MBA & MSc internAtionAl FinAnCe

2015

MBA&Mif

foreword

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HeC Paris Campus

Bernard Garrette, Strategy and Business Policy Professor, Atos-Origin Professor, Associate Dean of HEC MBA

Jacques Olivier, PhD,Professor of Finance and Program Director, HEC MIF

HeC Paris has always been at the forefront of innovation in business education. The financial crisis challenged us to find new ways to equip our graduates with the right set of knowledge, skills and values. with this goal in mind, we have designed the MBA-MIf dual degree for young professionals who wish to acquire not only the general management education and leadership skills from a leading MBA program but also advanced technical knowledge in finance to differentiate themselves from their peers. This unique combination will allow dual degree students to fast-track on to senior management positions within finance and Consulting.

There are many ways in which education at HeC Paris is different. our approach is deeply rooted in the french tradition of strong analytics. we are looking for candidates who are strong quantitatively and we seek to challenge them during the program. Another difference is our ability to 'tailor' our programs to fit our students. The two different tracks of the MIf - business and accelerated - allow us to leverage pre-existing skills and knowledge. The choice of a MBA specialization, of a HeC certificate and of MIf electives further tailors the curriculum of each student to his or her specific career objectives. finally, not only do we believe in giving our students strong theoretical grounding with courses taught by leading researchers, but also practical knowledge with courses taught by top practitioners from the finance and Consulting sectors. This unique combination is a key reason why HeC Paris graduates are so sought after by international recruiters.

Successful applicants will need to meet the high admissions standards of both the HeC Paris MSc in International finance and the HeC Paris MBA. They should not only be ready and able to absorb academically challenging material designed for young graduates of top universities but also be prepared to share their professional experiences with senior MBA participants.

we look forward to meeting you soon!

#1Pre-exPerienCe GloBAl MASterS in FinAnCe

(2014 financial Times”Pre-experience Global Masters in finance” ranking - http://rankings.ft.com)

#1BuSineSS SChool in euroPe

(All programs - 2013 financial Times general ranking of european business schools - http://rankings.ft.com)

GenerAl overvIewdual degree students receive both a MBA and an MSc in International finance when completing the program. The dual degree program has been designed to maximize synergies between MBA and MIf so as to allow students to get the best of both programs in a total of 20 months. It has also been designed to retain the flexibility to “tailor design” the curriculum based on the specific knowledge and experience students have acquired before joining HeC Paris.› Business track dual degree students: already have taken classes in financial

accounting, corporate finance, investments and statistics in a Tier-1 international business school or university. They have at least two years professional experience in banking, consulting or the finance department of a multinational corporation.

› Accelerated track dual degree students: already have received first class education in a quantitative field (maths, physics, engineering, economics...) and wish to switch their field to finance. They have at least two years professional experience in a challenging international environment.

Business and accelerated tracks mainly differ in courses taught during the fall term of the first year of the program. Business track students start all courses at an advanced level. Accelerated track students start all finance courses at an introductory level. However, they go through an intensive fall term of the first year of the program. Business track and accelerated track dual degree students take the same MBA core courses in January-April of year 1. They have access to the same specializations with the HeC Paris MBA or one of our international partners: Strategy, entrepreneurship and leadership.They also have access to the same range of MIf electives.

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THe frenCH lAnGuAGedual degree students do not need to speak french to enroll in the program as all courses are offered in english. However, some knowledge of french can be useful to enjoy the full HeC experience: becoming professionally bicultural and optimizing networking with french students and alumni. This is why HeC Paris offers optional french language classes free of charge to its international students.

Students may also register for a french language course (Tef certificate – all levels) in August.This is an exceptional opportunity to learn french and to live in the very heart of Paris before joining the Campus.

dual degree 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.

ProGrAM STruCTureThe structure of the program has been designed so as:› To leverage on past experience: students with experience in finance do not need to

take introductory classes in accounting and finance.› To provide an early intensive training in finance and thereby optimize the preparation

for banking and consulting interviews.› To allow for a double specialization: in finance with the MIf and in strategy,

entrepreneurship or leadership with the MBA. › To optimize opportunities for networking both with younger MIf students and with

more senior MBA students.An important component of the dual degree learning experience is the writing of a professional thesis. 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. It may be started as early as April of the first year of the program and needs to be defended before April of the second year.

January 2016

April July

MBA Core CourSeS: › Business economics› ethics› Marketing› operations Management› organizational Behavior› Strategy

MiF Core CourSeS30 hours

MiF eleCtiveS130 - 160 hours

MiF BuSineSS trACk: › Core Courses› Block electives 210 hours

MiF ACCelerAted trACk:› Core Courses › Block electives

250 hours

MBA SPeCiAlizAtionS: › Strategy› entrepreneurship› leadership

or

MBA exchange Program

Summer Internship(or Summer break)

› Certificates

or

› Advanced Management electives

or

› fieldwork

September2015

December April June August September December January 2017

April5

Professional thesis

MIf Core CourSeS And BloCk eleCTIveS*in business track:› Asset Management› Asset Pricing Theory› Corporate finance Theory› derivatives› empirical Methods for finance› ethics Seminar› financial dimensions of Strategic decisions› financial Modeling› financial regulation› financial Statement Analysis refresher› fixed Income › fX derivatives Trading› International finance› Mergers and Acquisitions› Security Markets: Mechanisms, liquidity and Investment decisions› Soft Skills Seminar› valuation refresher.

in accelerated track:› Accounts and financial Statement Analysis› Asset Pricing Theory › empirical Methods for finance› ethics Seminar› financial regulation› fixed income and derivatives› fX derivatives trading › International Macroeconomics› Introduction to finance› Mergers and Acquisitions› Security Markets: Mechanisms, liquidity and Investment decisions› Soft Skills Seminar› Structured finance› Taxation.

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MeeT MIf ProfeSSorSdavid thesmar, Professor of finance, teaches corporate finance in the MIf. david is a member of the french Council of economic Advisors. He was awarded in 2007 the prize for best french economist below 40. He is also an Associate editor for the Journal of Finance:

Can you tell us a little about your background?‹‹ After doing my Ph.D., I joined the French National Statistics Institute as a researcher and teacher, and worked on macroeconomic forecasts as well. I joined HEC Paris in September 2005, working for the Economics and Finance Department where I teach mainly corporate finance.

All MiF students go through two core courses in corporate finance. Why do you feel it is important for a future trader or asset manager to learn about corporate finance?Securities traded on markets are issued by firms. Without a clear view of the tradeoff faced by firms in their financing decision, it is hard to have a sense of their actual value. For instance, when a firm borrows from a bank, its stock price may increase, because of tax savings, or decrease, because of risk. When a firm spins off a major asset, it may be good or bad news for stockholders. When a firm announces an equity issue or a hostile takeover, you need to know if you should buy or sell its stock. Whether you invest for the short run or for the long term, you need to be comfortable with this type of reasoning. This is exactly what a first course in Corporate Finance focuses on: the impact of a firm’s financing choices on market value. ››

ioanid rosu, Associate Professor at HeC Paris since 2010. He teaches core finance courses in both HeC MBA and HeC MIf. A graduate of university of Bucharest, he earned two Phds from MIT, one in mathematics and one in financial economics. Prior to HeC Paris, he taught at Chicago Booth.

Can you tell us a bit about your work? ‹‹ My research focuses on the liquidity of financial markets and its effect on asset prices and investor decisions. I am also interested in mergers and acquisitions, option pricing, and high frequency trading.

You have taught in both the heC MBA and the heC MiF programs. in your view, who are the individuals who can best fit in and benefit most from the MBA-MiF dual degree?Dual degree students need to be strong quantitatively to benefit from the rigorous MIF training. At the same time, the broader business perspective that the MBA program offers will help them move toward senior leadership positions.

You are teaching in the MiF a course about market liquidity. Why should a student who wants to work in corporate finance or consulting care about market liquidity?Liquidity, alongside return and risk, is a central concept in finance, yet is not as clearly understood. Liquidity impacts firms' cost of capital and therefore their financing decisions. As recent financial crises made it painfully obvious, liquidity simply cannot be ignored when making sound investment decisions. ››

david thesmar, Professor (finance), HeC Paris

ioanid rosu, Associate Professor (finance), HeC Paris

*subject to change

MBA PorTfolIo for duAl deGree STudenTS*MBA Core courses› Business economics› ethics› Marketing

› operations Management› organizational Behavior› Strategy.

MBA SpecializationsStrategy: › Strategy Backbone › Big data and Business

Analytics › Competing for Advantage

› Growing outside the core › Management Consulting › Strategy Beyond Markets› Technical Product development.

entrepreneurship: › entrepreneurship Backbone› development Strategy for early Stage

Companies› entrepreneurial finance

› Intellectual Property law› Investing in Science & Technology› Technical Product development› Technology evolution.

leadership› leadership in Global organizations

backbone› Advanced financial Analysis › Competing to Advantage

› futures Analyses › Managing Global Supply Chain› People and Business Performance› The Business of web 2.0.

exchange programsAsia / oceania: › The Chinese university of Hong kong › The Hong kong university of Science

and Technology › Indian School of Business › keio Business School › national university of Singapore

› Tsinghua university Beijing› university of Melbourne, Melbourne

Business School› university of new South wales, AGSM › ...

europe / Middle east: › Ie Business School › università luigi Bocconi › erasmus university,

rotterdam School of Management › london Business School› ...

north America: › Berkeley › Cornell university › Tuck › university of Southern California › Chicago Booth › Babson College › McGill university

› wharton › duke university › fletcher School, Tufts university › Yale › Georgetown university › uClA› ...

latin America: › Instituto Tecnológico Autónomo de

México (ITAM) › fundaçao Getulio vargas (fGv).

› ...

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Cédric lesage, Associate Professor (Accounting and Management Control), HeC Paris

Gonçalo Pacheco de Almeida, Associate Professor (Strategy and Business Policy), Academic director of the MBA Strategy Specialization, HeC Paris

MeeT MBA ProfeSSorSGonçalo Pacheco de Almeida, Associate Professor of Strategy and Business Policy and the Academic director of the MBA Strategy Specialization at HeC Paris. Prior to HeC, Gonçalo was an Assistant Professor of Management at new York university (2002-2011) and a strategy consultant:

tell us a bit about your work ‹‹ I am essentially interested in problems of business strategy and competitive strategy, business analytics, the economics of strategy, and negotiation with a focus on strategy dynamics.

What are the key take-aways of the heC MBA Strategy specialization for someone who wants to pursue a career in finance?The MBA Strategy specialization introduces students to advanced strategy frameworks and quantitative techniques that support a rigorous analysis of profitable business growth in dynamic market and non-market environments. Recent surveys show that finding future sources of business growth is the single most important strategic problem that top executives have on their agendas. By taking the MBA Strategy specialization, Finance students will develop a solid understanding of the strategy fundamentals behind key finance topics such as corporate valuation, investment analysis, and mergers and acquisitions.

Could you give an example of a course taught in the Strategy specialization which is unique to heC?The new MBA Strategy specialization has a strong emphasis on Business Analytics and Big Data. This BA/BD curriculum is jointly developed by HEC Paris and IBM Business Analytics (US and EMEA Offices). HEC Paris aims at becoming a premier training center on Business Analytics worldwide. ››

Cédric lesage, Associate Professor at HeC Paris. Prior to joining HeC, Cédric was auditor at ernst & Young then Professor at Sorbonne university, Paris. He teaches ethics in the MBA program:

Can you tell us about your work?‹‹ My past practitioner experience has made me sensitive to fraudulent behavior in firms. Part of my research work deals with studying, and questioning, the auditor's claim as a watchdog (i.e. as a trust provider in the financial markets). I also study managers' behavior, with a specific focus on the top management personality features which constitute a risk factor of fraudulent behavior.

What is the content of the MBA ethics course?This course looks at the ethical responsibilities of managers and corporations. We look at individual and organizational business decisions in the light of moral principles and values. We propose difficult ethical challenges and provide students with a framework to identify common patterns of success or failure in managing corporate responsibilities.

how can a school like heC have an impact on the values and ethics of its graduates?We view ethics as a crucial component of individual and group behavior inside organizations. Leveraging on the diversity of our student body, we provide the necessary multicultural context to allow participants to critically re-examine the assumptions and values they bring to the table when solving complex business problems with ethical issues.››*subject to change

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CerTIfICATeSSponsored by a company, The 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 joins one certificate and will be awarded an additional HeC certificate if he/she validates all the require-ments of the course.

dual degree students are guaranteed admission in the energy & Finance, Merger & Acquisition and Social Business Certificates. They are eligible for all other certificates:

› energy & Finance (chaired by deloitte and Société Générale): Investment decisions have become more and more complex with the discovery that most current forms of energy have a negative climatic impact. This reality requires corporations to deeply rethink their business models, individuals to change their behavior, and governments to adopt visionary policies. The energy & finance Certificate is an exceptional opportunity for participants to confront the issues in the sector and acquire the knowledge and analytical skills that will help them make informed decisions as important contributors to the current industrial revolution.

› Merger & Acquisition: Position in Merger and Acquisitions are among the leading job opportunities for HeC graduates. The M&A certificate will bring students a multidisciplinary understanding of the sector (finance, strategy, legal, tax, Hr…). The aim is to prepare to face such situation in their career and give them the skills to deal with such situations. This certificate is open to all but it has some clear adequacy with Strategic management, International finance and law.

› Social Business (chaired by danone, Schneider electric and renault): The aim of the Social Business Certificate is to train students in the innovative business approaches that reduce poverty by offering new economic models for both developed and developing countries, and investigating new methods of co-creation and distribution of wealth to reduce poverty.

› digital innovation for Business (chaired by free, PriceMinister and vente-privee.com)

› innovation Management in Aviation & Aerospace (chaired by Safran)

› luxury Strategies (chaired by kering)

› leadership (chaired by Pernod ricard)

› digital transformation (chaired by Axa)

› Advanced Management. dual degree students may take advanced management electives instead of a certificate. They have the privilege to be able to choose their electives both from the MBA and the MiM list of courses (provided no timetable conflict).

new certificates are expected in 2015/16: check out HeC website regulary for more information!

MIf eleCTIveS› Advanced Asset Pricing› Advanced financial Statement Analysis › Alternative Investments› Bond Portfolio Management› Credit Crisis: Historical and Technical Analysis› debt restructuring› distressed firms and Credit risk› due diligence› energy and finance› energy Trading› equity Capital Markets› ethics: financial Analysts and Portfolio Managers› financial dimensions of Strategic decisions (accelerated track)› financial engineering and derivatives› financial Institutions and Corporate Strategy › financial Modeling (accelerated track)› financing decisions of firms› fixed Income - emerging Markets› lBo Structuring and Modeling› legal and Contractual Issues in Corporate finance› Macroeconomics of Crisis economics› Modeling Techniques for financial engineering› Models of volatility› numerical Analysis› origination of Structured Products› Probability and Stochastic Processes› Quantitative Asset Management› Quantitative Strategic Management› Strategies for International expansion› Structured finance (business track)› Sustainable and responsible Investing› Topics in valuation.

All electives listed above are taught in english. A few additional electives taught in french are also available. 10-15% of electives are renewed every year.

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GenerAl ProfIle of THe HeC MBA ClASS of 2014 › Median age: 30› women: 35%› nationalities: 42› International students: 86%› Median GMAT: 690

Some experience before heC › Areva › Barclays › Bank of America Merrill lynch › Capgemini › Citadel › Crédit Suisse › ernst and Young › fidelity Investments › Ge › Goldman Sachs › HSBC › kPMG

› lazard › lloyds › Millenium Capital › Morgan Stanley › PwC › rocket Internet › Schlumberger › Tata Consultancy Services › uBS › uS department of energy › world Bank ›...

Some universitieseurope/Middle east:› American university of Beirut,

lebanon› Bogazici university, turkey› Cambridge university, uk› ecole Polytechnique, france

› Moscow State university, russia› Supélec, france› universidad Politecnico de Madrid,

Spain› ...

America:› Georgia Tech, uSA› Marine Corps university Quantico, uSA› northwestern, uSA› Technologico de Monterrey, Mexico› university of California,

los Angeles, uSA› university of Pennsylvania, uSA› universidad Sao Paulo, Brazil› university of Toronto, Canada› ...

Asia:› fudan university, China› India Institute of Technology, delhi,

India

› keio university, Japan› Tsinghua university, China› ...

GenerAl ProfIle of THe HeC MIf ClASS of 2014› Median age: 23 (youngest:19, oldest: 39)› women: 28%› nationalities: 29› International students in Accelerated Track : 71%, in Business Track : 88%› Median GMAT: 710

Some universities:europe/Middle east:› American university of Beirut,

lebanon› Bocconi university, Italy› école Polytechnique, france› écoles Centrales de lille et nantes,

france› Imperial College london, uk

› lomonosov Moscow State university, russia

› london School of economics, uk› university of Cambridge, uk› university of Mannheim, Germany› university of St.Gallen, Switzerland› ...

America:› northwestern university, uSA› university of British Columbia, Canada› university of Pennsylvania, uSA

› Yale university, uSA

› ...

Asia:› Indian Institute of Technology, Bombay,

India› national university of Singapore (nuS),

Singapore

› Peking university, China › Tsinghua university, China› ...

Some experience before heC: › Accenture › Bank of America Merrill lynch› BnP Paribas› deloitte› deutsche Bank› dwS Investments› ernst & Young› Gaz de france Suez

› HSBC › kPMG› Mckinsey › PwC› roland Berger› unicredit › ...

Miscellaneous: › Junior world champion in wind surfing› Junior national champions in

basketball, fencing and mountain bike

› entrepreneurs› Air force officer› ...

Mihaela-ruxandra Albu (MIf Class of 2013),InSA lyon, france,Trading and Structuring at Barclays, london, uk

irene Fung(MBA Class of 2015) Senior Associate, at PricewaterhouseCoopers

xavier Burtschell(MBA Class of 2015)local Head of Credit Arbitage Trading at BnP Paribas

Andre hillenbrand(MIf Class of 2013), university of Mannheim,Investment Banking Analyst at deutsche Bank, london, uk

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CAreer ServICeS And PlACeMenTdual degree students have access both to the heC MBA Career Management Center and to the Master's programs Career Services.Company presentations, seminars, conferences, round tables, mock interviews, meetings with alumni are organized throughout the year.Several career fairs are organized on campus during the year:

international Finance Career Fair (october) with leading international financial institutions such as:› Barclays › BnP Paribas › Citi › Credit Agricole › Credit Suisse › deutsche Bank exane › Goldman Sachs

› HSBC › JP Morgan › lazard › Merrill lynch › Morgan Stanley› nomura International › rBS

› rothschild › Societé Générale › Thomson reuters › uBS › ...

Consulting Career Fair (november) with leading consulting firms such as:› Accenture › Arthur d. little › AT kearney › Bain & Co › Bearingpoint › Beijaflore › Capgemini consulting

› CSC › deloitte › ernst & Young › eurogroup › kPMG › l.e.k. › Mckinsey & Co

› oliver wyman › PricewaterhouseCoopers › roland Berger › Schlumberger BC › The BCG › ...

PlACeMenTno placement report exists for the HeC MBA-MIf dual degree since it is a new program. However, both HeC MBA and HeC MIf have a long placement history of their own. The most common (~90%) placement outcomes for MIf graduates are:› Asset Management› equity research› M&A and Private equity› Sales

› Strategic Consulting› Structured finance› Structuring› Trading.

every year, the financial Times conducts an independent survey of our alumni 3 years after graduation.

results of the 2014 survey for the (pre-experience) HeC MIf are:› Average salary: $90,798 › International mobility: #2 worldwide.

results of the 2014 survey for the (post experience) HeC MBA are:› Average salary: $120,055› International mobility: #5 worldwide.

MeeT A MIf STudenT

‹‹ tell us briefly about yourself.

I studied mechanical engineering and worked more than 10 years as a French Air Force officer. I have both Military Air Traffic Control and Commercial Pilot licenses. I am also a fairly experienced skydiver. I will be interning this spring with JP Morgan in their asset management division in London and hopefully, thanks to their ex-military program, join the company afterwards.

how hard was it to be in the same classroom as younger students?It was absolutely not a problem! Probably because I always liked the favorite poem of General MacArthur:“Youth is not a period of time. It is a state of mind, a result of the will, a quality of the imagination, a victory of courage over timidity, of the taste for adventure over the love of comfort. A man doesn’t grow old because he has lived a certain number of years. A man grows old when he deserts his ideal… If one day you should become bitter, pessimistic and gnawed by despair, may God have mercy on your old man’s soul.”This poem is called Youth and was written by an American businessman, Samuel Ullman, at the age of 78.

What advice would you give to someone with a similar profile as yours and who is thinking of joining the heC MiF?Leaving a full-time job and going back to school is always a very difficult decision to make. You need to accept that ALL plans eventually require to be significantly modified. It is also important to take time to explain your significant other, kids, family and friends that you will be less available for a while. Then focus on your goal, don’t miss any opportunity to discuss with professionals, work hard and hope to be a bit lucky!

What is your most memorable experience at heC Paris?I have lots of good memories! I especially appreciated the course on Securities Markets with Professor Ioanid Rosu, the elective on volatility modelling and the two courses on financial derivatives given by Mr Olivier Bossard and Mr Loic Henry for their hands-on approach and their willingness to share both their practitioner knowledge and experiences.I also cherish the opportunity offered by Mr Arnaud Apffel during his Responsible Investing class to meet with Mr David Blood, Managing Partner and co-founder with Al Gore of Generation Investment Management.Finally, I really liked the fact that the MIF is a truly international program and that I could make friends from all over the world. ››

Philippe Chiaroni (Class of 2014)

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THe CAMPuS: A PlAYGround for Self-fulfIllMenTlocated close to Paris and versailles, the 300-acre wooded HeC Paris campus is one of the largest in europe. The campus is also close to ”La Défense”, one of the largest european business districts housing the headquarters of many multinational companies. These companies interact with HeC Paris as both partners and as potential recruiters.Students can be housed on campus in a residence (with equipped individual rooms and apartments reserved for couples and families), including meeting rooms, a relaxation lounge, the Piano bar with a big screen Tv, a laundromat and a reserved indoor/outdoor parking area. The HeC gym is located a 2 minute walk from the residence.

Community lifeHeC Paris considers community life as one of the cornerstones of its education. It develops a sense of responsibility, boldness and an enterprising mind. Belonging to one or more clubs and associations is an absolute must on the campus! It is the best way to make friends, meet company representatives, share ideals or hobbies with others, have fun and take part in an activity.over the years, HeC Paris students have founded and now manage over 130 clubs and associations (sports, culture, professional activities, humanitarian aid, public affairs…). Among them:› women In leadership › energy Club› Private equity / venture Capital - finance Club› Consulting Club› entrepreneurship Club› Partners' Club› Marketing & Media Club› International Society

heC Paris Sports Clubs and CompetitionsHeC Paris has excellent indoor and outdoor facilities on campus. These include:› a multi-purpose gymnasium, an indoor mountain climbing wall, a weight training

room and facilities for aerobics, fencing and martial arts. › 10,000 m2 of outdoor fields including tennis courts, an athletics track and two rugby/

football pitches.The Sports office is managed by a permanent staff of 25 qualified professionals and coaches who teach the various sports offered. each sport has its own club, run by students in collaboration with the Sports office.The HeC Paris teams compete with other universities in all sports, such as the MBA Tournament, Business School Coupe de france competition, the world Business School rugby Tournament and les Mercuriales.

MBA evenTS› Cultural weeks give the opportunity for students to show and share their cultural

awareness. They also add a fun element to the rigorous program and always finish with an enjoyable and friendly dinner with a traditional meal

› As part of HeC Paris MBA's emphasis on "learning by doing" and on experiential learning, students are encouraged to organize conferences throughout the year in order to put their leadership skills into practice. In recent years, the best-recognized student-run conferences has been the Sustainable Business Conference, which aims to discuss and look at ways to help business become more sustainable in today's society.

MBA TournAMenTThe MBA Tournament (MBAT) is a student-run 3 day sporting event that takes place on the HeC Campus every year in May, with around 1500 MBA participants from 15 international schools. By particpating, you will have a unique opportunity to put together a large scale project with your fellow MBA participants from around the world. You will experience what it takes to manage a complex and multinational organization, and you will have the opportunity to network with hundreds of MBA students from all corners of the earth.

HeC CoMMunITYAlumni Associationfounded in 1883, the HeC Alumni Association is one of the largest in france with more than 45,000 members in 127 countries. It provides a platform for the exchange of experiences, ideas and information, as well as facilitating entry into the professional world and accompanying career advancement. Services and events include career guidance, personal coaching, career fairs and seminars, monthly meetings with business leaders and an annual international management forum drawing together major senior business executives, experts and international business personalities.In order to ensure HeC Paris’ international reputation and to maintain an active network, professional groups are organized in 69 countries, of which the largest chapters are in Paris, new York, london, Shanghai and Hong-kong. heC FoundationThe HeC foundation, a non-profit organization of select corporate members, contributes to the development policy of HeC in the fields of:› research› establishing professional Chairs› financial assistance to students and campus institutions› visiting Professors Program› development of teaching material› Innovation in the use of new learning technologies.

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ACCredITATIonS And ACHIeveMenTSrecognized as one of the leading european institutions of international standards, HeC Paris is the first french management school to have received – as early as 2000 - the prestigious Triple Crown international academic accreditation – AMBA - eQuIS - AACSB.

› HeC Paris has been ranked #1 in the Financial Times general ranking of european business schools in 2013 (http://rankings.ft.com/businessschoolrankings/european-business-school-rankings-2013).

› HeC Paris has been ranked #5 worldwide Alma Mater of fortune 500 Ceo's by Times Higher education (www.timeshighereducation.co.uk/news/alma-mater-index-global-executives-2013/2007032.article).

› The HeC MIf has been ranked #1 worldwide for the 4th consecutive year in the Financial Times ”Pre-experience Global Masters in finance” ranking (2014)(http://rankings.ft.com/businessschoolrankings/masters-in-finance-pre-experience-2014).

› The HeC MIf is a partner program of the CfA.

› The HeC MBA is featured in all international rankings of MBA programs. It is currently ranked #8 worldwide by the Economist (www.economist.com/whichmba/full-time-mba-ranking) and #21 worldwide by the Financial Times (http://rankings.ft.com/businessschoolrankings/global-mba-ranking-2014).

HeC PArIS ProGrAMS PorTfolIo› Grande école Master’s Programs: Master in Management (MiM), Master in

Management & Public Affairs (MPA), Master in Management & Business law (MBl)› one year Specialized Masters / MSc Programs› MBA Program (including a MIf-MBA dual degree)› Phd Program› executive education Programs: TrIuM Global executive MBA, executive MBA,

executive Masters Programs, open-enrollment Programs, Custom Programs and Coaching.

fundInG Your STudIeS› The french Ministry of foreign and european Affairs allocates a large number of grants to international students. use Campus france - Grants Search engine (www.campusfrance.org/fria/bourse) to learn about scholarships fitting your nationality, age and background.

› The main french Government eiffel Scholarship is open exclusively to november session candidates born after 1985. for more information: www.campusfrance.org/en

› Admitted applicants can apply for HeC excellence scholarship. excellence Scholarships consist in a partial tuition waiver for exceptional applicants. They are in short supply, which is why we invite applicants to supply any relevant additional information (e.g. need based elements) that will help us allocate the scholarships in an optimal manner.

› 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. french banks generally require a guarantor living in france. See our website for student loan schemes available by nationalities.

THe ProfIle we vAlueHeC Paris welcomes applications from candidates of all nationalities who:› are fluent in english› hold a Bachelor or Master's degree from a Tier-1 international institution with 2:1

honors or above (or equivalent: dean’s list...)› have a strong quantitative background › will have at least 2 years of full-time, post-graduation, work experience by August 2015

for the Business track, candidates must have prior training in financial accounting, corporate finance, investments, business statistics and calculus.

The selection is a 2 phase process: a first selection is based on the evaluation of your application and supporting documents. Pre-selected candidates are then invited for:› a MBA interview: face to face with a HeC MBA alumna / alumnus in a nearby

location from your current workplace› a MiF interview: either face to face on campus or by Skype / videoconference with

a 3-member jury including the Program director and/or a Professor and/or a MIf alumna / alumnus and/or a current student of the program.

Successful candidates need to be admitted both by the HeC MBA and by the HeC MIf .

How To APPlY To join the program in September 2015 and be part of an exciting academic and social student life:

1. Choose a session:

SeSSion periodS

ApplicAtion deAdlineS

invitAtion to interviewS

FinAl reSultS

november november 5, 2014 2 to 3 weeks after application deadlines

3 to 6 weeks after application deadlines

January January 15, 2015March March 5, 2015April April 15, 2015

2. Apply online on http://appform.topapply.com/applicationformmodule/index/hec and choose the dual degree finance and desired intake.

› degree certificate(s) › All official academic transcripts obtained in a higher education institution,

exchange programs included (also to be sent to the school by mail)› résumé (Cv)› Scan(s) of your GMAT and/or Gre official test score report › Scan of your english language proficiency test score report (native english

speakers and graduates of fully english taught programs are exempted: see our website for details)

› 2 online professional recommendations› non-refundable application fee of €180 paid by credit card through the application

system.

feeS And lIvInG CoSTS Tuition fees (2015-2017): €64,000.Tuition is paid in three installments, the initial €8,000 non-refundable initial deposit, the first installment of €28,000 to be paid before July 2nd, 2015 and the last installment of €28,000 before november 15th, 2015.remaining costs (from €1,000 to €1,500 per month in 2014) include housing and food, mandatory insurance (health and civil liability), sports and leisure, phone and IT access…

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heC Paris1, rue de la libérationf 78351 Jouy-en-Josas CedexfrAnCeTel: +33 (0) 1 39 67 70 00fax: +33 (0) 1 39 67 94 36>> www.hec.edu

Contact:Mathieu Cotton Admission ManagerTel.: +33 (0) 1 39 67 95 63e-mail: info.mba-mif@hec.fr >> www.mba.hec.edu/dual-degrees

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