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Master of Science

2010

FINANCIAL

ECONOMICS

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HEC Paris is ranked the number One Business School in

Europe by the Financial Times since 2006 and has a long-standing reputation for the impact of its international faculty

and the success of its graduates all over the world.

I am convinced thatthe content of the program, its internation-

al exposure, the involvement of the business community, the

network of 44,000 alumni and the schools reputation are the

key assetsthat HEC Paris offers to its students from around the

world. In addition, the 300-acre campus is an ideal living and

learning environment and the rich cultural and social life of

nearby Paris will help make your stay at HEC a most rewarding experience.

I look forward to welcoming you soon.

Eloc-Anil Peyrache, Associate Dean

A Stepladder to Economic Success

The Master of Science in Financial Economics at HEC (MFE)is a 12-month full-time program designed to equip you with asolid basis in economic analytical skills as well as specializedknowledge in business strategies and finance. It aims atimparting not only knowledge of modern economic theory andempirical methods but also their applications by professionalsin their work. The content of the program is specificallydevised to give you maximum exposure to economic prob-lems and their solutions pertaining to the increasingly com-

plex business and financial relationships and environments

in todays globalized world.

The HEC MFE is designed for students who have an excellentundergraduate degree in Economics or Business Adminis-tration. However, Mathematics and Statistics, Science, andEngineering majors with an excellent track record are alsoencouraged to apply.

The curriculum consists of advanced theory courses in thefields of microeconomics, macroeconomics, decision-makingsciences and econometrics followed by specialization coursesin managerial and financial economics. These courses consistin applying theoretical economic analysis to real world eco-

nomic and business problems such as bank management, corporate strategy andcountry risk analysis.

HEC has a strong reputation for the quality of its programs. The MFE courses aretaught either by recognized faculty publishing in top academic journals or by top pro-fessional economists and managers working in financial institutions, consultingfirms and government agencies.

Ai-Ting Goh and Olivier KleinAcademic Directors

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HEC ParisThe Leading Business School in Europe

Since the Financial Times first ever European BusinessSchool ranking in 2005, HEC Paris has held the #1 positionfor both the best Business School in Europe and the best

MSc in Management.

A large international academic network

HEC has prestigious academic partners worldwide andoffers its students numerous exchange opportunities as wellas Double Degrees with top Business Schools. Additionally,HEC is co-founder of two major international networks: PIM(more than 50 world-class business schools) and CEMS (astrategic alliance of 27 leading business schools and over50 multinational corporate partners).

A combination of state of the art research with innovative

training

HECs faculty is highly dedicated to academic research andhas also gained a well-established expertise in all areas ofbusiness. This ensures that the training provided is based onthe latest developments in market disciplines.

A campus to live and learnHEC has one of the largest campuses in Europe with all thesports facilities one can dream of: language and computerlabs; an extensive library; a trading room and restaurantsEach year, the campus hosts an average of 3500 students ofclose to 100 different nationalities.

A large Alumni Association

HEC's Alumni Association numbers more than 44,000members in 113 countries; professional groups have beenset up in 64 countries.

Muhammad YunusHEC Honoris Causa, Nobel Peace Prize

Bill Gates

Founder of Microsoft CorporationAwarded an Honorary HEC Degree

1

HEC holds the prestigiousTriple Crown accreditation:AACBS, AMBA, EQUIS.

and has joined ParisTech.

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HEC ParisWorld-class Faculty & Research

The consistency of HECs range of programs is derived from a perma-

nent faculty of over 100 (45% are non-French) holding PhDs from theworlds leading research universities such as Boston College, Cornell,Harvard, McGill, MIT, Princeton, Stanford, UCLA, Wharton and Yale, andalso from top European institutions. They teach on the various pro-grams, carry out research and work in or act as consultants to majorfirms. This ensures that they are constantly up-to-date with the latestmanagerial practice.

Moreover, more than 120 affiliate and visiting professors and many lec-turers (academics and professional) swell the facultys ranks each year.

Research:The Essence of Management Science

HECs faculty is dedicated to pushing the frontier of knowledge in theirfield of expertise by actively engaging in research, regular publicationsin top academic journals with an international audience and alsothrough active participation in international academic conferences.Over the last 4 years, HEC professors have published 46 books and 243articles (as of May 2009).

A few examples of recent publications by MFE professors

I. Gilboa, E. Aragones, A. Postlewaite and D. Schmeidler (2005), Fact-Free Learning,American Economic Review I. Billot, I. Gilboa, D. Samet, and D. Schmeidler (2005),Probabilities as Similarity-Weighted Frequencies, Econometrica A-T Goh (2005),Knowledge Diffusion, Input Supplier's Technological Effort and Technology Transfer via

Vertical Relationships, Journal of International Economics A-T Goh & H. Wan (2005),Fragmentation, Engel's Law and Learning, Review of International Economics J. Marin & J. Olivier (2008), The Dog that Did Not Bark: Insider Trading and Crashes,Journal of Finance P. Picard (2005) & O. Gossner, On the Consequences of BehavioralAdaptation in the Costs-Benefits Analysis of Road Safety Measures, Journal of Risk andInsurance P. Picard & J-M Bourgeon (2007), Point Record Driving Licences and RoadSafety: an Economic Approach, Journal of Public Economics T. Tomala, J. Renault,M. Scarsini (2007), Repeated Games with Public Signal and Bounded Recall, Mathemat-ics of Operations Research T. Tomala and O. Gossner (2008), Entropy Bounds onBayesian Learning, Journal of Mathematical Economics D. Rosenberg, E.Solan andN. Vieille (2007), Social Learning in One-arm Bandit Problems, Econometrica

R. Laraki, E. Solan and N. Vieille (2005) Continuous-Time Games of Timing, Journal ofEconomic Theory.

2

Honoris Causa

Each year, HEC awardsthe Honoris Causa to prominentacademics in Franceand abroad. Award winnersinclude:

Professors

Chris Argyris,David S. Landes,Michael E. Porter,Michael C. Jensen,and Jay O. Light (Harvard);

Philip Kotler (Northwestern)Jim March (Stanford)Oliver E. Williamson (Berkeley)Theodore Zeldin (Oxford).

Nobel Prize winners

Robert F. Engle(Economics, New York University)Pierre-Gilles de Gennes(Physics, Collge de France),Robert C. Merton(Economics, Harvard)

Muhammad Yunus (Peace).

Michael C. JensenProfessor at Harvard

HEC Honoris Causa

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HEC MFEA Wealth of Assets

Today we live in a world of rapidly changing business and financialenvironments. Companies are looking for candidates who can read-

ily adapt to new situations. HEC MFEs academic ambition is not only

to train future corporate managers and executives to understand

and formulate appropriate strategies to deal with todays economic

and business problems but also to instill in them the analytical

reflexes they will need to solve tomorrows problems.

A 12-month intensive and selective master program

Admission to the MFE program is highly selective. Only students

with a proven track record from a recognized internationalinstitution will be admitted. HECs expectations regarding theperformance of students are very high and students shouldexpect to put in considerable effort during the program.

A balanced combination of theory and applications

The objective of the program is not to produce theoreticiansbut to train students to become top corporate executives byequipping them with the capacity to apply economic conceptsand methods in their work and by enhancing their understand-ing of the economic forces shaping the business and financialenvironment. A solid basis in economics and its applicationsare an invaluable asset for solving problems in all areas ofmanagement.

Hands-on business experience

Not only do MFE students take courses but they will also beinvolved in putting their newly acquired knowledge to practicethrough consultancy work. Students will be able to take upprojects with well-known multinational companies, undoubt-edly an important asset for building a career in our increasinglyglobalized world.

Strong connections with the business and financialcommunity

Students will have many opportunities to meet business leadersand top executives from financial institutions through consul-tancy projects, seminars, internships and career fairs organizedon campus.

During the program, we have

access not only to professors

but also to professionals from

the banking and consulting sector.

This, I feel, has been

indispensable to me and my

classmates in terms of bridging

the gap between theory and

practice.

Rachel Teo

Singaporean, MFE 2009

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Principles of economics is anintensive 10-day course cover-

ing the basic principles inmicroeconomics and macro-economics for students whohave no background in econom-ics. These courses are offeredin September just before thestart of the main program.

Core courses provide the funda-mental building blocks in eco-nomic analysis and empiricalmethods essential for under-standing how to go about formu-lating, analyzing, solving andtesting an economic problem.The emphasis is on developinganalytical skills and reflexesthat are applicable beyond eco-nomics to other areas of man-agement. These courses arecompulsory and are given fromSeptember to December.

Specialization courses provide

an in-depth understanding oftwo specific fields: businessstrategies and finance. Theobjective is to train students toapply economic analysis tohandle issues most commonlyencountered in the formulationof business strategies and incorporate finance and financialmarkets analysis. Coursesinclude both theory and practi-

cal applications to real worldproblems. Students must take7 electives. These courses aregiven from January to March.

Tracks correspond to a group ofcourses with a sectorial focus on

a specific area such as energy,real estate and luxury. Thesecourses provide an in-depthunderstanding of the structure,management, economics andfinance related to these sectors.Students who successfully com-plete all the courses in the sametrack will be awarded an addi-tional HEC certificate. The tracksare given from April to June.

Master Thesis and Internship

Students are required to write aresearch-oriented master thesisduring the MFE program. Theywill discuss their areas of inter-est with the Academic Directorswho will direct them towards theappropriate tutors to supervisetheir work.Students must also complete a10-week minimum internship

during the summer term, inFrance or abroad.

HEC MFEA Comprehensive Curriculum

The HEC MFE curriculum is articulated around the following elements:

I chose HEC because of its high

reputation combined with the

opportunity to study in France and

thus learn a second world language.

As I already had a Bachelor degree in

Economics, I wanted to specialize

more in this field. The MFE program

offered the intersection between

business, finance and economics,

which was exactly what I sought.

It gave me not only a good

understanding of economic theory

but also practical applications

coupled with very valuable insightsinto the finance world and the

interplay between financial

and economic developments.

Today I work for the Norwegian

Central Bank analysing

developments in the banking sector

and their potential impacts on the

economy as a whole. The program

enabled me to understand both the

macroeconomic issues at play,

and the market and financial

situation of the various banks.

Gril Bjerkhol Havro, Alumni 2008,Norwegian

Analyst, Norwegian Central Bank

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Principles of Economics

Microeconomics

MacroeconomicsMandatory for students with no

previous background in

economics

Core Courses

Advanced Macroeconomics

Theory of Interest Rate

Game Theory Econometrics

Decision Theory

Contract Theory

International Economics

Specialization Courses

Managerial Economics

Managerial Economics

Competition Policy

Strategies/Policies inMedia, Internet andTelecommunications

Corporate Strategy

Financial Economics

Introduction to Finance Economics of Insurance

Economics of Banking

Country Risk Analysis

Applied Corporate Finance

Monetary Policy*

Business Cycles Analysis*

Analysis of Firms*

Tracks

Energy & Finance

Real Estate

Luxury

Social Business

Yearlong Conferences

Professional Economists

Top Bank Managers

Consultancy Firms

are invited to lecture onimportant current economicissues.

The HEC MFE portfolio comprises Principles of Economics, Core Courses, SpecializationCourses and Tracks.

HEC MFEAn Exhaustive Course Portfolio

Term 1

September December January March April June June September

Term 2 Term 3 Term 4

Principlesof Economics

(prerequisite courses)

Core

Courses

InternshipSpecialization

Courses

Tracks

9 0 C r e d i t s E C T S

M a s t e r T h e s i s

G R A D U A T I O N

HEC MSc in Managerial and Financial Economics

*courses taught in French

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Focus on 3 lecturers

Pierre PicardProfessor and Chair, Department of Economics,Ecole Polytechnique, Affiliate Professor, HEC Paris

My main field of interest is the economics of risk and insur-ance, and more broadly incentives and contracts. I am one ofthe two Co-Editors of the Geneva Risk and Insurance Review(formerly the Geneva Papers on Risk and Insurance Theory)and I am in charge (jointly with Christian Gouriroux fromENSAE) of the AXA - Risk Foundation Chair on Large Risks in

Insurance.I teach the courses Economics of Insurance and Economics ofInformation. The first course provides advanced contributionsto the main issues involved in insurance markets: What are riskpooling and risk transfer by insurers and re-insurers? What arethe motives for individual and corporate insurance demand?What are the corporate Alternative Risk Transfer mechanisms?What are the effects of asymmetric information between insur-ers and insured? How can scoring and auditing help insurers tofight claims fraud? The objective of the course is to provide ageneral analytical framework for careers in insurance or rein-surance companies or in insurance related fields such as cor-porate risk management or insurance intermediation. The

course on information has a broader perspective: it offers ageneral presentation on the role of information asymmetries inthe economy leading either to adverse selection or moral haz-ard, with applications in various areas, especially incentives inorganizations, auctions, industrial organization and marketregulation.

HEC MFEHigh quality Professors

6

Prepare for updatingyour economic skills allalong your career!

The quality of an academic program no doubt depends on thequality of the professors. The team teaching the HEC MFEprogram is made up of researchers and professional econo-mists or managers who are among the best in their field ofexpertise.

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Tristan TomalaAssistant Professor, Department of Finance and Economics,HEC Paris

My field of research is Game Theory. More specifically, I am interestedin how rational agents behave in dynamic strategic situations and howtheir behavior depends on the quality of the information they get. Thisled me to study mathematical models of strategic communication andinformation transmission.

I teach Game Theory. This course implicates model situations whereseveral rational agents interact strategically. This requires a good dealof abstraction and a good understanding of economic modelling. Sev-eral concrete situations may be analyzed through game theory: politicalscience, industrial competition, economic policy, strategy, and we shallspend time on such applications.

7

Learn conceptual toolsfor analyzing various

situations while question-ing these concepts:the economic sphere isconstantly evolving and sodoes the theory.

This course should helpfuture executives to betterunderstand how analyticsand rigorous thinking

eventually protectcompanies frominappropriate strategicmoves; all the more inturbulent times where theprice of mistakes getsunaffordable.

Nicolas LioliakisPartner, Bain & Company, Snc.

I studied philosophy before graduating from Sciences-Po and Essec.I have worked as a consultant for most of my career and joined Bain in2006 as a partner in the Financial Services and the M&A Practices.I head the European Merger Integration Practice since a lot of my work

has had to do with M&A activities and the consequent post-mergerwork. I have also headed successively for Crdit Agricole and DexiaNew Distribution Channels Strategy at the peak of the Internet wave.Most of my work as an advisor dealt with both organic and non organicgrowth strategies, from acquisitions to greenfield developments andjoint-ventures.

I teach the course of Corporate Strategy where I aim at demonstratingthrough concrete examples how analytics contribute to the decision-making process of companies when designing their strategic optionsand roadmap. Of course corporate strategy is not a science, it impliesopportunistic thinking, requires boldness and agility in deciding andmoving; but it leverages and should always leverage solid analytical

tools that secure the strategic thinking. In the course, we try to under-stand what steps companies should follow to make sure they don't mis-understand their position, their "core business" and how they can growthis core business to its full potential. We also try to understand whenand how they can "reinvent" themselves to follow instable profit pools orchanging consumer preferences.

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HEC MFECountless Career Opportunities

Building bridges between academia and business is at the core of HEC'seducation. The aim is to provide businesses worldwide with young man-

agers who are instantly operational, first-rate team players and experts inproblem solving.

The HEC Corporate Relations Department aims at facilitating the profes-sional integration of students. The resources available are:

The Career and Corporate Information Center which providesstudents with files on current job & internship opportunities,international directories, business reviews and guides on job searchstrategy, information on companies in France and abroad, informationon jobs and sectors

The Career Services which organize company presentations,

conferences, seminars, round tables and recruitment events.

and Major Career Fairs

Several career fairs are organized on campus throughout the year.

International Finance Career Fair (October). 31 of the leadinginternational financial institutions (in 2008): BNP Paribas, GoldmanSachs, JPMorgan, Merril Lynch, RBS, Citi, Deutsche Bank, ThomsonReuters, Credit Suisse, UBS, HSBC, Axa Investment Managers Paris,Bryan Garnier & Co, Credit Agricole, Deloitte, Dexia Group, Ernst &Young, Exane, Financire de l'Echiquier, GE-Financial Services, Lazard,Leonardo, Morgan Stanley, Murex, Oddo & Cie, Oliver Wyman,PricewaterhouseCoopers, RBS, Socit Gnrale, The MacquarieGroup, Nomura.

Legal & Fiscal Career Fair (October). 31 leading international law firms(in 2008) such as Linklaters, Allen & Overy, Clifford, Landwell

Consulting Career Fair (November). 32 leading consulting firms (in2008) such as Accenture, AT Kearney, Bain & Company, The BostonConsulting Group, McKinsey, PricewaterhouseCoopers, Deloitte,Arthur D. Little, Roland Berger Strategy Consultants

Alumni Career Fair (January). HEC Alumni from all sectors information gathering on job functions and sectors.

International Career Fair (January). 122 world-renowned companies (in2009) from all sectors such as Coca Cola, LVMH, Mazars, Unilever,Microsoft, PricewaterhouseCoopers, Shell, Axa Investment Managers,Veolia, LOral, Canal Plus, Sanofi Aventis, Ogilvy, Dell, GE, Procter &Gamble, Air Liquide, Coty, Renault, Michelin, Nestl, Fiat, AstraZeneca

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Significant EmploymentFacts & Figures

Graduates from the MFE program work in a variety of func-tions and sectors. A majority work in Consulting, Financeand Banking, in France or abroad. Employment opportunitiesare excellent: 60% had found a job before graduation, 90%within 4 months after graduation; 50% found a job abroad.The average annual salary just after graduation is 42,200( 60,000 US$) in France, 50,500 ( 72,000 US$) outsideFrance. (Currency rate June 2009).

Consulting

30%

Others

20%

Public Sector20%

Luxury 10%

Finance/Banking/Insurance20%

Con

30

rs

%

or%

Luxury 10%

FinBan20

Consulting

40%

Finance

30%

Marketing & Sales

10%

General Management

20%

Cons

40%

ance

30%

ales

10%

ent

20%

2008 Data

The Alumni Association

(www.groupehec.asso.fr/anglais/).

Founded in 1883, the HEC Alumni Association isone of the largest in France with more than44,000 members in 113 countries. It provides aplatform for the exchange of experience, ideasand information, facilitates entry into the profes-sional world and accompanies career advance-ment. It also participates actively in welcominginternational students to HEC and to the Frenchcorporate and social way of life. Services andevents include career guidance, personal coach-

ing, career fairs and seminars, monthly meetingswith business leaders and an annual internationalmanagement forum drawing together major sen-ior business executives, experts and internationalbusiness personalities.

In order to ensure HEC's international renownand to maintain an active network , professionalgroups are organized in 64 countries of whichthe largest chapters are Paris, New York, Lon-don, Shanghai and Hong-Kong.

Sectors of Employment

Functions

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Community Life

HEC considers community life asone of the cornerstones of its educa-tion. It develops the sense of respon-sibility, audacity and an enterprisingmind. Belonging to one or more clubs

and associations is an absolute muston the campus! It is the best way tomake friends, meet company repre-sentatives, share ideals or hobbieswith others, have fun and take part inan activity.

Over the years, HEC students havefounded and today manage over 120clubs and associations (sports, cul-ture, professional activities, humani-tarian aid, public affairs).

Students plan social events, sportstournaments, concerts and plays;they invite politicians and businessVIPs to speak and debate on prevail-ing matters; they help people in needthroughout the world; they welcomeforeign students

International StudentAssociation

HEC IS is a student-run associationwhose purpose is to bring Frenchand international students togetherthrough events such as the welcomeweek, "Discover France" weekendsand various on-campus activities.

HEC ParisA Place to Live & Learn

Located close to Paris and Versailles, the 300-acre wooded HEC campus isone of the largest in Europe, where the culture, history, and charm of the

French capital are easily accessible. The campus is also close to "LaDfense", which is one of the largest European business districts housing theheadquarters of many multinational companies. These companies interact aspartners with HEC Paris and as potential recruiters.

On-campusAccommodations,Servicesand Facilities

Students can be housed on campusin one of the 1,350 individual roomsor 60 apartments.

Among its other outstandingfacilities:

A restaurant and a cafeteria

A 474-seat lecture hall

30 lecture halls with a seatingcapacity of over 50

60 classrooms with a seating

capacity of 8 to 35 A multimedia resource center

with 60,000 books, 736 journals

A trading room(in collaboration with ThomsonReuters)

Open-access computers in allclassrooms; networked PCsthroughout the campus

A linguistic resource centerwith workstations

2 business bookshops

A printing center

A place of worship

A spacious 1000 m2 reception /exhibition area.

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HEC Students Union

Known as the BDE (Bureau des lves),

the union is run by a team of studentselected annually. Its many activitiesinclude welcoming incoming students,organizing concerts, theater produc-tions and other social events such asthe famous HEC parties and the annualHEC Gala. It also publishes the campusmagazine and coordinates the activitiesof the other clubs.

HEC Sports Clubs and

CompetitionsHEC has excellent indoor and outdoorfacilities on campus. These include amulti-purpose gymnasium, with amountain climbing wall and tennis court,a weight training room and facilities foraerobics, fencing and martial arts.

8000 m2 of outdoor fields include ten-nis courts, a running track, a rugbypitch and a 9-hole golf-course.

The Sports Office is managed by a per-manent staff of 25 qualified profes-sionals and coaches who teach thevarious sports offered. Each sport hasits own club, run by students in collab-oration with the sports office.

HEC teams compete with other univer-sities in all sports, as well as in theBusiness School Coupe de Francecompetition and the World BusinessSchool Rugby Tournament (Singapore,USA, Italy, Portugal, France).

The sporting year Grande finale is theJump HEC, a 3-day equestrian eventthat attracts the best French show-jumpers.

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HEC MFEWhat You Need to Know

The Profile We ValueHEC welcomes applications from candidates of all nationalitiesyounger than 27 years old the year of their application. Theymust also:

Be fluent in English;

Possess strong quantitative skills;

Have obtained a non-French Bachelor degree in BusinessAdministration, Economics, Engineering, Mathematics orPhysical Sciences.

Previous work experience is not required; the average age of the

students is 24.

Application Deadlines

Admission sessions for applicants wishing to enroll for the newacademic year in September are:

November 15th (reserved exclusively for graduatesand students in their final year of studies with a GMATscore of 720 and above)

January 15th

March 15th

May 15th

Fees and Living Costs

Annual tuition (2009-2010): 20,500

Remaining costs (approximately 950 per month in 2009)include housing and food, compulsory insurance (health and civilliability), sports and leisure, phone and IT access

For more information

MSc Admissions

1, rue de la LibrationF 78351 Jouy-en-JosasTel: +33 (0) 1 39 67 73 52/96 95Fax: +33 (0) 1 39 67 95 96E-mail: mfe@hec.frwww.hec.edu

Application Checklist

Official AcademicTranscripts

Two Letters ofRecommendation fromProfessors

Rsum Official Test Score Reports:

GMAT or GRE

TOEFL/IELTS:required of internationalstudents whose nativelanguage is not English andwho have not earned auniversity degree whereEnglish was the primarylanguage of instruction.

Interview (optional) Online Application Form

Application Fee of 75

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A Unique Program Portfolio

Master Degrees (pre-experience programs, full-time) MSc in Management, Grande Ecole program (18 months, French or English)

designed for students who hold a Bachelor degree in any field. The 1st academic year is

comprised of general business courses; the 2nd academic year is devoted to the students area

specialization.

Masters of Science (12 months, English)

designed for students who hold a Bachelor degree in Business and who want to acquire an

expertise in a specific field of management.

Specialized Masters (12 months, French and English)

designed for students at postgraduate level to acquire an expertise in a specific field of

management.

MBA ProgramsThe full-time MBA program constitutes 16 months of general management in an international

environment. Strong emphasis is placed on interpersonal skills, leadership and entrepreneur-ship. Designed to optimize both professional and personal ambitions, the part-time MBA program

offers the opportunity to work in a multicultural and diverse business-learning environment while

maintaining a day job.

PhD ProgramThe PhD program shapes professor-researchers, offering high quality, internationally renowned

training. The program gives them the preparation needed to publish in leading academic journals

throughout the world and face future research and teaching challenges.

Executive EducationHEC Executive Education delivers learning programs specifically designed for experienced

managers and executives. In addition to EMBAs and MSc Programs, HEC Executive Education

offers Open-Enrolment programs, Custom Programs and Coaching.

Highlights of the program range:

The TRIUM Global Executive MBA, specially designed for global executives and CEOs, is a jointdegree developed by HEC Paris, New York University Stern School of Business (NYU Stern) andthe London School of Economics (LSE).

The HEC Executive MBA is a multi-site degree program that is designed to propel mid-careerprofessionals onto the executive board level. The program is offered in Paris, Beijing, Shanghaiand Saint Petersburg with three flexible formats in several languages.

Part-time Executive Masters are post-graduate degree programs providing specializedtraining in specific areas of management: Consulting and Coaching, Finance, Marketing,Supply Chain, Systems and Information Technology, Human Resources, Strategic UnitManagement.

80 Open-enrolment Programs are short seminars to build specific management skills, whichlast from 2 to 8 days.

Custom programs are tailored and delivered to the precise specifications of the company.

www.hec.edu

I Design & LayoutG-one Design & Page !mpactinfo@g-onedesign.compage.impact@wanadoo.fr

I PhotographyJean-Marc Biais (for HEC)Biais@hec.fr

Fotofolia

Disclaimer: The information provided

herein is subject to change without notice.HEC disclaims any responsibility relating

to the information contained herein and

disclaims any responsibility arising from anegligence or otherwise concerning such

information.

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affiliated to

HEC School of Management1, rue de la Libration

F 78351 Jouy-en-JosasTel: +33 (0) 1 39 67 73 52 / 96 95

Fax: +33 (0) 1 39 67 95 96E-mail: mfe@hec.frwww.hec.edu