MASTERS OF SCIENCE 1-year programmesmaster-management.edhec.com/_medias/flipbook/... · on...

Financial EconomicsMASTERS OF SCIENCE

LILLE - NICE - PARIS - LONDON - SINGAPORE

1-year programmes

2013

90% found a job within 4 months

EDHEC Young Graduatesfound their first job abroad

32%

EDHEC BUSINESS SCHOOL

04Editorial

05Why Choose EDHEC?

06International Recognition

08Research Impact

10EDHEC MSc Programmes

13MSc in Audit & Management Control

19MSc in Corporate Finance

25MSc in Finance

31MSc in Financial Markets

39MSc in Risk & Investment Management

44A World-Class Faculty

47EDHEC Governance

48EDHEC Career Centre

50Student Life & Associations

51Edhec Alumni Association

52Nice Campus

53Proudly International

54Admission Requirements, Fees & Financial Aid

55EDHEC Programme Porfolio

4

Anne ZuccarelliAssociate Dean,

Academic Programmes

"

F ounded in 1906, EDHEC Business School is among the leading business schools in Europe, internationally recognised for its

academic and research impact as well as its unique synergies with

the business world. Internationalisation and relevance to business fuel our

ambition to be recognised for our excellence and global mindset.

EDHEC differentiates itself by offering innovation in business education and

greater dynamism in connecting students and graduates with the business world.

New challenges and opportunities constantly arise and we focus on offering

our students the knowledge required to become tomorrow’s leaders. As such,

leading companies have partnered with EDHEC as Corporate Programme

Sponsors, including Société Générale with the MSc in Corporate Finance

and PwC with the MSc in Audit & Management Control.

EDHEC offers a rich set of five specialised master programmes leading to specific careers in the financial

industry such as asset & risk management, trading, corporate financial management, financial intermediation and auditing.

Taught entirely in English, there are specifically designed to provide students with the academic background

and skills required for an international career in finance.

The MSc in Finance programme allows students with different backgrounds (lawyers, engineers, scientific)

to join a general-purpose training in finance. The finance industry has experienced a major restructuring over

the past few years. Now more than ever, working in finance requires commitment, passion and comprehensive

technical skills.

Drawing on the expertise of prominent academic faculty as well as from the leading EDHEC-Risk Institute activities, EDHEC finance programmes aim to offer talented students a unique opportunity to foster their

leadership and excellence by providing training and education required by today’s businesses.

By fostering a global mindset, EDHEC Business School is always one step ahead, with a programme portfolio

flexible enough to adapt quickly to business needs. This proactive approach is crucial to maintaining a leading

role in promulgating the innovative knowledge and expertise that are at a premium in contemporary business.

EDITORIAL

5"

EDHEC offers academic programmes recognised through international accreditation bodies: AMBA, AACSB and EQUIS. Our mission is to shape managers to meet companies' needs via relevant and cutting-edge education. EDHEC's uniqueness rests in its close ties with the corporate world. These connections and our 146 faculty members, who are among the most widely published in Europe, bring real-time knowledge to the classroom. This strategy is in line with the challenges faced by today's society and has a direct impact on EDHEC’s influence on business and society as a whole. Olivier Oger, Dean of EDHEC Business School

EDHEC – A unique ExperienceThere are many reasons to choose EDHEC Business School. EDHEC’s strong business connections

ensure that our programmes are always relevant to corporate needs. Business inputs range from programme

design, research and courses, recruitment fairs, alumni network and business games to internship and job

offers. EDHEC has an active policy of assisting students in achieving their ultimate career goals. As such,

EDHEC has introduced the TI&CD programme (Talent Identification & Career Development), an initiative

recognised by EQUIS and AACSB that provides our students with tailored career guidance and assessment.

Our MissionLeading Education – Delivering academic excellence driven by renowned research is EDHEC Business School’s

mission to provide students with the skills, expertise, knowledge and network required to excel in global

demanding careers. We strive to nurture our talents and maintain excellence in research and education.

Our AmbitionOur ambition is to become a school internationally recognised for its culture, global mindset and the impact

of its education and research on the business world.

Our ValuesRelevance – Market relevance is a key value in all aspects of our organisational culture–including the academic

side. We seek to reconcile academia and the business world through the extension of our research effort into

the corporate realm.

Responsibility – We educate people and carry out research and aim to develop both scientific and human

competencies, preparing men and women who are committed to using their skills to improve society.

Innovation – We have a long-standing commitment to a culture that fosters creativity, risk-taking, continuous

improvement, leadership and entrepreneurial spirit, both at educational and research levels.

WHY CHOOSE EDHEC?

6

Academic Partners

EDHEC Campuses

London

ParisLille

Nice

Singapore

EDHEC Business School was among the first institutions worldwide to be awarded the ‘Triple Crown’ of

international accreditations for the academic excellence and professional relevance of its programmes, its

strong links with the business community, its global reach and its commitment to an ongoing process of quality

improvement. Today, only 48 business schools worldwide have received the ‘Triple Crown’.

INTERNATIONAL RECOGNITION

Among others... "

International Network of Academic PartnersOver the past 20 years, EDHEC has developed strong partnerships with the best business schools and universities around the world. Today, EDHEC has 113 partnerships of which 17 double degrees in 31 countries.

#1 in France for Education and Research in Finance in 2010 and 2011 – Le Point Magazine

#1 French Business School for its influence in the English-speaking press – FT Research Citations

#2 in France for its Recognition among Businesses – L’Etudiant - L’Express

#6 Master in Finance in the world – 2012 FT Ranking

#11 Master in Management in the world -– 2010 FT Combined Ranking

17Double Degrees

49% International Faculty

35% International Students

Nationalities on Campus75

CampusesLille - Nice - Paris - London - Singapore

"

The corporate world is in need of innovative, multicultural and socially responsible leaders. EDHEC has a longstanding tradition of providing students with the global perspective they need to succeed. Over the years, the school has built sound academic partnerships with leading business schools and universities. We believe that the content of EDHEC academic programmes taught in state-of-the-art campuses in Europe and in Asia, combined with the involvement of the business community and the reputation of the school, is a key asset. EDHEC truly becomes a natural choice for talented graduate students who have excellent track records and the potential for successful international careers. Richard Perrin, Executive Director, International Relations & Marketing–EDHEC Business School

8

LegalEdhec

EDHEC-Risk Institute

Financial Analysis & Accounting Research Centre

Economics Research Centre

Retail Management Research Centre

Family Business Research Centre6Research Centres

RESEARCH IMPACT Our core strategy, ‘EDHEC for Business’, reflects a commitment to businesses that is strongly embedded in

the development of our programmes. The school’s ambitious research policy has led to the creation of several

research centres. Today, four research centres have a well-established visibility and the school has recently

launched two new multidisciplinary research centres.

Drawing on the expertise of our research centres, our programmes aim to offer students a unique opportunity to

foster their leadership and excellence by providing the training and education required by today’s businesses.

EDHEC-Risk Institute was set up to conduct world-class academic research

and highlight its applications to the industry. In keeping with this mission,

the Institute systematically seeks to validate the academic quality of its

research through publications in leading scholarly journals, implements a

multifaceted communications policy to inform investors and asset managers on state-of-the-art concepts and

techniques, and develops business partnerships to launch innovative products.

EDHEC’s ambitious international research policy has led to the opening of new research centres in London and

Singapore. Today, EDHEC-Risk Institute has established itself as the most influential international centre for

applied financial research.

EDHEC-Risk Institute—AsiaThe Singapore home base of EDHEC-Risk Institute serves as a platform for generating academic insight into

important global investment issues, with particular relevance to investors and institutions in the Asia-Pacific

region.

9

RESEARCH IMPACT

EDHEC-Risk ConferencesSince 2004, EDHEC-Risk Institute has been organising annual conferences devoted to the buy-side industry

across Europe. The EDHEC-Risk conferences allow research results to be compared with the practices and

needs of institutional investment and asset management professionals. In 2012, the first EDHEC-Risk Days

Asia took place in Singapore, and two European conferences have merged into a unique event: EDHEC-Risk

Days Europe.

The year 2012 also saw the inaugural EDHEC-PRINCETON Institutional Money Management Conference, held at

the Princeton Club in New York. This conference was intended to provide a select number of invited investment

professionals with the latest academic insights related to new frontiers in institutional money management.

Strong Partnership with the IndustryIn the context of six industry-sponsored programmes and ten corporate-endowed chairs, its team of ninety

researchers, permanent professors and support staff carries out a wealth of projects focusing on asset

allocation and risk management in the traditional and alternative investment universes.

EDHEC Research Chairs

EDHEC Financial Analysis & Accounting Research CentreThe Centre was created in 2006 around the themes of company valuation and management; featuring

prominently in the context of the creation of the Centre were new accounting (IFRS, US GAAP) and new

prudential rules (Solvency II and Basel III). The Centre aims to shed new light on risk integration (the impact

on management, strategy and financial communication, valuation, and discount rates) and to recommend new

practical solutions of management in general as well as methods suited to the frameworks for accounting and

prudential standards.

EDHEC Economics Research CentreThe Centre focuses on public policy evaluation and state reform. The team works on four broad themes:

financing and reform of the welfare state; labour policies and competitions; evaluation of sovereign risk and

optimal management of the public debt; and European budgetary governance.

Regulation & Institutional Investments in partnership with AXA IM

ALM & Institutional Investment Management in partnership with BNP Paribas Investment Partners

Structured Products & Derivatives Instruments in partnership with the French Banking Federation

ALM & Sovereign Wealth Fund Management in partnership with Deutsche Bank

Core-Satellite & ETF Investment in partnership with Amundi ETF

Solvency II Benchmarks in partnership with Russell Investments

Advanced Modelling for Alternative Investments

in partnership with Newedge Prime Brokerage

Risk & Regulation in the European Fund Management Industry

in partnership with CACEIS

The Case for Inflation-linked Corporate Bonds in partnership with Rothschild & Cie

Advanced Investment Solutions for Liability Hedging for Inflation Risk

in partnership with Ontario Teachers' Pension Plan

10

The EDHEC Master of Science programmes are deeply rooted into the expertise of our research centre, EDHEC-

Risk Institute, Europe’s leading research centre in applied finance. Taught entirely in English, these one-year

programmes are designed for students wishing to specialise in a specific field of finance. Increasingly, the

financial industry is demanding well-rounded specialists with a focus on M&A, trading, corporate finance, debt

and equity financing, corporate governance, management control and risk and asset management.

EDHEC MSc PROGRAMMES

Programme Structure

75 ECTS

* Mandatory 3-6 month internship. A full-time position replaces the internship requirement.

TOTAL 400 hours 75 ECTS

Courses & Seminars 360 hours 46 ECTS

TI&CD 40 hours 4 ECTS

Master’s Project 10 ECTS

Internship* 15 ECTS

Financial Markets

MSc in Audit & ManagementControl

MSc inCorporate Finance

MSc in Finance

MSc inFinancial Markets

MSc inRisk & InvestmentManagement

MASTERS OF SCIENCE

"

After graduation from Manchester School of Management in 2002, I was looking for the ultimate springboard to start my career in global investment banking. Instead of going mainstream and remaining back in the UK, I decided to join the MSc in Finance programme at EDHEC Business School to sharpen my financial skills and gain valuable experience in France.Volker Schoon (Germany)–EDHEC 2003Sales-Engineer, Structured Investments & Flow Products, ODDO & Cie, ODDO Pinatton–France

11

MSc in Audit & Management ControlThe programme provides students with knowledge of both operational and strategic accounting and control and

responds to today’s need for financial controllers. Accounting and management control are undergoing change

as swiftly and as profoundly as finance and the programme responds to today’s needs for financial controllers

capable of managing reporting procedures and implementing innovative financial and management accounting

solutions. PwC is the Corporate Programme Sponsor of the programme.

MSc in Corporate FinanceThe programme is designed to focus on all areas of corporate finance. Increasingly, the global financial industry

is in search for specialists with a particular knowledge of corporate finance, debt and equity financing, corporate

governance, financial accounting, M&A and investment banking. Students can further specialise by opting for

one of the two majors: financial management or financial intermediation. Société Générale is the Corporate

Programme Sponsor of the programme.

MSc in FinanceThe programme, a CFA Program Partner, is specifically designed for candidates of all educational backgrounds

wishing to pursue a career in finance. Its broad curriculum gives equal attention to corporate finance and

capital markets and allows participants to develop expertise in corporate financial strategy, investment

banking, financial accounting, reporting and analysis, risk management, and equity and fixed income portfolio

management. CFA curriculum textbooks are used as core programme readings to maximise participants’

industry readiness.

MSc in Financial MarketsThe programme introduces students to the main concepts of finance related to stocks, bonds, derivatives and

alternative investments, as well as to the analytical tools used in the industry. Broadly speaking, the major in

asset management focuses on the advanced techniques of portfolio construction and performance analysis,

and dynamic asset allocation, while the major in trading focuses on trading financial securities.

MSc in Risk & Investment Management (part-time)This part-time programme, taught in London or Singapore, is designed for graduates and professionals

in the investment industry wishing to make progress and to maintain leadership. It also appeals to those

contemplating lateral moves.

EDHEC MSc PROGRAMMES

MSc IN AUDIT & MANAGEMENT CONTROL


This partnership enabled us to build a long-term relationship with both the students and the teaching faculty. We greatly appreciate the opportunity that we were given to advise the students on their career choices.Hervé Demoy & Olivier MarionAssociate Partners, PwC

MSc

IN A

UD

IIT &

M

AN

AGEM

ENT

CON

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The curriculum has been designed in partnership with our Corporate Programme Sponsor, PwC, which is

involved in sharing its expertise and know-how with students. The programme responds to today’s needs

for financial controllers capable of managing reporting procedures and implementing innovative financial

and management accounting solutions. It also develops additional skills such as communication, strategy,

project management and human capital management. The programme opens up to careers such as financial

controllers, financial auditors and analysts.

Core modulesAdvanced FinanceThe course aims to develop an understanding of the corporate capital structure, strategy and business planning

process. Topics include equity, capitalisation and dividend management; IPOs, leverage; gearing and debt

management; mergers & acquisitions; restructuring & spinoffs; time value of money; enterprise valuation;

working capital and cost of capital.

Auditing & Internal ControlThe course aims to develop an understanding of the general nature of an audit, the objectives of an independent

audit of the financial statements, the audit planning and methodologies, audit risks and types of audit tests.

International AccountingIn 2005, International Financial Reporting Standards (IFRS) were adopted for the first time in many countries

around the world. The IASB and the Financial Accounting Standards Board (FASB) in the US have been

committed to working towards converging the two frameworks. Despite convergence initiatives, there are

still many differences between these two standards. In this context, it is very important to understand the

main characteristics and differences of the international accounting principles (US GAAP and IAS/IFRS) with a

specific focus on the IFRS framework.

Information Systems & Management ControlThe course examines the basic framework for integrated management information systems (ERP). The emphasis

is on information systems for operations support, including the impact of information and communication

technology on management control systems.

Management Control SystemsThe primary objectives of our sessions will be on the process and structure of efficient management control

and systems designed to achieve results control. This type of management control is largely dominant in the

vast majority of organisations - it has a decidedly behavioural focus and requires performance measures,

evaluations, as well as the provision of incentives.

Measuring & Managing Information Systems PerformanceThe course focuses on the importance and characteristics of information for organisations and the use of

cost/benefit analysis to assess its value. The course will also address how to align information systems with

business strategy.

In partnership with

"

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Operations ManagementThe course focuses on the relationships between operations and cost control management in an industry

perspective. It also address how to improve global performance in inventory management through the supply

chain and manufacturing, with the implementation of total quality management tools.

Organisational ControlsThe course provides a clarification on control in organisation. As a transversal function, control is closely related

to other functions: strategy, structure, human resources, information systems. The link between control and

strategy on the one hand and between control and performance on the other hand will be discussed.

Principles of Business TaxationIn an open and competitive world operations are international and taxation is a permanent issue to deal with.

It is fully part of the economic performance of companies with international activities and groups composed of

domestic and foreign entities.

Project ManagementThe course proposes a process-based approach to project management, providing an easily tailored and

scalable method for the management of all types of projects. The method is the de facto standard for project

management and is practised worldwide. It is a structured approach to project management and provides a

method for managing projects within a clearly defined framework. Divided into manageable stages, the method

enables efficient control of resources.

Strategic Planning & ControlThe course is about cost and management accounting. Cost accounting is concerned with information on the

acquisition and consumption of resources, whereas the central focus of management accounting is on the

management of organisational performance. Then, with the measurement and reporting of financial information,

cost accounting provides useful input for management accounting.

"

Thanks to the programme I have learnt about all key aspects of business management. After completing my entire gap year in the US, I choose to MSc in Audit & Management Control to strengthen my skills in auditing and accounting.Virginie Pled (France)–EDHEC 2012Audit Associate, KPMG LLP–USA


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SeminarsAdvanced Excel & VBA Programming The course is designed to give the students knowledge of how to use spreadsheets to solve problems and how

to program in Visual Basic for Applications (VBA) for management control.

Ethics & Corporate Governance The course covers the basic insight into the meaning and importance of values and norms in the functioning

of financial markets and the capability to analyse cases in financial ethics in an autonomous manner. It help

students to develop the attitude of a responsible actor in financial markets.

Research Methodologies The course aims to discuss the various methods of undertaking empirical research in accounting and the

presentation of the analysis. The course starts by defining accounting research and the different steps involved

in setting up the various research questions. The course then presents the historical developments in research

in accounting and develops qualitative and quantitative research methods, including event studies and cross-

sectional analysis of stock returns.

The course includes a discussion of upcoming effects of major institutional changes on capital markets

and firms’ behaviour, as well as training in data collection from various sources and in project writing and

presentation skills. The course puts significant emphasis on the interaction between the development of

research questions and the testing of such questions.

SAPThe course aims to prepare participants to navigate SAP Enterprise Resource Planning software and, with

a view to a profound study of SAP software products, it will provide them broad-based knowledge of SAP

resources and basic concepts.

"

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 professionals; which gave a good balance between theory and practice. Plus, the MSc in Audit & Management Control validates 5 out of the 7 DSCG credits, which is a big advantage when applying for a position in auditing or in management control.David Ouanounou (France)–EDHEC 2012Junior Auditor, Mazars–France

MSc IN CORPORATE FINANCEMSc IN AUDIT & MANAGEMENT CONTROL

Foundtheir job through the

EDHEC Career Centre 90%

Workabroad

Signed their contract before leaving school 34%82%

Audit, Financial Advisory 62%

Accounting, Management Control, Corporate Financial Management 25%

Business Unit Management 8.5%

Private Banking or Wealth Management 4.5%

Audit 60%

Financial Institution, Banking, Insurance 9%

Distribution, Retail, E-Business 9%

Energy 5%

FMCG 5%

Public Services, Organisations 4%

Green Industry 4%

Textile 4%

30%FRANCE

70%ABROAD

ASIA 25%CHINA 13% AMERICA 13%

EUROPE 62%GERMANY 25%

FUN

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MSc IN CORPORATE FINANCE

MSc IN CORPORATE FINANCEThis partnership gives us the opportunity to be close to the students, prepared for and motivated by financial and investment banking professions, and the faculty, in order to create an academic programme that is constantly updated with the latest trends on the market. The students are given the tools to perform in the modern financial sector, and we can spot tomorrow’s talent and eventually integrate them into our teams. The high proportion of international students in the MSc in Corporate Finance is a really important advantage for a group like ours, which operates in 77 countries.

Mercè BatistaInternational Campus Manager


MSc

IN C

OR

PO

RAT

EFI

NA

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The MSc in Corporate Finance introduces students to the main concepts used in corporate finance and covers

topics related to corporate law and corporate strategy, financial analysis, company valuation or international

finance. The major in financial management focuses on corporate taxation and process management, whereas

the major in financial intermediation covers private equity, project finance or equity capital markets. The two

majors are complemented by elective courses that enable students to further specialise or, on the contrary,

to broaden their knowledge. The degree opens up the exciting possibility of working in investment banking,

private equity or corporate financial services. New challenges and opportunities constantly arise and we

focus on offering our students the knowledge required to become tomorrow’s leaders. As such, Société

Générale has decided to team up with EDHEC by sponsoring the MSc in Corporate Finance.

Core modulesApplied Contract Theory in Corporate Finance This is an advanced course that analyses corporate finance issues using game and contract-theoretic tools. Topics

include: wars of attrition; dominance; mixed strategies; static and dynamic games; bargaining and auctions,

moral hazard problems of financial contracting, asymmetric information problems of financial contracting, agency

costs of free cash flows, dividend policy, corporate governance and control and competitive advantage.

Bankruptcy, Restructuring, Mergers & AcquisitionsThe course focuses on various corporate restructuring policies that firms carry on around the world. Besides

small changes of operations, corporations engage in three different major types of restructuring policies: (1)

reorganisation and bankruptcy; (2) corporate transformations or asset sales; and (3) mergers or large acquisitions.

Competitive StrategyThe course aims to present the concepts, frameworks and techniques of modern strategic analysis so as to

facilitate the management of firms within their competitive context. Specifically, the course addresses how the

structure and competitive dynamics of a given industry both affect, and are affected by, the strategies pursued

by the constituent enterprises.

Financial Accounting & AnalysisThe course aims to ensure an understanding of the contribution financial statements to efficient decision-making.

It adopts a stakeholder perspective and shows the limitations of reported financial information and the potential

for earnings manipulation. It presents the main techniques used by companies for influencing their earnings.

Financial Accounting & Analysis goes on to presenting key financial ratios, such as profitability ratios, activity

ratios, asset management ratios, and liquidity and debt ratios, using illustrative examples and cases.

International Finance & Risk ManagementInternational corporations need to identify and manage various risks, where market risk, credit risk and currency risk

are prominent. An international corporate financial manager needs to properly use the various financial instruments

available to set adequate and accurate hedging strategies. Instruments involve fixed-income and currency securities

and derivatives at various maturities. Other risks involve counterparty risk, liquidity risk and operational risk.

Valuation & Real OptionsThe course aims to develop an understanding of the use of financial statements in valuing securities in

international markets. It puts significant emphasis on the analysis of financial information for assessing the

fundamental value of traded securities in global markets and for making decisions to invest in business.

In partnership with

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Major in Financial ManagementInternational Accounting & Corporate TaxationThe course has two objectives. After providing an overview of financial statements under IFRS and US GAAP

(covering revenue recognition, accounting for financial instruments, lease accounting, derivatives, hedges and

foreign currency financial statements), the course deals with the tax laws governing the dealings of corporate

taxpayers and their shareholders. It reviews transactions and issues in the life of a corporation, from formation

to liquidation, as well as the basics of the taxation of corporate mergers and acquisitions.

Process Management & BenchmarkingThe overall objectives of this course are: (1) to get a dynamic vision of organisations through process analysis;

(2) to acquire tools to formalise and analyse processes besides assessing performance; (3) to understand

the relationship between process management and benchmarking in order to benchmark processes and

implement best practices.

Major in Financial IntermediationPrivate Equity & Venture CapitalThe course aims to help students acquire professional practice in all aspects of a leveraged buyout. The

course also examines the private equity market, which represents a major source of capital for new and

established private firms. Students will learn how private equity funds are raised, structured and financed; how

contracting is done in private equity markets; how to value private equity interests; the sources of capital for

private companies; the strategies to follow for value creation.

Project FinanceThe course involves the raising of funds to finance a specific capital investment project in which the providers

of the funds are primarily concerned by the cash flows generated by the project. The goal is to assess whether

these cash flows will be sufficient to service the loans and provide an adequate return on the equity invested in

the project. This course offers students an opportunity to understand the risk-return characteristics of unique

projects from a multi-dimensional perspective.


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SeminarsAdvanced Excel & VBA Programming The course is designed to teach students how to programme financial applications that are commonly used in

corporate finance/capital markets, in both Excel and Visual Basic for Applications (VBA).

Ethics & Corporate GovernanceThe course addresses the ethical challenges in finance. It course makes students aware of the relevance of

ethical norms for professionals in finance and delivers helpful background knowledge for people preparing to

take the CFA exam.

Fundamentals of Corporate Law The objective of the course is to provide an understanding of the principles of corporate law.

Research MethodologiesThe course aims to provide students with a format on how to write an academic paper. The entire process will

be covered, from identifying a topic, through reviewing the literature, structuring a thesis, collecting the data,

programming a statistical procedure, to writing in a clear and concise style.

"

After living in three different countries and working in finance for two years, I was looking for an MSc that would enable me to enhance a career in Europe while increasing my international exposure. EDHEC came at the right time in my career, as it represented the opportunity to gain additional expertise in my field of predilection and a label of recognition.Daniel Guardiola (Colombia)–EDHEC 2012Equity Analyst, Comgest–France

Electives

Asset Securitisation

Behavioural Finance

Corporate & Investment Banking by Société Générale

Financial Communication

Financial Entrepreneurship

LBO

Private Banking

Real Estate Valuation & Financing

Strategic Cost Management

Signed their contract before leaving school 59%

Workabroad

Have aninternational

function 46%90%



Consulting 13%

Corporate Finance (M&A, ECM, DCM) 11%

Asset Management 10%

Corporate Banking (Project or Structured Finance, Commodities Financing) 8%

Risk, Product Control or other Support Functions 5.5%

Business Unit Management 3%


Other Banking Functions 2%

Market Finance (Sales, Trading, Research, Structuring) 1.5%

Marketing, Communication 1.5%

Commercial, Business Developement 1%

54%FRANCE

46%ABROAD

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NMSc IN CORPORATE FINANCE

EUROPE 65%UNITED KINGDOM 36%

SWITZERLAND 8%

AMERICA 8%USA 8%

AUSTRALIA 3%

AFRICA /MIDDLE EAST 14%

ASIA 10%

Financial Institution, Banking,

Insurance 42%

Audit 24%

Consulting 16%

Distribution, Retail, E-Business 3.5%

Green Industry 3.5%

Energy 3.5%

Textile 3.5%

Automotive, Aeronautics 1%

FMCG 1%

Telecommunications, IT 1%

PR, Advertising 1%

MSc IN FINANCE

MSc IN FINANCEI chose EDHEC because of its outstanding reputation and triple accreditation. I especially liked the mix of master programmes available and how they all intertwined through various courses taken together.Eva Liu (China)–EDHEC 2008Financial Analyst, CreditPacific Group of Singapore–China

MSc IN FINANCE

MSc

IN F

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MSc IN FINANCE

The MSc in Finance, based on the CFA curriculum, is a one-year, full-time comprehensive programme designed

to prepare participants for a wide variety of international careers in corporate financial management, investment

banking and private equity, commercial banking and financial services. Programme graduates work as business

analysts, credit analysts, corporate treasurers, brokers, security analysts and financial controllers.

The CFA Institute, the world’s largest association of investment professionals, is globally recognised as the

definitive standard within the financial industry. This partnership gives a strong indication of the close ties

between EDHEC and the industry and it underscores the quality of EDHEC programmes and their relevance to

business.

Core modulesCorporate Finance (part I & II)Part I of the course is geared towards expanding students’ knowledge of the role of financial managers in today’s

corporate environment by providing and developing the understanding of some of the tools necessary to make

good financial decisions. The course focuses on financial decisions that affect the long-term performance

and value of an enterprise. The course provides a framework for formulating these decisions, building on

the principle of value maximisation and offering explanations for observed behaviour on the part of financial

decision makers. Part II focuses on advanced aspects of corporate finance. The course reviews strategic

financial decisions, adverse selection and agency problems that are associated with dividend policy, debt and

equity financing, initial public offerings, corporate governance and corporate restructuring.

Financial Analysis & Management of International GroupsThe course aims to: I) introduce students to the theory behind application of consolidated financial statements

and II) introduce and analyse important concepts of financial analysis and management of international groups.

Financial Accounting & AnalysisThis is a foundation course designed to ensure an understanding of how financial statements are established

in order to enable participants to take courses in financial analysis, M&A and financial management. After

examining specific accounting issues such as inventories, receivables, liabilities, long-term assets and cash

flows, the course covers conceptual and technical problems in measuring wealth creation, investments in

either working capital or capital expenditure, margin analysis, a company’s financing, leverage effect and

profitability. It concludes with a discussion through a case study of the role of financial statement analysis in

historical performance evaluation, financial forecasting and valuation of companies.

Fixed-Income Analysis The course gives students the skills necessary to understand the pricing and managing of fixed-income

securities. It is about interest rates and risk management in bond markets. It develop insights into different

bond portfolio strategies and provides extensive coverage of the techniques for valuing bonds, as well as a

practical presentation of state-of-the-art techniques allowing investors to deal with interest rate risk in the best

possible conditions.

International EconomicsThe course’s objective is to understand the fundamental mechanisms by which economies move the way they

do within an international context. It is intended to allow managers to interpret what they hear and read about

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MSc IN FINANCE

the global economic context of business with particular emphasis on the implications for financial markets.

The final goal is to train participants to use the ‘scientific equipment’ derived in studying ‘theory’ to analyse

actual business problems. A close look will be taken at theoretical models (i.e. causal chains) economists

propose to explain the way these quantities evolve, how they relate to each other and how economic policy

may influence them.

Money & Capital MarketsThe course aims to give students a global understanding of the financial markets industry. It aims to develop

a mastery in the techniques and skills necessary for operating at practitioner level in several areas in the

financial markets, including origination, research, buy or sell side, and thus enhance investment, financing or

strategic performance.

Options, Futures & Other DerivativesThe course offers an introduction to derivative securities. The objective is to provide a broad understanding

of how these instruments trade, how they can be evaluated and how they should be used. Emphasis will be

put on conceptual issues such as arbitrage relations, valuation and hedging as opposed to the institutional

aspects of derivatives markets and contracts.

Portfolio ManagementDrawing on the expertise developed at the EDHEC-Risk Institute, this course equips participants with both the

technical and conceptual tools that will allow them to take an active role in this fast-evolving environment.

In particular, it provides a detailed introduction to the modern approach to portfolio management. More

specifically, the course first focuses on the technical challenges involved in portfolio optimisation with specific

emphasis on the need for enhanced estimates of risk and expected returns. After this presentation of state-of-

the-art techniques for optimal beta management, several key extensions of portfolio selection methods, which

are particularly suitable in the context of tail risk management, will be introduced. The course then reviews

recent academic research and practical industry examples of these latest techniques used in the design of

investor portfolios.

MSc IN FINANCE

28


Asset Management 15.5%

Consulting 14%

Audit, Financial Advisory 10.5%


Risk, Product Control or other Support Functions 6%



Other Banking Functions 4.5%


Marketing, Communication 2%

Commercial, Business Development 2%


Purchasing, Supply Chain, Logistics 1%

Quantitative Methods in FinanceThe course teaches the econometric methods used in modern finance and is particularly geared towards asset

management. This course begins with a discussion of time series analysis and of regression methods. The

course then explores more advanced subjects, including ARCH/GARCH models, vector autoregressive models,

co-integration, principal components analysis and factor models. Each topic includes a presentation of the

underlying probabilistic models as well as the statistical methods for estimation and testing. Special MATLAB

sessions show how to use MATLAB functions to implement real-world programmes.

SeminarsAdvanced Excel & VBA Programming The course is designed to give students knowledge of how to use Excel and Visual Basic for Applications (VBA)

to financial modelling problems. Real-life problem examples will be extensively used in the learning process.

The course is designed to be essentially practical.

Ethics & Corporate GovernanceThe course, to some extent, addresses the ethical challenges in finance, which includes financial markets,

financial services and financial management. The main objective is to make students aware of the relevance

of ethical norms for professionals in finance. A second objective is to deliver helpful background knowledge for

people preparing to take the CFA exam.

MATLAB This is an introductory course to MATLAB, a powerful tool for data analysis and visualisation as well as

modelling. We first describe the working environment in MATLAB and present the basic elements of syntax.

We then describe how to import data, how to handle them using pre-programmed MATLAB functions, and how

to export the results to use them in a presentation or in a report. We will also study the Financial, Statistics

and econometrics toolboxes in more detail, which extend MATLAB capabilities in finance, statistics and model

calibration.

Research MethodologiesThe course aims to provide students with a format on how to write an academic paper. We will cover the entire

process, from identifying a topic, reviewing the literature, structuring a thesis, collecting the data, programming

a statistical procedure to writing in a clear and concise style.

"

I chose to study at EDHEC because of the reputation and quality of the finance programmes offered by the school. The finance professors at EDHEC are counted among the best worldwide and I was looking forward to interact with them and being taught by them. Kumar Gautam (India)–Class of 2011–2012Internship, EDHEC-Risk Institute–France


Workabroad 60%


function 100%

40%FRANCE

60%ABROAD

FUN

CTI

ON

SEC

TOR

LOC

ATIO

N


Insurance 52%

Consulting 13%

Audit 10%

Real Estate, Building Industry 5%

Distribution, Retail, E-Business 3.5%

Luxury Goods 2.5%

Energy 2.5%

Telecommunications, IT 2.5%

Automotive, Aeronautics 2%

Public Services, Organisations 1.5%

FMCG 1.5%

Textile 1.5%

Transport 1.5%

Press, Publishing, Audiovisual 1%


LUXEMBOURG 10%

AFRICA/ MIDDLE EAST 6%

ASIA 30%CHINA 15%

SINGAPORE 6%

AMERICA 12%USA 15%


Asset Management 15.5%

Consulting 14%

Audit, Financial Advisory 10.5%


Risk, Product Control or other Support Functions 6%



Other Banking Functions 4.5%


Marketing, Communication 2%

Commercial, Business Development 2%


Purchasing, Supply Chain, Logistics 1%

MSc IN FINANCE

MSc IN FINANCIAL MARKETS


Upon completion of a Bachelor’s degree of Mathematical & Computational Science at Stanford University in the US, I was interested in further exploring applications in the area of finance. I chose the MSc in Financial Markets at EDHEC as it provides an attractive combination of theory and practice in close cooperation with EDHEC-Risk Institute, a partnership that facilitates keeping up to date with current research in finance, which is critically important in this fast-changing sector. The programme also balances technical coverage with a more qualitative understanding of the markets and industry exposure, allowing us to establish a good foundation for finance-related work.Yuxin Chuah (Singapore)–EDHEC 2012Associate, Monetary Authority of Singapore (MAS)–Singapore


MSc

IN

FIN

AN

CIA

L M

AR

KET

S

32


The MSc in Financial Markets introduces students to the main concepts of finance related to stocks, bonds,

derivatives and alternative investments. It also enables them to further diversify their competencies by opting

for one of the two specialisations: asset management or trading. Quantitative asset pricing and derivatives

pricing models from cutting-edge research in finance are reviewed, as well as the techniques to take these

models to real time data, including time series analysis, Monte-Carlo simulation and advanced econometric

techniques. Broadly speaking, the major in asset management focuses on the advanced techniques of

portfolio construction and performance analysis, as well as dynamic asset allocation, while the major in trading

focuses on trading financial securities. Programme graduates work as fund managers, security analysts, risk

managers, asset allocation specialists, hedge fund analysts or traders in asset management and brokerage

companies, investment banks, hedge funds, private banks and pension funds.

Core modulesDerivatives Pricing & HedgingThis is an intermediate course on options and other financial derivative securities, and their applications to risk

management. It provides the students with the basic concepts of derivatives trading and pricing. The course

starts with discrete-time models for option pricing, and then discusses the continuous-time, Brownian Motion

driven models. The benchmark model will be the Black-Scholes-Merton pricing model, but other more general

models such as stochastic volatility models will be also covered.

Empirical Methods in FinanceThe course offers an overview of the most widely used econometrics tools and the way these methodologies

can be used in empirical finance, in both investment banking and asset management. There is a strong

emphasis on practical applications, with close links to the topics covered in the MATLAB class.

Financial TheoryThe course introduces students to the main building blocks of modern finance theory. The course starts with

the basis for rational decision making under uncertainty. The second part of the course introduces the capital

asset pricing model (CAPM), discusses the arbitrage pricing theory (APT) and reviews empirical evidence

related to these seminal theories. Tests of empirical implications of asset pricing models and of the efficient

market hypothesis (EMH) are also reviewed.

Fixed Income Securities & Risk ManagementThe course gives students the necessary skills to understand the pricing and management of fixed-income

securities. Topics include: interest rates and risk management in bond markets; corporate bonds; inflation-

linked bonds; interest rate swaps; and securitised assets such as MBSs.

"

I was looking for a course in quantitative finance and asset management and the programme offered by EDHEC Business School was perfectly aligned to what I wanted to do, making EDHEC my first choice destination.Bhasul Vazhoor (India)–EDHEC 2008Assistant Vice President, Commerzbank–Germany

33


Major in Asset Management Alternative InvestmentsThe course aims to give participants a good understanding and workable knowledge of the techniques

that should be part of the toolkit of anyone investing in, analysing and/or advising private and institutional

clients (and more specifically hedge funds and commodity trading advisors) on the inclusion of alternative

investments in their portfolios. The course also enables participants to assimilate the analytical arguments

used in technical publications–related to in-house research notes of financial institutions and practitioner-

oriented journals–in order to be able to apply them.

Asset ManagementDrawing on the expertise developed by EDHEC-Risk Institute, this course equips participants with both the

technical and conceptual tools that will allow them to take an active role in this fast-evolving environment.

In particular, it provides a detailed introduction to the modern approach to portfolio management. More

specifically, the course first focuses on the technical challenges involved in portfolio optimisation, with specific

emphasis on the need for enhanced estimates of risk and expected returns.

New Frontiers in Risk & Asset-Liability ManagementThe course intends to provide students with an in-depth appreciation of the concepts and techniques that

will shape the future of investment management. It will also equip them with practical tools to improve

asset allocation and risk management processes, implement novel investment management approaches, and

develop new products and more importantly new solutions.

Regulation & Risk ManagementThe course covers Basel II & III and Solvency II frameworks and the 3 Pillars and explains measurement

methods for quantifying risks and the different approaches to allocating capital. It also discusses the impact

of the regulatory frameworks on capital markets and insurance markets and highlights the links between the

reforms, their critics and potential developments. The second part discusses due diligence in the hedge fund

industry, with a focus on operational, liquidity and counterparty risks. It explains sources of risk and key due

diligence points for operational risk, liquidity risk and counterparty risk in hedge funds and highlights enhanced

best business practice recommendations.


34

Major in TradingFundamentals of TradingThe course covers the main issues relating to securities trading and securities markets. It discusses why and

how people trade, as well as the operation, structure, and regulation of securities markets. While the course

focuses mainly on equity markets, comparisons to the markets for derivatives and other securities will be

made. It discusses what causes markets to change, how change is affected by competition between markets,

and how securities regulation hampers or promotes the development of markets. It also further emphasises

how the different market structures affect trading strategies, trading costs, and other considerations that are

important to traders.

Applied Financial MarketsThe course aims to wrap up product and trading skills acquired in previous core courses (fixed income,

treasury, and derivatives), while completing the range of financial market products (money markets, credit

& securitisation, mezzanine). It also gives students a global understanding of the financial markets industry,

the players and their roles and enables them to acquire the techniques and skills necessary for operating at

practitioner level in several areas within the financial markets, including research, origination, trading, buy- or

sell-side, and thus enhance investment, financing or strategic performance. The second part of the course

thoroughly explores money markets and foreign exchange markets instruments to be able to use them for

hedging or arbitraging interest-rate exposure.

Market Risk AnalysisThe course analyses all aspects of market risk analysis from a practitioner’s point of view. Students will gain

insight into the fundamentals of market risk management, while at the same time learning more about the

challenges and successes organisations have had in implementing their programmes. Cutting-edge techniques in

market risk analysis are provided. Topics include: market risk identification; risk measures (parametric and non-

parametric methods); Value at Risk; model risk; liquidity risk; forecasting volatility and correlation; decomposition

and verification of risk measures; estimating risk measures; and practical MATLAB programming techniques.

Trading in PracticeThe course’s objective is to give students an understanding of the use of financial instruments by placing them

in real trading situations in commodities, derivatives or other financial securities. Sessions are conducted by

professional traders in our trading room. "

35


Electives

Applied Macroeconomics

Behavioural Finance

C++ for Finance

Credit Modelling

Commodities

Continuous Time Finance

Country Risk Analysis

Structured Products

Wealth Management

"

After a BSc in Cass in London, I decided to further enhance my academic background by completing a masters degree. I short-listed various universities and business schools in Europe, based on ranking, location and programmes. EDHEC fulfilled all these criteria and applying was the beginning of an incredible experience.Nikolas Xenofontos (Cyprus)–EDHEC 2012Risk Management Associate, Easy Forex–Cyprus

Seminars Advanced Excel & VBAThe course is designed to give students knowledge of how to use Excel and Visual Basic for Applications

(VBA) to financial modelling problems. Real-life examples will be extensively used in the learning process. This

course is designed to be essentially practical.

Ethics & Corporate GovernanceThe seminar provides a basic insight into the meaning and importance of values and norms in the functioning

of financial markets. Capability to analyse cases in financial ethics in an autonomous manner. Developing an

attitude of a responsible actor in financial markets.

MATLABThis is an introductory course to MATLAB, a powerful tool for data analysis and visualisation, and modelisation.

We first describe the working environment in MATLAB and we present the basic elements of syntax. We then

describe how to import data, how to handle them using pre-programmed functions of MATLAB, and how to

export the results to use them in a presentation or in a report. We will also study the Financial, Statistics and

Econometrics Toolboxes in more detail, which extend MATLAB capabilities in finance, statistics and model

calibration.

Research MethodologiesThe course aims to show students how to write an academic paper. The whole entire process, from identifying

a topic, reviewing the literature, structuring a thesis, collecting the data and programming a statistical

procedure to writing in a clear and concise style, will be covered.


36


Market Finance (Sales, Trading, Research, Structuring) 30%

Asset Management 20%

Risk, Product Control or other Support functions 10%



Consulting 6%


Other Banking functions 5%


Private Banking or Wealth Management 4%

Information Technology 1%


Insurance 80%

Audit 6%

Consulting 5%

Telecommunications, IT 5%

Real Estate, Building sector 2%

Public sector, NGO 2%

30%FRANCE

70%ABROAD

FUN

CTI

ON

SEC

TOR

LOC

ATIO

N


Workabroad 70%


function 100%

AFRICA /MIDDLE EAST 9%

USA CANADA 3%

ASIA 8%CHINA 5%

SINGAPORE 3%


SWITZERLAND 10%BELGIUM 7%

GERMANY 5%

MSc IN RISK & INVESTMENT MANAGEMENT


I chose EDHEC for its reputation in finance and its connections to the business world. I completed my gap year at Credit Agricole CIB and, wanting to keep on working I chose the MSc in Risk & Investment Management in Singapore. The part-time format enables us to gain significant experience in an exciting financial market. The MSc in Risk & Investment Management is a perfect choice to gain international experience and differentiate our cv from others.Antoine Livrizzi (France)–EDHEC 2012Coverage Analyst for South East Asia Financial Institutions, Credit Agricole CIB–Singapore


MSc

IN R

ISK

& IN

VEST

MEN

T M

AN

AGEM

ENT

40


This 13-month part-time programme, taught in London or Singapore, trains participants to appreciate recent

and forthcoming paradigm shifts in investment management. Equipping them with the conceptual and practical

tools required to optimise risk and investment management, this programme also helps them to design

novel investment solutions for institutional, private and retail investors that span traditional, alternative,

and structured forms of investments. The class is an interesting mix of young graduates and professionals.

Graduates can find positions in any asset class, including FX, commodities, credit, interest rates and equity

among others.

Core modulesAlternative Investments The course looks at alternative investments from an asset allocation perspective. It begins with a presentation

of assets from private equity and real estate, to hedge funds, commodities and managed futures, and

alternatives (infrastructure assets, timber, etc). The emphasis is on investment characteristics, risk and return

drivers and statistical properties of alternative classes and investments. The course then looks at the benefits

and challenges of integrating alternative assets in asset allocation and discusses alternative integration

models.

Advanced Financial Analysis The course imparts a thorough understanding of how financial statements are established and trains participants

in financial analysis. After examining specific accounting issues, the course explores conceptual and technical

problems in measuring value creation, investments in either working capital or capital expenditure, margin

analysis, a company’s financing, leverage effect and profitability. It deals with the role of financial statement

analysis in historical performance evaluation, financial forecasting, equity analysis and valuation of companies.

It provides a comparative approach to equity analysts’ techniques and methodologies, and specifically trains

participants in fundamental analysis methods.

Empirical Finance The course focuses on the empirical aspects of asset pricing and portfolio management and on the econometrics

of financial markets. Applications span primitive and derivative asset pricing, strategic and tactical asset

allocation, and trading strategies. Topics covered include asset return modelling and predictability, volatility

modelling and forecasting, treatment of non-linearity in data, simulation methods, calibration and testing of

pricing models and trading strategies, correlation and co-integration analysis, econometrics of derivatives

pricing, and econometrics of fixed-income markets.

Excel, VBA & Matlab The course introduces powerful software tools commonly used by professionals in the financial industry

to develop simple or sophisticated models. The first half of the course begins with a review of MS Excel

functionalities that are most relevant for building transparent intermediate and advanced models and continues

with VBA, which enables user-defined functions and process automation. The second half of the course is

dedicated to the professional modelling environment MATLAB and focuses on the language syntax, plotting

functionalities, and toolboxes critical for building financial models such as the statistical, the financial, the

financial derivative, and the optimisation toolboxes. Finally, the course concludes with an introduction to

Octave, which is regarded as an open-source alternative to MATLAB.

London or SingaporePart-time

programme

41


Financial Regulations & EthicsThe course provides an introduction to the basics of financial regulation and to ethics. The first part of the

course includes a review of the Basel Capital Accords and of the European regulation of the investment fund

industry, and discusses how professional principles and values interact with the regulation. The second part

of the course focuses on five key areas in terms of sound business practices for the investment fund industry,

and illustrates through case studies the types of outcomes that may result from the lack of ethics or sound

business practices.

Foundations of Asset Pricing & Risk Management The course introduces the economic and mathematical foundations of asset pricing and portfolio management.

The course is divided into three parts. In the first part, it studies the valuation of derivative contracts, including

options on stocks, currencies, indices, bonds, and interest rates. The second part of the course examines

optimal consumption and portfolio decisions under uncertainty, including single-period mean-variance models

and multiperiod models. The third part of the course focuses on partial and general equilibrium models for the

pricing of primitive securities, such as stocks and bonds. This is a technically challenging course that includes

the study of the mathematical methods required for analysing asset pricing and portfolio selection models in

continuous time.

Performance Measurement, Analysis & Reporting The course introduces participants to the metrics, models, and rules used to measure the performance

of investment management, to attribute it to investment process decisions and managers, and to report

it according to global standards. The course presents standard metrics for performance measurement

and advanced models for risk-adjusted performance analysis of asset management and asset-liability

management. It addresses issues such as data biases, style biases and dynamic trading to provide for

reliable performance measurement and analysis in a multi-style, multi-class, dynamic framework. It deals

with the specific characteristics of performance analysis for equity, fixed income, derivatives and alternative

investments.


42"

I chose EDHEC because I wanted to undertake a career in finance and especially in capital markets. EDHEC is well-known in the financial world and I was convinced that following EDHEC’s programme would be really positive for my future career and it was the right decision. I chose the MSc in Risk & Investment Management part-time programme because after my gap year, I wanted to add another year of work experience and the programme itself was very catchy on top of being interested in the subject.Maha Hajji (Morocco)–EDHEC 2012Treasury & Capital Market Advisory Services, KPMG–France

Portfolio Construction & Risk ManagementThe course is devoted to bridging the gap between portfolio theory and practical portfolio construction. It

presents methods to implement alternative portfolio models that account for non-normality risks, estimation

error and parameter uncertainty, prior knowledge, realistic risk preferences, and transaction costs. It discusses

scenario optimization and its applications.

Risk Measurement & Management The course presents the tools used to identify, measure, and manage market risk. The course begins with a

general introduction to the concept of risk and different aspects of risk. Its coverage of market risk includes

modelling of time-varying volatility and volatility clustering, an introduction to dependence modelling, the Value-

at-Risk framework and extensions, approaches to modelling extreme values, and alternative risk measures.

The course concludes with the notions of back-testing, which is instrumental in building reliable risk models,

stress-testing, and model risk. The examples throughout the course are prepared on MATLAB and MS Excel

and are also used to illustrate practical challenges of risk modelling.

Strategic & Tactical Asset Allocation The course explores the models, techniques and applications of tactical asset allocation, as well as strategic

asset allocation for mass-affluent, high net-worth and institutional investors. It also introduces the ALM

framework.

Research Methodologies & TI&CDThe seminar aims to equip participants with the basic research skills required to author a research paper. The

Talent Identification & Career Development Programme, inspired by corporate best practice, offers participants

valuable insight into their potential and developmental areas as well as solid grounding for successful careers.

44

The EDHEC faculty is an exceptional team of international experts who blend academic excellence and industry

experience. Dedicated to pushing the frontiers of knowledge by engaging in research activities, EDHEC’s

permanent faculty is made up of professors who hold PhDs from some of the world’s leading universities and

are considered experts in their fields. Faculty members have an outstanding track record of publication in

leading academic and practitioner journals, as well as of authoring and contributing to innumerable professional

books. Visiting professors, adjunct faculty and professionals round out the faculty ranks.

A WORLD-CLASS FACULTY

Among others...

Ekkehart BoehmerProfessor of FinanceMember of EDHEC-Risk InstitutePhD in Finance,University of Georgia

Jaksa CvitanicAffiliate Professor of Finance

Member of EDHEC-Risk InstitutePhD in Statistics,

Columbia University

Frank FabozziProfessor of Finance

Member of EDHEC-Risk InstitutePhD in Economics,

City University of New York

Daniel Haguet Professor of FinanceMaster in FinanceUniversity of Grenoble

Giuseppe BertolaProfessor of Economics

PhD in Economics, Massachusetts Institute of Technology (MIT)

Federico BandiAffiliate Professor of Finance PhD in Economics,University of Yale

Noël AmencProfessor of Finance

Director of EDHEC-Risk InstitutePhD in Management Science,

University of Nice

Björn FasterlingProfessor of Law Member of the LegalEdhec Research CentrePhD in Law, University of Osnabrück

René GarciaProfessor of FinanceMember of EDHEC-Risk Institute PhD in Economics, Princeton University

Philippe FoulquierProfessor of Finance & Accounting

Director of EDHEC Finanacial Analysis & Accounting Research Centre

PhD in Economics, University of Paris X

Stéphane GrégoirProfessor of Economics

Associate Dean for Faculty and Research Head of the Economics Research Centre

PhD in Applied Mathematics,University of Paris IX

Stoyan StoyanovProfessor of Finance

Programme Director Asia MSc in Risk & Investment Management

PhD in Mathematical Finance, Karlsruhe University

Geert DemuijnckProfessor of EthicsPhD in Philosophy, University of Leuven

45

Adjunct Faculty

Franck Ciosi, Treasurer–-CFM Monaco

Paul Darbyshire, PhD, Professor–-London University

Alfred Davis, PhD, Associate Professor of Finance–-Queen's School of Businesss, Kingston, Ontario

Mélanie Delvaux, Assistant Manager, Cross Border Tax/M&A–-Deloitte SA Luxembourg

Maggie Gorse, MBA–-Gorse Analysts

Georges Hübner, PhD, CEO–-Gambit Financial Solutions

Georges Iatridis, PhD, Assistant Professor of Accounting & Finance–-University of Thessaly

Marc Kitten, MBA, Partner–-Candesic

François-Serge Lhabitant, PhD, CIO–-Kedge Capital

Michael Payte, MBA, Former Senior Managing–-Bear Stearns International Ltd, London

Pascale Viala, PhD, President–-Ysavie

Paul KlumpesProfessor of Accounting

PhD in Accounting, University of New South Wales

Jean-Christophe MeyfrediProfessor of FinancePhD in Management Science, University of Aix Marseille III

Florencio Lopez de SilanesProfessor of Finance

Member of EDHEC-Risk InstitutePhD in Economics, Harvard University

Lionel MartelliniProfessor of FinanceScientific Director of EDHEC-Risk InstitutePhD in Finance, University of California Berkeley

Joëlle MiffreProfessor of Finance

Member of EDHEC-Risk InstitutePhD in Finance,

Brunel University

Stoyan StoyanovProfessor of Finance

Programme Director Asia MSc in Risk & Investment Management

PhD in Mathematical Finance, Karlsruhe University

Abraham LiouiProfessor of FinanceMember of EDHEC-Risk InstitutePhD in Management Science, ESSEC & University of Paris II

Pierre Mella-BarralProfessor of Finance

Member of EDHEC-Risk InstitutePhD in Economics,

Cambridge University

Dominic O’KaneAffiliated Professor of FinanceMember of EDHEC-Risk InstitutePhD in Theoretical Physics, Oxford University

Raman UppalProfessor of FinanceMember of EDHEC-Risk InstitutePhD in Finance,University of Pennsylvania, Wharton School of Business

A WORLD-CLASS FACULTY

47

EDHEC GOVERNANCEAs business relevance is at the core of our strategy, EDHEC has established numerous partnerships with

leading companies. Business input is achieved through corporate programme sponsorships, research chairs,

company presentations and involvement in the training of our students. Furthermore, three boards have been

created to guide EDHEC’s international strategy and to ensure that activities dovetail with the needs of the

global business community.

EDHEC FINANCIAL ECONOMICS ADVISORY BOARD

Pierre Coll, Global Risk & Quality leader–-PwC

Jean Deitchmann, President–-Thomson Reuters (Markets) France SAS

René Garcia, Professor of Finance–-EDHEC Business School

Emmanuel Guéroult, Managing Director EMEA–-Morgan Stanley

Jean-Jacques Guiony, Financial Director–-LVMH

Olivier Marion, Partner –-PwC

Thierry Marraud, Financial Director–-Bolloré

Frédérick Martin, Finance, Accounting and Management Director–-Hudson

Jean-François Mazaud, Head –-Societe Generale Private Banking

Jean-Christophe Meyfredi, Professor of Finance, Programme Director FE Track –-EDHEC Business School

Ariane Obolensky, General Manager–-Fédération Bancaire Française

Emmanuel Rondeau, Co-Head of Corporate Coverage–-RBS Group

Anne Zuccarelli, Associate Dean for Academic Programmes–-EDHEC Business School

EDHEC ETHICS BOARD

Claude Bébéar, Honorary Chairman–-AXA

Eric Bourdais de Charbonnière, Chairman–-Michelin

SAR Jean de Nassau, Prince of Luxembourg, Chairman–-WSSA (Water Solution South Africa)

Vincent Montagne, CEO–-Media Participations

Vianney Mulliez, CEO–-Auchan

Marc Odendall, Chairman–-EDHEC Ethics Board and President - Odendall Foundation - Switzerland

Bruno de Pampelonne, CEO–-Tikehau

Philippe Vasseur, Chairman–-Crédit Mutuel Nord Europe

Olivier Oger, Dean–-EDHEC Business School

Benoit Arnaud, Associate Dean–-EDHEC Executive Education

Stéphane Gregoir, Professor of Economics, Associate Dean of Faculty & Research–-EDHEC Business School

Geert Demuijnck, Professor of Business Ethics–-EDHEC Business School

EDHEC INTERNATIONAL ADVISORY BOARD

Bruno Bich, Chairman–-BIC Group, USA

Christian Fadier, Vice-Chairman & Managing Director–-Hollister Incorporated, UK

Bernard Fournier, Honorary Chairman–-EDHEC Business School

William K. Fung, CEO–-Li & Fung Limited, Hong Kong

Candace Johnson, Vice Chairman–-NeuStar, Inc., Co-initiator–-Astra Satellite System and SES Global

Kevin Keller, E.B. Osborn Professor of Marketing–-Tuck School of Business, Dartmouth College

Abdullah M. Mazrui, Chairman–-MAZRUI Holding Company L.L.C., United Arab Emirates

Franck Moison, COO Emerging Markets & South Pacific–-Colgate Palmolive Company. Chairman–-EDHEC Advisory Board

Indu Shahani, Principal–-H.R. College of Commerce & Economics, Sherriff of Mumbai, Colgate. Board Member–-Colgate India

Richard Simonin, CEO–-Limoni Group Italy. Chairman–-EDHEC Board of Governors

José de la Torre, Professor of Management–-School of Business, Florida International University, USA

48

EDHEC CAREER CENTREThe Centre will assist you in finding your dream job and internship. Not only does the Centre

publish numerous job and internship offers every year but it also provides career assessment and

guidance. Throughout the programme, students will be assisted in setting up their career plan and mastering

international recruitment tools; they will get the opportunity to meet with companies and recruiters either on or

off campus at events organised by the Career Centre. Within a month of their arrival, students’ potential will

be assessed during the TI&CD programme (Talent Identification & Career Development).

Talent Identification & Career DevelopmentUnique among European business schools, the TI&CD programme has been developed to offer students

valuable insights and tailored career guidance. Inspired by corporate best practices, the programme is designed

to accompany and prepare students for the international recruitment process run by major companies. The

TI&CD programme is recognised as one of our best practices by AACSB and EQUIS.

This programme is organised around three fields of expertise: a pool of international career advisors, an online

career platform and numerous opportunities to meet professionals and recruiters. It is a genuine career booster

that enables young graduates to move up the ladder quickly in terms of positions and responsibilities. To

ensure that students benefit from expertise and advice in their area of interest, the Career Centre collaborates

with a group of 30 international consultants specialised in a specific field.

"

Through innovatively simulating the interview process, the TI&CD programme sharpened my skills and helped me to successfully pass nearly seven hours of interviews with McKinsey, leading to a full-time business analyst offer. Jiri Mil (Czech Republic)–-EDHEC 2011Business Analyst, McKinsey&Company –- Czech Republic

EDHEC Career Fair with over 120 participating companies

Finance Career Days

On-campus recruitment sessions

On-campus company presentations

Roundtable Events - Career guidance on specific career paths. Panels composed of alumni and professionals.

Career chats and podcasts

Business games

Events organised by the Career Centre

49

EDHEC Top Recruiters

EDHEC has numerous established corporate partnerships, with more than 110 multinationals as members

of the EDHEC Business Club. These partners are vital to ensuring the School’s relevance to the industry and

connection to the business world, as well as being top recruiters of EDHEC graduates; among them are:

EDHEC Business Club

ABERCROMBIE & FITCHACCENTUREACER COMPUTERALCIMEDAPPLEAUCHANAMAZONBLACKROCKBNP PARIBASCAPGEMINI CONSULTINGCARGILLCOMMERZBANKCARREFOURCARTIERCREDIT AGRICOLEDAILYMOTIONDECATHLONDELOITTEDEUTSCHE BANKDEUTSCHE TELEKOMERNST & YOUNGESSILOREURAZEO

EURO RSCGEUROGROUP CONSULTINGFIAT GENERAL MILLSGOOGLEGROUPONGSK BIOLOGICALSHPINTEL CORPORATIONJLB EXPERTISESJP MORGANKURT SALMONL’ORÉALLEROY MERLINLEXIBOOK LIMITEDLVMHMAZARSMERCEDES BENZMICROSOFTMORGAN STANLEYODDO & CIEOGILVY & MATHERORANGE

PERNOD RICARDPRADJOTO & ASSOCIATEPROCTER & GAMBLEPSAPWCRENAULTROTHSCHILDROBERT WALTERSFERRAGAMO GROUPSSGASOCIETE GENERALESONYTF1TOTALUBISOFTUNIQLOUNILEVERWAGRAM MUSIC SAWARNER BROSWHIRLPOOLYVES SAINT LAURENT

IDENTITÉ

N dossier : 2006454E

Date : 13/12/06

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Validation DA/DC :

Validation Client :Club Med

00 15 18 30

100 83 00 22

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At EDHEC, there is an association for everyone. More than 50 associations, ranging from sports to charities to those for fashion and the media, mobilise our students, who join forces to carry out their projects, including entrepreneurial ones. EDHEC’s student associations also provide opportunities for hands-on preparation for future professional responsibilities. Organising an event, leading a team and managing a budget are all essential skills for tomorrow’s managers.

Some of these associations, such as the Raid EDHEC and the EDHEC Sailing Cup, have become internationally renowned. The Sailing Cup for instance, draws more than 200 international boats every year, including crews from Oxford, LBS and UCLA.

50Student Associations

STUDENT LIFE & ASSOCIATIONS

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EDHEC ALUMNI ASSOCIATION

26,000Alumni

116in countries

Join EDHEC for Life!With more than 26,000 alumni in 116 countries, the EDHEC

Alumni Association is a strong platform where exchanges of all sorts

take place. Solidarity and sharing define the values of EDHEC Alumni.

As such, the association is dedicated to networking with alumni

and companies. Also acting as a career booster, the association

has introduced new entrepreneur-oriented services, including an

Entrepreneur Club and the EDHEC Business Angels, which serve the

increasing number of alumni creating their own companies.

Think Locally, Act Globally!

Numerous international clubs, in which you will find EDHEC Alumni who

will assist you, are scattered around the world. Coordinated by 360 EDHEC Ambassadors, these clubs aim to assist newcomers in

settling down in the country, boosting the EDHEC network locally and

enhancing its relationship with the global business community.

260 events per year

Delphine ArnaultDeputy General Manager–Christian Dior

Karine Allouche SalononDirector Worldwide Partner Strategy & Compete Group–Microsoft

Christophe BonduelleCEO–Bonduelle

Pierre BarbéPresident Total Trading & Shipping Division andManaging Director TOTSA Total Oil Trading–TOTAL

Thierry BoulfroyManaging Director–Total Singapore

Delphine BressonGeneral Manager for International DevelopmentLancôme Parfums & Beauté

Michaël BurkeCEO–Bulgari

Brigitte CantaloubeManaging Director–Yahoo France

Vincent CheneyPresident France, UK & Ireland–Warner Chilcott

Thibault CunyPresident & CEO–Pernod Ricard Brazil

Wissam FarahManaging Director, head of sales–Citigroup

Philippe FortunatoPresident & CEO–Louis Vuitton China Ltd

Laurent FreixeExecutive Vice President Europe–Nestlé

Emmanuel GueroultManaging Director EMEA–Morgan Stanley

Jacques GuersPresident–Xerox Limited Europe

Marc HämelManaging Director–Rexam Healthcare

Hugo KunetzPresident North America–L’Oréal

Stéphane LagutPartner–Ernst & Young Japan

Yves Le GoffExecutive Director, fixed income, currency & commodities–Goldman Sachs

Eric LegrosCEO–Carrefour China

Albert MathieuPresident Food Western Europe–Mars

Xavier MufraggiCEO–Club Med North America

Philippe Leopold MetzgerCEO–Piaget

Franck MoisonCOO Emerging Markets & South Pacific–Colgate

Gilles NormandSVP Chairman Asia-Pacific–Renault Nissan

Benoît TestardGroup Chief Executive–United Biscuits Industries

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Leisure& Business

NICE CAMPUS

Paris

London

Lille

Nice

Bruxelles

Nice, capital city of the French Riviera, boasts a wonderful climate all year around

and is minutes away from Monaco, Cannes and Sophia Antipolis–-the largest

cluster of ICT companies in Europe. Home to the second largest airport in the

country, Nice is connected by direct flights to major cities around the world. Nice–-

France's fifth largest city–-offers a variety of sports, cultural and extracurricular

activities.

Living & learning on the French Riviera

#1Science & Technology Park in Europe

Berlin

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PROUDLY INTERNATIONAL

London

5 campuses

Nice

Nice

Singapore

Lille

Paris

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Requirements 4-year bachelor degree (or equivalent)

Academic excellence

GMAT or GRE score

English Proficiency Test (TOEFL, TOEIC or IELTS). Waivers for native English speakers.

Scholarships & Financial AidEDHEC Business School offers various scholarships to support candidates according to their profile, merits and

financial situation. The Excellence Scholarship for outstanding profile candidates applying before March 31st,

2013 (up to 40% off tuition fees). The Distinction Scholarship and the Foundation Scholarship, respectively

30% and 20% off tuition fees, for high-profile candidates applying before June 30th, 2013. EDHEC Alumni Merit

Scholarships are available for excellent candidates from the UK and the US, as well as external scholarships

and financial aid available to all applicants.

EIFFEL ScholarshipOnly available for applicants with a minimum GMAT score (or GRE equivalent) of 700 who have applied before

December 1st, 2012. If granted, the EIFFEL scholarship offers close to €1,200 per month for the duration of

the programme.

Housing & Living Costs: approx. €1,000 per month

AccommodationOur dedicated Housing Department assists students in finding suitable accommodation either on or off campus.

Application Deadline: June 30th for the 2013 September intake.

[email protected]

ADMISSION REQUIREMENTS, FEES AND FINANCIAL AID

Tuition Fees

MSc in Audit & Management Control €20,500

MSc in Corporate Finance €20,500

MSc in Finance €20,500

MSc in Financial Markets €20,500

MSc in Risk & Investment Management London: €20,500Singapore: SGD 34,000

Application Fees €100

How to apply?

Online at www.edhec.edu

By post. Application pack to download on www.edhec.edu

1

2

Application Checklist Completed application form

Cover letter/essay

CV

A recent photograph

Certified copy of passport

GMAT or GRE report

English Proficiency Test report

Certified copies of official transcripts and diplomas

2 signed and sealed recommendation letters

EDHEC BUSINESS SCHOOL PROGRAMME PORTFOLIO

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Wisdom means to have sufficiently big dreams so as not to lose sight of them while pursuing them.

OSCAR WILDE

Programmes Lille Nice Paris London Singapore Full-time Part-time

Master in Management - Business Management2 years + gap year

Apprenticeship

MSc in Arts & NGO Management 10 months + minimum 3-month internship

MSc in Entrepreneurship10 months + minimum 3-month internship

MSc in Global Business10 months + minimum 3-month internship

MSc in Marketing Management(1)

10 months + minimum 3-month internship

MSc in Strategy & Organisation Consultancy(2)


LL.M. in Law & Tax Management10 months + minimum 3-month internship

Master in Management - Financial Economics2 years + gap year

MSc in Corporate Finance(3)


MSc in Finance(4)


MSc in Financial Markets10 months + minimum 3-month internship

MSc in Audit & Management Control(5)


MSc in Risk & Investment Management 13 months

Executive MBA18 months

Global MBA 10 months

Advanced Management Program12 months

PhD in Finance Residential or Executive Track

Executive Education

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Corporate Programme Sponsors and Programme Partner:

www.edhec.edu

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LILLE - NICE - PARIS - LONDON - SINGAPORE

EDHEC Risk institutE-AsiA REgistERED witH singApoRE CounCil foR pRivAtE EDuCAtion REgistRAtion no.201025256Z fRom 22-06-2011 to 21-06-2017

www.edhec.edu

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