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
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
TRO
L
MSc IN AUDIT & MANAGEMENT CONTROL
14
MSc IN AUDIT & MANAGEMENT CONTROL
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
"
15
MSc IN AUDIT & MANAGEMENT CONTROL
15
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
MSc IN AUDIT & MANAGEMENT CONTROL
16
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
CTI
ON
SEC
TOR
LOC
ATIO
N
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 CORPORATE FINANCE
MSc
IN C
OR
PO
RAT
EFI
NA
NCE
20
MSc IN CORPORATE FINANCE
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
21
MSc IN CORPORATE FINANCE
21
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.
MSc IN CORPORATE FINANCE
22
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%
Audit, Financial Advisory 28%
Accounting, Management Control, Corporate Financial Management 13%
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%
Private Banking or Wealth Management 2.5%
Other Banking Functions 2%
Market Finance (Sales, Trading, Research, Structuring) 1.5%
Marketing, Communication 1.5%
Commercial, Business Developement 1%
54%FRANCE
46%ABROAD
FUN
CTI
ON
SEC
TOR
LOC
ATIO
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
INA
NCE
26
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
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Accounting, Management Control, Corporate Financial Management 20%
Asset Management 15.5%
Consulting 14%
Audit, Financial Advisory 10.5%
Market Finance (Sales, Trading, Research, Structuring) 9.5%
Risk, Product Control or other Support Functions 6%
Corporate Banking (Project or Structured Finance, Commodities Financing) 5%
Corporate Finance (M&A, ECM, DCM) 5%
Other Banking Functions 4.5%
Private Banking or Wealth Management 3.5%
Marketing, Communication 2%
Commercial, Business Development 2%
Business Unit Management 1.5%
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
Signed their contract before leaving school 60%
Workabroad 60%
Have aninternational
function 100%
40%FRANCE
60%ABROAD
FUN
CTI
ON
SEC
TOR
LOC
ATIO
N
Financial Institution, Banking,
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%
EUROPE 52%UNITED KINGDOM 15%
LUXEMBOURG 10%
AFRICA/ MIDDLE EAST 6%
ASIA 30%CHINA 15%
SINGAPORE 6%
AMERICA 12%USA 15%
Accounting, Management Control, Corporate Financial Management 20%
Asset Management 15.5%
Consulting 14%
Audit, Financial Advisory 10.5%
Market Finance (Sales, Trading, Research, Structuring) 9.5%
Risk, Product Control or other Support Functions 6%
Corporate Banking (Project or Structured Finance, Commodities Financing) 5%
Corporate Finance (M&A, ECM, DCM) 5%
Other Banking Functions 4.5%
Private Banking or Wealth Management 3.5%
Marketing, Communication 2%
Commercial, Business Development 2%
Business Unit Management 1.5%
Purchasing, Supply Chain, Logistics 1%
MSc IN FINANCE
MSc IN FINANCIAL MARKETS
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 FINANCIAL MARKETS
MSc
IN
FIN
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MSc IN FINANCIAL MARKETS
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
MSc IN FINANCIAL MARKETS
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.
MSc IN FINANCIAL MARKETS
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
MSc IN FINANCIAL MARKETS
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.
MSc IN FINANCIAL MARKETS
36
MSc IN FINANCIAL MARKETS
Market Finance (Sales, Trading, Research, Structuring) 30%
Asset Management 20%
Risk, Product Control or other Support functions 10%
Audit, Financial Advisory 7%
Corporate Finance (M&A, ECM, DCM) 7%
Consulting 6%
Corporate Banking (Project or Structured Finance, Commodities Financing) 5%
Other Banking functions 5%
Accounting, Management Control, Corporate Financial Management 5%
Private Banking or Wealth Management 4%
Information Technology 1%
Financial Institution, Banking,
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
Signed their contract before leaving school 62%
Workabroad 70%
Have aninternational
function 100%
AFRICA /MIDDLE EAST 9%
USA CANADA 3%
ASIA 8%CHINA 5%
SINGAPORE 3%
EUROPE 80%UNITED KINGDOM 52%
SWITZERLAND 10%BELGIUM 7%
GERMANY 5%
MSc IN RISK & INVESTMENT MANAGEMENT
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 RISK & INVESTMENT MANAGEMENT
MSc
IN R
ISK
& IN
VEST
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AN
AGEM
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MSc IN RISK & INVESTMENT MANAGEMENT
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
MSc IN RISK & INVESTMENT MANAGEMENT
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.
MSc IN RISK & INVESTMENT MANAGEMENT
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.
MSc IN RISK & INVESTMENT MANAGEMENT
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
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IDENTITÉ
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Date : 13/12/06
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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
50
51
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
52
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
53
PROUDLY INTERNATIONAL
London
5 campuses
Nice
Nice
Singapore
Lille
Paris
54
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.
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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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)
10 months + minimum 3-month internship
LL.M. in Law & Tax Management10 months + minimum 3-month internship
Master in Management - Financial Economics2 years + gap year
MSc in Corporate Finance(3)
10 months + minimum 3-month internship
MSc in Finance(4)
10 months + minimum 3-month internship
MSc in Financial Markets10 months + minimum 3-month internship
MSc in Audit & Management Control(5)
10 months + minimum 3-month internship
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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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