International Finance Specialization

The approach to this specialization is deeply rooted in the French tradition of strong analytics and theoretical grounding with courses taught by world class researchers, but also in “hands-on” knowledge with courses taught by top practitioners working for, or at the head, of international banks, asset management firms, and consulting firms. This unique combination is at the heart of the attractiveness of HEC Paris graduates for international recruiters.

The curriculum has a strong analytical focus and is common with HEC’s MIF (Master in International Finance), ranked among the top-2 worldwide by the Financial Times. Both populations of students are grouped within the same promotion and have access to the same courses (but their ECTS requirements differ, with the Major in International Finance students needing to validate 60 ECTS credits for their M2-year). 

By choosing the Major in International Finance, students will be able to build on the fundamental knowledge acquired during the M1-year in the fields of finance, economics, and accounting. In their M2-year, they will follow Core Courses, go through either the Capital Markets or Corporate Finance Specialization, take Advanced Core Courses, choose one of the five Concentrations on offer, and take one elective course (that needs to be chosen among 25+ that are proposed).

Balance Between Theory and Practice

Around half of the number of hours spent in the classroom will be spent in front of world renowned academics in finance, who belong to one of the top-three finance departments in Europe in terms of research output and PhD student placement. They will provide students with state-of-the-art knowledge. The other half will be spent in front of top-notch practitioners. The latter is one of many ways in which the learning experience at HEC Paris is different.

Career Outlook

Between practical course work, networking events and specific career fairs, the Major in International Finance paves the way to a successful career in finance or consulting. With the early start of the internship application processes in August (especially for the summer internships in London), the first week of September entry is dedicated to job market training classes, CV and cover letter workshops. During the second week of September, the Major in International Finance students join the MIF participants for the four-day London Study Trip, during which they visit three to four financial services firms per day and take part in networking-with-alumni events. This career-oriented approach sets our curriculum apart and leads to a 90+% employment success rate within the first 3 months of graduation in sectors such as Asset Management, M&A, Private Equity, Financial Consulting, Trading and Structuring in top financial and consulting firms worldwide

The coursework (worth 40 of the 60 ECTS needed for the M2-year) is taken during the period of September to April. It consists of Core Courses (during the Fall 1 half-semester), Specialization courses (in the Fall 2 half-semester), Advanced Core and Concentration courses plus one elective course in the Spring 1 and 2 half-semesters. The Major in International Finance also offers many workshops prior to the start of and during the program:

Seminars & Workshops

• Corporate Finance 2
• Securities Markets 2
• Financial Statement Analysis 
• Empirical Methods in Finance 1
• International Finance

Fall 2: Specializations*

Based on choices indicated during the Major application process (the expressed choice is binding and cannot be changed afterwards):

Capital Markets:

• Securities Markets 3
• Financial Engineering
• Quantitative Asset Management
• Fixed income and Money Markets
• Bond Portfolio Management

Corporate Finance:

• Corporate Finance 3
• Corporate Restructuring
• Financial modeling 1 and 2
• Fixed income and Money Markets
• Derivatives

Spring 1: Advanced Core Courses*

• Economics of Financial Regulation
• Behavioral & Sustainable Finance

Concentrations*

Corporate Investment & Financing

• Advanced Venture Capital
• Equity Capital Markets
• Structured Finance
• Investor Relations

Corporate Restructuring

• Corporate Finance Live: Legal & Contractual Processes 
• Mergers & Acquisitions
• Private Equity & LBO
• Credit Risk & Turnaround of Distressed Companies

Corporate Strategy

• Behavioral Strategy
• Corporate Strategy & Financial Institutions
• Financial Dimensions of Strategic Decisions
• Strategies for International Expansion

Data & Finance

• Algorithm, Data & Trading
• Blockchain
• Numerical Analysis
• Data Analysis in Finance

Financial Engineering

• Foreign Exchange Derivatives Trading
• Exotic products & Structuring 1
• Stochastic Processes
• Modelling Techniques for Financial Engineering

Open Concentration

• Four courses chosen by the student

*Please note that the coursework listed above is subject to change without prior notice upon the Academic Director’s discretion if the need for such a change arises in his opinion. 

"Free" Electives**

• Alternative Investments
• AI & Investment Management
• AI & Decision Making
• AI for Quantitative Trading Strategies
• Energy Markets
• ESG Measurement & Reporting
• Exotic Products & Structuring 2
• Infrastructure and Real Assets’ PE 
• Introduction to Data Science & AI for Managers
• Sustainable & Responsible Investing
• The Good, the Bad and the Ugly of Equity Research
• …

**Other concentration courses can also serve as an elective, conditional on the availability of seats and on the schedule.

London Study Trip

During the second week of September, all MIF students have the opportunity to participate to the London Study Trip. The trip offers students plenty of conferences, case studies, and presentations given by various financial institutions in the City. Organized by the HEC Paris’s UK House in London, this study trip also provides networking opportunities with the MIF alumni in London.

The London Study Trip can include company events with:

• Bank of America - Merrill Lynch
• Barclays
• BNP Paribas
• Blackstone
• Boussard & Gavaudan
• Commerzbank
• Crédit Agricole
• Exane
• Goldman Sachs
• HSBC
• Morgan Stanley
• Société Générale CIB
• Thomson Reuters
• Unicredit
• ...

Master Research Paper

• The Major in International Finance students must write a research paper (that generates 20 of the 60 ECTS needed for the M2-year) under the supervision of an HEC Paris faculty in finance (supervisors other than those designated by the Academic Director must be approved by the latter). 
• The objective of the Research Paper is to explore how the knowledge accumulated during the coursework of the program can be used to examine an interesting research question and generate a well-structured piece of writing
• The research paper is written by pairs of students on a topic agreed upon by academic supervisor and the Academic Director of the MIF program.
• The Research Paper must involve a research question, a literature review, conjecture/hypothesis formulation, data collection, empirical testing of one or more the hypotheses, and an interpretation of the findings’ economic as well as statistical significance. 
• The Research Paper must be defended in front of a Finance Department faculty member.
• The Research Paper can involve an original idea that was never tested before, or can replicate an existing paper (in part or in full) using new data. The writing must be original (i.e., must be the student-pair authors’ own text).

Professional Experience

The professional experience requirement is satisfied when the student completes a professional experience of at least 4 months in an area related to their coursework in their M2-year at HEC Paris. The “Gap Year” internships (that many of our MiM students do between M1 and M2 years) would count towards the fulfillment of this requirement so long as it was at least four-months long.