With SwissLife AM as Corporate Sponsor. The programme gives students the opportunity to prepare for Part I of the Financial Risk Manager professional designation offered by GARP. The Global Association of Risk Professionals (GARP) is the leading association for the risk management profession globally. It administers the Financial Risk Manager (FRM) professional designation. Programme structure Full-time programmes Part-time Risk & Finance Courses & Seminars 360 hours 46 ECTS 52 ECTS TICD programme 40 hours 4 ECTS 3 ECTS Master s project 100 hours 10 ECTS 5 ECTS Internship* 15 ECTS 15 ECTS Total 500 hours 75 ECTS 75 ECTS *Mandatory 3-6 month internship. A full-time position replaces the internship requirement 07
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international Accounting & Finance International Accounting & Finance finance corporate finance & BANKing Sponsored by PwC, the International Accounting & Finance is designed to prepare students for careers as auditors or financial controllers in financial institutions and non-financial companies, as well as for other roles in finance and in advisory services. It equips students with the knowledge to become audit professionals capable of helping public and private companies report reliable financial information. Students are familiarised with the approaches and techniques necessary for internal auditing and for the creation of governance processes to improve management and performance. Graduates can also work in transaction services, in particular for auditing firms and financial advisors; these careers involve evaluating or improving governance procedures and management control, due diligence, accounting and financial reporting, valuation and analysis of the tax implications of deals. financial markets risk & finance 09
Msc in international accounting & FINANCE learning outcomes Handle complex accounting, reporting and tax issues Master international accounting and reporting standards Assess, design and make use of organisation controls to steer performance in organisations Evaluate companies and conduct corporate restructurings Core Modules InternatioNAL Accounting International accounting standards (US GAAP and IAS/IFRS): main characteristics, framework for preparation and presentation of IFRS financial statements. PrinciPLES of BusiNESS taxation Tax implications for corporations doing business internationally: basic concepts in international taxation, tax treaties, taxation of international groups, tax planning and its risks. Advanced Financial Accounting & Analysis Financial statements and modern accounting principles, interpreting financial statements, and understanding activity, liquidity, debt and valuation ratios. OrganisatioNAL ControLS Organisational control systems: links between control and strategy; control and performance; organisation of control (audit vs. internal control vs. management control). Strategic PLANNiNG & Control Cost and management accounting: financial planning, cash budgeting, resource planning, control systems, performance measurement, total quality management, transfer pricing and management of uncertainty. Project MANAGEMENt Introduction to project management: method and framework, project organisation, planning, project control, handling exceptional situations, risk management and quality management. AuditiNG & InterNAL Control General framework and objectives of an audit of financial statements, internal controls and control risks, audit planning and methods, audit risks and audit tests. Information SystEMS & MANAGEMENt Control Integrated management information systems (ERP): processes, people and organisation; impact of information and communication technology on management control systems. Operations MANAGEMENt Relationships between operations and cost control management: functional areas of operations management, supply chain and inventory management, total quality management tools and cost control management. Treasury Risk MANAGEMENt Introduction to corporate treasury risk management when investing or raising capital abroad; measuring and managing currency and interest rate risks; estimating cost of capital for foreign investments. Mergers & acquisitions, financial distress & restructuring Corporate restructuring policies; through mergers and acquisitions analysis; financial distress causes, key indicators, crisis management and workout solutions. Management Control SystEMS (mcs) Incentive compensation schemes, performance measures and corporate governance. Measuring & Managing IS Performance Analysis and assessment of information systems performance (cost/benefit) at an organisational and strategic level. SEMINARS Advanced Excel & VBA ProgrAMMing Modelling in MS Excel: accessing mathematical, statistical, lookup and other functions. Building user-defined functions, process automation with VBA for applications to financial modelling. SAP Introduction to SAP Enterprise Resource Planning software, accounting and controlling modules, and resources and basic concepts. Ethics & Corporate Governance Professional principles and values in the finance industry; purpose and relevance of ethical standards for finance professionals. The programme is a unique opportunity to kick-start a career. Many of my classmates and I found really interesting jobs with the Big Four or as controllers in large corporations. This master really boosted our previous knowledge and offered a great start to our future careers. Alexander Baaden (Germany) EDHEC 2013 JUNIor controller, MINERAL oil ADDITIves, BASF SE GERMANY 10
I particularly appreciated that the programme focused on auditing, management control and accounting and this was exactly what I expected from this MSc. The courses were taught both by academics and by professionals, which led to a good balance between theory and practice. Plus, the MSc fulfils five out of the seven DSCG requirements, which is a big advantage when applying for a position in auditing or in management control. international Accounting & Finance David Ouanounou (France) EDHEC 2012 AUDITor, MazARS FRANCE 2013 PlacEMENt RepORT 56% found their first job before leaving EDHEC corporate finance & BANKing LOCAtioN FRANCE 68% abroad 32% France 68% 63% 37% finance Asia Europe main AREAs main industries 4% financial markets 80% 8% 4% Commercial/ Business Development 68% Retail/ E-commerce 16% Audit/ Financial Advisory Accounting/ Management Control/ Finance Audit Financial institutions/ Banking/ Insurance risk & finance Top recruiters ABN AMRO BANK AGRICULTURAL BANK OF CHINA ASIA ALLIANZ HOLDING AXA DELOITTE DONGFENG PEUGEOT CITROEN AUTO FINANCE EY KPMG KURT SALMON PwC 11
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corporate finance & BANKiNG finance corporate finance & BANKing Sponsored by Société Générale, the Corporate Finance & Banking is designed to prepare students for international careers in corporate finance and financial markets. Students acquire an understanding of corporate finance decisions in an international environment and the means of assessing investments or acquisitions, managing cash and risks, raising capital in financial markets or dealing with financial distress. Students likewise acquire the advanced knowledge necessary to prepare for careers in large corporations and multinationals, in treasury management or other finance areas, or for careers in corporate banking, lending and treasury services or other services for corporations. Furthermore, the programme familiarises students with the institutions, products, approaches and tools involved in financing and capital market transactions. The programme is thus a good option for students seeking careers in investment banking or in advising on acquisition finance, project finance, structured finance or restructuring. Programme graduates are also well prepared for careers in sales and in financial advisory and transaction services. Students seeking to take on research or investment analysis roles in the investment industry (with traditional or alternative asset managers) or with institutional investors themselves are well served by the programme as well. financial markets risk & finance 13
Msc in corporate finance & BANKiNG learning outcomes Master corporate finance decisions in an international environment Conduct financial statement analysis, investment analysis, and debt and equity valuation Perform complex financial modelling and analysis of acquisition finance, structured finance, project finance or other topics in corporate finance. Create value in the execution of corporate finance and capital market transactions Core Modules Management of Financial instruments Overview of the main financial instruments in international markets: key features, mechanics, management of derivatives, market infrastructure, applicable regulatory and tax framework. FundamentALS of Corporate Law Knowledge of the various categories of financial instruments (debt, equity and complex). M&A acquisitions and restructuring. PrinciPLES of BUSiNESS taxation Tax implications and concepts in international taxation, tax treaties, taxation of international groups and international corporate reorganisation and consolidation, tax planning and its risks. Advanced financial & credit analysis Financial statements and modern accounting principles, interpretation of financial statements and window dressing. Credit and risk analysis (liquidity risk analysis and ratios). Advanced strategy Globalisation of strategy: growth, new rules of global competition and disruptive competition. Limitations of traditional approaches to strategic analysis. Advanced corporate finance Application of theoretical concepts to practical problems in corporate finance: choice of capital structure, debt structure, use of derivatives in capital structure and issuance of equity and IPOs. Treasury risk MANAGEMENt Corporate treasury risk management when investing or raising capital abroad; measuring and managing currency and interest rate risks; estimating cost of capital for foreign investments. Real options Overview of decision-making when investing in business; interaction of capital markets and the value of the underlying real assets. Mergers & acquisitions, financial distress & restructuring Overview of corporate restructuring through analysis of mergers and acquisitions; overview of causes of financial distress, key indicators, and crisis management and workout solutions. Banking & BANKruptcy Impact of financial restructuring on creditors. Protection of banks and other creditors as well as financial intermediaries and the Duty of Care. MAJOR in Financial ManagEMENT InternatioNAL Accounting Financial statements under IFRS and US GAAP, revenue recognition, accounting for financial instruments, lease accounting, derivatives, hedges and foreign currency financial statements. Structured Finance Structured finance products used in capital market funding by non-financial corporations: trade finance, export structured finance, asset finance; structures, risk-return features and valuation. Process MANAGEMENt & BencHMArking Introduction to process analysis; formalising and analysing processes, performance analysis and benchmarking. MAJOR in Financial intermediation LBO & Private Equity Private equity financing: leveraged buy-outs, other private equity financing techniques, valuation of private equity interests and strategies for value creation. Project Finance Long-term financing of capital investment projects based on projected cash flow. Topics include principles, structuring of limited-recourse projects and risk-return characteristics. Corporate & investment BANKing: a focus on Equity Capital Market by Société Générale Equity capital markets, legal framework. Covers mid- and large-cap deals; equity-linked instruments SEMINARS Advanced Excel & VBA ProgrAMMing Modelling in MS Excel: accessing mathematical, statistical, lookup and other functions. Building user-defined functions, process automation with VBA for applications to financial modelling. FundamentALS of Corporate Law Overview of the principles of corporate law. Ethics & Corporate Governance Professional principles and values in the finance industry; purpose and relevance of ethical standards for finance professionals. ELECTIVES Financial Entrepreneurship Entrepreneurial Finance Country Risk Analysis Strategic Cost Management Private Banking Real Estate Valuation Commodities Leadership & Relational Growth With an engineering background, I was looking to boost my career in finance by going to a reputable school. After a thorough research of all the possible schools, EDHEC came out on top for being ranked #1 in France in Finance in Le Point Magazine.. Rubén Cadavid Escobar (Colombia) EDHEC 2012 14
For a career in finance, this MSc is a real asset. The courses and modules give you an exceptionally solid foundation. What s more, some of the courses are led by such well-known financial services institutions as PwC, and these courses are fantastic opportunities to gain a broad overview of the industry and essential knowledge. David Chreng (France) EDHEC 2014 SUMMER ANALYST, EqUITY RESEARCH, GoLDMAN SACHS UK 2013 PlacEMENt RepORT 58% found their first job before leaving EDHEC LOCAtioN corporate finance & BANKing FRANCE 56% abroad 44% 12% 5% France 56% 75% Americas 8% Africa Middle East finance Asia Europe main AREAs main industries 30% 23% 15% 39% financial markets Audit/ Financial Advisory Corporate Finance 8% 4% Accounting/ Management Control/ Finance 41% 20% Financial Institutions/ Banking/Insurance Consulting/ Audit Industry Corporate Banking Asset Management risk & finance Top recruiters Barclays CAPITAL BNP PARIBAS BPCE CAPGEMINI CONSULTING CHRISTIAN DIOR Citi COMMERZBANK CrÉDIT AGRICOLE Danone DELOITTE DEUTSCHE BANK EY HP HSBC IBM JP MORGAN KPMG L ORéAL MC KINSEY MOODY S INVESTORS SERVICES PwC RBC CAPITAL MARKETS ROTHSCHILD SOCIÉTÉ GÉNÉRALE 15
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finance finance The Finance prepares students for international careers in finance. Based on the CFA curriculum, it covers both corporate finance and financial markets. The content covering corporate finance familiarises students with key financial management decisions at a business level: how to select investment projects, how to address funding needs, or how to manage cash and risks. More broadly, it provides students with the tools and knowhow to assess investments and companies, and to perform fundamental analyses. The content covering financial market prepares students for decisions in financial markets, including how to price financial instruments, select and manage portfolios of investments. The programme leads to careers in non-financial corporations particularly in treasury management and in other finance functions in commercial banks, in lending, in treasury services, or in investment management services for corporations. It also leads to careers in investment banking, in advisory services, in the investment industry providing sell-side or buy-side research, performing investment analysis (equity, credit, M&A) or fulfilling portfolio management roles. The programme likewise offers students the opportunity to prepare for a professional diploma, the CFA Level I. The CFA Institute is the world s largest association of investment professionals. financial markets risk & finance 17
Msc in FINANCE The Finance covers all relevant corporate and market finance topics. I am sure that I have been in class with some of the top finance academics of the coming years. Their knowledge and experience were inspiring. All classes offered the freedom to be interactive. Nithin Viswanath (India) EDHEC 2012 ASSOCIATE RELATIONSHIP DIRECTOR, ANZ learning outcomes Perform investment analysis and valuation Evaluate portfolio management strategies and technics Master corporate finance decisions and risk management considerations Core Modules Money & capital MArkets Overview of the financial market industry i.e. organisation and players. Corporate FiNANce (PArt I & II) Part I - Financial decision-making: net present value concept, application to the valuation of bonds and stocks; capital asset pricing model (CAPM); capital budgeting decisions. Part II - Advanced corporate finance: strategic financial decisions, debt and equity financing, initial public offerings, corporate governance and corporate restructuring. Quantitative Methods in Finance Introduction to the quantitative methods used in modern finance: time series analysis, regression methods, and applications of these tools by finance professionals. Financial Analysis & Accounting Overview of financial statements and modern accounting principles, interpreting financial statements, and understanding activity, liquidity, debt and valuation ratios including ratio analysis summary and interpretation. Valuation Valuation models and available techniques: discounted cash flow (DCF) analysis; comparable, fundamental and relative value analysis. Financial Analysis & MANAGEMENt of international GroUPS Introduction to the theory and application of consolidated financial statements taking an IFRS approach; key concepts of financial analysis and management of international groups. Fixed income Analysis Overview of fixed-income securities pricing and management: bond prices and yields; term structure of interest rates; hedging interest rate risk through duration, and active and passive bond portfolio strategies. Options, Futures & other Derivatives Basic concepts of trading and pricing derivatives; forward and futures contracts, options and swaps. International Economics Overview of the fundamental mechanisms that drive economic variables and their changes; covers worldwide growth rates, inflation rates, unemployment rates, interest rates, trade flows, trade volumes and exchange rates. Treasury Risk MANAGEMENt Introduction to corporate treasury risk management when investing or raising capital abroad; measuring and managing currency and interest rate; estimating cost of capital for foreign investments. Portfolio MANAGEMENt Introduction to modern portfolio management: technical challenges; enhanced estimates of risk and expected returns; portfolio construction with alternative asset classes and investment styles. SEMINARS Advanced Excel & VBA ProgrAMMing Modelling in MS Excel: accessing mathematical, statistical, lookup and other functions. Building user-defined functions and process automation with VBA for applications to financial modelling. MATLAB Introduction to MATLAB: working environment, basic elements of syntax; importing and analysing data using pre-programmed MATLAB functions; exporting results; financial, statistical and econometric toolboxes. Ethics & Corporate Governance Professional principles and values in the financial industry; purpose and relevance of ethical standards for finance professionals With a degree in industrial engineering, I wanted to specialise in Finance. I chose EDHEC for the school s reputation and for its Finance. The programme covers most aspects of finance from corporate finance to capital markets and financial analysis. Ana Leal (Venezuela) EDHEC 2005 SENIoR FINANCIAL PLANNINg & CoNtRoLLINg ANALYSIS, JVLAt NINtENDo ExCLuSIVE DIStRIButoR FoR LAtIN AMERICA SwItzERLAND 18
2013 PlacEMENt RepORT LOCAtioN FRANCE 48% abroad 52% 25% 25% France 48% 33% Americas (US 67%) 17% Asia main areas Europe main industries Africa Middle East finance 39% 13% 9% 35% Audit/ consulting/ Financial Advisory 11% Asset Management/ Private Banking/ Wealth Management Accounting/ Management Control/ Finance 4% 52% Financial Institutions/ Banking/Insurance Audit/ Consulting financial markets Corporate Banking Market Finance (sales, trading, research, structuring) risk & finance Top recruiters ALUPAR INVESTIMENTO BNP PARIBAS BPI FRANCE COMMERZBANK CRéDIT AGRICOLE CRéDIT FONCIER DE MONACO EY KPMG PwC SOCIéTé GéNéRALE 19
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financial markets The Financial Markets prepares students for careers in financial markets. They learn to price or hedge financial instruments, assess investments or select and manage portfolios. The MSc likewise provides students with advanced knowledge of the main financial instruments and their risks, as well as with modern portfolio construction and management techniques, including liability-driven investment (for students selecting the major in asset management). More generally, the programme provides students with the knowledge of the analytical concepts and financial and empirical modelling tools underpinning research and analysis of portfolios. Finally (for those majoring in trading), the programme familiarises students with securities trading. The Financial Markets prepares students for careers on the buy side (asset managers, insurance companies, pension funds, hedge funds) and on the sell side (investment banks, private banking, brokerage firms or financial advisors). The programme is thus a good option for those seeking careers in the investment industry (research, risk management, portfolio management), in advisory (research), in sales, in structuring and in trading. The programme likewise offers students the opportunity to prepare for a professional certification, GARP s Financial Risk Manager (FRM) certification Part I. financial markets risk & finance 21
Msc in FINANCIAL MARKETS learning outcomes Master analytical and quantitative tools, valuation and risk management for fixed income and derivative instruments Assess portfolio strategy, management techniques and performance across a wide range of asset classes Analyse market risk and credit drivers, and perform securities trading Perform skillful, financial risk management through use of key principles and tools Core MODULES Management of Financial instruments Overview of financial instruments: key features, mechanics; management of derivatives; market infrastructure; and applicable regulatory and tax framework. Financial theory The building blocks of modern finance theory: rational decision-making under uncertainty, portfolio theory, capital asset pricing model (CAPM), arbitrage pricing theory (APT) and empirical evidence. Empirical Methods in Finance Econometrics tools and methods in empirical finance; applications in investment banking and asset management. Advanced Fixed income Securities Pricing and management; interest rates and risk management in bond markets; bond portfolio strategies, modelling for pricing and risk management of credit-linked products, modelling approaches to quantifying credit risk. Advanced Derivatives Pricing and hedging, including models to value and hedge derivatives on equity, bonds; modelling for pricing and hedging structured products across equity, fixed income, currency and credit markets. Enterprise risk MANAGEMENt Typology of risk exposures and best practices in risk management. Banking regulation and risk management: market, credit, operational and model risks, liquidity risk, stress testing and scenario analysis. Implementation of an ERM approach, governance considerations. Treasury Risk MANAGEMENt Corporate treasury risk management: managing funding transactions and economic exposure, measuring and managing currency and interest rate risks; estimating cost of capital for foreign investment. MAJOR IN ASSET MANAGEMENT Asset MANAGEMENt Modern portfolio management; optimal asset allocation; portfolio construction; technical challenges; estimates of risk and expected returns; inclusion of alternative asset classes and investment styles; statistical benchmarks. Investment solutions From investment products to investment solutions: benchmarks improvements, liability-driven strategies, risk-controlled and life-cycle investments. Tactical ASSEt ALLocation Methodological foundations and tactical asset allocation strategies. Alternative investments Characteristics of alternative investments from an asset allocation perspective (focus on hedge funds and commodity trading advisors); long/short equity strategies and other strategies; trades, main risks and quantitative tools for alternative investment analysis. MAJOR IN TRADING FundamentALS of TradiNG Market microstructure; workings of securities trading; impact of market structures on trading strategies; management of trading costs. MarKEt risk MEASUrEMENt Introduction to market risk: volatility, risk factors and shortfalls. Managing and measuring risks of financial portfolios. Trading in Practice Real trading situations in commodities, derivatives or other financial securities; sessions are conducted by professional traders in our trading room. SEMINARS Regulation SEMinar Regulatory framework applicable to most financial transactions, and forthcoming changes including EMIR which includes OTC derivatives, Basel III affecting banks, MIFID which relates to investment services and Solvency related to insurance companies. Advanced Excel & VBA ProgrAMMing Modelling in MS Excel: accessing mathematical, statistical, lookup and other functions. Building user-defined functions, process automation with VBA for applications to financial modelling. MATLAB Working environment; basic elements of syntax; importing and analysing data using pre-programmed MATLAB functions; exporting results; financial, statistics and econometrics toolboxes. Ethics & Corporate Governance Professional principles and values in the financial industry; purpose and relevance of ethical standards for finance professionals. ELECTIVES Country Risk Analysis Investing in Smart Betas by EDHEC-Risk Institute Commodities Continuous-Time Finance Private Banking Custody services Behavioural Finance C++ for Finance 22
The MSc was particularly appealing to me because of its hands-on approach and the access it provided to the EDHEC-Risk Institute faculty. Furthermore, the major in trading offered the possibility of interacting with experienced traders in class. Johnny Vidal (Bolivia) EDHEC 2012 SENIor portfolio MANAGER, CENTRAL BANK of Bolivia Bolivia I was looking for a course in quantitative finance and asset management and the programme offered by EDHEC was perfectly aligned to what I wanted to do, making EDHEC my first-choice destination. Bhasul Vazhoor (India) EDHEC 2008 ASSISTANT vice-president, CoMMERzBANK GERMANY 2013 PlacEMENt RepORT 42% found their first job before leaving EDHEC LOCAtioN FRANCE 15% abroad 85% France 15% 80% 18% 2% Australia Asia Europe main AREAs main industries financial markets 34% Market Finance (sales, trading, research, structuring) 13% Risk/Product Control 9% Audit/Financial Advisory 9% Asset Management 87% Financial Institutions/ Banking/Insurance 9% Consulting/ Audit risk & finance Top recruiters ACCENTURE AMUNDI ASSET MANAGEMENT BANK OF NEW YORK MELLON BARCLAYS BANK BLACKROCK BNP PARIBAS CITIGROUP DELOITTE EY GOLDMAN SACHS ICAP JP MORGAN KURT SALMON ODDO & CIE RBS MARKETS & INTERNATIONAL BANKING SOCIÉTÉ GÉNÉRALE THOMSON REUTERS UBS 23
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risk & finance Sponsored by SwissLife AM, the Risk & Finance is an advanced programme designed to prepare students for international careers in finance. It is a part-time programme offered in London and Singapore over a period of 13 months. The programme prepares students for decisions in financial markets pricing and hedging financial instruments, assessing and selecting investments and familiarises them with the fundamentals of risk management. It also prepares them for such key corporate finance decisions as determining funding needs and managing cash and risks in an international environment. Programme graduates are thus well prepared for careers in financial markets, particularly in sales, product development, risk management and in investments (research and risk analysis). They are also well prepared for careers in banking (in treasury or investment management services, for instance) and in the treasury or finance departments of non-financial corporations. The programme likewise offers students the opportunity to prepare for a professional certification, GARP s Financial Risk Manager (FRM) certification Part I. risk & finance 25
Msc in RISK & FINANCE learning outcomes Master analytical and quantitative techniques for valuation and risk management of financial instruments including derivative instruments Assess corporate finance issues and conduct financial statement analysis, investment analysis and company valuation Perform skillful financial risk management through use of key principles and tools Core Modules Foundations of ASSEt pricing & risk MANAGEMENt (parts I & ii) Economic and mathematical foundations of asset pricing, portfolio selection, and risk management including models to value and hedge derivatives on equity, bonds, interest rates, spot exchange rates, forwards and swaps. Excel, VBA & MATLAB Modelling in MS Excel: accessing mathematical, statistical, lookup and other functions. Building user-defined functions, process automation with VBA and introduction to MATLAB. Empirical Finance Econometrics tools and methods for empirical finance, professional applications. Advanced Financial Analysis Interpreting financial statements, understanding activity, liquidity, debt and valuation ratios, including ratio analysis summary and interpretation. Equity and debt valuation. Advanced Corporate Finance Aspects of corporate finance; strategic financial decisions, debt and equity financing, corporate restructuring, including M&A, bankruptcy and restructuring. Portfolio Construction & MANAGEMENt Portfolio optimisation; core-satellite investing; strategic and tactical asset allocation. Enterprise risk MANAGEMENt Typology of risk exposures and best practices in risk management. Banking regulation and risk management: market, credit, operational and model risks, liquidity risk, stress testing and scenario analysis. Implementation of an ERM approach, governance considerations. Advanced Portfolio construction & ASSEt ALLocation Portfolio optimisation; core-satellite investing; strategic and tactical asset allocation. Treasury risk MANAGEMENt Structured finance products used for capital market funding; managing funding transactions and economic exposure; measuring and managing currency and interest rate risks. Financial regulation & Ethics Purpose of and approach to regulation; professional principles and values, interaction; overview of European regulation of the investment fund industry. Performance MEASUrEMENt, Analysis & reporting Single-index performance measures (Sharpe and Treynor ratios, Jensen s alpha and Information ratio): scope, use, pitfalls and alternative methods for performance measurement, including extensions of classic performance measures. Alternative InvestMENts (London) Characteristics of alternative investments: long/short equity strategies and other strategies, examples of trades, main risks of quantitative tools for alternative investment analysis. Asset Finance (SiNGAPore) Overview of real estate finance, project finance and introduction to private equity financing. Investing in Smart Betas by EDHEC-Risk institute Smart beta benchmarks; systematic and specific risks involved with smart betas; use of smart betas as building blocks for efficient investment. Risk MEASUrEMENt: risk models in finance Introduction to the concept of risk, Value at Risk, back-testing models and stress testing. The programme allows working professionals to go through intensive training with minimal disruption to work. That and the quality of the faculty were key considerations in choosing the MSc. The delivery of the curriculum focuses both on concepts and on their applicability to the modern financial environment. And learning about their applicability is essential when you want to put these ideas into practice at work. Tingwei Lin (Singapore) EDHEC 2013 RISK ANALYST, BARCLAYS SINGAPore 26
I chose the MSc for its highly analytical content and relevance to my current position in risk, as well as for the extra experience it gave me before graduation, which is a great advantage in the competitive financial job market. The programme enabled me to gain extra experience abroad and obtain leverage from a master s degree recognised in the financial industry. Marie Assaker (Lebanon) EDHEC 2013 RISK ANALYST, EDF TRADING UK 2013 PlacEMENt RepORT 58% found their first job before leaving EDHEC LOCAtioN FRANCE 32% abroad 68% 5% France 32% 53% 37% 5% Africa/ Middle East Americas Europe Asia main AREAs main industries 18% 18% 7% 21% Risk/ Product Control Corporate Banking/ Private banking/ Wealth management 71% Consulting Market Finance (sales, trading, research, structuring) 14% Asset Management Financial Institutions/ Banking/Insurance risk & finance Top recruiters Barclays BNP PARIBAS CITIBANK CRÉDIT SUISSE SINGAPORE EDF TRADING GDF SUEZ TRADING LVMH NEWEDGE NISSAN NOMURA PwC SOCIÉTÉ GÉNÉRALE SWISSLIFE AM 27
A world-class faculty A World-Class Faculty The EDHEC faculty is an exceptional body of international experts who boast both academic and business achievements. Faculty members, who have earned doctorates from the world s leading universities and are considered experts in their fields, are devoted to expanding the frontiers of knowledge, as their outstanding track record of publication in leading academic and practitioner journals shows. They likewise author or contribute to innumerable professional books. Visiting professors, adjunct faculty and professionals round out the faculty ranks. Among them are: René Garcia Professor of Finance Dean of Graduate Studies PhD in Economics Princeton University Noël Amenc Professor of Finance Director of EDHEC-Risk Institute PhD in Management Science University of Nice Giuseppe Bertola Professor of Economics PhD in Economics Massachusetts Institute of Technology (MIT) Geert Demuijnck Professor of Ethics PhD in Philosophy Catholic University of Louvain Laurent Deville Affiliate Professor PhD in Management Sciences University Louis Pasteur Strasbourg I Frank Fabozzi Professor of Finance Member of EDHEC-Risk Institute PhD in Economics City University of New York Björn Fasterling Professor of Law Member of the LegalEdhec Research Centre PhD in Law University of Osnabrück Philippe Foulquier Professor of Finance Director of EDHEC Financial Analysis & Accounting Research Centre PhD in Economics University of Paris X Daniel Haguet Professor of Finance Master in Finance University of Grenoble Abraham Lioui Professor of Finance Member of EDHEC-Risk Institute PhD in Management Science University of Paris II Florencio López de Silanes Professor of Finance Member EDHEC-Risk Institute PhD in Economics Harvard University Charles Lumbers Professor of Strategy ABD in Public Administration Public Affairs Virginia Polytechnic Institute and State University 28
Lionel Martellini Professor of Finance Scientific Director of EDHEC-Risk Institute PhD in Finance University of California Berkeley Marie-Catherine Mars Associate Professor in Marketing PhD in Management Science University of Nice Sophia-Antipolis Pierre Mella-Barral Professor of Finance Member of EDHEC-Risk Institute PhD in Economics Cambridge University Joëlle Miffre Professor of Finance Member of EDHEC-Risk Institute PhD in Finance Brunel University Dominic O Kane Affiliated Professor of Finance Member of EDHEC-Risk Institute PhD in Theoretical Physics Oxford University Nikolaos Tessaromatis Professor of Finance Member of EDHEC-Risk Institute PhD in Finance Manchester Business School Raman Uppal Professor of Finance Member of EDHEC-Risk Institute PhD in Finance University of Pennsylvania, Wharton School of Business Arnt Verriest Professor of Accounting PhD in Business Economics Catholic University of Louvain Monique Valcour Professor of Management PhD in Organisational Behaviour Cornell University AdjUNct faculty Michel Crouhy PhD in Finance Wharton School of the University of Pennsylvania Head of Research & Development Natixis Alfred Davis PhD in Business Administration Pennsylvania State University Associate Professor of Finance Queen s School of Business, Kingston, Ontario Mélanie Delvaux Assistant Manager, Cross-border Tax/M&A Deloitte SA Luxembourg Dan Galai PhD in Business Administration University of Chicago ABE Gray Professor of Business Administration The Hebrew University, Jerusalem Maggie Gorse Managing Director Gorse Analysts Georges Hübner PhD in Management INSEAD Co-founder & Chief Scientific Officer Gambit Financial Solutions Georges Latridis PhD in Accounting & Finance Manchester School of Accounting & Finance Associate Professor of Accounting & Finance University of Thessaly François-Serge Lhabitant PhD in Finance HEC University of Lausanne CEO & CIO Kedge Capital Fund Management Ltd Michael Payte MBA Former Senior Managing Director Bear Stearns International Ltd, London Sanjay Sharma PhD in Finance New York University Chief Risk Officer, Global Arbitrage & Trading RBC Capital Markets Pascale Viala PhD in Finance Groupe HEC Director, Financial Economics Studies EDHEC Business School 29
edhec career centre EDHEC Career Centre A comprehensive CAREER DEveloPMENT PRoGRAMME The EDHEC Career Centre is the one-stop shop for career development. The EDHEC Career Centre is the one-stop shop for career development and offers a programme specifically designed to help you define and achieve your career goals: the TI&CD Talent Identification & Career Development. The TI&CD is organised around three main activities: career counselling, career training sessions and workshops, and career resources and opportunities. It takes into account your specific needs and professional objectives. The Career Centre organises numerous training and recruitment events on and off campus to prepare you for the challenging international recruitment processes and help you network with potential employers. M2/MSc M2/MSc FINE-TUNE your CAREER PLAN The Career Centre assists you in designing your job search strategy. Unique in Europe, the TI&CD programme evaluates and assesses your strengths and areas of improvement on 10 managerial competencies defined by international recruiters. Throughout your studies at EDHEC, the Career Centre will support you in mastering your career plan with: Individual coaching Career Days: session and workshops on recruitment processes and the market Recruitment events: Career Fair in Paris, Finance Career Days, Audit Days Networking with professionals Alumni spotlights & mock interviews Business games Career chats Job and internship offers 30
Via the TICD, students receive excellent preparation for job applications, making sure at an early stage we already have an advantage over other candidates.the finance career fair helped students make direct contacts at a lot of top-tier banks. Ruben Daemen (The Netherlands) EDHEC 2009 ASSOCIATE, CENTRE FOR STRATEGIC PROJECTS, DEUTSCHE TELEKOM GERMANY The Career Centre helped in finding my compulsory internship. Talking with the people at the centre was also an ideal way to learn how to benefit from our powerful alumni network. I was in regular contact with alumni, which enabled me to secure an internship in trading at Crédit Agricole CIB in London. Stéphane Ndzie Ngono (France) EDHEC 2013 BROKER, ICAP UK Top recruiters ABN AMRO BANK ACCENTURE ALLIANZ AMUNDI AM AUCHAN AXA BANK OF NEW YORK MELLON BARCLAYS BLACKROCK BNP PARIBAS BPCE CAPCO CAPGEMINI CONSULTING CHRISTIAN DIOR CITIGROUP COMMERZBANK CRéDIT AGRICOLE CRéDIT SUISSE DANONE DELOITTE DEUTSCHE BANK EDF TRADING LTD EY GDF SUEZ TRADING GE MEDICAL SYSTEMS GENERALI GOLDMAN SACHS HSBC IBM ICAP JP MORGAN KPMG KURT SALMON L ORéAL LACTALIS LVMH MAZARS MC KINSEY & COMPANY MOODY S MORGAN STANLEY NATIXIS NISSAN NOMURA ODDO & CIE PwC RBC RBS ROLAND BERGER ROTHSCHILD SAXO BANK SOCIéTé GéNéRALE SUMITOMO MITSUI BANK SWISSLIFE AM SYNGENTA THOMSON REUTERS UBS VéOLIA 31
PRACTICAL INforMAtioN Practical Information international relations office The EDHEC International Relations Office provides foreign students with a number of services to help facilitate their move to France. The office assists students with all administrative procedures before their arrival, including visas, and also helps new students adapt. The office staff is ready to help students with questions pertaining to the French medical system, medical insurance and housing options. visa AND residence PErmit Nationals of EU member states EU students may live and study in France with a national ID card. No passport or visa required. Non-nationals of EU member states Students coming from outside the European Union must have a valid passport and must obtain a student visa from the French embassy or consulate in their country of origin or permanent residence before arriving in France. ACCOMMODAtioN The International Relations Office has an extensive list of off-campus student apartments and private apartments for rent. settling in Every year the International Relations Office organises an orientation event and multicultural seminar to welcome foreign students to the EDHEC campus. french classes To facilitate acculturation of international students. French courses are offered free of charge. 32
ADMISSION REQUIREMENTS & fees fees Tuition FEES MSc IN INTERNATIONAL ACcOUNTING & FINANCE Corporate FINANCE & BANKING MSc IN FINANCE MSc IN FINANCIAL MARKETS MSc IN RISK & FINANCE APPLICATION FEES 21 500 21 500 21 500 21 500 21 500 100 EDHEC Alumni lifelong membership included in tuition fees. requirements 4-YEAR bachelor s DEGREE OR equivalent 3-year BACHELor DEGREE for THE FINANCE Academic excellence GMAT or GRE SCORE or CAT for Indian students only English PRoFICIENCY TEST (TOEFL, TOEIC or IELTS) Waivers for native English speakers. how to apply Online at www.edhec.edu international.admissions@edhec.edu application checklist Completed application form Cover letter/essay CV A recent photograph Copy of passport GMAT or GRE report English Proficiency Test report Certified copies of official transcripts and diplomas 2 signed and stamped recommendation letters scholarships & financial aid EDHEC offers various scholarships based on merit and financial need. The Excellence Scholarship, which covers 40% of tuition fees, is available to students with outstanding academic records applying before 31 March 2015. The Distinction and Foundation Scholarships, which cover 30% and 20% of tuition costs, respectively, are available to promising students applying before 30 June 2015. The EDHEC Alumni Merit Scholarship is also available to students with outstanding academic records from from India, UK or the US. eiffel scholarship Outstanding students admitted to EDHEC before 1 December 2014 may be nominated for the EIFFEL Scholarship. The scholarship provides a stipend of approximately 1 200 a month for the duration of the programme. Application DEADLine: 30 JUNE for THE 2015 SEPTEMBER INTAKE. 33
programme portfolio programme portfolio lille nice paris singapore london Bachelor in business administration MASTER in ManagEMENT BusinESS ManagEMENT Marketing ManagEMEnt strategy & Organisation consultancy LLM in Law & Tax ManagEMEnt ENTREPRENEURSHIP & innovation ManagEMENT Global Business creative Business ManagEMEnt studies MASTER in ManagEMENT Financial ECONOMics International Accounting & Finance CORPORATE FinancE & Banking Finance Financial Markets Risk & FinancE PhD in Finance Global MBA - Full-TIME Executive MBA - part-time FAMily BusinESS global EXECUTIVE MBA - part-time Advanced ManagEMEnt programme (AMP) EXECUTIVE EducaTION ManagEMENT DEVELOPMENT PROGRAMME (csm) Executive MBA EDHEC Risk Institute Asia registered with Singapore Council for Private Education. Registration No.201025256Z from 22-06-2011 to 21-06-2017 34
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LILLE 24 avenue Gustave Delory - CS 50411 59057 Roubaix Cedex 1 - France Tel: + 33 (0)3 20 15 45 00 Fax: + 33 (0)3 20 15 45 01 NICE 393 promenade des Anglais - BP 3116 06202 Nice Cedex 3 - France Tel: + 33 (0)4 93 18 99 66 Fax: + 33 (0)4 93 83 08 10 PARIS 16-18 rue du 4 septembre 75002 Paris - France Tel: + 33 (0)1 53 32 76 30 Fax: + 33 (0)1 53 32 76 31 LONDON 10 Fleet Place, Ludgate London EC4M 7RB - United Kingdom Tel: + 44 (0)207 871 67 40 Fax: + 44 (0)207 248 22 09 Photos : Julien Girardo, Olivier Remualdo, Hervé Thoroude, Grantly Lynch, Yotof, Fotolia/Micheal Jung, Henrik Sorensen, DR EDHEC July 2014 Non-binding document. SINGAPORE 1 George Street #07-02 Singapore 049145 Tel: + 65 (0)6438 0030 Fax: + 65 (0)6438 9891 www.edhec.edu EDHEC is one of the 50 business schools worldwide to hold the Triple Crown of international accreditations EQUIS, AACSB and AMBA from the three international bodies that certify the excellence of study programmes, faculty quality, relations with the business community and commitment to the local and economic environment.