3 Terms + Capstone Project
Master in Finance Program
The Master in Finance is developed to enhance the participants’ understanding of financial mechanisms
The program is offered on a full-time basis and consists of 3 terms of academic courses and a professional experience. The curriculum is developed around core courses, including Bloomberg certifications, to provide participants with strong fundamentals in corporate finance and in financial markets, as well as elective courses to gain a better understanding of special topics in finance.
Throughout the program the ethics of finance and market practices are discussed with professionals.
The program is offered on a full-time basis and consists of 3 consecutive terms of courses followed by a professional experience.
This course is based on a business management simulation game that integrates the functional areas of production, marketing, logistics, finance and strategy. It increases participants’ awareness of operating a company from a general management perspective. At the end of the course, the student should be able to understand how to design and implement a strategy for different kinds of markets; interpret and forecast market situations and financial results and translate them into goal-oriented decisions; analyse problems, find solutions and take decisions in a context characterised by changes; recognize the interactions among the various companies and external stakeholders in a complex and interrelated environment.
This course aims at equipping students with practical skills and strategies that will enable them to remain true to their values in the face of workplace challenges, to think critically about ethical issues in finance, to analyze the impacts both of their firm and of those it helps finance on organizational stakeholders such as employees, customers, neighboring communities, and the natural environment, and to address those issues in their role as manager and investor. The students will have an extensive discussion of professionalism, market integrity, responsibility to clients and employers as outlined in the CFA Institute Code of Ethics and Professional Conduct.
The course aims at providing students with a good understanding of the nature and rigour of project management. The students learn to apply skills in project management processes; identify objective setting and project design; demonstrate problem solving, analytical skills and master project management tools and methods; apply the economics of project management for planning, scheduling and budgeting; describe resources available to the project manager to keep current with trends and best practices in the resolution of complex project management issues; develop a proposal for a project and present a business case.
List of electives (3 are mandatory – one by semester):
The course will introduce students to key concepts about commodity markets such as their physical characteristics and trading specificities, which describe the current commodity markets and related evolution. The course will introduce the following topics:
> Fundamentals of commodity markets (description and characteristics),
> Investment, trading and risk in commodity markets (spot and derivatives markets, participants, risks),
> Financialization of commodity markets and its implications (structural changes and consequences),
> Commodity investing (investment vehicles, passive/active strategies, portfolio allocation).
The course will be composed of classic lectures with well-chosen case studies and up to date real life examples, immediate applications in the Bloomberg/Thomson Reuters-Refinitiv room and a group project to which a small part of each lecture will be devoted to help students start and evolve. The project will be assessed just after the end of the lectures through the delivery of MS Powerpoint slides to be displayed during an oral group presentation and relevant electronic files showing the information treatment.
Credit Risk Management
At the end of the course, the student should be able to :
> Breakdown complex organizational problems using the appropriate methodology
> Propose creative solutions within an organisation
> Compose constructive personal feedback and guidance
> Understand what Credit Risk and Counterparty Credit Risk are
> Understand the difference between Credit Risk and Counterparty Credit Risk
> Understand what a default probability is, (counterparty) credit risk exposure and a recovery rate
> Understand which tools are available to mitigate credit risk such as Credit Default Swaps
> Understand which tools are available to mitigate counterparty credit risk, such as netting, collateralisation and central clearing
> Understand recent developments in the financial industry to improve the (systemic) stability of the system and the role of regulation (Basel accords)
> Understand how banks treat credit risk on their balance sheets and make credit value adjustments
> Work with Bloomberg/Refinitiv on practical cases, implementing their understanding in practice
The course is targeted to budding entrepreneurs and there are four main areas of focus. First, business evaluation and valuation will give the students tools to valuate early-stage business opportunities. Second, financing will highlight the main ways that entrepreneurs are financed and analyze the role of financial contracts in addressing information and incentive problems in uncertain environments. Third, venture capital funds will discuss the structure of venture capital funds and their fundraising process. Finally, exit strategies will be reviewed.
This course provides participants with an overview of the Fintech landscape. Students will learn to:
> Assess the viability of blockchain use-cases
> Consider the business implications of blockchain
> Consider the regulatory implications of blockchain Understand the workings of public and permissioned blockchains
> Understand the potential of blockchain
> Assess when blockchain is a good solution and when it is not Have a toolbox to move forward within your organization
> Select the most appropriate blockchain platform depending on the use case
> Design blockchain solutions
This course aims to provide students with knowledge of international finance and help them develop skills to properly handle FX securities in a global environment. Topics include FX markets, international monetary arrangements, foreign exchange rates parities, determinants of exchange rates, FX derivatives, as well as FX risk management.
At the end of the course, the student should be able to understand:
> the importance of multinational transactions
> international monetary arrangements and balance of payments
> how foreign exchange rates are determined
> foreign exchange risk
At the end of the course, the students will learn to:
> Evaluate the tools for managing time and resources in order to lead projects effectively
> Analyse the nature and rigour of management consulting
> Evaluate the consulting sector characteristics and features for future employment
> Analyse and negotiate consulting opportunities
> Apply problem solving, design and other analytical skills and learn overall consulting process skills
> Formulate strategically appropriate solutions to complex and unfamiliar challenges in the professional field Apply the code of ethics in management consulting
Professional Seminars Series
Students works in small teams and study real, high-level business cases. Then, as business consultants, they prepare a presentation (as to clients) and suggest solutions. Each year, different elements are creatively found and presented by students.
> Analyse business cases and provide recommendations & solutions to presented questions. Propose creative solutions within an organization.
> Illustrate how firms make investment decisions and master the tools for identifying optimal projects.
> Explain how firms can structure their capital to finance their strategic activities involving capital budgeting and large-scale investments.
> Understand Islamic Finance.
> Understand what Private Banking is, how to interview wealthy prospects and propose portfolio management solutions to their financial objectives.
> Understand Credit Risk, Securitisation (MBS) and Credit Default Swaps. Appraise the performance of a team..
> Compose constructive feedback and guidance.
Research & Consulting tools
This course is intended particularly for those students that choose a thesis as a capstone project. Students will learn how to define a research problem, to write a literature review and select a relevant methodology.
The course aims at explaining students how to identify the approaches involved in the security selection process; to distinguish between different equity investment styles; to construct and monitor portfolios using the portfolio analytics system on Bloomberg; to implement equity portfolio management strategies, using fundamental analysis; evaluate portfolio performance against a benchmark; report detailed portfolio information and commentaries in the portfolio fact sheet. The course is taught in the Trading Room and implies the use of the Bloomberg terminal.
This course is an introduction to alternative investments and it focuses on real assets and hedge funds. Topics covered include: alternative investment characteristics and industry, natural resources and land, commodities, other real assets, real estate assets and debt, real estate equity, structure of the hedge fund industry, global macro and managed futures hedge funds, event-driven hedge funds, relative value hedge funds, equity hedge funds, and funds of hedge funds.
This course provides a strong foundation that is needed to understand more advanced topics in alternative investments. It also provides a general knowledge base of alternative investments with the emphasis on real assets and hedge funds. This course is designed to be beneficial to students wanting to become familiar with alternative investments in preparation for productive careers after graduating. The main purpose of this course is to provide information, knowledge, and skills that will result in making value enhancing alternative investment decisions.
The objective of this course is to present robust implementations of portfolio strategies using advanced estimation techniques and to assess the market risk of such strategies using measures recommended by the financial regulation.
This course is taught through lectures and interactive exercises (Excel or R) in order to enable students to get a deeper understanding of the theoretical concepts and models applied in the financial market industry by implementing them. This active learning approach ensures a more grounded understanding of the subject matter.
At the end of this course, the student should be able to:
Articulate the theory behind the development of well-diversified portfolios
Determine the limits of raw estimates used for the risk and return parameters
Implement quantitative techniques to obtain more robust estimates of risk and return parameters
Use several approaches to estimate the risk of a portfolio and verify the accuracy of the model
The objective of this course is to apply theoretical and analytical concepts to portfolio management and wealth planning. It builds on the modern portfolio theory as developed by Markowitz and focuses on basic principles of the portfolio management process that remain important today. The students develop a good understanding of market valuation of securities and the portfolio management process. The course demonstrates application of modern portfolio theory to the construction of an efficient portfolio, implementation of basic asset allocation and risk management techniques and evaluation of portfolio performance. The assessment for this course consists of a final presentation in the Trading Room at the end of the course and a project using Bloomberg terminal, to apply the different topics.
The objective of this course is to present the necessary theoretical and conceptual tools connected to private equity. This course will provide you with an understanding of private equity from the perspective of both PE investors and PE professionals. This dual perspective allows for an interdisciplinary approach of investment management and private equity. This course is taught through lectures and interactive exercises in order to enable students to get a deeper understanding of the theoretical concepts and models applied in private equity by implementing them. This active learning approach ensures a more grounded understanding of the subject matter.
At the end of the course, the student should be able to:
Apply the language used by private equity professionals in appropriate context
Implement the various due diligence steps in private equity investments
Execute different valuations techniques of private equity according to circumstance
Analyze the main benefits and risks connected to private equity
Critique the challenges and future prospects of the private equity industry
The course aims at addressing the process of private wealth management and the construction of the investment policy statement for an individual investor. Students will learn how to identify a client’s risk and return objectives, based on a client-specific information. They will also identify tax considerations affecting a private client’s investments and learn how to build tax-efficient strategies. The course will discuss how to recommend and justify asset allocations and investments for a private client. It also discusses strategies for achieving estate, bequest and lifetime gift objectives in common law and civil law regimes; and describes considerations related to managing wealth across multiple generations. The course will also present risk management for individuals, including types of insurance relevant for personal financial planning.
The course aims at equipping students with the quantitative techniques of regression analysis for making various relevant business and management decisions; analysis of time series data in situations where classical assumptions do not hold; and building forecasts essential for business strategies. All the techniques are put into practice in the computer lab where students apply the concepts by using real financial and accounting data.
The objective of this course is to provide students with the toolkit enabling them to build a coherent macroeconomic reasoning, to understand the flows inside the economy, to use and discuss the main macroeconomic variables and their evolution (business cycle), to sketch a short and long term macroeconomic equilibrium and to discuss the potential short and long term effects of both fiscal and monetary policies.The first part of this course focuses on the measure of the national income (the GDP) and its evolution over time (the business cycle). Students will be able to picture a short term equilibrium using the main macroeconomic aggregates (GDP, inflation, interest rate, unemployment). The second section will be dedicated to the effects of fiscal and monetary policy on the economic growth. Finally, students will expand their previous analysis to a long run time horizon using the Aggregate Demand (AD) and Aggregate Supply (AS).
The general philosophy of this course is to give students an overview of microeconomics and the main techniques used in this discipline. Students develop a thorough understanding of consumer and firm behavior and the role and effects of government intervention in the economy. By applying different analytical tools, such as supply and demand diagrams, the students will learn how to analyze the impact of overall changes in supply and demand on price and quantity. Finally, different types of market structures (monopoly, oligopoly and a competitive market), their characteristics and consequences are discussed.
The aim of this course is to equip students with statistical and probabilistic concepts which are essential in investment analysis. Students will learn the notion of random variables and different type of events (mutually exclusive and exhaustive), conditional and unconditional probabilities, main descriptive statistics (mean, standard deviation, skewness and kurtosis) and common probability distributions (uniform, binomial, normal and lognormal distributions). By developing a good understanding of these concepts, the students will apply probability concepts to solving financial and economic problems by using real financial and accounting data.
This course is aimed at providing students with an understanding of how technical analysis is used to uncover trends and detect turning points in financial markets. Technical analysis examines the practical value of two types of analysis: charting, which identifies geometric patterns in the history of prices, and technical indicators approach, which mechanically applies mathematical trading rules constructed from past and present prices (and volumes). Such approaches ignore fundamental information; however, they have been shown to result in trading profitability and are widely used by banks, fund managers and hedge funds.
At the end of the course, the student should be able to:
understand the basic principles of Technical Analysis that include Dow theory, technical indicators, patterns and Japanese candlesticks ;
be able to recognize a trend (up or down) and identify reversals on any security (bonds, equites, commodities, forex, indexes, etc.) ;
know how to place a trade with identified target, risk limit (stop loss), risk reward ratio and size.
This course is designed to provide working knowledge of key corporate finance decisions and to help students acquire an understanding of broad economic issues that apply in many areas of corporate finance. After all, every corporate decision is a corporate finance decision. The course balances rigorous theoretical content and practical applications (which will be done through case studies, problem sets, and real-world examples). Major topics covered include financial analysis and planning, valuation and capital budgeting, capital structure and dividend policy, capital raising, and corporate governance and social responsibility.
At the end of this course, students will have acquainted an advanced knowledge of the financial accounting system and will be able to treat the financial reporting registrations of various economic operations of the company appropriately. Finally, students will be able to interpret the main components of financial statements for decision-making purposes. The course deals with the following concepts: an overview of the international external reporting environment; knowledge of balance sheet, income statement and cash flow statement; the basics of the bookkeeping process; an overview of accounting for assets; depreciation of assets; inventory accounting; an overview of accounting for liabilities; revenue recognition issues.
This course covers current practices in financial reporting and fundamental issues relating to cash flow to assess earnings quality, and profitability and risk assessment using corporate annual reports. The emphasis is on financial statement analysis and interpretation of financial disclosures to help improve profitability analysis and risk assessment. This is not a course about the details of GAAP, or the myriad of accounting rules and procedures that comprise GAAP. The viewpoint is that of the user of financial statement. The course is designed primarily for students who expect to be intensive users of financial statements. The course should be of interest not only to those responsible for preparing financial statements, but also those who will use financial statements for making decisions. The course utilizes a combination of lectures, case discussions and analyses, independent reading, and group projects. The cases used in the course will provide an opportunity to integrate the abstract tools learned and apply them in a practical context.
International Financial Reporting Standards (IFRSs) are used world-wide. Over 120 countries require or permit the use of IFRSs. Listed companies in the European Union have implemented IFRSs since 2005. Many other countries are either adopting IFRSs or have decided to converge their national standards with IFRSs. This course intends to critically present and analyse important IFRSs. The principles are explained clearly and real-world examples are provided.At the end of the course, students will be able to understand the Statement of Comprehensive Income, the Statement of Changes in Equity and related-party disclosures. They will be able to apply the main foreign currency translation methods and implement foreign currency hedging. Students will also understand the main earnings manipulation techniques and how to evaluate earnings quality and earnings conservatism.
This course examines several forms of corporate reorganisations, including mergers and acquisitions, reorganisation through workouts and bankruptcy, divisional spin-offs and divestitures, and leveraged buyouts. Students will examine the process of managing reorganization, the role of the investment bank and other specialists, regulation, and cross-country comparisons. The course will have a strong conceptual approach, with an emphasis on why mergers and other reorganisations take place, what is their role in the economy, and how do they perform from the viewpoint of shareholders and other parties. There will be a strong institutional flavour that will be communicated through papers of a more applied nature. Real case studies will provide the applications of the course.
comprehensively understand the notion of corporate reorganizations, their role in the economy, and how they perform from the viewpoint of shareholders and other ;parties
comprehensively understand major cross-country differences regarding ownership structure, control and the legal system;
learn alternative ways of valuation of various types of corporate reorganizations ;
gain knowledge on the most common investment strategies of private equity funds: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital ;
effectively demonstrate familiarity with the recent developments in the M&A research and practice.
The aim of this course is to prepare students for obtaining Bloomberg Certification acknowledging their capacity of working with Bloomberg terminal, in particular the acquaintance with core and sector-specific Bloomberg functions and exporting data to Excel.
The aim of this course is to make students familiar with essential characteristics and pricing methods of fixed income instruments. The students will learn different types of bonds, understand the characteristics of the bond market, understand the risks associated to bonds and calculate the duration and convexity of a bond. By using real data from Bloomberg, the students will learn how to price a bond.
The aim of this course is to explain what a financial market is and its main function, to develop the concept of financial intermediaries and their role, to discuss the features of basic financial securities, short-term debt, bonds and stocks; to elaborate on the the basics of the subprime crisis, sovereign debt crisis and monetary policy. Students will have to make a presentation in class, but they will have the freedom to choose the topic as long as it is related to the course.
At the end of this course, the students will be able to critically describe standard valuation techniques; use Bloomberg to extract data and analytics for valuing equity or a firm; estimate the cost of different sources of funding; estimate future free cash flows generated by the firm; perform the sensitivity analysis of the model to different assumptions. By building the spreadsheet valuation model in Microsoft Excel and dynamically linking it to Refinitiv, the students will put into practice all valuation concepts and techniques.
This course first introduces students to computer programming using the VBA language and introduces standard (variables, conditions, loops, etc.) concepts in programming. The course covers several financial programming applications (procedures and/or functions) in corporate finance and capital markets. All lectures take place in the Financial Markets Lab where students can interactively apply the course material and develop financial applications interacting with a financial data service. Scope: VBA language, VBA code, Objects properties, functions, methods, routines, Interactive dialog boxes, Advanced xls functionalities coupled with VBA programming.
The objective of this course is to extend and deepen the knowledge and skills acquired in traditional valuation classes that introduce the use of discounted cash flow and trading multiples models applied to non-financial companies. This course will show you how to:
> Deal with real-world complexities in traditional valuation models. We will see how to adjust multiples when peers have different fiscal year-end periods (calendarization), how to calculate WACC for companies with complex capital structures (e.g. when convertible bonds are present), how to incorporate country risk in DCF models.
> Review the specificities of valuation of high-growth companies and companies in emerging markets
> Value financial services companies, with the focus on banks.
> Learn how to integrate ESG factors in valuation.
This course provides an overview of various derivative instruments, their characteristics, pricing and valuation. In particular, the students will contrast forward commitments with contingent claims and define forward contracts, futures contracts, options (calls and puts), swaps, and credit derivatives.
Students will learn to:
Explain the economic functions of derivatives products (hedging, arbitrage, speculation).
Describe the mechanics of derivatives markets.
Set up trading strategies involving basic derivatives products such as futures, options, and swaps.
Price financial structures involving basic derivatives products such as futures, options, and swaps.
Use derivatives instruments to build a hedging strategy required in a real-world situation.
This is an introductory course to financial applications in Python.
At the end of the course, the students should be able to:
Import a financial dataset into Python and analyze it using the relevant commands and procedures ;
Elaborate predicting models , including data visualization on economic or financial data ;
Use Machine Learning.
The course evolves around integrating sustainability issues into the financial decision making and discusses major drivers and constraints of transforming the financial system to a more sustainable one.
Students will learn to:
Assess companies’ social and environmental performance ;
Integrate ESG (environmental, social and governance) issues into financial analysis ;
Integrate ESG (environmental, social and governance) issues into portfolio management ;
Assess the portfolio performance for various climate change scenarios ;
Analyze sustainable financial products (including green bonds, sustainability-linked bonds).
The course is designed to immerse students into the daily life of business consultants working for an ERP implementation company. Through interactive lectures, group assignments, and the intervention of four expert professionals, this course confronts students with the diverse expectations, tasks, and challenges functional consultants need to tackle. Combining theoretical concepts with hands-on exercises on a hypothetical business case, participants are expected to acquire knowledge on and experience with ERP deliverables and domains (i.e., Microsoft Dynamics 365), workflow design for top-level business processes (i.e.., Procure-to-Pay, Order-to-Cash), project management activities, and functional consulting analysis tools (e.g., XMind, Bizagi).
Our Career Program helps participants to establish their professional career plan by working on their skills, personal strengths, and using networking tools to be prepared to meet recruiters’ expectations internationally.
At the end of the course, students should be able to:
Build a professional career plan;
Identify personal skills and accumulated experiences (e.g., Master experience);
Adapt professional tools (e.g., CV, LinkedIn) to the local market;
Develop an accurate representation of their professional profile;
Use personal networking to better identify professional opportunities;
Gain insight into techniques and tools to find a job or an internship in France or abroad;
Build self-awareness of personal vocations and interests.
Creativity is one of the critical components of an organization’s ability to survive and thrive in today’s competitive and dynamic markets. This course will provide participants with a rich understanding of how creativity can be facilitated and managed in a work setting. They will acquire knowledge regarding various theoretical conceptualizations (i.e., how do you define creativity), antecedents (i.e., what makes you and others more creative) and outcomes (i.e., what is the impact) of creativity as well as knowledge on design thinking techniques and tools to lead teams in the creative journey.
How do creative ideas happen? How can we foster our creativity and the creativity of those around us? What are the paths of creative development of individuals who are successful in their creative endeavours? What are the implications for fostering and managing creativity in the workplace? What are the obstacles to creativity? What is the nature of creativity in teams and organizations? These are some of the questions we will address. During the course, a variety of teaching and learning techniques will be used to enable participants to think critically and imaginatively about various perspectives of creativity. To realize the goal of a shared learning experience between participants and the instructor, the course is aimed at integrating real challenges and practical experiences of creativity, projects, presentations, experiential exercises, and critical reflection on the various course materials.
This course provides participants with a profound understanding on entrepreneurship, new business development, and business plan writing. Through lectures, testimonials, field-work, and group assignments, participants are confronted with the how, where, when, whom, and why of starting and developing new business activities. As part of an international and multicultural team, participants are invited to work on an operational business plan aimed at either the creation of a new venture (NVC-track) or the acceleration of new business for an already established SME (NBD-track). This course’s ambitions thus go beyond providing theoretical insights. Hands-on experience is gained through out-of-class field work covering all steps of the entrepreneurial decision-making process (e.g., idea generation, feasibility analysis, industry study, market analysis, marketing plan, production plan, product development, and financial statements). In doing so, participants accumulate entrepreneurial knowledge and behaviours that support innovative solutions and new value development.
French language lessons for all levels are included in the program for international students. French is the mandatory choice for all non-French speaking students.
For French speaking students, other languages will be offered, and credited as well (Chinese, Spanish, German – list subject to change).
Capstone Project: 4-to 6-month internship or work experience anywhere in the world. Alternatively, students can opt for a consulting project or a thesis.
Please note that courses are subject to change; please check with the local contact if you have any questions.
Zoom on… The Chartered Financial Analyst® – CFA® (Level 1) Examination
Our program prepares students for the Chartered Financial Analyst® (CFA®) level 1 examination that is the first step (out of 3) that leads to the attainment of the CFA® credential awarded to investment and finance professionals by the world-renowned CFA® Institute.
The CFA® charter offers a permanent advantage in the job market and distinguishes CFA charterholders throughout their career paths. Furthermore, our program gives students the possibility to participate in the global CFA® Research Challenge that constitutes an intensive training in the domain of financial analysis.
Workshops and Corporate Events
Alongside the courses, the program includes various workshops and corporate events to further develop your personal and professional skills. These cover a range of topics, such as conflict management in cross-cultural environments and intercultural communication.
Our Career Program helps participants to establish their professional career plan by working on their skills, personal strengths, and using networking tools to be prepared to meet recruiters’ expectations internationally.
During their internship, students are able to combine theories of management with hands-on experience and apply the cross-cultural skills they have developed at IÉSEG.
Business Development Intern, Depositary Analyst, Financial Analyst, Financial Risk Manager, Operation Analyst, Research Content Manager, Risk Management Specialist, S&M Controlling Intern, Strategy & Corporate or Talent Acquisition Partner for example: the internship opportunities offered by the program at the end of the curriculum are multiple.
Some companies which hire our interns: Audi, DataYes, advinda Investor Cloud, Industrial Securities Co.Ltd., Huajing Securities, Bank of America Merrill Lynch, Quilvest Asset Management S.A., Langham Hall, Alter Domus, Thomson Reuters, Amundi Asset Management, etc.
The internship can be undertaken in France or abroad. Most students have done their internships in Asia, in Europe, in Africa or in South America for example.
CFA Institute University Recognition Program
The Master in Finance curriculum covers at least 70 percent of the CFA Program ‘Candidate Body of Knowledge’ (CBOK) and places a particular emphasis on the CFA Institute Code of Ethics and Standards of Practice. Consequently, it positions students well to obtain the Chartered Financial Analyst® (CFA) designation, which has become the most respected and recognized investment credential in the world.
Through participation in the CFA Institute University Affiliation Program, IÉSEG is able to grant up to 19 student scholarships per year. Students who choose to participate in the CFA level 1 exam are offered 16 hours of coaching sessions.
They are also provided with a unique opportunity to represent IÉSEG in the CFA Institute Research Challenge, an international student contest aimed at promoting best practices in equity research.