Accounts & Restructuring

When & Where?

On-Campus: June 16 - 27 Summer 2025

Applications will be opening soon for Summer 2025.

We invite you to pre-register your interest to be alerted when the application portal opens.

Why this Summer Program?

This Summer Program is dedicated to firms’ accounts, the features of which are illustrated by famous recent restructurings. A specific focus is also proposed on financial institutions’ accounts and on the impacts of solvency regulations on their values.

• Created and taught by leading HEC Paris Professors
• A perfect balance of theory and practice to prepare for your next position in investment or corporate banking
• Courses based on a combination of class lectures and discussions, applications to real-life case studies and group projects.
• Earn an HEC Paris Certificate following successful completion of the program.

A strong emphasis will be put on financial modeling. This means various Excel models will be built from scratch during this Summer Program. Such models will include the same level of details as simulations prepared by investment banks.

Content Overview

Corporate finance comes with its own complex technicalities. Investment bankers emphasize, however, that practicing M&A (Mergers & Acquisitions) or ECM (Equity Capital Markets) without a solid grasp of accounting principles is unthinkable. M&A clients, for instance, need clear insights into how a proposed deal will affect the stock price and the future indebtedness capacity of their firm. Providing accurate answers to these questions relies on simulating post-transaction financial statements, enabling bankers to project the deal's impact on the company's financial outlook. 

This Summer School program equips students with a foundational understanding of essential principles, beginning with statutory accounts and advancing to consolidated accounts within an IFRS (International Financial Reporting Standards) framework. To promote clarity and accessibility, terms like “debit” and “credit” are avoided, and account numbers are not referenced. Instead, transactions are directly recorded in the balance sheet and income statement, while the cash flow statement is built simultaneously, ensuring a holistic view of financial operations.

A full understanding of consolidated accounts requires a specific focus on some norms that will be detailed, as well as the impacts of solvency regulations. In this context, the following pivotal topics will be dealt with:

• Building of statutory accounts: balance sheets, income statements and statements of cash flows
• Preparation of consolidated accounts
• Diagnosis based on consolidated accounts
• Analysis of debt restructuring plans
• Analysis of a deleveraging plan
• Specific focus on Boeing's accounts and its mega equity raise
• Financial accounts and solvency constraints for banks and insurance companies
   

Learning Objectives

Upon successful completion of the program participants will be able to:

• Understand pivotal accounting principles
• Prepare consistent statutory accounts
• Integrate deferred tax assets and liabilities in advanced simulations
• Build consolidated accounts including restatements
• Comment on firms’ consolidated accounts
• Optimize a restructuring in the background of a deleveraging process
• Prepare a professional presentation to pitch an advisory role in a restructuring
• Convince existing shareholders to accept a huge dilution to rescue their firm
   

Pre-requisites

This program is suitable for beginning level business or economics students. All core concepts will be explained during the class. 

The program also welcomes applicants with experience in the field, who are seeking to refresh their skills, and to gain concrete real-life applications.

Assessment

All participants are expected to be in class, come with questions and participate in group discussions and workshops.

Grading will be determined as follows: 

• Presence & Participation 10% 
• Individual Assignments 40%
• Group Project 50%

Participants who successfully complete the program will earn 5 ECTS credits. Full attendance is required to obtain the Program Certificate.

All students who are seeking credit are encouraged to consult their home academic institution to validate credit transfer.