Course Contents CORPORATE FINANCIAL ... butter costing, activity based costing TEACHING METHODS ‐ METHODES PEDAGOGIQUES COURSE MATERIALS – MATERIEL PEDAGOGIQUE

Program Director: Hélène Löning

CourseContents

CORPORATEFINANCIALMANAGEMENTPROGRAM

(IFAC)

2016‐2017

Corporate Financial Management (IFAC) 2016‐2017

INTRODUCTIONWEEK

CORPORATE FINANCIAL MANAGEMENT (IFAC) ‐ MASTER'S PROGRAM

ACCOUNTING GAME

Instructor: Karen Guidée Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Bldg. W2, Rm #42 Ext 72. 02 Ext. 72.02

PRESENTATION ‐ PRÉSENTATION

INTENDED LEARNING OBECTIVES ‐OBJECTIFS PÉDAGOGIQUES

This 2‐day seminar aims at:

Kick‐starting the year in a lively way,

Getting to know each other and benefiting from other students’ experience,

Enhancing oral presentation skills,

Refreshing students’ memory with short/ready‐to‐use/high‐level accounting sessions.

KEY TOPICS – THÈMES PRINCIPAUX

Understanding the IFRS framework

Analyzing consolidated financial statements:

Components (statements and notes)

Specific disclosures to reflect material information and industry characteristics

Consolidation process

SCHEDULE – DÉROULÉ COURSE CONTENT – CONTENU

Course of 12 hours: 4 x 3 hours

TEACHING METHODS ‐ MÉTHODES PÉDAGOGIQUES COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE

Mix of lectures, business cases and role‐playing games drawn from recent financial news.

INDIVIDUAL WORK – TRAVAIL PERSONNEL

None.


GRADING ‐ ÉVALUATION

None.

BIOGRAPHY ‐ BIOGRAPHIE

Karen Guidée is a senior manager who has worked with Mazars for 10 years. She specializes in leading listed audits, and serves large groups operating internationally.

She graduated from ESSEC in 2004 and spent 3 years in Mazars’ New York office. After a two‐year experience in consulting with Bain & Company, she joined the Manufacturing & Resources practice in Mazars’ Paris office in 2009.


TEAM DYNAMICS

Instructor: Olivier Piazza Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #42 Bldg. W2, Rm #42 Ext. 72.02 Ext. 72.02


This course is designed as a team building session enabling each student to connect with his classmates while having the opportunity to elaborate and clarify the shared goals and values of the newly forged team. The one‐session program helps understand the mechanics of functional teams, providing students with the basics of a team‐oriented mindset.


The one‐session program helps understand the mechanics of functional teams, providing students with the basics of a team‐oriented mindset.


Team dynamics: Team building, stages of team development, shared goals setting, common rules and values, collective intelligence

Facilitation skills: Collaborative spirit and workshops, business gamification

Storytelling: visualize, share, communicate

Positive psychology: emotions, success and well‐being / happiness at work


Course of 3 hours





Attendance is compulsory (Introduction week)


Olivier Piazza is an executive coach specialized in leadership development, team dynamics and change facilitation. Olivier currently teaches leadership, team dynamics and management at HEC Paris, Rouen Business School and Cergy Pontoise University where he is a co‐director of the Executive Coaching Diploma. Previously, Olivier held various positions in diverse organisations, from sales rep, marketing manager, or advertiser to general manager, mainly in the healthcare publishing sector. This professional journey led him to discover and understand different business settings, from big multinationals to small French companies. He holds an Executive Coaching Master’s Degree from Cergy Pontoise University, an Executive MBA from HEC Paris and is a graduate of the Nantes‐Atlantic National College of Veterinary Medicine.


EXCEL FOR FINANCE

Instructor: Philippe Chazalon Assistant: Delphine Vilain [email protected] [email protected] Finance 3.1 Bldg. W2, Rm #42 9 avenue de l’Opéra Ext. 72.02 75 001 Paris


Excel for Finance is a practical course that teaches how to work more efficiently with the number one tool used in finance: Excel


The course intends to teach practical skills.

When you complete this course, you should be able to:

Work 2 to 3 times faster with Excel

Know the best practices of Excel modelling

Present financial data professionally


Shortcuts to work faster

Excel most used functions in finance

Excel good practices

Introduction to financial modelling

Presenting financial data in Excel

SCHEDULE – DÉROULÉ Workshop 1 : September 20th from 9am to 12am (HEC Paris)

Workshop 2 and 3 : September 26th from 9am to 12am and 1pm to 4pm (Finance 3.1, 9 avenue de l’Opéra in Paris)

Workshop 4 : September 27th from 9am to 12am (HEC Paris)

TEACHING METHODS ‐ MÉTHODES PÉDAGOGIQUES Learning by doing : the course is practical. Several exercises/case studies are done by each student on his own computer during the course.


COURSE MATERIALS – MATERIEL PEDAGOGIQUE

Course material includes:

‐ Synthetic documents detailing best practices and shortcuts

‐ Exercises and case studies

‐ Solutions to exercises and case studies Other Materials

‐ http://www.finance3point1.com/blog

‐ http://www.mrexcel.com

‐ http://www.fast‐standard.org


Financial model to be built at home



Philippe has more than ten years of experience in Excel‐based financial modeling. He co‐founded Finance 3.1, a consulting firm specialized in Excel modelling in 2009. Since then, Philippe has supervised the development of more than one hundred Excel tools for major French accounts. Additionally, since 2010, he has been teaching financial modeling at HEC Paris. Previously, Philippe worked as a corporate finance advisor at Accuracy. He graduated from HEC Paris. https://www.linkedin.com/in/philippechazalon


BACK TO COSTING

Professor: Hélène Löning Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #51 Bldg. W2, Rm #42 Ext. 72.63 Ext. 72.02

PRESENTATION ‐ PRÉSENTATION This course is designed as a revision course, which will enable you to refresh the main basic concepts seen in the M1 MAC course. It also includes an English‐French glossary for acquiring the terminology in both languages whatever the language you took the MAC course in M1.

KEY TOPICS – THÈMES PRINCIPAUX Part 1: Basic cost concepts: variable, fixed, direct and indirect costs, overhead, contribution margin, gross margin and net margin, direct costing/absorption costing, overhead, cost of good sold (COGS) Part 2: Basic profitability related concepts: breakeven point & breakeven analysis, theory of constraints, accounting flows, process & job costing, equivalent units Part 3: Concepts related to OH allocation: cost object, cost pool, cost driver, allocation rate, burden rate, peanut butter costing, activity based costing

TEACHING METHODS ‐ METHODES PEDAGOGIQUES COURSE MATERIALS – MATERIEL PEDAGOGIQUE Mix of lectures and short/long problems or cases. Participation from students is required in class along the lectures; case group work is made in class. The textbook most suggested for revising the basic concepts is:

‐ Jiambalvo James, Managerial Accounting, 5th edition, 2012, Wiley International

Alternative textbook: ‐ Bhimani A., Horngren C.T., Datar S.M., Foster G., Rajan M., Management and cost accounting,

6th edition, 2015, Pearson.

COURSE ORGANIZATION – DÉROULÉ DU COURS Course of 9 hours: 3 x 3 hours

SHORT BIOGRAPHY ‐ BIOGRAPHIE Hélène Löning, Associate Professor at HEC, also received her PhD from HEC. She has been a research fee doctoral student at the LSE and a visiting scholar at the University of Southern California. She has taught all different programs at HEC (GE, MBA, Executive education), is a former ITP student, and has supervised doctoral students. Her research interests are related to the social and organizational aspects of management control and accounting tools, including budgeting, performance management systems and risk management systems.


CORECOURSES(FORALLSTUDENTS)


CORECOURSESSEMESTER1


ADVANCED FINANCIAL ACCOUNTING

Professor: Pascale Defline Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #58 Bldg. W2, Rm #42 Ext 72.50 Ext. 72.02


Advanced knowledge in financial accounting is required for any job connected with consulting, audit or financial management.


This course intends to enable IFAC major’s students:

to master the accounting treatment of many complex operations, as well as the main issues related to these accounting techniques,

to get a skills base, strong enough to understand and interpret financial information coming from companies,

to grasp the accounting policy led by a company in all its aspects.is is a core class that offers ...


After some reviews of accounting bases, this course treats of complex accounting operations related to accounting principles, valuation of tangible and intangible assets, amortization policy, provisioning policy and long‐term contracts, as well as all connected accounting and tax issues. For each concerned topic, the course presents the differences between French standards and IFRS. It focuses also on impacts resulting from the accounting policy chosen by a company to prepare its financial statements.


Class Topics covered

1 Introduction and reminder

2 – 3 Accounting principles

4 Property, plant and equipment (tangible assets) and intangible assets

5 Issues related to depreciation and amortization

6 – 7 Provisions

7 ‐ 8 Specificities of long‐term contracts



The course integrates discussions of cases and lectures:

Cases: see above

Recommended readings: for further progress and information, you can always refer to the following fundamental books:

French gaap: Comptabilité approfondie 2014/2015 – Epreuve 10 ‐ Odile Barbe, Laurent Didelot ‐ Editeur : Nathan

IFRS: Pratique des normes IFRS : normes IFRS et US GAAP » ‐ 5ème édition 2013 ‐ Robert Obert ‐ Editions Dunod

IFRS in English: Financial Accounting and Reporting: A Global Perspective ‐ co‐authored by Prof. Hervé Stolowy with Prof. Michel Lebas and Prof. Yuan Ding ‐ Cengage Learning, Andover, UK ‐ 4th edition 2013

All course materials (slides and cases) will be distributed through K‐Hub. Cases are also distributed in class.


Learning all these concepts requires from students readings and prior preparation of cases and exercises.


A final two‐and‐a‐half‐hour test in December. The grade takes in account class participation.


Pascale DEFLINE is affiliate professor in Accounting and Management Control Department of HEC Paris. With an Msc degree from HEC in 1991 Paris, she received her Ph. D. in Public Management from the CNAM‐Paris in 2011. Her Ph. D. dealt with profitability and public investment choices. She teaches financial accounting to students of the Grande Ecole Program. Before coming to HEC Paris, she taught at Paris‐Dauphine University and at Paris Ouest Nanterre University. She spent before 9 years in the audit firm KPMG and in financial directions, after one year in a humanitarian mission in Thailand.


INTERNATIONAL ACCOUNTING FRAMEWORKS

Instructor: Christophe Marion Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Ext. 72.02


This is a core class that offers a comparative vision of different accounting frameworks (IFRS, US and French), so as to understand similarities and differences. Understanding the underlying transaction is always s the key to its accounting treatment.


This course intends to broaden your perspective on accounting.


Be aware of the major accounting frameworks around the world

Know that frameworks evolve and might converge

Understand the key concepts of the IFRS conceptual framework

Master the accounting treatment of some significant transactions in IFRS and US GAAP (and how they differ from French Gaap): pensions, leases, stock options, financial instruments and hedging

Be convinced that IFRS is not about fair value

KEY TOPICS – THÈMES PRINCIPAUX Topic 1: What is a conceptual framework? Topic 2: Key accounting principles in Fr, US, IFRS (and how they differ) Topic 3: Accounting for leases Topic 4: Accounting for pensions Topic 5: Accounting for stock options Topic 6: Accounting for financial instruments and hedging Topic 7: First time adoption of IFRS Topic 8: Financial reporting and disclosures


As above



All course materials will be distributed through K‐Hub


Students complete two case studies

GRADING ‐ ÉVALUATION Be on time, listen actively (questions are more than welcome; be also prepared to answer some), do the case studies. Final test.

BIOGRAPHY ‐ BIOGRAPHIE H86, Christophe Marion has worked internationally (London, Paris, New York and West Africa) as an auditor. Expert comptable (French chartered accountant) since 1994, he worked for Mazars and PwC. He founded FinHarmony in 2001 and specializes in training and consulting.


GROUP FINANCIAL REPORTING

Instructor: Karen Guidée Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Bldg. W2, Rm #42 Ext 72. 02 Ext. 72.02



This course is designed to provide students with a basic toolkit in group financial reporting. The objectives of this course are as follows: Understand the lifecycle of groups (accounting for business combinations, consolidation

techniques, disposals) Prepare basic consolidated financial statements based upon IFRS

KEY TOPICS – THÈMES PRINCIPAUX Definition of groups and the concept of control Initial consolidation, purchase price allocation and goodwill Subsequent consolidation (intercompany relationships, reporting of foreign currency

transactions…) Disposals and deconsolidation




The course integrates lectures, tutorials and discussions of cases.


After lecture, students complete the applicable homework using the slides shown and the notes taken in class to practice consolidation techniques.



Grades are based on final examination. Exam questions will be drawn from the material taught in the course.

Students will have three hours to complete the exam.

The exam computation will consist of simple arithmetic. Basic calculators will be the only calculators that students will be permitted to use. Other electronic devices must be turned off and out of sight during the examination.


Karen Guidée is a senior manager who has worked with Mazars for 10 years. She specializes in leading listed audits, and serves large groups operating internationally.

She graduated from ESSEC in 2004 and spent 3 years in Mazars’ New York office. After a two‐year experience in consulting with Bain & Company, she joined the Manufacturing & Resources practice in Mazars’ Paris office in 2009.


STRATEGIC MANAGEMENT ACCOUNTING

Professor: Hélène Löning Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #51 Bldg. W2, Rm #42 Ext. 72.63 Ext. 72.02

PRESENTATION ‐ PRÉSENTATION This course is primarily a strategy course, not an accounting course, but looks at how strategy can be inspired by management accounting. It uses concepts imported from management accounting to illuminate strategic analysis. Because it is strategy‐oriented, the course is not primarily a technical course focused on costing systems. Instead, the course applies profitability management methods and costing concepts to business situations. The main focus of the course is how profitability is generated (or deteriorated). The course will be useful if you would like to work in management and strategic consulting but also more broadly to fulfil any position as a business financial analyst or management accountant in a company’s Finance department. You will then have to serve as a « Business Partner » and co‐owner of earnings with the CEO and you will need to develop a clear understanding of the strategic development of the profitability of the business in which they operate – or that they analyse.

INTENDED LEARNING OBJECTIVES ‐OBJECTIFS PÉDAGOGIQUES At the end of the course you should be able to: 1. Develop an understanding of different managerial accounting concepts for strategy such as: activity costing and cross segment analysis, cannibalization effects, value chain analysis, low cost value creation, kaizen costing, lean management & lean accounting, target costing; 2. Know when they should be used for improving the business profitability; 3. Identify how a given company generates superior profitability: What is the business model? What triangle cost‐value‐profitability is at work? Who pays and what for? What cost structure has been chosen? What management methods have been implemented to respond to the strategic choices? What decisions regarding outsourcing and off shoring have been made and why?

KEY TOPICS – THÈMES PRINCIPAUX Activity costing and cross segment analysis, Cannibalization effects, Value chain analysis, Low cost strategy value creation, Kaizen costing, lean management & lean accounting, Target costing. These concepts should help you address the main topic of the course: What is the relationship between the value to the client created by a company, its costs, and its profitability?


COURSE ORGANIZATION – DEROULE DU COURS Course of 18 hours: 9 x 2 hours

TEACHING METHODS ‐ MÉTHODES PÉDAGOGIQUES COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE 1. Mix of lectures and cases. Cases must be imperatively READ in advance by the students. Please bring laptops that you may need in‐class upon request. 2. Student‐led group project.

All the course information, problems, cases and slides will be posted for each session on K‐Hub. The cases are printed and given in a handbook to the students at the beginning of the course. The textbook most suggested for revising the basic concepts (see Back to Costing course) is: ‐ Jiambalvo James, Managerial Accounting, 5th edition, 2012, Wiley International Alternative textbook: ‐ Bhimani A., Horngren C.T., Datar S.M., Foster G., Rajan M., Management and cost accounting, 6th edition, 2015, Pearson Some readings supporting the course can be found in: ‐ Shank J. & Govindarajan V., Strategic Cost Management: the new tool for competitive advantage, 2008, The Free Press, NY.

PREREQUISITES – PRÉ‐REQUIS Introductory cost concepts and managerial accounting Notions from a strategy course

INDIVIDUAL WORK & GRADING – TRAVAIL PERSONNEL & EVALUATION 45% Group assignment: Project: Analysis of the business model – how profitability is constructed – in a chosen firm/industry – PPT and final presentation 30% Individual exam: one essay question on the concepts of the course and one calculative question on one of the cases seen in class (open book) 25% Individual assessment of case reading: systematic or random question on the case to be read at the beginning of the class (no documents allowed).

SHORT BIOGRAPHY ‐ BIOGRAPHIE Hélène Löning, Associate Professor at HEC, also received her PhD from HEC. She has been a research fee doctoral student at the LSE and a visiting scholar at the University of Southern California. She has taught all different programs at HEC (GE, MBA, Executive education), is a former ITP student, and has supervised doctoral students. Her research interests are related to the social and organizational aspects of management control and accounting tools, including budgeting, performance management systems and risk management systems.


BUSINESS PERFORMANCE MANAGEMENT

Professor: Sebastian Becker Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #45 Bldg. W2, Rm #42 Ext 97.74 Ext. 72.02


Achieving and maintaining competitive advantage requires more than strategic insights. Successful managers of today need an in‐depth understanding of financial and non‐financial performance indicators, solid knowledge of how to drive strategy down to operational levels, and skills to deploy and manage multiple control systems to effectively steer their organizations. It is these topics that will be discussed in the MAC core course! Thus, the course focuses on answering the following question: How can I design an organization that executes strategy better than competitors?


The objective of the course is to introduce students to advanced topics and key tools of performance measurement and performance management. The course aims are to analyse and discuss these for specific corporations or business units.

The objective of the course is to introduce students to some of the key concepts, tools and techniques of performance measurement and management. When you successfully complete this course, you should be able to:

Explore the critical link among strategy, performance measurement, and organizational design.

Understand and apply in further depth key instruments of management accounting and control, such as job budgeting, or the Balanced Scorecard for managerial decision‐making and decision‐influencing

Analyze and critically discuss how the performance of a corporation or business unit may be measured and managed

Design and evaluate an accounting and control system for a specific corporation or business unit

Design an organization capable of bringing out the best in people and winning in any competitive market.

Implementing these concepts will be essential to making an impact on organizations throughout your careers.



The course is organized in three parts and covers the following topics:

Part I: Advanced topics of performance management (Financial performance measures, Strategy maps and Balanced Scorecards, incentive systems)

Part II: Advanced topics of budgeting (evaluating a budgeting system and understanding improvements to it);

Part III: Performance measurement and management of service activities.


Class Topic

1 Financial Performance Evaluation

2 Balanced Scorecards and Strategy Maps

3 Planning and Budgeting

4 Incentives

5 Session and discussion with a practitioner

TEACHING METHODS – METHODES PEDAGOGIQUES

• Lectures, cases, interactive exercises

Experience‐based learning

• Readings on intranet

COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE Additional Textbooks

Merchant, K., Van der Stede, W. (2012). Management Control Systems: Performance Measurement, Evaluation and Incentives (3rd ed.). Financial Times/Prentice Hall. ISBN‐10: 0273737619 / ISBN‐13: 978‐0273737612 / Price: about EUR 77 [copies in the library; MC focus]

Drury, C. (2013). Management accounting for business. Andover: Cengage Learning (5th ed.). ISBN‐10: 1408076004 / ISBN‐13: 978‐1408076002 / Price: about EUR 72 [copies in the library; both MA and MC]

Other Materials

Cases and other materials will be distributed through the intranet or via e‐mail.



Grades are based on individual assignments (40%) and group work (60%).

• Individual assignments (20%)

• Group assignments (80%):


Sebastian D. Becker earned his Ph.D. from WHU ‐ Otto Beisheim School of Management (Vallendar, Germany) in 2011 and his M.Sc. (Diplom‐Kaufmann) in business administration from EBS Business School (Oestrich‐Winkel, Germany). He is an alumnus of the International Teachers Program (ITP).

Sebastian's research examines the diffusion, change, and implementation of accounting and control techniques in private and public sector organizations with a particular interest in budgeting. His research has been published or is forthcoming in Contemporary Accounting Research, European Accounting Review, Critical Perspectives on Accounting, Financial Accountability and Management, and Journal of Business Economics.

Before joining the HEC Paris faculty, Sebastian was a post‐doc at WHU ‐ Otto Beisheim School of Management and a visiting researcher at NHH (Bergen, Norway) in 2011. During his Ph.D. he visited Bocconi University (Milan, Italy) in 2010 and HEC Paris in 2009. He teaches Management Accounting and Control as well as Business Performance Management topics in the MBA, EMBA, MSc and Ph.D. programs. For his teaching in HEC’s MBA, Sebastian won the “Most innovative teacher” award. By Poets & Quants he was named as one of the "40 Most Outstanding B‐School Profs Under 40 in the World”.


PROJECT MANAGEMENT

Professor: Joseph Nehme Assistant: Delphine Vilain [email protected] [email protected] Bldg. V, Rm #103 Bldg. W2, Rm #42 Ext 72.42 Ext. 72.02


The consulting and IS industries are highly project oriented. Mastering the concepts and techniques of project management is imperative for companies competing in today’s economy where every investment should be justified and measured against its outcome. Consulting & Auditing Services companies and financial Institutions tend to extensively use projects to organize their activities. Most initiatives are managed under a program / project structure before being transferred to operations.


In this course participants will gain a strong working knowledge of IS Project Management. They will be faced with project management challenges in general and in the IS industry in particular. Participants will learn how to put that knowledge into practice and capitalize on it in order to improve the management of their projects.

By the end of this course, you will:

Gain a good understanding of project management and improve your Project Management skills

Revisit Project Definition, Scope Management and project organization

Learn about Stakeholder Management

Experiment the importance of collaboration within a project

Understand the role and importance of a Project Management Office

Experiment Procurement Management and Risk Management through a simulation.


Part 1: Project Definition and Scoping

Part 2: Project Planning Part 3: Project Execution and Control


Class Topic Readings Assignments

Class 1 Project Definition PM Manual

Class 2 Project Organisation Medisys


Class 3 Project Planning CPSIM

Class 4 Proj Execution

Class 5 PMO – Risk AteckPC

Class 6 Schola Simulation Schola Project File


The course integrates interactive lectures, tutorials and discussions of cases in addition to a simulation where participants will apply all the knowledge acquired during the course to a real simulated project. Required Cases, Assignments: Medisys Corp: The IntensCare Product Development Team (HBP 4059) CPSIM2: The Critical Path Simulator (IVEY 9B06D002) AtekPC Project Management Office (HBP 9‐308‐049). Schola project File in preparation for the simulation of the last session Other Materials:

Project Management Manual (HBS 9‐697‐034)

Optional readings:

Engwall M. 2003, No Project is and Island : Linking Projects to History and Context, Research Policy, Vol 32, Issue 5

All course material will be distributed through BlackBoard


Students should read the assigned cases and prepare the questions related to each case prior to coming to class.


Grades are based on

25% class participation and group works

25% Schola report

50% Final Exam


Joseph is an Affiliate Professor in the department of Operations Management and Information Technology at HEC Paris. His teaching assignments include Supply Chain and Operations Management, Project and Innovation Management courses for undergraduate, graduate and executive programs at


HEC Paris. He also teaches at École Polytechnique, in addition to various HEC Paris customized executive programs and international assignments. He was the co‐Director of the Masters in Large and Complex Projects at HEC Paris and is the HEC Paris Academic Director of the Executive Masters in Energy for the Hamad Bin Khalifa University (HBKU) in Qatar.

He holds a PhD in Industrial Engineering from Polytechnique – Montreal, Canada. He was part of the MINE (Managing Innovation in the New Economy) program, the largest social science research program in Canada. Joseph’s research focuses on Project Management and Innovation Dynamics. He is also involved in research on Policies to foster Renewable Energy and Sustainable Development initiatives.

Joseph is PMP certified and accounts for several years of business experience in consulting and technology management. He managed several large programs for major institutions in various industries in North America and Europe.


FINANCIAL STATEMENT ANALYSIS

Professor: Yun Lou Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #52 Bldg. W2, Rm #42 Ext 98.27 Ext. 72.02


This is a class that offers a thorough analysis of financial statements. A company’s financial reports convey a wealth of useful information about its business. Indeed, financial reports are the primary means by which managers communicate company results to investors, creditors and analysts. These parties use the reports to judge company performance, to assess creditworthiness, to predict future financial performance, and to analyse possible acquisitions and take‐overs. Users of financial statements must be able to meaningfully interpret financial reports, construct measures of financial performance.


This course intends to develop skills for the strategic analysis of financial reporting, and to develop experience in evaluating financial performance as well as the risk of default.


Identify accounting distortions

Undo accounting distortions

Evaluate financial performance


Part 1: Accounting Analysis

Part 2: Mergers & Acquisitions Part 3: Credit Analysis


Class Topic

1‐2 Introduction to financial statement analysis and tools of financial analysis 3‐4 Ratio analysis and accounting distortion related to revenue recognition 5‐6 Case study on revenue recognition and accounting distortions in leases 7‐8 Mergers &Acquisitions and provisions 9‐10 Post‐retirement benefits and banks’ financial statement analysis 11‐12

Case study on Citigroup; credit analysis and prospective analysis



The course integrates interactive lectures, tutorials and discussions of cases.

Required Books Healy P., Palepu K, Bernard V. Peek E. Business Analysis and Valuation IFRS edition – text and cases, Cengage Learning, UK, 2nd edition, 2010 Additional Textbook Jagdish Kothari and Elisabetta Barone, Advanced Financial Accounting, Financial Times Prentice Hall. Stephen Ryan, Financial Instruments and Institutions: Accounting and Disclosure Rules, Second Edition, 2007, John Wiley & Sons. Required Cases, Assignments HBS case: Revenue recognition problem in the communication equipment industry HBS case: Citigroup 2007 Other Materials Slides are provided for each session. From time to time, I may also distribute news articles or other additional readings.


Final exam



Yun Lou is an Assistant Professor of Accounting at HEC Paris. She earned her PhD in Accounting from London Business School and holds a M.Sc. in Applied Mathematics from University Paris I‐Pantheon Sorbonne. Before joining HEC Paris, she taught MBA and Master in Management students at London Business School. Currently she teaches Financial Analysis courses in the MBA and Master in International Finance programs at HEC Paris. Her research links accounting and finance, and focuses on the role of accounting information in credit markets, corporate disclosure, corporate governance and private equity. In 2007, she received an AXA grant together with Florin P. Vasvari from London Business School.

Assignments (group)

Final Exam (individual) 30%

70%


JOB‐ORIENTEDCOURSESSEMESTER1(FORALLSTUDENTS)


EXTERNAL AUDIT

Instructor: Pierre Phan Van Phi Assistant: Delphine Vilain Frédéric Blache [email protected] [email protected] Bldg. W2, Rm #42 Bldg. W2, Rm #42 Ext 72. 02 Ext. 72.02


Introduction to a profession, its standards and methods. Practice oriented course.


KEY TOPICS – THEMES PRINCIPAUX

Role of the auditor, professional standards, legal and regulatory requirements

Design of the audit strategy and testing approach

Implementation of the audit approach; deliverables to the client

Professional skills

Fraud risk

Involvement of specialists

SCHEDULE – DÉROULÉ COURSE CONTENT – CONTENU Course of 12 hours: 4 x 3 hours (excluding final test)


Advanced Theoretical Framework

Facilitated Group discussions

Homework from one course to the next




Participation in class (50%)

Individual essay (50%)


The course will be taught by Pierre Phan Van Phi, with the help of Frédéric Blache. Pierre is a partner at EY. He heads the IFRS Professional Practice Group for France, Luxembourg and Maghreb. He manages a team of IFRS experts, providing support to EY clients and teams for the preparation of IFRS financial statements. He also provides, or has provided, IFRS technical support to engagement teams of 10 of the largest 40 listed groups in France, including 4 groups which are also listed in the US. He is a member of many international working groups within EY Global dealing with complex technical matters and a member of the EY EMEIA IFRS Desk, which coordinates and enforces IFRS technical positions in Europe, Middle East, India and Africa. He often designs and delivers IFRS training courses, both for internal and external audiences, in France and abroad, and is a regular speaker at IFRS events in France. He has participated in the writing of IFRS articles and books, including 2 publications on the application of IFRS by large European listed groups in 2007 & 2008 (« IFRS: les pratiques des grands groupes européens »). He participates to various technical working groups within the French National Standard Setter (Autorité des Normes Comptables, ANC) and the French Association of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes), where he is also a member of the accounting committee for listed companies (Bureau du Comité Comptable du Département des Marchés Financiers de la CNCC). Prior to becoming a full time IFRS Expert, he was an auditor for 12 years. Frédéric is a Senior Manager at EY. He joined EY in 2005 after having worked one year in China for a French company. Over the past 10 years, he provided financial services to a large range of international clients including audit, transaction services and advisory services. He is specialized in complex industries and coordinates international audits of large listed groups,. His engagements have also included helping companies overcome difficulties in conducting their business abroad, performing due diligences or post‐acquisition reviews and offering advisory services either related to technical or controlling topics. He is deeply involved in developing disruptive approaches included an extensive use of data analytics, from the data extraction and computation to data visualization. Frédéric is also deeply involved in recruiting activities, internal trainings and launched the EY Cycling Club in 2015.


TRANSACTIONS & DUE DILIGENCE INSIGHTS

Instructors: David Willems & Céline Appel Assistant: Delphine Vilain [email protected] [email protected] [email protected] Bldg. W2, Rm #42 Ext. 72.02


This is a core class that offers a deep dive in the M&A Transaction process and due diligence activities performed by potential buyers before committing to a transaction.

INTENDED LEARNING OBECTIVES ‐ OBJECTIFS PÉDAGOGIQUES


• Understand how companies and/or businesses are purchased/sold (i.e. the transaction process)

• Be familiar with the various parties usually involved in a transaction and understand their role in and expectations in the transaction process.

• Understand what is a due diligence and how it fits into the global transaction process. Understand what are the typical analyses performed during a financial due diligence and how the due diligence findings may affect the company value, the transaction price and the different clauses included in the Share & Purchase Agreement.

• Better understand the role and activities of a Transaction Services practice.


Part 1: The transaction process (various parties involved, key milestones, buyers and sellers expectations…).

Part 2: What is a due diligence? What are the different types of due diligences (Buy Side, Sell Side, Vendor Assistance / Financial, Tax, HR, Legal…). What are the main objectives of a due diligence? How is it going to impact the transaction price and the various clauses of the Share & Purchase Agreement?

Part 3: Focus on key analyses performed during a due diligence: Quality of Earnings Analysis, Analysis and normalization of Working Capital, Quality of Net Debt Analysis, review of Projections…

SCHEDULE – DÉROULÉ

Course of 12 hours (4 sessions of 3 hours each)


TEACHING METHODS AND COURSE MATERIALS‐ MÉTHODES ET MATÉRIEL PÉDAGOGIQUES


Cases and readings pack are distributed in class and/or sent per e‐mail.


Before each session, students are required prepare a case study in small groups (3 to 4 people) and send it to the teachers per mail before the session starts.


Grades are based on:

• Attendance (15%) • Active listening and participation (20%) • Oral presentation of case study (in small groups) (20%) • Written preparation of a case study (in small groups) (20%) • Final individual Test (25%)


David Willems is a Partner in the Transactions department of PwC in Paris. He has spent 24 years with PwC, with the most recent 20 years focused exclusively on mergers and acquisitions. David leads the Technology industry sector for our Deals business, and co‐leads our Private Equity industry group. He has served both financial and strategic buyers in a large number of transactions, including many cross border acquisitions. He is a British citizen.

Céline Appel is a Partner in the Transactions department of PwC. After graduating from HEC in 1997, Céline joined PwC as a financial auditor and moved to Transaction Services in 2001. From 2002 to 2005, she spent three years in Germany. She has extensive experience in due diligence assignments serving both financial and strategic buyers engaged in acquisitions, mergers, divestures, restructuring and carve‐outs in the Banking and Asset management sectors.


STRATEGIC CONSULTING: PROBLEM SOLVING METHODOLOGY

Instructor: Quentin Lambert Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Ext. 72.02

PRESENTATION ‐ PRÉSENTATION This is a core class that offers an introduction to the management consulting industry with a focus on case resolution and problem solving methodology, which is developed through real life cases solved by student teams.

INTENDED LEARNING OBJECTIVES ‐OBJECTIFS PÉDAGOGIQUES

This course intends to introduce students to the management consulting working methodologies.

When you complete this course, you should know how to approach strategic business issues in a structured and professional way.


Consulting industry Management consulting approach, tools and frameworks Problem solving methodology and application to real life examples Teamwork tools and practices

SCHEDULE – DÉROULÉ – CAN VARY DEPENDING ON GUEST SPEAKERS AVAILABILITY COURSE CONTENT – CONTENU

Topics

Introduction to strategy and problem solving Problem solving methodology Dengue case Crash test

TEACHING METHODS ‐ MÉTHODES PÉDAGOGIQUES

This course is as interactive as possible: academic content is illustrated by real life examples, and an important focus is set on student work, through frequent breakouts in classroom or home work on real cases. Students will also have the occasion to practice interview cases, individually or in group.

COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE

This course will be based on material provided by the teacher.

No additional books are necessary.



Individual work is expected from he students between sessions, in particular to prepare selected business cases which will be provided by the speaker.

Students will also have to complete a group case study and will present the output of their work to McKinsey consultants in the McKinsey office in Paris during the last session in November.


Grading will be based on class participation and case final presentation to a professional jury.


Quentin Lambert is an Associate Consultant in the McKinsey Paris office. He most recently served clients from the High‐Tech industry and Consumer goods on strategic topics.

He holds an M. Sc. From HEC Paris (Marketing).


CORECOURSESSEMESTER2


ECONOMIC PERFORMANCE & VALUE CREATION (COURS EN FRANÇAIS)

Instructor: Franck Quentin Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #42 Bldg. W2, Rm #42 Ext. 72.02 Ext. 72.02


Understanding the value creation process and how economic performance is assessed is a cornerstone for many activities such as performance management, strategic and financial advisory, investment, mergers and acquisitions, financial communication: this core class has been designed in this large perspective.


This course intends to explain both the theoretical and practical aspects of the approaches and indicators used to assess the economic performance and value creation capabilities of a company.


Understand the concept of value creation and how to assess it;

Understand the links between economic performance and value creation, and between value creation and the value of a company;

Know which are the key indicators of economic performance and the way they must be computed, including the restatements to apply on the company’s accounts;

Know how the evolution of such indicators must be analyzed over time;

Express an opinion on the quality of the economic performance and value creation capabilities of a company raising the issues that must be addressed (whether by the management, a creditor or an investor).

KEY TOPICS – THÈMES PRINCIPAUX Topic 1: Links between economic performance and value creation Topic 2: Key indicators of economic performance Topic 3: Economic performance and value creation capabilities global diagnosis

SCHEDULE – DEROULE COURSE CONTENT ‐ CONTENU

Course of 18 hours: 6 x 3 hours.


TEACHING METHODS ‐ METHODES PEDAGOGIQUES COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE


Case and readings pack will be distributed in class.


Each topic studied in class will find a practical application through exercises or real case studies, which will have to be prepared between two sessions.

By the end of this class, the students will have to achieve a real case study in small group which consists in analyzing the consequences for a listed international group of a significant merger operation on its economic performance and value creation capabilities.

GRADING ‐ ÉVALUATION Final real case study in small group (50%). Written test (50%): multiple‐choice questions, open questions and exercises.


Franck Quentin has been teaching finance at HEC since 1999. Former ESCP EUROPE student and former director at Ernst & Young specialized in corporate valuation, he now manages a venture capital company dedicated to early stage development that he founded in 2009.


TRANSFORMATION & SYSTEMES ANALYTIQUES (COURS EN FRANÇAIS)

Professor: Alexandre Lamy Assistant: Delphine Vilain [email protected] [email protected] Bldg W2 (RDCH) Bldg. W2, Rm #42 Ext. 72.02

PRESENTATION Ce cours est conçu sur le mode des études en Médecine à partir de l’examen d’un vrai cas pour y conduire un projet de Transformation organisationnelle d’une part, et le doter d’outils modernes de Business Performance Management, d’autre part.

OBJECTIFS PÉDAGOGIQUES 1. Préparer aux actions de conseil, en qualité de consultant ou d’auditeur. 2. Acquérir des techniques d’investigation de systèmes organisationnels complexes et pratiquer le

re‐engineering. 3. Que les étudiants, dès leur premier emploi, ne craignent pas d’aborder les techniques et

complexité en rapport avec les systèmes analytiques. 4. Accentuer le « savoir‐faire » au travers d’une exploitation concrète des savoirs. 5. Réfléchir, débattre et appréhender les liens entre choix techniques et philosophies de

management. 6. Accessoirement, apporter d’ultimes recommandations aux étudiants pour améliorer l’attrait de

leurs présentations orales et renforcer leur impact personnel lors de ces présentations en entreprise.

THÈMES PRINCIPAUX

1. Organisation et transformation des Groupes et des Entreprises 2. Responsibility Accounting 3. Costing opérationnel & Costing stratégique 4. Comptabilité analytique 5. Prix de tranfert & Prix de Cession Interne 6. Outils de pilotage et tableaux de bord 7. Accompagnement du Changement et de la Transformation

DÉROULÉ & CONTENU 1. Prise d’informations et diagnostic stratégique, organisationnel et financier

2. Conception du Projet de Transformation et du Re‐engineering 3. Définition de l’architecture du nouveau système de Costing 4. Définition des outils de pilotage et du Tableau de bord


MÉTHODES PÉDAGOGIQUES 1. Exposés de l’enseignant sur les techniques & méthodologies mises en œuvre. 2. Présentations par l’enseignant de solutions correspondant à des configurations opérationnelles. 3. Entraînements des étudiants au « comment faire » à partir du traitement complet ‐ en fil rouge

sur l’ensemble de la séquence ‐ d’un cas unique et réel, filiale française d’un groupe industriel international.


Traitement approfondi du cas SOFIA, par sous‐groupe de 4 étudiants et par étape, préalablement à chaque séance du cours.

GRADING ‐ ÉVALUATION Qualité des présentations orales individuelles et collectives (20 %), dossiers d’étape (20 %), qualité du dossier collectif final remis en fin de séquence (60 %).


Alexandre LAMY est professeur affilié au département Comptabilité et Contrôle de l’école HEC dont il est diplômé. Il y enseigne à la grande école, en MS, au MBA, à l’eMBA ainsi qu’à HEC Executive Education où il assure et la Direction Académique de l’Executive Mastère Gestion Financière et la Direction Pédagogique du CESA Business Performance Management. Lauréat de l’HEC Teaching Award Pierre Vernimmen, et short listé cinq fois par le vote des étudiants en vue de ce prix.

Auteur d’articles dans diverses publications dont LES ÉCHOS et LE FIGARO, il intègre dans ses enseignements la restitution de son expérience professionnelle acquise au sein de groupes internationaux ‐ ou français cotés au CAC 40 ‐ ainsi que d’un groupe de distribution coté à Paris dont il a assuré la direction générale. Ses responsabilités l’ont aussi amené à conduire des négociations de dossiers complexes avec les Pouvoirs Publics français (CIRI / Direction du Trésor), les présidents de banque et les groupes industriels concernés. Il est administrateur et membre du comité stratégique d’HydroExploitations, administrateur de Fondation Finance Investissements et associé co‐fondateur de la SA « La Table de Cana » entreprise privée à but humanitaire (SJ) pour la réinsertion professionnelle en sortie de milieu carcéral.


MASTERING & AUDITING IT RISKS

Instructor: Erwan Garret Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Ext. 72.02


This course is designed for students who need to understand the impact of Information Technologies on Financial information reliability.

In a world becoming more and more Digital, most financial data flows are now supported by information systems increasingly powerful but also complex and vulnerable. Consequently, the audit approach has evolved to include IT considerations such as an assessment of the IT risk level or the use of information residing within the systems in order to improve the efficiency of audit work.

In a first part, this course focuses on the organization of an information system and the main associated risks. It then shows how these elements influence the audit strategy.

Two specific topics are then detailed. The first focus is on the use of techniques like Data Analytics to perform efficient audit procedures. A second focus is made on information systems security (e.g. data leakage, hacking, cyber criminality, etc).


This course intends to demonstrate the importance of considering Information Systems in a financial audit. It will teach students how to identify main risks related to IT in a company and how IT audit procedures can enhance the overall audit process.


understand the risks related to the use of an information system within companies and the impact they have on the approach to perform a financial audit

understand the powerful use of IT tools to perform the audit and the way they can help auditors to improve the efficiency of the audit and assess the reliability of information

understand the main cybersecurity risks within an organization, their impact and techniques to reduce them


Topic 1: Understanding the building and operating of a company information system

Topic 2: Understanding the risks related to an information system

Topic 3: The approach of a financial audit in a digital environment

Topic 4: Performing an audit with the help of IT Data Analysis tools

Topic 5: Information System security risks and awareness


DROIT PENAL DES AFFAIRES (COURS EN FRANÇAIS)

Professor: Nicole Stolowy Assistant : Nathalie Tremblay

W1 office 102

[email protected]


This is a core class that offers the study of offences in criminal business law. Offences from the criminal code, from the commercial code.

The liability of managers and auditors is also taught.


When you complete this course, you should be able to: Recognize offences and analyze them.


Part 1: Offences from criminal code

Part 2: Offences from Commercial code. Part 3: Liability of managers and auditors.

SCHEDULE – DEROULE COURSE CONTENT – CONTENU

Course of 18 hours




Students complete cases.



Grades are based on a case study.


Nicole STOLOWY: Doctorate in private Law, French Attorney. She published Les infractions du monde des affaires (Offences in Management).


INTERNATIONALTRACKSEMESTER2


VALUATION & TRANSACTIONS

Instructor: Péter Harbula PhD, ASA Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Ext. 72.02


This is a core class that offers to provide students with a more in depth vision of financial valuation and transactions from the perspectives of practitioners.


This course intends to and how such techniques are used in different types of transactions (M&A, leveraged buy‐outs etc.). Students will become more familiar with the use of financial statements for valuation purposes, the DCF model and its pitfalls, discount rate computation, valuation using market references for company valuation, All this is being presented taking into consideration specificities of M&A transactions and LBOs. The course also features an introduction into financial modelling.


Know valuation techniques

Understand how M&A and LBO transactions are performed

Build a valuation model

Value a company and take into consideration how a transaction would impact the valuation


Part 1: Valuation Part 2: Financial Modelling Part 3: LBO transaction Part 4: M&A transctions

SCHEDULE – DEROULE

COURSE CONTENT – CONTENU (TENTATIVE) In Class

study In Class work

Homework Distribution

Class 1 Introduction

Class 2 Financial & Business Analysis

Financial Analysis

Class 3 Valuation SWOT, Porter and Net Debt

Financial Analysis, building a cash flow statement

Class 4 Valuation & WACC Multiples, WACC Valuation

Class 5 Modelling Modelling LBO

Class 6 LBO LBO M&A 1

Class 7 M&A and investment decisions

M&A 2

Class 8 M&A 2


TEACHING METHODS ‐ METHODES PEDAGOGIQUES COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE

The course integrates lectures, in course assignments and homework assignments.

Required Books Will be distributed before the course Additional Textbook Will be distributed before the course Required Cases, Assignments Will be distributed during the course Other Materials N/A


Students will have to complete prior to taking a course


Grades are based on howework assignments and final course exam.


Péter Harbula (PhD Paris II Assas and MsC Budapest University of Economic Sciences in Business Administration) is the executive director of corporate finance of the Edenred Group (former Accor Services). He currently oversees the M&A and internal audit department. In his role as head of M&A, he is in charge for executing acquisitions and divestment transactions, joint venture creation, investment decisions and valuations. Prior to Edenred, Péter spent 8 years in Deloitte Finance’s valuation and modelling group in Paris where we finally worked as a director. He is the author of several published papers on corporate finance and corporate governance.

Péter will be assisted for some courses by:

Nicolas Burdeau, Partner in the Business Valuation & Modelling practice in Paris. He has more than 15 years of experience in business and intangible assets valuation. Nicolas has coached business valuation training courses to the Société Française des Analystes Financiers as well as to various clients. He is also a member of Deloitte Global Valuation Technical Team.

Vincent Fallas, Partner in the Deloitte Business Valuation & Modelling practice in Paris. He has more than 15 years of experience in business modelling. Vincent has facilitated business modelling training courses to various clients.


PRACTICE OF SHORT‐TERM FINANCE

Instructor: Louis Bollaert Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #42 Bldg. W2, Rm #42 Ext. 72.02 Ext. 72.02


According to the CFO annual survey, capital management and long term financing make up 15% of the CFOs agenda which in turn means that … current assets management make the other 85%! This should come at no surprise as current assets management is where Finance teams meet, interact and support the rest of the organization in the day to day life of the company.

Current assets management is no less complex than capital management. Across jurisdictions it is reported that 50% of bankruptcies are the consequence of the poor management of current assets and amongst the above mentioned 50%, half again are the result of the bankruptcy of one or more customers of the company.


The objective of this course will therefore be to provide you with keys to understand the prominent topics of current assets management by focusing on the working capital. We will also touch upon the international trade support that your finance teams should provide to your company.

Following this course, you should be able to:

understand the major hurdles of current assets management

work out the working capital and short term financing needs of a company

learn to identify the most efficient manner to finance your development

answer the following questions:

‐ should I increase the payment terms of my customers ?

‐ should I reduce my payment terms to my suppliers ?

‐ how should I decide to make credit to a customer ?

‐ how should I organize my relations with my bankers and insurers ? ….


Part 1: working capital management (3 hours)

Part 2: short‐term trade finance and trade credit management (2 x 3 hours) Part 3: mid‐term trade finance and political risk management (3 hours)





Visiting professors from Brokers and financed / insured Companies management will share their experience through theoretical and practical cases.



Final exam (1h30)


Louis Bollaert: HEC alumni (2004), I started my career as a consultant in a strategic consulting firm. Then I joined Bouygues Telecom as an internal auditor and as a case team leader. After this experience I worked as project manager on the “Bbox” project, which brought Bouygues telecom to become in a few months an Internet Provider. Then, I had the opportunity to join Euler Hermes Teams, as Head of Product and Services within the Marketing Department. After 3 years of exciting projects and products launches, driven by the economic crisis, I decided to move to the Sales Teams, in charge of the main brokers of the Company, dealing around 90% of the portfolio. My goals were retention of the policyholders, new business and profitability of the contracts, thanks to a team of account managers and Sales people. Then I moved to the Group Euler Hermes as head of Distribution, both for brokerage and banks as distributors. Finally, I joined Aon France, the world leader of insurance brokerage, as head of Trade credit, trade finance, surety and political risks.


TRADE CREDIT INSURANCE

Instructor: Frédéric Bizière Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #42 Bldg. W2, Rm #42 Ext. 72.02 Ext. 72.02


While trade receivables are often overlooked, they represent # 40% of any corporate balance sheet and often more than the short term financing granted by banks to the corporate world.

The purpose of this core class is therefore to offer an overview of the management of trade receivables as seen from the angle of the credit manager / credit insurer.


This course intends to provide you with the foundation of trade receivable management which you will be able to further develop based on your next position and related needs.

When you complete this course, you should be able to understand:

what trade credit insurance can do for you and how you should deal with its various stakeholders,

the specifics of the collections of trade receivable, especially across countries,

the growing influence of big data on credit assessment,

country and political risks affecting cross‐border transactions and how to protect your company against the specific risks of export.

KEY TOPICS – THÈMES PRINCIPAUX / COURSE CONTENT – CONTENU

Part 1: Trade credit insurance : how does it work ?

Part 2: The growing influence of Big Data on credit assessment

Part 3: The specifics of the collections of trade receivable

Part 4: The export risk

TEACHING METHODS ‐ MÉTHODES PÉDAGOGIQUES COURSE MATERIALS – MATERIEL PEDAGOGIQUE

The course integrates interactive discussions, videos, live examples. Case and readings pack will be distributed in class.


Individual work will be required during the course.



Grades are based on micro quiz from one session to the next.


Frederic Bizière:

Euler Hermes Group Management Board ‐ Risk Underwriting, Information & Grading, Claims & Collections, Reinsurance since May 2014

Group Management Board ‐ Group CFO ‐ from December 2012 to April 2014

Group Management Board ‐ Market Management, Commercial Underwriting, Distribution ‐ from September 2011 to December 2012

(previously various positions in sales and marketing + CFO of French operations for 8 years)

Natixis Head of Controlling for the International Business Division (1995 – 1998)

KPMG From junior to senior auditor within the banking and insurance practices (1992 – 1995)

HEC 1991

Hobbies General aviation ‐ private pilot: http://www.acaf‐toussus.com/ Manager of the French pop singer ‐ songwriter Gia Martinelli / https://www.youtube.com/channel/UCE8i‐ngX_nUDvF‐54gycVtA/feed Supporting independent pop rock label for young talents: http://4us‐records.com/

CORPORATE FINANCIAL MANAGEMENT (IFAC) ‐ MASTER'S PROGRAM `

CORPORATE GOVERNANCE

Instructor: Raul Barroso Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Ext. 72.02

PRESENTATION ‐ PRESENTATION In this course you will find a thorough introduction to the state of the art of corporate governance research and practice. It covers a wide range of topics, including corporate control, regulation, behavioural issues and the role of stakeholders in corporate governance through the lifecycle of the firm. We will explore the multidisciplinary nature of corporate governance with an international perspective by highlighting the major differences in corporate control and corporate governance practice across the world.


This course intends to provide a thorough overview of the corporate governance issues of a firm through its lifecycle, and provide a rigorous background in the governance theories currently available.


Understand the corporate governance issues in different types of organizations

Recognize the contextual nature of corporate governance

Analyze the governance of a firm

KEY TOPICS – THÈMES PRINCIPAUX Topics will not be addressed sequentially, but largely intermingled. The order of the sessions may vary according to the speaker’s availability. The shareholder’s perspective: Introduction to Corporate Governance, Comparative international governance practices, Governance in different types of organizations. Many examples and illustrations of different corporate governance will be provided through lectures and a series of guest speakers. These will include: family businesses, start‐ups, NGOs, Private Equity, …


TopicNewVenturesFamilybusinessesgovernanceNGO CorporategovernancetransitionsPrivateEquitygovernanceCorporategovernancetheoriesandsynopsis

CORPORATE FINANCIAL MANAGEMENT (IFAC) ‐ MASTER'S PROGRAM `

TEACHING METHODS ‐ METHODES PEDAGOGIQUES COURSE MATERIALS – MATERIEL PEDAGOGIQUE

The course integrates interactive lectures, tutorials and discussions of cases, to

Readings

I propose three types of readings. Support readings Are textbook chapters or articles related to the topic that summarize some of the issues covered through the session. *Read These are articles aiming to develop some class discussion. Please read them in order to make the class more productive. Suggested Readings These are background articles that complement the lecture and to develop further in case you are interested in the topic. They are not an exhaustive list, but they should be useful starting points.

GRADING ‐ ÉVALUATION Final exam. 1 h exam. 2 short essay questions on the topics covered during the course


Raúl Barroso is currently Assistant Professor of Accounting at IESEG School of management. He was previously Assistant professor at HEC Paris after receiving his Ph.D. at the University of Lausanne (2009). He has been visiting scholar at IESE Business School and Columbia University in the City of New York. His research focuses on corporate governance, in areas such as the institutionalization of corporate governance mechanisms, the composition of the board of directors, the role of significant shareholders in the performance of corporations and the governance of financial institutions. He also conducts research on corporate social responsibility, insider trading and audit fees.


INVESTORS’ RELATIONS

Instructor: Bénédicte Thibord Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #42 Bldg. W2, Rm #42 Ext. 72.02 Ext. 72.02


This financial communication course is designed to help students in a lively and interactive manner, to better understand financial communication constraints, context and interactions with the different actors, brokers, issuers, and investors. The purpose is to provide to the student the capacity in their future jobs, to be ready to manage this type of problem or challenge on a pragmatic way.


At the end of the course, the student should have:

Acquired a global vision of financial communication general principles and legal context

Identified key operational financial communication challenges for a listed company, illustrated by financial market actors

Understood what is a global vision of market context change and what are market actors expectations regarding financial communication

Understood what is at stake with accounting policies and accounting rules regarding financial communication

KEY TOPICS – THÈMES PRINCIPAUX Topic 1: Regulation and Risk Management

General Principles

Legal Constraints

Financial communication risks Topic 2: Financial Communication and Investor Relations: in practice

Main objectives, organization and tools

Large caps vs Small Caps: Case studies Topic 3: New Financial Communication challenges

Communication to Rating agencies and Credit

SRI Communications

Mifid2 and Liquidity fragmentation Topic 4: Equity Story and Financial Markets

Morning Meeting

Equity Research in practice and Financial Communication

Investors mapping: long‐only vs hedge fund



The schedule will depend on the speakers availabilities.


The course integrates interactive lectures, tutorials and discussions of cases, to

Required Books Additional Textbook: Required Cases, Assignments Other Materials: Guide de la communication financière (Observatoire de la Communication financière)

Case and readings pack distributed in class / Download exercises, reading, and tutorials: www.jane.doe.hec.edu / All course materials will be distributed through K‐Hub


Students complete international benchmark of financial communication (on a specific sector)


Grades are based on the individual work and active participation during the course.


Bénédicte Thibord has been Global Head of SmartConnect services at Kepler Cheuvreux since 2013 and was previously Head of Corporate Access and Marketing at CA Cheuvreux from 2008 to 2013. She has also been in charge of the new service offering dedicated to Private Banks since April 2015. Previously, she worked for ten years at PricewaterhouseCoopers as a banks/insurance auditor, then as a capital markets consultant. She holds a Master's in banking, finance and insurance from University of Paris Dauphine, as well as a Certified European Financial Analyst diploma from the French Society of Financial Analysts (SFAF). She has been teaching a course in financial communication at the French business school HEC for the last 12 years.


FILIEREDSCG(FRANCOPHONE)SEMESTER2

CORPORATE FINANCIAL MANAGEMENT (IFAC) ‐ MASTER'S PROGRAM PAGE 1 SUR 2

COMPTABILITE DES SOCIETES – FUSIONS & ACQUISITIONS (COURS EN FRANÇAIS)

Professor: Carine Boiteau Assistant: Delphine Vilain [email protected] [email protected] Bldg. W2, Rm #42 Ext. 72.02


Des connaissances approfondies en comptabilité sont indispensables à l’exercice de tous les métiers liés au conseil, à l’audit ou au management financier. Ce cours a pour objectifs de permettre aux étudiants de la majeure : ‐ de maîtriser les traitements comptables d’opérations complexes, ainsi que les enjeux liés à ces techniques, ‐ d’acquérir un socle d’expertises suffisamment solides pour comprendre et décrypter l’information financière produite, ‐ d’appréhender les différentes dimensions de la politique comptable menée par l’entreprise.

INTENDED LEARNING OBECTIVES ‐OBJECTIFS PEDAGOGIQUES

Le programme reprend une partie de celui de l’UE 4 du DSCG : les fusions et opérations liées. Il s’agit de comprendre et maîtriser les points essentiels d’opérations complexes de rapprochement d’entreprises : les fusions absorption, fusions réunion, apports partiels d’actifs et scissions. L’objectif est qu’à l’issue du module vous puissiez résoudre un cas effectivement posé à l’épreuve 4.


Première partie : Boite à outils pour les fusions (évaluation des entreprises, augmentation de capital, liquidation).

Seconde partie : Aspects stratégiques et comptables des fusions Troisième partie : Difficultés comptables, fiscales et juridiques des fusions Quatrième partie : Opérations liées

SCHEDULE – DEROULE COURSE CONTENT – CONTENU

Topic

1 : évaluation, augmentation de capital, liquidation 2 : fixation de parité, valeur de reprise des apports3 : fusion renonciation, fusion réduction 4 : rétroactivité et régime fiscal des fusions 5 : fusion réunion, scission, apports partiels d’actifs, TUP

CORPORATE FINANCIAL MANAGEMENT (IFAC) ‐ MASTER'S PROGRAM PAGE 2 SUR 2


Les séances sont consacrées, après un point de cours, à la résolution d’applications pratiques (cas et exercices) en groupe de travail. Pour ceux voulant approfondir le cours et préparer le passage de l’épreuve 4 du DSCG, des lectures/exercices complémentaires sont indiqués pour chaque point abordé. La dernière édition disponible des manuels est recommandée.

Required Books Obert R. et Mairesse M‐P (2015), « DSCG 4 ‐ Comptabilité et audit 2015/2016 : Manuel et Applications », Collection Expert Sup, Dunod, 6ème édition (ou une édition plus récente), 704 pages Additional Textbook Obert R. (2016), « DSCG 4 ‐ Fusion Consolidation 2016/2017 : L'essentiel en fiches », Collection Express DSCG, Dunod, 5ème édition. Other Materials

Le polycopié, les corrigés des cas et exercices distribués en séance.


Les séances sont organisées pour favoriser le travail en groupe et l’apprentissage par la résolution d’exercices et de cas. Le travail demandé en dehors des séances est de réviser les notions apprises en cours afin de consolider les savoirs.


Un test final d’une durée de trois heures est organisé hors séance. Il s’agit généralement d’un sujet adapté des annales de l’épreuve de l’UE 4 du DSCG.


Carine BOITEAU, docteur en Sciences de Gestion (Université Paris Dauphine), est Maître de Conférences à l’Université Paris Descartes et à l’IUT de Paris où elle enseigne la comptabilité financière aux étudiants de la filière CCA (comptabilité, contrôle, audit).

Elle a créé puis assuré la direction du diplôme de licence CSIC (contrôle et systèmes d’informations comptables) pendant 8 ans et est membre du Conseil d’Administration de l’Université Paris Descartes.

Elle enseigne par ailleurs à Dauphine (Magistère de Sciences de Gestion) et à la Sorbonne Abu Dhabi (Master Banking and Finance & HR Management).


CONSOLIDATION (COURS EN FRANÇAIS)

Instructor: Sophie de Oliveira Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #42 Bldg. W2, Rm #42 Ext. 72.02 Ext. 72.02


This course aims at developing advanced skills required to interpret, analyze and prepare consolidated financial information according both to French and international standards.

This course is a furthering of the « Group Financial Reporting » course with the purpose of preparing for the related DSCG exam.


Scope of consolidation, calculation of interest and control percentage,

Consolidation process: restatement of local accounts, intercompany relationships, calculation of non‐controlling interest…

Deferred Tax calculation

Business combinations, change in scope of consolidation, additional acquisition/ disposal of shares of consolidated companies.




Mix of lectures and short cases studies completed with real‐life business case studies in order to apply key concepts introduced in lectures.

Case and readings pack distributed in class / Download exercises www.conso‐online.com/Problems taken from the DSCG exam bank.

A full consolidation process will be conducted during the last class in order to apply all the concepts and techniques.



After lecture, students complete the applicable homework using the slides shown and the notes taken in class to practice consolidation techniques.


Grades are based on final examination. Students will have three hours to complete the exam.

The exam computation will consist of simple arithmetic. Basic calculators will be the only calculators that students will be permitted to use. Other electronic devices must be turned off and out of sight during the examination.

BIOGRAPHY ‐ BIOGRAPHIE Sophie de Oliveira Bretxa is an acknowledged specialist in consolidated accounts and IFRS standards. She has published a number of works, including " La Consolidation des Comptes" (published by Ellypse) and gives courses on consolidation and IFRS standards in a number of higher education establishments (HEC, Paris XII) and at Les Echos Formation. For 12 years, she was an authorized representative at Mazars, specializing in audit and the production of consolidated accounts. She then joined COGIS where she designed and supervised the development of the consolidation tool, KEOPS. Since 1 July 2008 she has been a partner at Denjean & Associés and head of the consolidation and IFRS department Her work includes: ‐ Assistance in the production of consolidated accounts in accordance with French standards and IFRS; ‐ Review of consolidation procedures and assistance in complex technical matters; ‐ Organization of consolidation seminars for groups; ‐ Implementation and adaptation of consolidation tools; ‐ Establishing procedures and producing consolidation guides and instructions; ‐ Audits of consolidated or individual accounts. Sophie de Oliveira Leite is Civil Engineer, Chartered Accountant & Auditor, and also graduated from HEC.


GESTION FISCALE DES ENTREPRISES ET DES GROUPES (COURS EN FRANÇAIS)

Instructor: Martine Rossetti Assistant: Delphine Vilain [email protected] [email protected] Bldg W1, Rm #110 Bldg. W2, Rm #42 Ext. 73.25 Ext. 72.02

PRESENTATION ‐ PRESENTATION

Ce cours permet d’acquérir les réflexes fiscaux indispensables pour accompagner efficacement l’entreprise dans sa gestion quotidienne.


A l’issue de ce cours, vous serez en mesure de :

Maîtriser les mécanismes fiscaux au cœur des problématiques de gestion des entreprises

Préparer plus sereinement l’UV 1 du DSCG


Part 1 : La décision de constituer une société, les impacts fiscaux du choix de la structure ‐ le régime des apports ; ‐ les différences d’imposition entre sociétés de personnes et sociétés de capitaux ; ‐ le traitement au regard de l’ISF

Part 2 : Le développement de la société ‐ les modes de financement de la croissance ou de l’activité et leur impact sur le résultat

imposable ; ‐ le traitement fiscal de la croissance externe : acquisitions, fusions de sociétés ; ‐ la fiscalité des flux intra groupes : circulation des dividendes, notion d’acte anormal de

gestion ; ‐ l’option pour l’intégration fiscale et le fonctionnement d’un groupe intégré.

Part 3 : Les opérations internationales de la société ‐ les échanges internationaux de biens et de services au regard de la TVA ; ‐ les principes de base de la fiscalité internationale: partage du droit d’imposer et conventions

fiscales.

Part 4 : La société et l’administration fiscale ‐ le panorama de l’arsenal anti évasion fiscale ; ‐ un aperçu des règles de contrôle et de contentieux fiscal.



Le cours repose sur une alternance de notions théoriques apportées par le professeur et de discussions avec les étudiants, à l’occasion notamment de la correction des cas pratiques.

Des articles d’actualité seront mis en ligne sur K hub.

Un dossier pédagogique comprenant les présentations du cours et des cas pratiques.

La correction des cas pratiques.


Pour chaque séance, les étudiants doivent préparer les cas pratiques correspondant au dernier cours. La correction en séance permet d’ancrer les notions théoriques et de les mettre en application.

Pré‐requis : niveau du cours GFE de M1 (le dernier poly peut être fourni pour révisions).


80% final test, 20% mid‐term


Professeur affilié au Groupe HEC, Responsable du cours de M1. Responsable de l’offre de formations en fiscalité chez Francis Lefebvre Formation.


FINANCEMENT A COURT TERME – TRESORERIE (COURS EN FRANÇAIS)

Instructors: Laurent Bertrand Assistant: Delphine Vilain Jean‐Marc Vinot Bldg. W2, Rm #42 Ext. 72.02


L’objectif de ce cours est de sensibiliser aux différents aspects de la gestion de trésorerie corporate : gestion de la liquidité et gestion des risques de change et de taux.


A l’issue de ce cours les étudiants auront pu comprendre les enjeux de la gestion de trésorerie, les produits de financements et de placements court terme, les problématiques et les produits de couverture des risques de change et de taux.


• Définition et importance de la trésorerie – Les leviers d’optimisation de la trésorerie par l’optimisation du Besoin en Fonds de Roulement

• Enjeu et techniques de la gestion quotidienne des liquidités : les principaux produits de financement et de placement Court Terme

• Les enjeux et les principaux produits de couverture des risques de change et de taux • Les techniques d’optimisation de gestion de trésorerie groupe


Cours de 12 heures : 4 x 3 heures


Exposés théoriques pour les aspects conceptuels, complétés d’illustrations pratiques.


Test final d’1h30



Laurent Bertrand : Directeur Financements et Trésorerie Elior Group

Avec plus de 15 ans d’expérience dans le domaine de la gestion de trésorerie et des financements, Laurent BERTRAND intervient sur tous les domaines de ce métier, allant de la gestion des moyens de paiement jusqu’à la structuration de financement obligataire public. Manager d’une équipe de 10 personnes, il a évolué au sein de structures de groupe coté et également dans un contexte de LBO. Intervenant formateur au sein de l’AFTE (Association Française des Trésoriers d’Entreprises) sur des sujets de financement et de centralisation de trésorerie, il participe également au programme de mentorat de SciencePo Paris. Jean‐Marc Vinot : Consultant et formateur Trésorerie Corporate Une expérience de plus de 30 ans de Trésorerie Corporate comme directeur Financement Trésorerie de différents groupes industriels ou de services et notamment dans des contextes LBO. Depuis 2010 consultant en gestion de Trésorerie Corporate. Depuis 2013 formateur (formation continue) au sein de l’Association Française des trésoriers d’entreprises (AFTE) En 2015 expert trésorerie de BPI‐Université dans le cadre du partenariat BPI‐AFTE.


ERP – ENTERPRISE RESOURCE PLANNING (COURS EN FRANÇAIS)

Instructor: Yann Dufief Assistant: Delphine Vilain Saint Gobain ERP coordination Manager [email protected] yann.dufief@saint‐gobain.com Bldg. W2, Rm #42 +33 1 47 62 41 84 Ext. 72.02 Instructor: Emmanuelle Fines Laurent Saint Gobain IT governance Director

emmanuelle.fineslaurent@saint‐gobain.com +33 1 47 62 54 65


The course presents an overview of ERP systems and market, the business processes supported by ERPs and benefits/constraints of ERPs. It also addresses the ERP projects milestones, costs, challenges, organization and methods to manage them. This course also teaches audit, internal control and security management in ERP environment.

INTENDED LEARNING OBECTIVES ‐OBJECTIFS PÉDAGOGIQUES This course intends to:

Provide a general overview of ERP systems, their main characteristics and market (vendors and technologies)

Identify business processes supported by ERPs

Illustrate the complexity and the large capabilities of SAP ERP solution

Understand the project organization & IT organization needed to implement and maintain ERP

Present specificities of consulting and auditing projects in ERP environment


Understand what are the benefits and the constraints of ERPs

Gain the specific vocabulary and terms to understand ERP consultants “world”

Know the main ERP vendors, their solutions and the market they address

Identify the strategic benefits of deploying an ERP

Present the different options to organize the Information System ERP teams

Be prepared to participate and be a stakeholder of an ERP project (know the milestones, costs, risks and expected deliverables).

Navigate in SAP system to look for information

Present audit and consulting approaches specific to ERP environments



ERP modules & functionalities, ERP stakeholders

ERP implementation, Projects management, ERP costs

ERP internal control, ERP audit and security

IT organization and ERP

TEACHING METHODS ‐ MÉTHODES PÉDAGOGIQUES Theoretical course illustrated with professional examples ERP case study for a company, including both audit & consulting approaches Use of SAP ERP

COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE

Course materials and case studies distributed in class & through K‐Hub Additional books:

Piloter un projet ERP : Transformer l'entreprise par un système d'information intégré et orienté métier durablement ‐ Jean‐Luc Deixonne

Bien gérer avec un ERP ‐ Synergie entre supply chain, production, finance et RH ‐ François Blondel


Students will prepare a 20 minutes presentation to “sell” an advisory or audit approach based on a real company story and will have to answer questions related to their presentation.


Group assignment: powerpoint slides, final oral presentation and quality of answers provided.


Y. Dufief is in charge of the Corporate ERP coordination for Saint‐Gobain Group. He is currently managing relationship and sharing knowledge between the IT Applications teams from Saint‐Gobain businesses. He is also member of the USF Board (USF = French SAP User Club). In his previous positions, M Dufief was CIO for several industrial divisions at Saint‐Gobain (Glass, Abrasives, Ceramics and Insulation) and at BSN GlassPack group (Packaging).

He has a diploma of civil engineer from Ecole Spéciale des Travaux Publics Paris + a Master in Business Administration from IAE Paris.

E. Fines Laurent is IT Governance Director for Saint‐Gobain DSI Groupe. She is currently managing relationship with IT teams from businesses to guaranty harmonized processes and tools. Before Saint‐Gobain, she was IT Advisory senior manager at Ernst & Young France. She has a diploma of Telecommunications Engineer (Telecom Paris).


SI POUR FINANCIERS (COURS EN FRANÇAIS)

Instructor: Jérôme Huber Assistant: Delphine Vilain Instructor: Frédérik Schulmeister [email protected] [email protected] Bldg. W2, Rm #42 Bldg W2, Rm #42 Ext. 72.02 Ext. 72.02


Ce cours s’adresse à ceux qui pourraient être amenés à travailler avec une direction des systèmes d’information (DSI), une direction financière ou une direction de l’audit interne. Soit directement, à travers des audits ou du pilotage, soit indirectement, à travers les outils financiers et les projets liés à ces outils au sein des départements financiers.


Il présente l’ensemble des aspects fonctionnels et techniques qui concernent les systèmes d’information au sein des Directions Financières des Groupes. Il permet également d’appréhender les enjeux sous‐jacents aux choix des solutions qui viennent supporter les activités opérationnelles et métiers.

Il a pour ambition de permettre aux étudiants d’appréhender :

Les fonctionnalités applicatives de systèmes financiers

Les liens entre les métiers financiers et les Systèmes d’Information

Les projets liés aux systèmes financiers

A la fin de ce cours, vous devriez être capables de :

Identifier les axes de performance de la DSI et leurs impacts sur la performance des métiers

Comprendre les éléments à prendre en compte dans le choix d’un logiciel et les implications de ce choix sur la qualité de service et la performance financière globales des parties‐prenantes

Connaître les principaux systèmes financiers et les basiques de manipulations d’un système de consolidation

Appréhender les risques lors de la mise en place d’un système financier


Sujet 1 : Présentation des SI Financiers Comment sont organisés les systèmes au sein des départements financiers ? Quels sont les principaux systèmes du marché (reporting, consolidation, trésorerie, etc…) et à quoi servent‐ils ? Sujet 2 : Processus de reporting Comment est traité un processus de reporting financier dans les systèmes actuels ? Des exercices pratiques permettront de se familiariser avec l’utilisation d’un logiciel de consolidation Sujet 3 : Pilotage de la performance d’une DSI Comment les directions des systèmes d’information s’organisent‐elles pour maîtriser l’évolution des systèmes et renforcer leur alignement aux objectifs stratégiques de l’entreprise ?


Quels sont les enjeux propres d’une DSI en matière de performance et de choix sur le long terme ? Un cas pratique sera consacré aux prises de décisions clés préalables au lancement d’un projet. Sujet 4 : Implémentation d’un système financier Comment sont gérés les projets de mise en œuvre de systèmes financiers ? Quels sont les risques rencontrés lors des projets ? Comment s’assurer de la fiabilité des systèmes ?


Cours de 18 heures, réparties en 6 x 3 heures.


Mix de cours et d’études de cas.

Les sujets 1 et 2 sont basés sur des présentations, des exemples pratiques, des exercices et d’études de cas.

Les sujets 3 et 4 sont principalement enseignés à travers des présentations et études de cas.o



La note finale tient compte de la participation aux exercices pratiques et d’une étude de cas en petits groupes.


Jérôme Huber est l’associé en charge du département Audit des Systèmes d’Information de Mazars. Certifié CISA et sur SAP, il a une expérience de 17 années en audit et conseil des Systèmes d’Information et notamment : les projets ERP, la gouvernance des SI, l’analyse de données et la sécurité des Systèmes d’Information.

Frédérik Schulmeister est l’associé en charge du département Consolidation & Reporting de Mazars. Expert‐Comptable spécialisé en conseil opérationnel sur les processus financiers, il a une expérience de 17 années sur les problématiques métiers et systèmes au sein des directions financières.


CONTROLLING IN THE MANUFACTURING SECTOR (COURS EN FRANÇAIS)

Instructor: Fanny Najmann Assistant: Delphine Vilain [email protected] [email protected] Bldg W2, Rm #42 Bldg. W2, Rm #42 Ext. 72.02 Ext. 72.02


La fonction Contrôle de gestion des grands groupes connaît des transformations majeures ces dernières années. Plus que jamais garants de la fiabilité des chiffres et de l’information, ainsi que de la qualité des processus de contrôle interne, les Directeurs du Contrôle de gestion se sont transformés en véritables piliers du pilotage stratégique, rôle accru par le contexte de crise actuel.

A travers la compréhension du cas , complété et mis à jour par des interviews, les étudiants seront en mesure d’apprécier la cohérence du système de gestion d’un grand Groupe et son efficacité en terme de déploiement de la stratégie de l’entreprise et de convergence des buts.

INTENDED LEARNING OBECTIVES ‐OBJECTIFS PEDAGOGIQUES

Le cours Renault Management Control est un cours applicatif reposant sur un cas réel élaboré avec Renault en 2006 et mis à jour en 2012.

Il doit permettre aux étudiants, « mis en situation », d’exercer leur sens critique et de développer des propositions crédibles en s’appuyant sur les données du cas et sur des interviews de responsables du contrôle de gestion de Renault.

Les apports théoriques et exemples vus dans les cours précédents serviront de référence (voir pré‐requis).


Organisation

Pratiques budgétaires des grands Groupes

Pilotage stratégique (tableaux de bord, KPI …)


Cours de 12h réparti entre 4 séances d’1h30 et 2 séances de 3h permettant de mener des interviews.



Travail individuel sur le cas et le Groupe Renault

Préparation des interviews et restitution en binôme

Synthèse et préconisations : travail collectif du groupe d’étudiants présenté devant un jury presidé par un membre du Groupe Renault.


Prerequisites : Cours de Business Performance Management (S. Becker).

Lecture du cas et des documents sur Renault remis aux étudiants

GRADING ‐ ÉVALUATION 20% : note individuelle (comprehension du cas validé par un mini‐quizz) 50% : restitution des interviews : note par binôme 30% : note collective : PPT de synthèse et présentation finale devant le jury


Fanny Najmann a fait l’essentiel de sa carrière dans le monde Automobile.

Elle a occupé différents postes de contrôleur de gestion et de directeur financier en France comme à l’International. Elle a animé le management de la performance dans des fonctions très opérationnelles (Supply chain, Achats …) et appréhendé les aspects du contrôle stratégique à travers des responsabilités plus Corporate. Elle partage aujourd’hui son temps entre l’enseignement et des missions de conseil en contrôle de gestion.

Fanny Najmann est diplômée de l’ESSEC.


OPTIONALCOURSE– CMAPREPARATION


CMA REVISION CLASSES

Instructor: Hélène Hertz Assistant: Delphine Vilain Helene.de‐lylle‐[email protected] [email protected] 06 52 07 54 36 Ext. 72.02


This is a 24‐ hour class that offers intensive revision lessons on major topics tested in the CMA® exam.

The CMA® is a professional qualification that is becoming one of the world‐wide reference standards for finance professionals working in management accounting or corporate finance in CFOs ‘offices.

Created by the Institute for Management Accountants**, the CMA® certification is required in many multinational companies so as to access to managerial roles in the finance and accounting function (especially in US companies). The CMA® program is regularly updated to keep up with the needs in finance competencies as expressed by CFOs and CEOs.

For students, the next immediate benefit of holding the CMA® qualification is that it provides waivers to two other internationally recognized qualifications:

‐ CIMA*, normally about 3 years to complete: 6 exams waived out of 18 total ‐ ACCA*, about 4 years to complete: 7 exams waived out of 14 total

*The Chartered Institute for Management Accountants is the leading body in the UK and the Association of Chartered Certified Accountants (ACCA) is the global body for financial accountants and external auditors.

** The Institute for Management Accountants (IMA®) is a worldwide association of financial professionals and accountants. It was created in 1919 in the US and represents today more than 80 000 members across the globe, organized around 300 professional and student chapters. The IMA proposes all year long conferences, webinars and publications on latest trends in the profession and in academic research for its members.

www.imanet.org


This course intends to give CMA® applicants the best methods and tools to be able to solve examination problems and essays proficiently. The main challenge of this certification is the wide breadth of financial and accounting topics that are tested in a short time span: to be successful, the candidate must be able to quickly recognize and apply the correct concept when faced with a problem.


KEY TOPICS – THÈMES PRINCIPAUX The CMA® is made of two separate parts, which can be taken during the same examination period, or in separate periods. The exam is fully computer‐ based.

Exam Exam content

CMA Exam Part 1: Financial Reporting, Planning, Performance, and Control (4 hours: 100 multiple choice questions and two 30‐minute essay questions)

‐ External Financial Reporting Decisions ‐ Planning, Budgeting, Forecasting ‐ Performance Management ‐ Cost Management ‐ Internal Controls

CMA Exam Part 2: Financial Decision Making (4 hours: 100 multiple choice questions and two 30‐minute essay questions)

‐ Financial Statement Analysis ‐ Corporate Finance ‐ Decision Analysis ‐ Risk Management ‐ Investment Decision ‐ Professional Ethics


Course of 24 hours

TEACHING METHODS ‐ MÉTHODES PÉDAGOGIQUES COURSE MATERIALS – MATÉRIEL PÉDAGOGIQUE The course is very pragmatic and result‐ orientated. It is a mixture of lecture and small exercises representative of what may be tested at the exam.

Recommended Revision Books Wiley CMA Learning System textbook – Part 1 and Part 2 Gleim CMA Review – Part 1 and Part 2 Those books, edition 2015, are available at the HEC library. Required Revision Materials

Success to the exam is largely dependant on problem solving skills and speed. Students must be


prepared to practice on their own several hundreds of MCQ and about 25 essays per part.

Based on extensive analysis of training books available in the market, and their reputation, the best editor for HEC students seems to be Wiley, which provides a core online revision solution “CMA Online Intensive Review (OIR)”, including five mock exams per part. The Wiley online interface closely emulates the computer‐ based real exam. Additional Revision Materials On K‐hub, presentations used in class will be posted ahead of each session. IMA provides a number of retired questions from past exams (about 600 practice questions in total, and around 50 essays). These will be made available on K‐hub as well.

Although this provides valuable training support, we do recommend to complement the IMA material with some other private editor to secure a 100% passing rate.


To maximize their chance of success when they take the certification, students must practice the topics learned during the class between the sessions. For a two hour revision class, students must practice on their own for at least two hours using the recommended Online Test Bank.

The week before the examination for Part 1 or Part 2, students should plan for about 20 hours revision to practice essays and review questions on their weak areas.

GRADING ‐ ÉVALUATION There is no grading for this class.


Hélène Hertz has been a professional trainer in finance and management accounting, as well as a visiting teacher at HEC Paris (M1 and M2 programs) since 2014. She regularly trains professionals on financial topics in private companies such as Airbus Group. Graduated from HEC in 2002 (Finance Major), she worked over 11 years in multinational companies (consumer goods) as a finance manager and controller in a variety of operational and strategic roles. In 2015 she took and obtained the CMA® certification. While working in London in 2005‐2009 as a management accountant, she personally experienced how strong an advantage it gives a young professional to be professionally certified by an international qualification in his area of expertise. This is the main reason why she supports the development in Europe of the CMA® and encourages HEC students to take the examination.

Documents

Course Contents CORPORATE FINANCIAL ... butter costing, activity based costing TEACHING METHODS ‐ METHODES PEDAGOGIQUES COURSE MATERIALS – MATERIEL PEDAGOGIQUE