HEC School of Management

MSc Admissions
1, rue de la Libération
F – 78351 Jouy-en-Josas
Tel: +33 (0) 1 39 67 73 52/96 95
Fax: +33 (0) 1 39 67 73 04
E-mail: mfe@hec.fr
www.hec.edu/MSc

MANAGERIAL AND
FINANCIAL ECONOMICS

Master of Science

2011

affiliated to
  A Stepladder to Economic Success
The Master of Science in Managerial and Financial Economics at HEC (MMFE)
is a 12-month full-time program designed to equip you with a solid basis in eco-
nomic analytical skills as well as specialized knowledge in business strategies
and finance. It aims at imparting not only knowledge of modern economic the-
ory and empirical methods but also their applications by professionals in their
work. The content of the program is specifically devised to give you maximum
exposure to economic problems and their solutions pertaining to the increas-
ingly complex business and financial relationships and environments in
today’s globalized world.
The HEC MMFE is designed for students who have an excellent undergraduate
degree in Economics, Finance or Business
Administration. However, Mathematics and
Statistics, Science, and Engineering majors with
an excellent track record and a minor in
Economics/Finance are also encouraged to
apply.
The curriculum consists of advanced theory
courses in the fields of microeconomics, macro-
economics, decision-making sciences and
econometrics followed by specialization courses
in managerial and financial economics. These
courses consist in applying theoretical economic
analysis to real world economic and business
problems such as bank management, corporate
strategy and country risk analysis.
HEC has a strong reputation for the quality of its
programs. The MMFE courses are taught either
by recognized faculty publishing in top academic
journals or by top professional economists and
managers working in financial institutions, con-
sulting firms and government agencies.
The content of the program, its international
exposure, the involvement of the business
community, the network of 44,000 alumni and
the school’s reputation are the key assets that
HEC Paris offers its students from around the
world. In addition, the 300-acre campus is an
ideal living and learning environment and the
rich cultural and social life of nearby Paris will
help make your stay at HEC a most rewarding
experience.
Ai-Ting Goh and Olivier Klein,
Academic Directors
2 15
 Design & Layout
G-one Design & Page !mpact
info@g-onedesign.com
page.impact@wanadoo.fr
 Photography
Jean-Marc Biais (for HEC)
Biais@hec.fr
Fotofolia
Disclaimer: The information provided herein
is subject to change without notice. HEC dis-
claims any responsibility relating to the infor-
mation contained herein and disclaims any
responsibility arising from a negligence or
otherwise concerning such information.
 A Unique Program Portfolio
Master Degrees
 MSc in Management, Grande Ecole program (18 months, French or English) is designed for
students who hold a Bachelor degree in any field. The 1st academic year is comprised of
general business courses; the 2nd academic year is devoted to the student’s area of
specialization.
 Masters of Science (12 months, English) are designed for students who hold a Bachelor
degree in Business and who want to acquire an expertise in a specific field of management.
 Specialized Masters (12 months, French and English) are designed for students at
postgraduate level to acquire an expertise in a specific field of management.
MBA Program
Full-Time Option (16 months) and Part-Time Option (24 months)
The MBA addresses both functional and cross-functional skills through a fundamental and a cus-
tomized thread to cover all areas of management in depth. Participants will, throughout the pro-
gram, enhance their leadership potential through unique learning experiences in a diverse environ-
ment, developing their self-awareness and people & relationship management, to boost and change
their career path.
PhD Program
The PhD program shapes professor-researchers, offering high quality, internationally renowned
training. The program gives them the preparation needed to publish in leading academic journals
throughout the world and face future research and teaching challenges.
Executive Education
HEC Paris Executive Education spans a wide range of degree and non-degree programs specially
designed for experienced managers and executives.
In addition to Executive MBAs and Executive Masters Programs, HEC Executive Education offers
Open-Enrolment programs, Custom Programs and Coaching.
Highlights of the program range:
 TRIUM Global Executive MBA, specially designed for global executives and CEOs, is a joint
degree developed by three top-ranked schools: New York University Stern School of Business
(NYU Stern), the London School of Economics (LSE) and HEC Paris.
 HEC Executive MBA is a multi-site degree program designed to meet the needs of executives
and senior managers. The program is offered in 6 locations (Paris, Beijing, Shanghai, St.
Petersburg and Doha) and proposes 6 Majors (Aerospace and Aviation, Energy,
Entrepreneurship and Innovation, Global Business Perspectives, Luxury).
 Part-time Executive Masters are post-graduate degree programs providing specialized
training in specific areas of management such as the MSc HEC Oxford Consulting and
Coaching for Change and the MSc HEC Oxford Reinventing Management.
 Open-enrolment Programs are specific, short executive programs to strengthen managerial
skills. More than 50 programs are offered, which last from 3 to 20 days.
 Custom programs are tailored and delivered to the precise specifications of a company.
www.hec.edu
  HEC Paris
The Leading Business School in Europe
 Since the Financial Times’ first ever European Business School
ranking in 2005, HEC Paris has held the #1 position as the best
Business School in Europe and the best MSc in Management
offered by a Business School.

 A large international academic network. HEC has prestigious

Muhammad Yunus
HEC Honoris Causa, Nobel Peace
Prize, Co-President of the HEC
Chair in Social Business
academic partners worldwide and offers its students numerous
exchange opportunities as well as Double Degrees with top
Business Schools. In addition, HEC is co-founder of two major
international networks: PIM (an association of more than
50 world-class business schools) and CEMS (a strategic alliance of
27 leading business schools and over 50 multinational corporate
partners).

 A combination of state of the art research with innovative

training. HEC’s faculty is dedicated to academic research and has
well-established expertise in all areas of business. This ensures
that the courses provided are based on the latest developments in
market disciplines.

 A campus to live and learn. HEC has one of the largest campuses
in Europe with all the academic, leisure and sports facilities one
can dream of: language and computer labs; an extensive library; a
trading room and restaurants… Each year, the campus hosts
around 4,000 full-time students of close to 100 different
nationalities.

Michael C. Jensen
Professor at Harvard, HEC Honoris
 A large Alumni Association. HEC's Alumni Association counts
Causa more than 44,000 members in 113 countries; professional groups
have been set up in 64 countries.

HEC holds the prestigious

Triple Crown accreditation:
AACBS, AMBA, EQUIS.

and has joined ParisTech.

3

Honoris Causa
Each year, HEC awards
the Honoris Causa to prominent
academics in France
and abroad:
Professors
Chris Argyris,
David S. Landes,
Michael E. Porter,
Michael C. Jensen,
and Jay O. Light (Harvard);
Philip Kotler (Northwestern);
Jim March (Stanford);
Ikujiro Nonaka (Hitotsubashi);
Oliver E. Williamson (Berkeley);
Theodore Zeldin (Oxford).
Nobel Prize winners
Robert F. Engle (Economics,
New York University);
Pierre-Gilles de Gennes
(Physics, Collège de France);
Robert C. Merton
(Economics, Harvard);
Rajendra K. Pachauri (Peace);
Muhammad Yunus (Peace).
4
 Faculty & Research
Thanks to a permanent faculty of over 100 holding PhDs from the world’s
leading research universities such as Boston College, Cornell, Harvard,
McGill, MIT, Princeton, Stanford, UCLA, Wharton, Yale and also from top
European institutions, HEC offers a broad range of quality programs. 50%
are non-French and of 26 different nationalities. Whilst teaching the various
programs, they also carry out research and work in, or act as, consultants to
major firms. This ensures that they are constantly up-to-date with the latest
managerial practices.
Moreover, more than 120 affiliate and visiting professors and many lecturers
(academics and professionals) join the faculty’s ranks each year.
 Research
the Essence of Management Science
HEC’s faculty is dedicated to pushing the frontier of knowledge in their field
of expertise by actively engaging in research, regular publications in top aca-
demic journals with an international audience and also through active par-
ticipation in international academic conferences. The HEC Fcaulty has been
ranked 4th in Europe by the Financial Times 2010 ranking for Research.
A few examples of recent publications by MFE professors
I. Gilboa, A. Postlewaite, and D. Schmeidler (2008), Probabilities in Economic
Modelling, Journal of Economic Perspectives — I. Gilboa, F. Maccheroni, M.
Marinacci, and D. Schmeidler (2010 forthcoming), Objective and Subjective
Rationality in a Multiple Prior Model, Econometrica — A-T Goh (2005), Knowl-
edge Diffusion, Input Supplier's Technological Effort and Technology Transfer
via Vertical Relationships, Journal of International Economics — A-T Goh and
T. Michalski (2010), Should Small Countries Fear Deindustrialization, Review of
International Economics — P. Picard and O. Gossner (2005), On the Conse-
quences of Behavioral Adaptation in the Costs-Benefits Analysis of Road Safety
Measures, Journal of Risk and Insurance — P. Picard & J-M Bourgeon (2007),
Point Record Driving Licences and Road Safety: an Economic Approach, Journal
of Public Economics — T. Tomala and O. Gossner (2008), Entropy Bounds on
Bayesian Learning, Journal of Mathematical Economics — T. Tomala (2009),
Perfect Communication Equilibria in Repeated Games with Imperfect monitor-
ing, Games and Economic Behaviour, — T. Tomala, J. Renault, M. Scarsini
(2008), Playing off-line Games with Bounded Rationality, Mathematical Social
Sciences — N. Vieille and E. Solan (2010), Computing Uniformly Optimal
Strategies in Two-Player Stochastic Games, Journal of Economic Theory —
N. Vieille and J. Horner (2009), Public vs. Private Offers in the Market for
Lemons, Econometrica

“ During the program, we have access
not only to professors but also to
professionals from the banking and
consulting sector. This, I feel, has
been indispensable to me and my
classmates in terms of bridging the
”
gap between theory and practice.
Rachel Teo
Singaporean, Alumnus 2009, Senior
Officer, Singapore Economic
Development Board
 HEC MMFE
A Wealth of Assets
We live in a world of rapidly changing business and financial environ-
ments. Companies are looking for candidates who can readily adapt
to new situations. HEC MMFE’s academic ambition is not only to train
future corporate managers and executives to understand and formu-
late appropriate strategies to deal with today’s economic and busi-
ness problems but also to instill in them the analytical reflexes they
will need to solve tomorrow’s problems.
 A 12-month intensive and selective master program
Admission to the MMFE program is highly selective. Only students
with a proven track record from a recognized international
institution will be admitted. HEC’s expectations regarding the
performance of students are very high and students should expect
to put in considerable effort during the program.
 A balanced combination of theory and applications
The objective of the program is not to produce theoreticians but to
train students to become top corporate executives by equipping
them with the capacity to apply economic concepts and methods in
their work and by enhancing their understanding of the economic
forces shaping the business and financial environment. A solid
basis in economics and its applications are an invaluable asset for
solving problems in all areas of management.
 Hands-on business experience
Not only do MMFE students take courses but they will also be
involved in putting their newly acquired knowledge to practice
through consultancy work. Students will be able to take up proj-
ects with well-known multinational companies, undoubtedly an
important asset for building a career in our increasingly globalized
world.
 Strong connections with the business and financial community
Students will have many opportunities to meet business leaders
and top executives from financial institutions through consultancy
projects, seminars, internships and career fairs organized on
campus.
5

“ how to go about formulating, analyzing, solving and testing an economic
I chose HEC because of its high
reputation combined with the opportunity
to study in France and thus learn a
second world language.
As I already had a Bachelor degree in
Economics, I wanted to specialize more
in this field. The MMFE program offered
the intersection between business,
finance and economics, which was
exactly what I sought. It gave me not only
a good understanding of economic theory
but also practical applications coupled
with very valuable insights into the
finance world and the interplay between
financial and economic developments.
Today I work for the Norwegian Central
Bank analysing developments in the
banking sector and their potential
impacts on the economy as a whole. The
program enabled me to understand both
the macroeconomic issues at play, and
the market and financial situation of the
”
various banks.
Gøril Bjerkhol Havro, Norwegian
Alumnus 2008, Economist,
Norwegian Central Bank
The French language
MMFE students do not need to speak
French to follow the program as all
core courses and many electives are
offered in English. However, some
knowledge of French can be useful
to enjoy the full HEC experience :
become professionally bicultural
and optimize networking with
French students and alumni. This is
why HEC Paris offers (optional)
French language classes free of
charge to its international students.
6
 HEC MMFE
A Comprehensive Curriculum
The HEC MMFE curriculum is articulated around the following elements:
 Compulsory core courses provide the fundamental building blocks in
economic analysis and empirical methods essential for understanding
problem. The emphasis is on developing analytical skills and reflexes
that are applicable beyond economics to other areas of management.
 Specialization courses provide an in-depth understanding of two spe-
cific fields: business strategies and finance. The objective is to train stu-
dents to apply economic analysis to handle the issues most commonly
encountered in the formulation of business strategies and in corporate
finance and financial markets analysis. Courses include both theory and
practical applications to real world problems.
 Certificate Programs correspond to a group of courses with a sectorial
focus on a specific area such as Energy and Finance, Luxury Strategies,
Real Estate and Social Business. These courses provide an in-depth
understanding of the structure, management, economics and finance
related to these sectors. Students who successfully complete all the
courses in the same program will be awarded an additional HEC
certificate.
 Master Thesis and Internship
Students are required to write a research-oriented master thesis dur-
ing the program. They will discuss their areas of interest with the Aca-
demic Directors who will direct them towards the appropriate tutors to
supervise their work.
Students must also complete a 16-week minimum internship, in France
or abroad. First job experience will be counted as internship experience.
Students may validate previous professional/internship experience if
the job was related to finance and economics.
 Conferences
Professional Economists, Top Bank Managers, Consultancy Firms are
invited to lecture on important current economic issues throughout the
academic year.
 HEC MMFE
Examples of the Course Portfolio
The course portfolio comprises Core Courses, Specialization Courses and a Certificate.

Core Courses Financial Economics Certificate Programs

 Behavioral Economics  Asset Management: Quantitative  Energy and Finance
 Corporate Finance Theory Methods  Real Estate
 Econometrics  Economics of Banking (in French)  Luxury Strategies
 Economics of Money and Monetary  Financial Risk Management  Social Business
Policy  Economics of Insurance …(see page 9)
 Game Theory  Country Risk Analysis: An
 Industrial Organization Economic and Financial
Perspective
 International Economics
 Diagnostic and Valuation of Firms
Specialization Courses (in French)
Managerial Economics  Fiscal Policy and Structural
 Competitive Strategies for Network Reforms
Economies (in French)

 Corporate Strategy  Interest Rates and Financial

Economics
 Contract Theory
(in French)

7

“ Assistant Professor, Department of Finance and Economics,
“Learn conceptual tools for ana-
lyzing various situations while
questioning these concepts: the
economic sphere is constantly
evolving and so does the theory”.
Tristan Tomala,
HEC Paris
“ I studied philosophy before graduating from Sciences-Po and Essec. I have worked
“This course should help future
executives to better understand
how analytics and rigorous
thinking eventually protect
companies from inappropriate
strategic moves; all the more in
turbulent times where the price of
mistakes gets unaffordable”.
Nicolas Liolakis
8
 HEC MMFE
A Faculty of Excellence
The quality of an academic program depends, first and foremost on the qual-
ity of the professors. The team teaching the HEC MMFE program is made up
of researchers and professional economists or managers who are among
the best in their field of expertise.
 Focus on 2 lecturers
Tristan Tomala
HEC Paris
My field of research is Game Theory. More specifically, I am interested in how
rational agents behave in dynamic strategic situations and how their behavior
depends on the quality of the information they get. This led me to study mathe-
matical models of strategic communication and information transmission.
I teach ‘Game Theory’. This course implicates model situations where several
rational agents interact strategically. This requires a good deal of abstraction and
a good understanding of economic modelling. Several concrete situations may be
analyzed through game theory: political science, industrial competition, eco-
”
nomic policy, strategy, and we shall spend time on such applications.
Nicolas Lioliakis
Partner, Bain & Company, Snc.
as a consultant for most of my career and joined Bain in 2006 as a partner in the
Financial Services and the M&A Practices. I head the European Merger Integration
Practice since a lot of my work has had to do with M&A activities and the consequent
post-merger work. I have also headed successively for Crédit Agricole and Dexia New
Distribution Channels Strategy at the peak of the Internet wave. Most of my work as
an advisor dealt with both organic and non organic growth strategies, from acquisi-
tions to greenfield developments and joint-ventures.
I teach the course of Corporate Strategy where I aim at demonstrating through con-
crete examples how analytics contribute to the decision-making process of compa-
nies when designing their strategic options and roadmap. Of course corporate
strategy is not a science, it implies opportunistic thinking, requires boldness and
agility in deciding and moving; but it leverages and should always leverage solid ana-
lytical tools that secure the strategic thinking. In the course, we try to understand
what steps companies should follow to make sure they don't misunderstand their
position, their "core business" and how they can grow this core business to its full
potential. We also try to understand when and how they can "reinvent" themselves to
”
follow instable profit pools or changing consumer preferences.
 Certificate Programs
The Certificate Programs, offered in the final year of studies as a complement to the specialization, is 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, sponsored by a company. Students who
successfully complete all the courses in the same program will be awarded an additional HEC certificate.

 Energy & Finance  Luxury Strategies

Sponsored 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 poli-
cies.
The Energy & Finance Certificate is an exceptional
opportunity for participants to confront the issues
in the sector and acquire the knowledge and ana-
lytical skills that will help them make informed
decisions as important contributors to the current
industrial revolution.
 Social Business
Sponsored by Danone, private donators, and co-
presided by Muhammad Yunus, Nobel Peace
Prize winner and Martin Hirsch, President of
Agence du service Civique.
The aim of the Social Business certificate is to train
a new generation of managers, aware of societal
challenges and aspiring to be part of the solution,
regardless of their professional activity. The objec-
tive is to train students innovative business
approaches that reduce poverty by offering new eco-
nomic models for both developed and developing
countries, and investigate new methods of co-cre-
ation and distribution of wealth to reduce poverty.
Sponsored by The Gucci Group.
The HEC Luxury Strategies certificate is a business
oriented certificate, seeking to provide future man-
agers with in depth understanding of the unique
rules for the effective management of luxury
brands and companies. The course mostly features
experts in the marketing area (both academic and
practitioners). Yet, the certificate will maintain an
inter-functional perspective as luxury cannot be
restricted to marketing alone.
 Real Estate
Sponsored by Unibail-Rodamco and Morgan
Stanley.
The real estate industry has gone through profound
transformations in the last few years, and, as such,
needs professionals who are well-trained in the
complexities of real estate product evaluation and
management. The objective of this course is to
focus on real estate economics and finance, to
extend the global reach of the real estate industry
and its leading players and to provide tomorrow’s
professionals with the necessary skills to succeed
in the global real estate industry.
 More Certificate programs to come in Spring 2011
(more information on www.hec.edu/Certificates)

9
  HEC MMFE
Countless Career Opportunities…
A vision to build bridges between academia and business is a core aim of
HEC's education. Its goal is to provide businesses worldwide with young
managers who are instantly operational, first-rate team players and experts
in problem solving.
The HEC Corporate Relations Department aims at facilitating the professional
integration of students. The resources available are:
 The Career and Corporate Information Center which provides students
with files on current job & internship opportunities, online international
directories, business reviews and guides on job search strategy, information
Top 10 Recruiting on companies in France and abroad, information on various jobs and
sectors…
Companies in 2009
 The Career Services which organize company presentations, seminars,
conferences, round tables, mock interviews with recruiters, meetings
Accuracy with alumni and job/internship events throughout the year
BNP Paribas
Crédit Agricole CIB … and Major Career Fairs
Deutsche Bank
Several career fairs are organized on campus throughout the year.
Ernst & Young
 International Finance Career Fair (October). 29 of the leading
Goldman Sachs
international financial institutions (in 2009): BNP Paribas, Goldman
McKinsey & Company Sachs, J.P.Morgan, RBS, Citi, Deutsche Bank, Thomson Reuters, Credit
Morgan Stanley Suisse, UBS, Credit Agricole, Dexia, Ernst & Young, Exane, GE, Lazard,
Oliver Wyman Leonardo & Co, Morgan Stanley, Oddo & Cie, Oliver Wyman,
Société Générale PricewaterhouseCoopers, RBS, Société Générale, Nomura, Vendôme
Associés, Tibra, Natixis, Bank of America, Barclay’s Capital, Rothschild.
 Legal & Fiscal Career Fair (October). 30 leading international law firms
(in 2009) such as Linklaters, Allen & Overy, Landwell, Freshfields
Bruckhaus Deringer, CMS Bureau Francis Lefebvre, Paul Hastings…
 Consulting Career Fair (November). 25 leading consulting firms (in
2009) such as Accenture, AT Kearney, Bain & Company, The Boston
Consulting Group, McKinsey, PricewaterhouseCoopers, Arthur D. Little,
Roland Berger Strategy Consultants, BearingPoint, Beijaflore…
 Alumni Career Fair (January). HEC Alumni from all sectors –
information gathering on job functions and sectors.
 International Career Fair (January). 102 world-renowned companies (in
2010) from all sectors such as Coca Cola, LVMH, Mazars, Unilever,
Microsoft, PricewaterhouseCoopers, Shell, Axa Investment Managers,
Veolia, L’Oréal, Canal Plus, Sanofi Aventis, Ogilvy, Dell, GE, Procter &
Gamble, Air Liquide, Coty, Renault, Michelin, Nestlé, Fiat, AstraZeneca…

10
 Significant Employment
Facts & Figures
MMFE students are well-prepared for a career in the banking and
finance industry, in consulting as well as in the corporate strategy or
corporate finance departments in multinational companies. They
can take up functions like credit or security analysts, loan officers,
financial advisors/planners, economists, risk management, ratings
analysts, private equity, mergers and acquisitions, consultants in
strategy, corporate finance/corporate strategy officers in multina-
tional corporations.
MMFE students follow the same program as the students enrolled in
the Managerial & Financial Economics specialization of the Grande
Ecole and benefit from the same access to our powerful network.
The HEC Corporate Relations Department carries out annual
employment surveys for each of the HEC degree programs. Among
the employed of the 2009 class, 66,7% found a job either before
graduation or within 1 month after graduation and 90,6% were
employed within 5 months. The average salary of the class: 45,161€
(57,400 USD, currency rate of July 2010).
Sectors of Employment*
*2009 Data
 Alumni Association
Founded in 1883, the HEC Alumni Association is
one of the largest in France with more than
44,000 members in 113 countries. It provides a
platform for the exchange of experience, ideas
and information, facilitates entry into the profes-
sional world and accompanies career advance-
ment. Services and events include career
guidance, personal coaching, career fairs and
seminars, monthly meetings with business lead-
ers and an annual international management
forum drawing together major senior business
executives, experts and international business
personalities.
In order to ensure HEC's international reputa-
tion and to maintain an active network, profes-
sional groups are organized in 64 countries of
which the largest chapters are Paris, New York,
London, Shanghai and Hong-Kong.
 HEC Foundation
The 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
11

On-campus:
Accommodations,
Services
and Facilities
Students can be housed in one
of the 1,350 individual rooms
or 60 apartments on campus.
Among its other outstanding
facilities:
 A restaurant and a cafeteria
 A 474-seat lecture hall
 30 lecture halls with a seating
capacity of over 50
 60 classrooms with a seating
capacity of 8 to 35
 A multimedia resource
center with 50,000 books,
753 journals, 50 database
subscriptions
 A trading room
(in collaboration with Thomson
Reuters)
 Open-access computers in all
classrooms; networked PCs
throughout the campus
 A linguistic resource center
with workstations
 2 business bookshops
 A printing center
 A place of worship
 A spacious 1,000 m2 reception /
exhibition area.
12
 A Place to Live & Learn
Located close to Paris and Ver-
sailles, the 300-acre wooded HEC
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 multina-
tional companies. These companies
interact with HEC Paris both as part-
ners and as potential recruiters.
Community Life
HEC considers community life as
one of the cornerstones of its educa-
tion. It develops the sense of respon-
sibility, audacity 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 students have
founded and manage today over
120 clubs and associations (sports,
culture, professional activities,
humanitarian aid, public affairs…).
Students plan social events, sports
tournaments, concerts and plays;
they invite politicians and business
VIPs to speak and debate current
affairs; they help people in need
throughout the world; they welcome
foreign students…
International Student
Association
HEC IS is a student-run association
whose purpose is to bring French
and international students together
through events such as the welcome
week, "Discover France" weekends
and various on-campus activities.

HEC Students’ Union

Known as the BDE (Bureau des
Élèves), the union is run by a team of
students who are annually elected .
Its many responsibilities include wel-
coming incoming students, organiz-
ing concerts, theater productions
and other social events such as the
famous HEC parties and the annual
HEC Gala. It also publishes the cam-
pus magazine and coordinates the
activities of the other clubs.

HEC Sports Clubs and

Competitions
HEC 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 aero-
bics, fencing and martial arts.
8,000 m2 of outdoor fields include
tennis courts, an athletics track and
two rugby/football pitches.
The Sports Office is managed by a
permanent staff of 25 qualified pro-
fessionals and coaches who teach
the various sports offered. Each
sport has its own club, run by stu-
dents in collaboration with the Sports
Office.
HEC teams compete with other uni-
versities in all sports, such as the
Business School Coupe de France
competition and the World Business
School Rugby Tournament and Les
Mercuriales.

13

Application Checklist
 Official Academic Transcripts
 Two Letters of
Recommendation from
Professors
 Résumé
 Official Test Score Reports:
 GMAT or GRE
TOEFL/IELTS:
required of international
students whose native
language is not English and
who have not earned a
university degree where
English was the primary
language of instruction.
 Interview
 Online Application Form
 Application Fee of 100€
Application Deadlines
Admission sessions for appli-
cants wishing to enroll for the
new academic year in September
are:
 November 15th, 2010 (reserved
exclusively for candidates with
a minimum GRE
(quantitative/verbal average)
or GMAT score of 700.
 January 15th, 2011
 March 1st, 2011
 April 15th, 2011
For more information
Tel: +33 (0) 1 39 67 73 52/96 95
E-mail: mfe@hec.fr
www.hec.edu/MSc
14
 HEC MMFE: What You Need to Know
The Profile We Value
HEC welcomes applications from candidates of all nationalities aged less
than 27 years old the year of their application. They must also:
 Be fluent in English;
 Possess strong quantitative skills;
 Have obtained a Bachelor degree from a non-French institution, in
Business Administration, Economics or Finance. Candidates with a
degree in Engineering, Mathematics or Physical Sciences must hold a
minor in Economics or Finance.
Previous work experience is not required; the average age of the students
is 24.
Fees and Living Costs
Annual tuition (2010-2011): 20,500 €.
Remaining costs (approximately 1,000€ per month in 2010) include housing
and food, compulsory insurance (health and civil liability), sports and
leisure, phone and IT access…
Funding your studies
 The HEC Merit based Scholarship: All admitted students may apply for
this grant.
 The two main national French Scholarships (depending on your
nationality):
 The French Government "Eiffel Scholarship" is a merit-based grant
offered to students from certain regions. Applications for this grant are
open exclusively to November Session candidates as the yearly
application deadline is fixed to mid-January. To learn more
www.eiffel.asso.fr
 The "Conseil Regional" Scholarship is a need-based grant offered to
certain nationalities. To learn more, please see the campusfrance
scholarship finder.
 Many other local scholarships are available on the Campusfrance
scholarship finder, www.campusfrance.org/en/index.htm
 Students may also finance the cost of their education with student loans,
which typically carry low interest rates and can be paid back following
graduation. However, in France banks generally require a guarantor
living in France
 The internship period is usually paid and thereby provides students with
extra financial resources.
  A Stepladder to Economic Success
The Master of Science in Managerial and Financial Economics at HEC (MMFE)
is a 12-month full-time program designed to equip you with a solid basis in eco-
nomic analytical skills as well as specialized knowledge in business strategies
and finance. It aims at imparting not only knowledge of modern economic the-
ory and empirical methods but also their applications by professionals in their
work. The content of the program is specifically devised to give you maximum
exposure to economic problems and their solutions pertaining to the increas-
ingly complex business and financial relationships and environments in
today’s globalized world.
The HEC MMFE is designed for students who have an excellent undergraduate
degree in Economics, Finance or Business
Administration. However, Mathematics and
Statistics, Science, and Engineering majors with
an excellent track record and a minor in
Economics/Finance are also encouraged to
apply.
The curriculum consists of advanced theory
courses in the fields of microeconomics, macro-
economics, decision-making sciences and
econometrics followed by specialization courses
in managerial and financial economics. These
courses consist in applying theoretical economic
analysis to real world economic and business
problems such as bank management, corporate
strategy and country risk analysis.
HEC has a strong reputation for the quality of its
programs. The MMFE courses are taught either
by recognized faculty publishing in top academic
journals or by top professional economists and
managers working in financial institutions, con-
sulting firms and government agencies.
The content of the program, its international
exposure, the involvement of the business
community, the network of 44,000 alumni and
the school’s reputation are the key assets that
HEC Paris offers its students from around the
world. In addition, the 300-acre campus is an
ideal living and learning environment and the
rich cultural and social life of nearby Paris will
help make your stay at HEC a most rewarding
experience.
Ai-Ting Goh and Olivier Klein,
Academic Directors
2 15
 Design & Layout
G-one Design & Page !mpact
info@g-onedesign.com
page.impact@wanadoo.fr
 Photography
Jean-Marc Biais (for HEC)
Biais@hec.fr
Fotofolia
Disclaimer: The information provided herein
is subject to change without notice. HEC dis-
claims any responsibility relating to the infor-
mation contained herein and disclaims any
responsibility arising from a negligence or
otherwise concerning such information.
 A Unique Program Portfolio
Master Degrees
 MSc in Management, Grande Ecole program (18 months, French or English) is designed for
students who hold a Bachelor degree in any field. The 1st academic year is comprised of
general business courses; the 2nd academic year is devoted to the student’s area of
specialization.
 Masters of Science (12 months, English) are designed for students who hold a Bachelor
degree in Business and who want to acquire an expertise in a specific field of management.
 Specialized Masters (12 months, French and English) are designed for students at
postgraduate level to acquire an expertise in a specific field of management.
MBA Program
Full-Time Option (16 months) and Part-Time Option (24 months)
The MBA addresses both functional and cross-functional skills through a fundamental and a cus-
tomized thread to cover all areas of management in depth. Participants will, throughout the pro-
gram, enhance their leadership potential through unique learning experiences in a diverse environ-
ment, developing their self-awareness and people & relationship management, to boost and change
their career path.
PhD Program
The PhD program shapes professor-researchers, offering high quality, internationally renowned
training. The program gives them the preparation needed to publish in leading academic journals
throughout the world and face future research and teaching challenges.
Executive Education
HEC Paris Executive Education spans a wide range of degree and non-degree programs specially
designed for experienced managers and executives.
In addition to Executive MBAs and Executive Masters Programs, HEC Executive Education offers
Open-Enrolment programs, Custom Programs and Coaching.
Highlights of the program range:
 TRIUM Global Executive MBA, specially designed for global executives and CEOs, is a joint
degree developed by three top-ranked schools: New York University Stern School of Business
(NYU Stern), the London School of Economics (LSE) and HEC Paris.
 HEC Executive MBA is a multi-site degree program designed to meet the needs of executives
and senior managers. The program is offered in 6 locations (Paris, Beijing, Shanghai, St.
Petersburg and Doha) and proposes 6 Majors (Aerospace and Aviation, Energy,
Entrepreneurship and Innovation, Global Business Perspectives, Luxury).
 Part-time Executive Masters are post-graduate degree programs providing specialized
training in specific areas of management such as the MSc HEC Oxford Consulting and
Coaching for Change and the MSc HEC Oxford Reinventing Management.
 Open-enrolment Programs are specific, short executive programs to strengthen managerial
skills. More than 50 programs are offered, which last from 3 to 20 days.
 Custom programs are tailored and delivered to the precise specifications of a company.
www.hec.edu
 HEC School of Management
MSc Admissions
1, rue de la Libération
F – 78351 Jouy-en-Josas
Tel: +33 (0) 1 39 67 73 52/96 95
Fax: +33 (0) 1 39 67 73 04
E-mail: mfe@hec.fr
www.hec.edu/MSc

MANAGERIAL AND
FINANCIAL ECONOMICS

Master of Science

2011

affiliated to